For this review, I purchased my own copy of the book on Audible. If you buy your own copy, I would love it if you used one of my links.
I recently wrapped up reading Financially Stupid People Are Everywhere: Don’t Be One Of Them by Jason Kelly. It was recommended by one of our guests on 2 Frugal Dudes and I’m a sucker for books that are recommended to me.
I decided to consume this book through Audible, because I was close to my credit limit and I wasn’t sure when I’d have time to read the book physically. This goes against my ideals that non-fiction should be consumed through phyiscal print and fiction is best enjoyed through Audible.
FSPAE (yup - abbreviating) gives a pretty opinioned history of why the finanical system is in the current state it is.
Naturally, I waited too long to write the review after consuming the material - so I’m going to recap the best I can.
The financial system is poop, and that’s caused by normal people who can’t do math OR people who can do math but refuse to live below their means due to entitlement.
That sentence seems pretty harsh - but that’s exactly what lead up to the financial crisis in 2008. The icing on the cake is that it’s not enough that people were buying into things that they couldn’t afford. The problem was companies were actively trying to promote packages to take advantage of people who couldn’t do simple math.
The first third of the people is a lot of berating to bring home the fact the book is called “Financially Stupid People…”.
The rest of the book goes pretty deep into financial influence into government, almost to the point of conspiracy theory. We can go back through several Presidential administrations and see that key members have lineages that tie back to powerful banks and financial institutions.
Overall, FSPAE is an quick read but not actionable in any way. I don’t believe that actionable advice was the target of the book though. If you’re looking for a quick listen or would like a little more history on how we got into the financial mess we’re in, give Financially Stupid People Are Everywhere: Don’t Be One Of Them a read.