Comments on: 52 Books, 52 Weeks: How They Rank (Except The Top Ten)

By: Emily

Emily — Tue, 13 Nov 2007 21:54:21 +0000

Your original review of Nickel and Dimed was much more sympathetic–what changed?

I echo other commentators who say the point of Nickel and Dimed was not meant to be a personal finance book at all. It was meant to demonstrate what it is like attempting to support oneself and a family on minimum wage. All reviews and descriptions of that book make that abundantly clear. If you read it anyway expecting personal finance tips, it is your fault.

By: LC

LC — Tue, 13 Nov 2007 13:34:39 +0000

I really liked this list. I don’t always have the time or interest to read the full reviews but I am interested in recommendations for good personal finance books and this summary gave me some quick ideas about what to look for at the library.

By: MossySF

MossySF — Tue, 13 Nov 2007 09:27:13 +0000

Ehrenreich did write that minimum wagers do make a lot of fiscal mistakes — but that’s mainly because everybody in general makes a lot of fiscal mistakes. The difference is their mistakes are magnified because that ill-spent $10 means going hungry.

People could IN THEORY pull themselves up by their bootstraps or free up more cash by being smarter with their money. The problem is most people are not wired that way. It takes tremendous mental effort to overcome decades of programming and psychological barriers are just as strong as any physical barrier. Just look the PF blogosphere. How many of the authors needed epiphany moments to make changes in their lives?

By: southerngirl

southerngirl — Tue, 13 Nov 2007 00:55:55 +0000

The thing that makes “Nickel and Dimed” important, IMO, is exactly what Writers’ Coin said above – sure, it’s not exactly an economic master’s thesis or anything, but it’s a quick, easy read that opened up a lot of people’s eyes to the VERY real problems faced by the working poor in this country. The idea that everyone can just shut up and pull themselves up by their bootstraps if they want it/try hard enough and if they don’t they’re just lazy or stupid is such a fallacy and so hurtful that it deserves to be shouted down at every opportunity.

By: Oswegan

Oswegan — Mon, 12 Nov 2007 23:19:56 +0000

That’s some intense reading man.

I’m lucky if I can read 5.2 books in 52 weeks.

And those are just comic books.

~Oswegan

By: Trent

Trent — Mon, 12 Nov 2007 22:12:38 +0000

Amanda, you’re my hero. I would write you a love letter if I weren’t already married.

By: Amanda

Amanda — Mon, 12 Nov 2007 21:32:21 +0000

My main problem with Ehrenreich is that she cannot imagine any other solution besides a governmental solution. The minimum wage makes things worse for workers, not better. Whether the minimum wage is low or high doesn’t matter. A higher minimum wage is not the answer – prices will adjust to compensate. The mercantilist (not capitalist) economic system we have in this country is the issue, not the minimum wage.

I think that Nickel and Dimed does more to enforce the “welfare mom” stereotype than it does to open anyone’s eyes, for most of the same reasons that Trent cited in his review.

The book would have been much better if the author could see past her own rich New England set of biases and the “government is the savior” belief that is everywhere inculcated in this country and offer actual insight, and not the half-baked re-writing of Studs Terkel that the book ended up being.

By: Writers Coin

Writers Coin — Mon, 12 Nov 2007 21:19:05 +0000

People are being unnecessarily harsh on Nickel and Dimed. Did she cheat? Yes. Did she open millions of readers’ eyes to the impossibility of living on minimum wage? Yes.

Too many people have no idea that the standards for this country are so low and impossible to live on. Many think it’s just that “those people” are lazy or want to live off the government.

Give the book that much: it woke a lot of people up to a harsh reality millions of americans live in every day.

By: Amanda

Amanda — Mon, 12 Nov 2007 20:57:57 +0000

I very much agree with Trent’s synopsis of Nickel and Dimed. I’ve had to read that book for 3 different sociology courses. I loathe it. I keep hearing from people who think that the book is deep and meaningful and insightful. Usually they’re people who have never worked a day in their lives, but that’s just my experience. It certainly doesn’t have anything useful to say about personal finance.

On the other hand, The Overspent American is a great read, and _does_ have some fascinating insights.

By: jtimberman

jtimberman — Mon, 12 Nov 2007 20:43:19 +0000

For what it’s worth, “Financial Peace Revisited” is a rewrite of the self-published book that Dave Ramsey wrote shortly after he got out of debt and learned techniques about “winning” with money.

So “The Total Money Makeover” is the “copy” of this book, in a sense.

That said, I think “The Total Money Makeover” is a must have for anyone’s personal finance library, and only people who have been through Financial Peace University should have a copy of “Financial Peace Revisited” – mostly because the book comes with the membership kit. :-).

By: Writers Coin

Writers Coin — Mon, 12 Nov 2007 19:54:47 +0000

You are right on with Rule #1. It was a good book for thorough, long-term investors. I also liked Stocks for the Long Run.

Those Little Books of Investing (I read the blue one) are just dribble.

By: SwingCheese

SwingCheese — Mon, 12 Nov 2007 19:42:30 +0000

Nice Pulp reference, too. I really enjoy that song :)

By: J.D.

J.D. — Mon, 12 Nov 2007 19:26:47 +0000

Rock on, Trent!

Your capsule summary of Nickel and Dimed pretty much nails my own opinion of it. I’ve had countless people recommend this book to me, but I find it baffling. The author goes in with an agenda, cheats (as you say), and is journalistically dishonest. I loathe this book. (And I’m its target audience!)