Still the Worst Financial Advice I Ever Gave? (Redux)

in Advice

One of the good things about having to clean out my archives has meant I have read over some of the better pieces I have written and one of my favorites was the Worst Financial Advice Given, which I told at a meeting of the N.C.F.B.A. (the National Capital Financial Bloggers Association). This advice led to a dear friend (who died many years ago, another sad part of the story) buying a time share condominium in Orlando, and I stand by my statement that this was the most hideous financial advice I have ever given out (read the story, it is kind of funny, but bitter-sweet for me, since this was a wonderful guy, and I felt I stuck his head in a noose and then kicked the chair out from under him).

Over the years I have had folks ask me about many different topics in terms of personal finance and investing including:

  • Should I buy Nortel? (in 1997, 2001, and 2005 that seemed to be the only question I was asked), I said, I don’t know.
  • When Google was about to go IPO, folks asked me should they buy into that stock? I said, I don’t know.
  • Is it a good time to try to break my Mortgage and renegotiate (when rates were at 12% and when they were down at 4%), I said, I don’t know.

Do I really not know? Am I really that unsophisticated? I don’t know! However, I do remember giving a dear friend some incredibly bad advice so I choose (for one of the rate times in my life) to keep my big trap shut! OK, I must admit for stupid questions I do wade in (i.e. Should I use Pay Day Loan services, NO, NO, NO!), but I only dare to give advice in extreme cases.

Will I give financial advice to my kids? I have in the past when they have asked, but I have also couched a lot of that advice, saying they should be careful with any advice (even from their Dad).

Anybody else out there have a similar story? For those who keep inundating me with requests to Guest Post, these are the kind of stories I am interested in (i.e. personal stories of success or failure).

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  • Pacific Financial Planners August 24, 2012, 12:50 AM

    I think everyone do this even if they haven’t intended to. Anyway, nobody’s really perfect, so we’re bound to make mistakes along the way. And I agree that every advice should be carefully considered and weighed.

    Reply

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