Friday, May 8, 2009

Our Personal Finance Problem

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.



  1. Just FYI, I am currently taking a final exam. Won't be coming up for air until 4 p.m. pacific time.

    Enjoy Frank's site.

  2. Hi, Marcus. Bad Money Advice definitely deserves the hat tip, and best of luck on your finals.

  3. Thanks, Dan. Yep. I RARELY -- if ever -- endorse other blog sites. When I do, you know I must think highly of it.

  4. OMG! I got a shoutout!! I'm shaking and crying!! OMG!!!!

    I enjoy reading Bad Money Advice. I've found, though, that I very often disagree with Frank. But, I understand that it's often a matter of perspective. Given his experience he's coming from a much different place than I am. I recognize that personal finance is personal. Usually people will comment with their own nuances to a given topic. His guest post on Get Rich Slowly is a good example of that. I really do enjoy reading his stuff, he's on my daily reading list.

    Good luck on your exam!

  5. CS, glad you liked the shout out. Haha. I enjoyed your comment.

    I know exactly what you're talking about with Frank's material. You won't always agree with him, but he'll make you think nonetheless.

    He's a daily read for me.

    Thanks for the well wishes on the exam. I'm working on it even as I monitor my blog for comments.

  6. Talk about dedication...

    Good Luck Marcus!

  7. Thanks, Clutch. Just want to make sure that the blog is still here. Ha!

  8. We wont let it go anywhere.

    And get back to work!

  9. Haha. Yep. Still writing. Getting back to work.

  10. Thanks for recommeding BMA, that's a fantastic site.

  11. BMA bookmarked as one of my Favorites.

    Thank, CM!

  12. Virgil, you are welcome. Thanks caughtshort as well. If not for him, I would not have found the site.

  13. " unemployed hedge-fund manager who writes with a sharp pen."

    Well, that's all I need to know to avoid the site.

  14. Nah, the probably of a hedge manager (let alone one out of work) writing something worth reading is really low.

    There is an internet filled with stuff, gotta filter it some how.