One economist's take on popular advice for saving, borrowing, and spending

32m ·

One economist's take on popular advice for saving, borrowing, and spending

This episode was first released as a bonus episode for Planet Money+ listeners last month. We're sharing it today for all listeners. To hear more episodes like this one and support NPR in the process, sign up for Planet Money + at plus.npr.org.

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"Save aggressively for retirement when you're young." "The stock market is a sure-fire long-term bet." "Fixed-rate mortgages are better than adjustable-rate mortgages." Popular financial advice like this appears in all kinds of books by financial thinkfluencers. But how does that advice stack up against more traditional economic thinking?

That's the question Yale economist James Choi set out to answer in a paper called Popular Personal Financial Advice Versus The Professors. In this interview, he tells Greg Rosalsky what he found. Their talk marks another edition of Behind The Newsletter, in which Greg shares conversations with policy makers and economists who appear in the Planet Money newsletter.

Subscribe to the newsletter at https://www.npr.org/newsletter/money.

Read more about James Choi's paper here: https://www.npr.org/sections/money/2022/09/06/1120583353/money-management-budgeting-tips
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