Opinion: Elizabeth Warren wrote a book of personal finance advice. How does it hold up?
Sen. Elizabeth Warren speaks at her campaign headquarters in Dorchester. By Helaine Olen Helaine Olen Opinion writer focusing on politics, economics and American life Bio Follow Opinion writer March 1 at 7:00 AM As someone who has covered the personal finance industry for years, I like to say there are three schools of personal finance and investment writing. The first suggests that if we spend our money responsibly, we can slowly and surely grow our security and nest eggs.
Like all personal finance books, “All Your Worth” has a hook, one that offers “a lifetime of riches,” in this case an approach that tells readers to put “your money in balance,” by dividing it into three buckets: needs, wants and savings. While acknowledging that “you can’t count on good old-fashioned hard work the way your parents did,” it also tells them “you have to learn the new rules” of money.
On some other issues, Warren was prescient. Wells Fargo? She was already flagging it for absurdly overcharging unwitting consumers seeking to refinance their mortgages. At a time when respected personal finance gurus and publications would tell people it was okay to buy homes with little or no money down, she cautioned that the home foreclosure rate had tripled over the past 25 years and “it is happening today in your town.
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