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- Practical, no-nonsense, and often counterintuitive, The Dumb Things Smart People Do with Their Money tells you., judgment-free style.” —Beth Kobliner.
- “A must-read, whether you’re digging yourself out of a financial hole or stacking up savings for the future, The Dumb Things Smart People Do with Their Money is a personal finance gold mine loaded with smart financial nuggets delivered in Schlesinger’s straight-talking, judgment-free style.
- Join Penguin Random House and Jill Schlesinger for an in-depth discussion in this video, Smart things smart people should do, part of The Dumb Things Smart People Do with Their Money.
Here’s just what you need, folks… gold-plated sneaks with the little eyelets and other key parts constructed of…uhm…GOLD! Now, going back to high school chemistry and the Periodic Table of elements, gold (Au) is shiny. It’s also really heavy! Instead of the word, gold, replace it with the word lead and you’ll see how bright an idea lead running shoes are. What’s that you ask? How much will these gold running shoes set me back? $60,000.00.
In the spirit of scientific experimentation and artistic snarkiness, I took my sneaks outside, sprinkled some baby powder inside to keep from fainting, and then sprayed them with about twenty cents worth of Krylon Gold. In about two minutes I had my own golden sneakers…without the drawback of being heavy. Net saving: $59,999.80 Woo Hoo!!!
I wore them to the little Greek diner we go to for breakfast and was immediately interrogated: “Henry–Have, have you lost your #&**% marbles? You spent $60K on sneakers???” I had to explain really quickly lest they throw me out of the place. Once they knew the secret, however, the scenario changed. Jimmy said he had a can of Krylon bronze…and knew how to use it. Erik has a can of Krylon bright copper. We’re gonna form a club…the We Ain’t Idiots Club. Nike sells copper sneakers for only….$17,000.00. See image at bottom. I just couldn’t resist splurging another 20 cents.
For the lady of the house, you can buy a solid gold…omelet pan for (God, I have absolutely no idea why anyone would do this) $55,000,00. Just between you and me, do you think someone who owns a solid gold omelet pan would have any idea how to use it?
A Seriously Good Hint: Fabulous Fur: This past year, we got a catalog in the mail for women’s fur coats. (Fabulous Furs. com) Now, before you go into attack mode regarding the killing of little animals, Pam and I may be dumb, but we aren’t that dumb. Fabulous Furs sells gorgeous youngish fur coats with state of the art “fur” that you really can’t tell from mink, fox, rabbit, coyote, whatever. I was the one who went a little crazy. In two months I ordered three coats for Pamela. Man are they good-looking…
The only drawback is that old stigma of not costing a lot. I bought Pam a gorgeous, cool, sexy little “sable” jacket with a parka and had a gal in the veggie section of Wegmans glaring and wrinkling her nose at us. I looked up…read her mind…and said, “It’s fake fur, Ma’am,” at which point she warmed considerably and asked where we got it. “Fabulous Furs.” “Thank you!!!” Now, because they don’t cost an arm and a leg, I made last year a pseudo-furry Christmas and got Pam an intensely beautiful red-and-silver fox bomber jacket. We’re not talking big bucks, folks…. Net savings on three coats: Bunches.
If you scroll back in my blogs, you’ll see that I have a comparison review of the automobile I bought (pictured above) a couple of years ago to a $135,000 Tesla, a $118,000 Jag, and an equally expensive Mercedes. Of the four cars, they look sufficiently alike that if you’re not careful in a parking lot, you’ll have many an embarrassing moment. As little as a month ago, a Tesla driver was clicking his key fob at my car and swearing profusely. We laughed, but then he asked what my car was. Pdf download. He noticed that the chrome letters on the back said, KRONOS and he wasn’t familiar with the company. The only stigma my car has, is that it cost approx. $90,000.00 LESS than than the Tesla. Judge for yourself, and…by the way, it handles like a dream, 0-60: 5.7 sec., it’s quiet and… I can actually drive coast to coast! Net saving: $75-90,000.00…depending. http://henryharveybooks.com/uncategorized/a-different-kind-of-article-that-can-save-you-serious-bucks/
Real or Zirc? Bet you guess wrong.
