In 1942, the directors of the New York Stock Exchange met to discuss a problem. The exchange—its air charged with testosterone, its floor scuffed by the frantic paces of men racing one another for shares of the American dream—was off-limits to women. This, it was agreed, was how it should be. However, it had recently become public knowledge that one of New York’s most prolific and respected financial writers, S. F. Porter, was a woman. If Porter trained her eye on the all-male stock exchange, the NYSE might find itself the subject of some unwanted controversy during the electrified “Rosie the Riveter” days of World War II. But should women really be allowed into the stock exchange? The board finally saw its way around the dilemma and voted on a resolution: “Sylvia is one of the boys. We hereby award her honorary pants.” Sylvia Porter (1913–1991) was the nation’s first personal finance columnist and one of the most admired women of the twentieth century. In Sylvia Porter: America’s Original Personal Finance Columnist, Lucht traces Porter’s professional trajectory, identifying her career strategies and exploring the role of gender in her creation of a once-unique, now-ubiquitous form of journalism. A pioneer for both male and female journalists, Porter established a genre of newspaper writing that would last into the twenty-first century while carving a space for women in what had been an almost exclusively male field. She began as an oddity—a woman writing about finance during the Great Depression—and rose to become a nationally recognized expert, revered by middle-class readers and consulted by presidents. As the first biography of Sylvia Porter, this book makes an important contribution to the history of women and the media.

If you’ve ever bought a personal finance book, watched a TV show about stock picking, listened to a radio show about getting out of debt, or attended a seminar to help you plan for your retirement, you’ve probably heard some version of these quotes: “What’s keeping you from being rich? In most cases, it is simply a lack of belief.” —SUZE ORMAN, The Courage to Be Rich “Are you latte-ing away your financial future?” —DAVID BACH, Smart Women Finish Rich “I know you’re capable of picking winning stocks and holding on to them.” —JIM CRAMER, Mad Money They’re common refrains among personal finance gurus. There’s just one problem: those and many simi­lar statements are false. For the past few decades, Americans have spent billions of dollars on personal finance products. As salaries have stagnated and companies have cut back on benefits, we’ve taken matters into our own hands, embracing the can-do attitude that if we’re smart enough, we can overcome even daunting financial obstacles. But that’s not true. In this meticulously reported and shocking book, journalist and former financial columnist Helaine Olen goes behind the curtain of the personal finance industry to expose the myths, contradictions, and outright lies it has perpetuated. She shows how an industry that started as a response to the Great Depression morphed into a behemoth that thrives by selling us products and services that offer little if any help. Olen calls out some of the biggest names in the business, revealing how even the most respected gurus have engaged in dubious, even deceitful, prac­tices—from accepting payments from banks and corporations in exchange for promoting certain prod­ucts to blaming the victims of economic catastrophe for their own financial misfortune. Pound Foolish also disproves many myths about spending and saving, including: Small pleasures can bankrupt you: Gurus popular­ized the idea that cutting out lattes and other small expenditures could make us millionaires. But reduc­ing our caffeine consumption will not offset our biggest expenses: housing, education, health care, and retirement. Disciplined investing will make you rich: Gurus also love to show how steady investing can turn modest savings into a huge nest egg at retirement. But these calculations assume a healthy market and a lifetime without any setbacks—two conditions that have no connection to the real world. Women need extra help managing money: Product pushers often target women, whose alleged financial ignorance supposedly leaves them especially at risk. In reality, women and men are both terrible at han­dling finances. Financial literacy classes will prevent future eco­nomic crises: Experts like to claim mandatory sessions on personal finance in school will cure many of our money ills. Not only is there little evidence this is true, the entire movement is largely funded and promoted by the financial services sector. Weaving together original reporting, interviews with experts, and studies from disciplines ranging from behavioral economics to retirement planning, Pound Foolish is a compassionate and compelling book that will change the way we think and talk about our money.

An instant "New York Times" bestseller, from the author of "A Beautiful Mind": a sweeping history of the invention of modern economics that takes readers from Dickens' London to modern Calcutta.