Last Tuesday, I published a guest post from CJ at Wise Money Matters. The story contained an embarrassing error about taxes, one that CJ should not have made, and one that I should have caught. As penance, I wrote an explanation of how marginal tax rates work for Wednesday.
Meanwhile, Frank the “curmudgeon” at Bad Money Advice picked up on the error and justifiably posted it as an object lesson. I’m mortified that Get Rich Slowly earned the “honor” of being featured on Frank’s blog, but at the same time I’m glad. If this hadn’t happened, I might not have discovered his site.
Bad Money Advice has a single goal: to explore the world of financial advice, and to expose how bad much of it is:
If bad advice on money is widespread and followed we’re all in big trouble. If, to imagine a far-fetched example, millions of people were told to buy more house than they could afford, the inevitable housing price bubble might set off a crisis in the capital markets that could plunge the whole world into a recession…The premise of this blog is twofold: that personal finance advice ought to be taken seriously and that it needs to be a lot better than it is now.
I think we can all agree with that. Frank turns his attention to topics such as:
- Why home remodeling is a bad investment
- The impossibility of predicting stock market returns (in which he re-iterates average is not normal)
- All about inflation, deflation, and you
- Why you should buy index funds, not stocks
Frank writes with a smart and witty voice, and his advice is both clear and accurate. Although I’m sad to have discovered Bad Money Advice through having Get Rich Slowly featured there, I’m glad to have found it nonetheless.
An important reminder
Remember: I’m an average guy, and not a financial expert. I do my best to provide accurate information, but sometimes I slip up. When I do, please don’t be afraid to help me fix the problem. My goal is to provide interesting and accurate information. If that means I have to eat crow from time-to-time, then so be it.
For months, I’ve been searching for a better disclaimer at the bottom of my site. After our discussion yesterday about financial talking heads as entertainment, I realized the time had come to set things right. While browsing at The Digerati Life (an awesome money blog, by the way), I found a new disclaimer that I like very much. I’m going to use it too:
I do have strong opinions on certain personal finance topics, but I hope that it’s always clear that the underlying philosophy of this site is simple: Do what works for you. There are few “right” answers in personal finance. The best solutions are the ones that help you meet your goals.