Here’s where we’re gonna agree to disagree… Way back when, when I asked Pamela to be my bride, our family had had a diamond ring in the family with a whole lot of history. That became Pamela’s wedding ring.
Today, however, if you do a little search regarding the DeBeers Diamond monopoly, I wouldn’t go about it the same way. I truly wouldn’t. Here’s why: Point one: DeBeers has amassed enough diamonds over the decades that if the monopoly ever were broken, diamonds would no longer be precious, but only semi-precious stones. Translated: They aren’t that rare.
Point two: You can pick up a one or two-carat cubic zirconium stone that is of equal hardness, equal brilliance, and better clarity than most diamonds…for pennies on the dollar. No one can tell but a jeweler. The only giveaway: You buy a seven-carat zirc and you lose your credibility. Being objective: They’re very shiny stones that all look alike. And you and I and the rest of the world has been fed a constant load of “hooie” over the years. Your marriage won’t be any better or more sacred, or lasting because of the atomic structure of the shiny rock. You might find, however, that when you’re just starting out, that you could use that extra money you’ve saved on something that’s actually important…like food.
Returning for one more nose-thumbing at the auto industry: We’re reaching a point of absurdity and insanity with the horsepower of our cars. Yeah, I’ve had some pretty powerful cars in my time and yeah, you do need to be able to accelerate quickly on occasion. But…there’s a sweet spot and then there’s insanity…dangerous insanity.
Dodge Hellcat can destroy a set of tires in 7 seconds flat!!!
For where I live in the Eastern corridor of the US, there’s a substantial amount of traffic. And when I go out on a country road, there are joggers, bikers, bicyclists, kids just running around, deer, people going for a walk. In short, there’s almost no place to hit the gas on a 707 horsepower Hellcat, for say…more than three-quarters of a second. You’ll kill someone, or maybe yourself. And so, you go loafing along in traffic with 5, 6, 7, 8, or 9 hundred horses under your hood…frustrated and unhappy. Given a clear opening in traffic you hit the gas and hold it to the floor…and you’re going 130 mph. Then you brake like hell so you don’t kill anybody. The smoke you see above is a pair of expensive tires being shredded in 7 seconds (and going nowhere).
If you actually like to drive, go through gears, this one is still the benchmark.
The party is over. A little secret, if you truly like to drive sporty??? Get something like a Mazda Miata, a true sports car, with a small enough engine that you can ‘wonk” on it in every gear and actually downshift for a turn. Get something like a Bugatti Veyron, however, with a top-end of 255 mph and 1200+ horsepower and it’s a whole lot like those gold running shoes.
Okay, so you’ve saved a whole bunch of money that you would have spent on gold shoes and truly heavy frying pans. What do you do with it? Ahhh… I’ll refer you to just one of many shining examples. Remember Paul Newman? The actor? Butch Cassidy? Nobody’s Fool? The Hustler? Ole Paul started selling….salad dressing, to which every penny of profit went to helping disadvantaged kids. I lost count a while back, but last time I checked he’d helped to the tune of close to half a billion dollars. If there’s a heaven…
Want to spend a few hundred bucks from the money you saved up above? Look at these pups. Their sole…as well as soul mission in life is to make you laugh…make you happy. How many people do you know who have that as their reason for being?
My Feet, with 27 cents worth of copper spray paint and five cents worth of black, orange and turquoise! Next one’s gonna be impressionistic.
The Dumb Things Smart People Do With Their Money Pdf free download. software
P.S. Having just shown this essay to Pamela for editing, she suggested you look into renting a wedding gown for the four hours it’ll be used. A few hundred bucks vs. many thousands and when’s the last time anyone actually wore a handed down wedding gown?
Want a funny personal finance page-turner? While even the best finance books can occasionally bore the heck out of your mind with facts and strategies, Jill Schlesinger’s latest book is not.
