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

We all want to stay sharp, and forestall the cognitive effects of aging. But do brain supplements actually work? Are they safe? And why doesn’t the F.D.A. even know what’s in them? (Part one of “The Freakonomics Radio Guide to Getting Better.”) SOURCES:Marty Makary, commissioner of the Food and Drug Administration.Peter Attia, physician, author, and host of The Peter Attia Drive.Pieter Cohen, associate professor of medicine at Harvard Medical School, physician at the Cambridge Health Alliance. RESOURCES:"Protein Powders and Shakes Contain High Levels of Lead," by Paris Martineau (Consumer Reports, 2025)."Accuracy of Labeling of Galantamine Generic Drugs and Dietary Supplements," by Pieter Cohen, Bram Jacobs, Koenraad Van Hoorde, and Céline Vanhee (JAMA, 2024).Blind Spots: When Medicine Gets It Wrong, and What It Means for Our Health, by Marty Makary (2024).Outlive: The Science and Art of Longevity, by Petter Attia (2023)."Revealing the hidden dangers of dietary supplements," by Jennifer Couzin-Frankel (Science, 2015). EXTRAS:"China Is Run by Engineers. America Is Run by Lawyers." by Freakonomics Radio (2025)."How to Fix the Hot Mess of U.S. Healthcare," by Freakonomics Radio (2021). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

One Yale economist certainly thinks so. But even if he’s right, are economists any better? We find out, in this update of a 2022 episode. SOURCES:James Choi, professor of finance at the Yale School of Management.Morgan Housel, personal finance author and partner at the Collaborative Fund. RESOURCES:The Art of Spending Money: Simple Choices for a Richer Life, by Morgan Housel (2025).“Popular Personal Financial Advice versus the Professors,” by James J. Choi (Journal of Economic Perspectives, 2022).“Media Persuasion and Consumption: Evidence from the Dave Ramsey Show,” by Felix Chopra (SSRN, 2021).The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan Housel (2020).“In Bogle Family, It’s Either Passive or Aggressive,” by Liam Pleven (Wall Street Journal, 2013). EXTRAS: “Harold Pollack on Why Managing Your Money Is as Easy as Taking Out the Garbage,” by People I (Mostly) Admire (2021).“People Aren’t Dumb. The World Is Hard,” by Freakonomics Radio (2018).“Everything You Always Wanted to Know About Money (But Were Afraid to Ask),” by Freakonomics Radio (2017).“The Stupidest Thing You Can Do With Your Money,” by Freakonomics Radio (2017). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Behavioral scientists have been exploring whether a psychological reset can lead to lasting change. In this update of a 2021 episode, we survey evidence from the London Underground, Major League Baseball, and New Year’s resolutions to look at accidental fresh starts, forced fresh starts, fresh starts that backfire — and the ones that succeed.  SOURCES:Katy Milkman, professor at the Wharton School.Andy Byford, former commissioner of Transport for London.Ferdinand Rauch, economist at the University of St. Gallen.Hengchen Dai, professor at U.C.L.A.’s Anderson School of Management.Bob Tewksbury, former big-league pitcher. RESOURCES:“A Large-Scale Experiment on New Year’s Resolutions: Approach-Oriented Goals are More Successful than Avoidance-Oriented Goals,” by Martin Oscarsson, Per Carlbring, Gerhard Andersson, and Alexander Rozental (PLOS ONE, 2020).“A Double-Edged Sword: How and Why Resetting Performance Metrics Affects Motivation and Performance,” by Hengchen Dai (Organizational Behavior and Human Decision Processes, 2018).“The Benefits of Forced Experimentation: Striking Evidence from the London Underground Network,” by Shaun Larcom, Ferdinand Rauch, and Tim Willems (2017).“Framing the Future: The Risks of Pre-Commitment Nudges and Potential of Fresh Start Messaging,” by John Beshears, Hengchen Dai, Katherine L. Milkman, and Shlomo Benartzi (NBER, 2016).“The Fresh Start Effect: Temporal Landmarks Motivate Aspirational Behavior,” by Hengchen Dai, Katherine L. Milkman, and Jason Riis (Management Science, 2014).“Holding the Hunger Games Hostage at the Gym: An Evaluation of Temptation Bundling,” by Katherine L. Milkman, Julia A. Minson, and Kevin G. M. Volpp (Management Science, 2013).“The Resolution Solution: Longitudinal Examination of New Year’s Change Attempts,” by John C. Norcross and Dominic J.Vangarelli (Journal of Substance Abuse, 1989). EXTRAS:How to Change: The Science of Getting from Where You Are to Where You Want to Be, by Katy Milkman (2021). