I've been waiting for the perfect time to introduce my readers to one of my favorite bloggers -- and blog. Today is that day. One of my readers, CaughtShort, tipped me off to this blog back in March. I've been reading it ever since. The blog, Bad Money Advice, is operated by Frank, an unemployed hedge-fund manager who writes with a sharp pen.
Frank, who started the blog back in January, says that his blog is a blog about advice. More specifically, he -- in my mind -- is a watchdog who makes sure that people who write about money, be they mainstream journalists, radio personalities, authors, or bloggers, get it right.
Admittedly, he is not a personal-finance expert. "My qualifications for giving personal financial advice, and for criticizing the advice of others, are thin," Frank wrote in his maiden post back in January. "Then again, the qualifications of the established experts in this field seem no more substantial." Touche.
I have to tell you, life would be a whole lot easier if guys such as Frank were not around. Those who dispense faulty advice wouldn't have to worry as much about being taken to task. They could get it mostly right, or somewhat right, and leave it at that. However, with Frank looming in the background, personal-finance writers need to make sure they get it right. If they don't, Frank will be on the case soon enough.
As I said earlier, Frank's primary goal isn't to dispense advice of his own. His goal is to point out the really bad advice that others -- too frequently -- offer up. In doing so, though, Frank must, and does, offer advice of his own (so that he can clear up the original misinformation). In that way, Frank separates himself from the drive-by critic -- who often criticizes but offers nothing more.
Frank says that the premise of his site is twofold: "that personal finance advice ought to be taken seriously and that it needs to be a lot better than it is now." Frank's correct. And to that end, Frank is there to make sure that it is.
Bad Money Advice reached the 100-post milestone yesterday. The 100th post, titled "Our Personal Finance Problem," is the one that I think my readers should read first. The post captures the essence of what Frank -- and Frank's blog -- is all about.