If you are ready for your next personal finance read, I highly recommend The Dumb Things Smart People Do With Their Money.
As I went through the chapters, I realized a number of financial mistakes I made. At the same time, I had several good laughs at the dumb mistakes smart people make. Schlesinger’s casual, cheeky tone carried me through 288 pages of the book in 2 nights.
The traps of being smart
The basic tenet of financial independence is pretty simple. Spend less than you earn. Every financial decision by smart people seems to be logical, guided by careful analysis. Or at least that’s what financial bloggers like me make it seem.
Schlesinger demonstrated through her clients’ stories that real life finances are far from black and white. In fact, smart people are just as vulnerable to fears and psychological weaknesses that lead to bad decision making.
Take higher education for example (chapter 4 in Schlesinger’s book). If you are smart and your parents paid for your Ivy League school education, you likely want your kids to enjoy the same privilege. The only catch is a top school education now costs way more than 30 years ago in real dollars. Paying for your kids’ Ivy League tuition might require you to forego your dream of retiring early. For some notoriously dumb smart parents, this involves a hefty check to a shady admissions consulting company and a permanent criminal record. What a big mistake!
Through Schlesinger’s writing, you’ll see no professions are shielded from financial mistakes. Physicians, attorneys, even finance professionals. Perhaps the biggest weakness smart people have is overconfidence. They’re overconfident in their intelligence, their decision making ability, their continued ability to maintain their high income levels, their health, and so on. When you’re at your career peak, it’s hard to plan for tough times.
Schlesinger listed 13 areas where people frequently make mistakes. Certain areas are better covered by personal finance blogs. For example: risk tolerance, buying or renting a house, rising tuition fees, financial education for kids. Some areas are not as well covered or are more relevant for people further along their financial independence journey. These include financial stress, identity protection, caring for elderly parents and estate planning.
The Dumb Things Smart People Do With Their Money Pdf Free Download Pdf
The book is for you if
You want a light book that covers a wide range of topics and gives you a quick idea which area you might be lacking in.
You may be an expert in index fund investing, but have you thought about helping your parents in their old age and ensuring your family’s financial security if you pass away unexpectedly? If not, the book gives you a quick overview of these two areas and the common mistakes people make.
I’m convinced most people could learn a thing or two from the book. The cases that Schlesinger uses from her clients, families, and friends bring even boring topics like life insurance to life.
However, if you want to find a book that covers any of the topics in depth and helps you create a detailed plan of action, look elsewhere.
The Dumb Things Smart People Do With Their Money Pdf Free Download Free
How the book changed me
Schlesinger’s book certainly helps me think about my financial life from a big picture point of view and put a critical lens on my financial decisions.
The first two chapters talk about buying financial products you don’t understand and taking advice from the wrong people. In my opinion, these are the two most important chapters in the book.
Always do your own due diligence. We all learn personal finance from various online resources today, and I’ve listened to advice from people on the Internet. Schlesinger reminds us that a lot of information out there is inaccurate or misleading.
The Dumb Things Smart People Do With Their Money Pdf free. download full
Give yourself a day or two before following anyone’s advice. Remind yourself that the author doesn’t know your specific situation and may not present what’s best for you. That includes advice from me or even your friend. I want you to thrive but you know yourself best.
The book also fundamentally challenges some of my pending decisions. I want to own a home and start a family. However, owning a home will lock me to one place geographically and introduce more expenses. Am I ready to give up on the freedom of renting and sign on to the pains of home ownership? It’s difficult since I still crave the flexibility to chase a wide range of job opportunities.
I’m also inspired to spend some time thinking what I’ll be doing in my (hopefully) early retirement. As a Millennial with no kids, I honestly haven’t thought much about the risk of over-spending in my early retirement years (chapter 8) or protecting my kids in case of my unexpected death or disability (chapter 11). These are heavy topics for most Millennials but essential if you want Financial Independence, Retire Early.
Check out the book and I’d love to hear your thoughts on it.