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A series of academic studies suggest that the wealthy are, to put it bluntly, selfish jerks. It’s an easy narrative to embrace — but is it true? As part of GiveDirectly’s “Pods Fight Poverty” campaign, we revisit a 2017 episode. SOURCES:Jim Andreoni, professor of economics at the University of California, San Diego.Nikos Nikiforakis, professor of economics at New York University in Abu Dhabi.Paul Piff, associate professor of psychology at the University of California, Irvine.Jan Stoop, associate professor of applied economics at the Erasmus School of Economics. RESOURCES:"Are the Rich More Selfish Than the Poor, or do They Just Have More Money? A Natural Field Experiment," by James Andreoni, Nikos Nikiforakis, and Jan Stoop (National Bureau of Economic Research, 2017)."Exploring the Psychology of Wealth, 'Pernicious' Effects of Economic Inequality," (PBS NewsHour, 2013)."Poverty Impedes Cognitive Function," by Anandi Mani, Sendhil Mullainathan, Eldar Shafir, and Jiaying Zhao (Science, 2013)."Higher Social Class Predicts Increased Unethical Behavior," by Paul Piff, Daniel Stancato, Stéphane Côté, Rodolfo Mendoza-Denton, and Dacher Keltner (PNAS, 2011)."Relative Earnings and Giving in a Real-Effort Experiment," by Nisvan Erkal, Lata Gangadharan, and Nikos Nikiforakis (American Economic Review, 2011)."Experimenter Demand Effects in Economic Experiments," by Daniel John Zizzo (Experimental Economics, 2009)."Impure Altruism and Donations to Public Goods: A Theory of Warm-Glow Giving," by James Andreoni (The Economic Journal, 1990)."Privately Provided Public Goods in a Large Economy: The Limits of Altruism," by James Andreoni (Journal of Public Economics, 1987)."A Positive Model of Private Charity and Public Transfers," by Russell Roberts (Journal of Political Economy, 1984).Pods Fight Poverty Campaign on Give Directly. EXTRAS:“How to Raise Money Without Killing a Kitten,” by Freakonomics Radio (2013). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

All sorts of people have put their mark on Messiah, and it has been a hit for nearly 300 years. How can a single piece of music thrive in so many settings? You could say it’s because Handel really knew how to write a banger. (Part three of “Making Messiah.”) SOURCES:Charles King, political scientist at Georgetown University.Jane Glover, classical music scholar, conductor.Katharine Hogg, musicologist, head librarian at the Foundling Museum.Susannah Heschel, religion professor, chair of Jewish Studies at Dartmouth College.Mark Risinger, teacher at St. Bernard’s School.Michael Marissen, professor emeritus of music at Swarthmore College, author of Tainted Glory in Handel’s Messiah: The Unsettling History of the World’s Most Beloved Choral Work. RESOURCES:Every Valley: The Desperate Lives and Troubled Times That Made Handel’s Messiah, by Charles King (2024)."Why These Christmas Songs Could Only Be Written in America," by Eli Lake (The Free Press, 2024)."Reflections on Bernstein’s 1956 “Messiah,”" by Mark Risinger (Leonard Bernstein Office, 2022).Handel in London: The Making of a Genius, by Jane Glover (2018).Tainted Glory in Handel's Messiah: The Unsettling History of the World's Most Beloved Choral Work, by Michael Marissen (2014).“Handel’s Messiah,” performed by The London Symphony Orchestra (2007). EXTRAS:"Making Messiah," series by Freakonomics Radio (2025). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In the 18th century, Handel relied on royal patronage. Today, it’s donors like Gary Parr who keep the music playing. In this bonus episode of our “Making Messiah” series, Parr breaks down the economics of the New York Philharmonic. SOURCES:Gary Parr, senior managing director and on the management committee at Apollo, philanthropist. RESOURCES:"A Notoriously Jinxed Concert Hall Is Reborn, Again," by Michael Kimmelman (New York Times, 2022)."Apollo’s New Guy Is a Legend in Banking, a Novice in Buyouts," by Sonali Basak (Bloomberg, 2017).“Handel’s Messiah,” performed by The London Symphony Orchestra (2007)."Racial/Ethnic and Gender Diversity in the Orchestra Field," by James Doeser (League of American Orchestras).Parr Prize for Excellence in Teaching Shakespeare. EXTRAS:"Making Messiah," series by Freakonomics Radio (2025). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

