Why Personal Finance Books Suck

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The first half of my summer I had absolutely nothing to do while I waited for my background check to clear at the US Trustees office. I filled the time by going to my local library and reading every single personal finance book they had. Seriously.  When I finished the ones at my local branch, I started doing inter-library loans to get more. After reading so many personal finance books, I’ve come to the conclusion that personal finance books suck.

Why personal finance books suck

Personal finance books suck because all personal finance books are pretty much the same. OK, my use of the universal quantifier “all” is an overstatement, but after reading over 60 personal finance books in the past two months, it sure does seem like they’re all the same.

The biggest problem with writing for the personal finance genre is that there isn’t much to say about personal finance. The principles of personal finance are actually quite simple. How much more can be written about saving or being frugal or earning more money? Not much. Personal finance authors could try to present this information in a unique and different way, but most don’t. Why should they when it’s just easier to reproduce what others have said and slap a new catchy title on the cover?

Kumbiya my David Ramsey, Kumbiya

Another thing that irritates me about many personal finance books is the new agey, schmaltzy, touchy feely stuff about money. I hate it when an author devotes a majority of a book talking about overcoming your emotional issues with money and why people spend more than they have and then only devoting a chapter about practical things one can do to fix their finances. I think what most people need is someone to explain how they can solve their problem. Most people who read personal finance books probably have enough self awareness to understand why they have a financial problem. If they didn’t, they probably wouldn’t be reading the book in the first place. What they’re looking for are answers to solve those problems.

Authors assume all readers are in their 40’s, married, have 2.5 children, and mortgaged

Most of the personal finance books weren’t relevant to me, a young married student. I’m not at a stage in my life where I’m worrying about mortgages or paying for children’s college. I also don’t have a job, so I can’t contribute to a 401(k). Unfortunately, most personal finance books devote a large portion to these types of subjects. What can I do to save money while in school full time? How can I get the best deals on rent? Their really aren’t many personal finance books geared towards young people.  The best I’ve read was Suze Orman’s The Money Book for the Young, Fabulous & Broke.

How you can avoid sucky personal finance books and still get the info you need

So, personal finance books suck. But how are we supposed to get the info we need to make good financial decisions. Here’s two things that I suggest:

1. Read personal finance blogs. Blogs have been my number one source for personal finance info. What I like about blogs is the variety of them that are out there with a personal finance theme. I’ve been able to find blogs with financial information relevant to my life stage, so I’m not wasting my time reading books that aren’t relevant to me at all. Personal finance blogs also seem to offer more practical advice. I love being able to read a quick top 10 money savings list or a how to on personal finances. I get the info I need quickly and efficiently.
2. Read The Simple Dollar’s book reviews. If you must read personal finance books, make sure to head by The Simple Dollar. Trent has done extensive reviews for tons of personal finance books. Read through them and if a book looks like something you’d like, go and read it.

What do you all think? Do you like personal finance books? If you do, what do you like about them? If you don’t, what’s your beef against them?

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11 Comments

1. Trent Hamm on 16.07.2007 at 06:59 (Reply)

   Thanks for the pointer to my book reviews. I do agree that a lot of personal finance books are very repetitive. I’ve come to appreciate ones that focus on something different, even if it’s not particularly something that applies.

2. Lise on 16.07.2007 at 10:10 (Reply)

   Authors assume all readers are in their 40’s, married, have 2.5 children, and mortgaged.

   It’s the kids part that gets me. I don’t have kids, and my husband and I are pretty sure we never want them. As in, are taking steps to ensure this never happens. I sort of resent the assumption that everyone needs to know the intricacies of 529s.

   Also, I have to task Suze Orman to task for Women and Money, in which she assumes that women need to be talked to like eight-year-olds about the basics of savings accounts, credit cards, retirement savings, etc.

3. Brett McKay on 16.07.2007 at 17:40 (Reply)

   Trent-
   Your very welcome for the link. Your reviews have been a very useful tool for me.

   I agree with you 100% about books that focus on something different. I just recently read “The 4 Hour Work Week” and was blown away by it. While its not a personal finance book in the strictest sense, it does touch on the idea and the author did so a new and refreshing way. While I don’t agree with the author’s saving philosophy (or lack thereof), it was something different and gave me something to think about it.

4. Brett McKay on 16.07.2007 at 17:43 (Reply)

   Lise-
   I’ve never read Suze’s Women and Money seeing how I’m a man and all. I’m not a big fan of Suze Orman. I’ve tried watching her show on CNBC a few times, but I have to change the channel. I hate how she talks to her callers like a bunch of eight year olds. That and her fake bake and unnaturally white teeth freak the crap out of me. Yikes!

5. Steve on 16.07.2007 at 18:39 (Reply)

   I like your comment about how most personal finance books are the same. A very accurate statement. From what I’ve seen, most exercise books are the same, too. They all seem to have the same 10 or so exercises, or slight variations of them. The simplest thing to do is to create a budget by thinking of every single thing you will spend over the year, and then calculate your annual, monthly, weekly, and daily expenses. Using Excel, its not hard.

6. Dennis on 16.07.2007 at 21:57 (Reply)

   I bet you can summarize everything you need in personal finance on a poster. That would be a hot poster =)

   I prefer reading blogs myself. Its more personal and easier for me to relate to real life situations. Thats why I started my blog!

7. 10 Personal Finance Blogs You NEED To Subscribe To | The Frugal Law Student on 08.10.2007 at 14:46

   […] is to read up on personal finance. You could read some personal finance books; unfortunately most of them suck. That’s why I get most of my personal finance info and tips from personal finance blogs. […]

8. Braun Mincher on 20.12.2007 at 18:46 (Reply)

   Hello, I just found your BLOG doing some web surfing and was intrigued by this chain on Personal Finance, as I just released a new book on the subject entitled “The Secrets of Money: A Guide for Everyone on Practical Financial Literacy.” It really is different than the rest (I promise…). I tried to write the book from a PRACTICAL, rather than a THEORETICAL, standpoint with real-world information that anyone can use (rich/poor or old/young). I am lucky to have done well in business, so my financial success came from elsewhere (I was able to retire at 30 a few years ago), and not by selling this book. I did this out of a true desire to really put out something different and it is a passion of mine. If you drop me an email, I will be happy to have our PR person send you a free review copy. Anyone is welcome to check out my website (www.BraunMincher.com) and/or order a copy from Amazon. I welcome any feedback. Thanks!

   Braun Mincher, Author
   “The Secrets of Money: A Guide for Everyone on Practical Financial Literacy”
   www.BraunMincher.com

9. Andrew Bantham on 21.12.2007 at 14:19 (Reply)

   As an attorney and close friend of Braun Mincher, I highly recommend his new book, “The Secrets of Money: A Guide for Everyone on Practical Financial Literacy.” His book really is different from many of the other personal finance books on the market, and I learned a lot by reading it. Although comprehensive, the book is an easy read and does a great job of explaining what we are not taught in high school or college about personal finance, but all need to know.

10. The Best of Frugal Law Student 2007 | The Frugal Law Student on 31.12.2007 at 10:30

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11. U ARE ALL SUCKERS on 10.01.2008 at 23:52 (Reply)

    You all are being suckered in. Braun Mincher did not make his money honestly. He lies to people, uses them, and then doesn’t deliver. He is truly the bottom of the barrel as far as human scum. He made his millions by taking advantage of everyone in his path and stacking them up as human doormats. Don’t feed his ego!!!!

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