The Economist: Ghastly gurus

But Ms Olen is right to home in on the biggest problem that personal-finance gurus neglect; people earning $20,000 a year will struggle to pay for the basics in life and will simply not be able to save their way to a life of comfort, let alone riches.

$20,000 per annum translates to a monthly gross of PhP 83,000. More Filipinos earning less than half of this amount have been sold stupid get-rich dreams instead of being taught basic, non-commercial, unbiased financial literacy – or incendiary and subversive socialist logic. Here’s a thought-provoking review regarding the world of get-rich pastors and self-proclaimed personal finance experts.

Advertisements