tag:blogger.com,1999:blog-5465015914589377788.post6647772040774097886..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: Math for GrownupsMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-5465015914589377788.post-59484414210735376342011-08-03T10:08:31.553-04:002011-08-03T10:08:31.553-04:00@Astin: By "save" here, the author was ...@Astin: By "save" here, the author was talking about the total amount saved by the time you retire, not your yearly contribution to savings. <br /><br />I should stress that I mentioned every error I found. The book contains a great many useful passages that seemed to be error-free. But I agree that errors are a problem in a book aimed at readers who lack confidence in math.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-59874904524480707962011-08-03T09:58:48.335-04:002011-08-03T09:58:48.335-04:00Error in your post - "you should save $15 or ...Error in your post - "you should save $15 or $20 for every dollar of income you need from your savings"<br /><br />I'm trying to wrap my head around how to save 15-20x more than I make... sounds pretty awesome.<br /><br />Craps: Her key word is "might" it appears. I could also play individual numbers at roulette and MIGHT come out ahead instead of losing 36 times. The most you can hope for in Craps is to minimize your losses, as even betting with the house has a house edge.<br /><br />Regardless, these errors seem glaring and far more damaging than helpful. If you get math already, then finding an error and confirming you're right and they're wrong is fairly easy, but if you don't? Then it just becomes more frustrating for the learner, or they'll just memorize and carry those errors out in the real world.Astinhttps://www.blogger.com/profile/04349033187012323688noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-40114300998443614382011-08-02T11:04:20.632-04:002011-08-02T11:04:20.632-04:00@Mike: By a "15:1 payoff" we mean that ...@Mike: By a "15:1 payoff" we mean that you get your original bet back plus 15 times your bet. So, this would be a fair bet if the odds of winning are one in 16. I've never liked this way of expressing odds and payoffs, but it is very widely used.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-2383313744900952262011-08-02T10:53:00.854-04:002011-08-02T10:53:00.854-04:00When discussing odds, the book has a simple error ...<i>When discussing odds, the book has a simple error where a $4 bet with a 15:1 payoff is said to pay out $75. The answer is actually $64.</i><br /><br />Why is the answer $64? I'm no gambler, but I thought the payoff referred to the total amount given to you, ie $60 for a 15:1 payoff on a $4 bet.Mike Holmanhttp://www.moneysmartsblog.comnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-7062894356226416402011-08-02T09:41:13.920-04:002011-08-02T09:41:13.920-04:00@Patrick: That is definitely a risk. Perhaps a s...@Patrick: That is definitely a risk. Perhaps a second edition will be more useful.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-63202182372263795822011-08-02T09:34:24.691-04:002011-08-02T09:34:24.691-04:00I'm not so sure such a book would be helpful. ...I'm not so sure such a book would be helpful. Books for the novice should be error-free, or else the novice will inevitably find something that makes no sense and will conclude that they're no good at math after all.Patrickhttps://www.blogger.com/profile/16816252455472704262noreply@blogger.com