A number of people have asked me why I didn’t include a list of recommendations at the end of Pound Foolish. It’s simple, really. I’ve read book after book over the years, many of which come with earnest, well-thought out suggestions that are as likely to be enacted by our politicians as my poodle is to wake up a cat tomorrow morning. I didn’t want you to read my book, nod virtuously while reading my suggestions, and close the book, thinking your work done. Moreover, no one needs me hectoring him or her about how to manage his or her funds. There are more than enough people out there doing that sort of thing. Instead, I want you to continue to engage with the ideas outlined in the book. So write me. Tweet me. Tell me your ideas. I’ll post them up here.
At the same time, do I have thoughts? Of course I do. Over the next several days, I will begin to elaborate on them. Again, this is a work in progress. Send me comments.
On that note:
- We need to talk about our money.
- Make the fiduciary standard standard in the industry.
- Ban commission sales.
- We need to re-think how we are saving for retirement.
- In the meantime, set standards for 401(k) fees.
- Ban the free lunch.
- All products need to come with descriptions and disclosures written in easy-to-understand language.
- If someone appears on television or radio, their industry ties need to be stated up front.
- We need to have a serious discussion about the implications of increasing income inequality and what can be done to reverse it.
- Disclosure is not enough.