Are Personal Finance Gurus Giving You Bad Advice? (Update)

In this episode of Freakonomics Radio, Stephen Dubner explores the world of personal finance advice, questioning whether the popular gurus are truly offering sound guidance. Economist James Choi compares the recommendations of these authors to those of economic theory, highlighting significant differences, especially concerning mortgages, debt repayment, and saving strategies. The discussion features Morgan Housel, author of "The Psychology of Money," who defends the practical, psychology-based approach of popular finance books, arguing that economists often overlook the emotional and behavioral aspects of financial decisions. The episode also incorporates listener experiences and insights from figures like Dave Ramsey and Richard Thaler, ultimately questioning whether economic models or real-world practicality should guide personal finance.