The fourteenth episode looks at the personal finance media. Who can you trust? Total length: 7:25.
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Here are some additional notes that go alongside the comments in the podcast. Approximate times for the corresponding links and notes are listed.
0:00 – The theme song is a snippet of a Camper van Beethoven concert on October 25, 1986, shared via their very open taping policy. Listen to the concert in its entirety.
0:45 – The news story I refer to ran on local news in Des Moines and is apparently no longer in their online video archives, unfortunately.
1:45 – I trust Dave Ramsey, for example, when he sticks to finances, particularly debt elimination. He knows what he’s talking about, you can run the numbers yourself, and lots of people have found success using his methods.
2:40 – On the other hand, I don’t trust Robert Kiyosaki at all. Yes, his works are inspirational for entrepreneurial types, but I have a hard time trusting anyone who refers to a person who chooses to work a traditional job as a “hamster” as he does in Rich Dad, Poor Dad.
3:42 – Financial bloggers I trust include J.D. Roth and Jim Wang. Bloggers I don’t trust include Casey Serin, whose blog is now defunct (for good reason).
4:40 – The format matters, too. I tend to trust Jim Cramer in book form (because he gives very sensible long-form advice), but in short doses, I don’t trust him at all because he tends to go off the cuff with advice not based in fact.
5:55 – I’m not wholly condemning things like the Wall Street Journal and Money Magazine, just saying that my trust tends to focus more on the individual writers, not that it appears in those publications. I trust Sam Walker, not the WSJ. I trust Jason Zweig, not Money Magazine. That’s the right place to put it, I think.
7:20 – A preview of next week’s topic.
One thing I’d like to do in a future episode is have an audio reader’s mailbag. If you have a microphone on your computer and can record an MP3 of a simple, short question you might have on personal finance, careers, pop culture, or anything else you’d like me to answer, record it as an MP3 and send it to me. Keep the total recording under 15 seconds, please. Also, if you use Skype, feel free to ask your question that way – my username is trenttsd.
Comments and suggestions welcome.