The self-help gurus got it wrong didnt they? The financial self-help hucksters followed the media machine that promoted the concept of buying stocks for your financial wellbeing. So, there was never a filter, that knowing when not to buy investments is supremely important, and that the average retail investor doesnt really make much money because the odds of the game are against him or her from the industry and insiders to the stock game.So if you listened to Losie Orman and those like her who said to make stocks and other investments part of your retirement plan you are in worse financial shape and are left hoping that youll get your money back after possibly many years waiting around for your particular stocks or mutual funds to rebound. But the investment sellers still did well. And Losie, if she followed her own advice, is losing.
Another sad thing is that the self-help gurus got by in relatively good times by selling advice saying to visualize yourself being successful but in a protracted downturn no amount of positive self-talk is going to pay the bills, or prepare you for those really tough days. I never heard any of the folks who went through the Great Depression say, “We just visualized ourselves being more successful, confident, attractive, and prepared through lifes worst moments.”
Self-help wants to take away pain but life is pain. It is part of an experience. Even if confidence comes before success, all these gurus can sell you on is to be confident no matter what the situation. Sure, if that were so then you wouldnt need them, right?
