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I just finished The Financial Diaries by Morduch & Schneider. They followed families for a year re their spending and income and the influences on both. It was an interesting read. Turns out there are people who are permanently in poverty but most move in and out depending on spikes in income and expenses.
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After seeing this post I went to google this book and found a link that let me read a about 20 plus pages online as preview, focused on one main sample story and explaining the methodology of the book.
Before I go to library to read the rest I would like to know if there is any positives in book?
Most of their explanations about how they did the book and the sample story IMO seemed to suggest it was impossible to break free of continued bad financial choices.
In the Sample story said breadwinner had changed jobs more then once and had always cashed out his 401k plans with penalties. Then said they "needed the money" without explaining in the preview what the Need was worth losing money to the penalties.
The story chosen for the preview only managed to turn me off book since it was all blame someone else for their struggles. I imagine this is an eye opener for those who really do not have an insight to this first hand. I have many friends who live this way it only frustrates me. -
Interesting. I saw good reviews about it also. Will definitely read this book.Comment
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