How Much is Free Advice Worth?

I don’t follow personal finance gurus, like PBS favorite Suze Orman, and not because her sales pitch is directed mostly at women. The inspirational self-help tone, with its “pay yourself first” catchphrase advice, isn’t for me. Here’s an Orman podcast with another cutesy slogan.

The Freakonomics podcast has a related discussion. What do academic economists think about personal financial advice? After all, the spending decisions made by consumers, in the aggregate, are what drive 70% the economy.

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