When he wrote Messiah (in 24 days), Handel was past his prime and nearly broke. One night in Dublin changed all that. (Part two of “Making Messiah.”) SOURCES:Charles King, political scientist at Georgetown University.Chris Scobie, curator of music, manuscripts, and archives at the British Library.Ellen Harris, musicologist and professor emeritus at MIT.Mark Risinger, teacher at St. Bernard's School.Philip Rushforth, organist and master of the choristers at the Chester Cathedral.Proinnsías Ó Duinn, conductor and music director of Our Lady's Choral Society. RESOURCES:Every Valley: The Desperate Lives and Troubled Times That Made Handel's Messiah, by Charles King (2024)."Arnaud du Sarrat and the international music trade in Halle and Leipzig c.1700," by Tomasz Górny (Early Music, 2023).George Frideric Handel: A Life with Friends, by Ellen Harris (2014).Handel (Composers Across Cultures), by Donald Burrows (2012)."Georg Händel (1622–97): The Barber-Surgeon Father of George Frideric Handel (1685–1759)," by Aileen Adams and B. Hofestädt (Journal Of Medical Biography, 2005).Handel's Messiah: A Celebration: A Richly Illustrated History of the Music and Its Eighteenth-Century Background, by Richard Luckett (1995).Handel's Messiah The Advent Calendar, podcast series. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Why does an 18th-century Christian oratorio lend such comfort to our own turbulent times? Stephen Dubner sets out for Dublin to tell the story of George Frideric Handel’s Messiah. (Part one of “Making Messiah.”) SOURCES:Charles King, political scientist at Georgetown University.Katrine Nyland Sørensen, Danish broadcaster, host of Handel's Messiah - The Advent Calendar.Mark Risinger, teacher at St. Bernard's School.Michael and Aileen Casey, Dublin conservationists.Proinnsías Ó Duinn, conductor and music director of Our Lady's Choral Society.Stuart Kinsella, tenor soloist and consort singer. RESOURCES:Every Valley: The Desperate Lives and Troubled Times That Made Handel's Messiah, by Charles King (2024)."Two Men Wrote ‘Messiah.’ You Know One of Them." by Charles King (New York Times, 2024)."On Fishamble Street, family lives among four centuries of relatives’ keepsakes," by Zuzia Whelan (Dublin Inquirer, 2018).Hallelujah: The Story of a Musical Genius & the City That Brought His Masterpiece, by Jonathan Bardon (2016).George Frideric Handel: A Life with Friends, by Ellen Harris (2014).Handel: The Man & His Music, by Jonathan Keates (2010)."Handel's Messiah," performed by The London Symphony Orchestra (2007).Handel's Messiah The Advent Calendar, podcast series. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Macy’s wants to recapture its glorious past. The author of the Wimpy Kid books wants to rebuild his dilapidated hometown. We just want to listen in. (Part two of a two-part series, first published in 2024) SOURCES:Mark Cohen, former professor and director of retail studies at Columbia Business School.Will Coss, vice president and executive producer of Macy’s Studios.Jeff Kinney, author, cartoonist, and owner of An Unlikely Story Bookstore and Café.Tony Spring, chairman and C.E.O. of Macy’s Inc. RESOURCES:"How Macy’s CEO Tony Spring Is Turning the Retailer Around," by Suzanne Kapner (The Wall Street Journal, 2025).“NBC Ready to Pay Triple to Gobble Up Thanksgiving Parade Broadcast Rights,” by Joe Flint (The Wall Street Journal, 2024).“How Macy’s Set Out to Conquer the Department Store Business — and Lost,” by Daphne Howland (Retail Dive, 2022).An Unlikely Story Bookstore and Café. EXTRAS:“Can the Macy’s Parade Save Macy’s?” series by Freakonomics Radio (2024). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The iconic department store calls the parade its “gift to the nation.” With 30 million TV viewers, it’s also a big moneymaker — at least we think it is: when it comes to parade economics, Macy’s is famously tight-lipped. In this 2024 episode, we try to loosen them up. (Part one of a two-part series.) SOURCES:John Cheney, carpenter at Macy’s Studios.Will Coss, vice president and executive producer of Macy’s Studios.Jeff Kinney, author, cartoonist, and owner of An Unlikely Story Bookstore and Café.Kevin Lynch, vice president of global helium at Messer.Jen Neal, executive vice president of live events and specials for NBCUniversal Entertainment.Tony Spring, chairman and C.E.O. of Macy’s Inc.Jessica Tisch, New York City police commissioner, former commissioner of the New York City Department of Sanitation.Dawn Tolson, executive director of Citywide Event Coordination and Management and the Street Activity Permit Office for the City of New York. RESOURCES:Macy’s: The Store. The Star. The Story., by Robert M. Grippo (2009).History of Macy’s of New York, 1853-1919: Chapters in the Evolution of the Department Store, by Ralph M. Hower (1943).Macy’s Thanksgiving Day Parade. EXTRAS:"Helium," by The Economics of Everyday Things (2024). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.