Here's the premise: I want to know the worst financial advice you've ever received, overheard, or had someone else give to someone you know. The farther "out there" it is, the better. The more detailed your story and advice (and any repercussions) are, the better. The advice itself could have been bad ... or the advice mediocre, and the repercussions bad ... or the advice good but the repercussions (perhaps unintended) horrible.
I'll dish out $50 worth of Amazon gift certificates as follows:
- Prize #1 will be a $25 Amazon certificate which goes to the reader of my choosing — the one who leaves the "worst" (in my estimation) and most ridiculous money-advice story as a comment on this post. If your advice makes me laugh, shake my head, throw my Swingline against the wall, or just plain cringe, you have a good shot. In any case, when it comes to the winning entry, I'm the judge, jury, and cash register.
- Prize #2 will be a $25 Amazon certificate that goes to a random reader/commenter who leaves his or her best bad-advice story. I'll accumulate all the commenters' names/emails, throw them into a hat, and draw the winner at random. If I happen to draw the same name as the winner of Prize #1, I will redraw, so that one reader cannot win both prizes.
If you have the desire — nay, the guts — to enter this First Ever Money Musings Dream Lifetime Giveaway (they say exaggeration is a key to success with promotions like this) then you need to do two things. First, leave your bad-advice story as a comment on this post. Second, email me at the following address (modification required):
... and let me know which comment is yours, and what email you'd like the prize sent to if you win. This way, I figure, folks can comment anonymously, which is helpful if they don't wish to incriminate friends, relatives, or anyone else who doled out a hearty handful of money stupids. Once the contest is over, I will sell all email addresses to a guy named Rajnoosh. (Well, not really. Since I don't know anyone named Rajnoosh, and I'm too lazy to go find someone named Rajnoosh, I will just delete the emails.)
Personally, I'd like for the bad-advice stories here to be true. Not just stuff made up on the fly. But I am a realist, and I know there's no way I'll be able to verify the bad-advice authenticity. So if you're a good storyteller, and can make me believe you, then knock yourself out, I guess.
- Entries stating that advice from It's Your Money! or IYM: Money Musings is the "worst they've ever heard" will be disqualified. I'm not kidding.
- Entries stating that advice somehow attributed to David Bach is the "worst they've ever heard" will be given preferential consideration. I'm not kidding.
- The bad-advice story is the main thing. But I'm a word guy, and I know my pet peeves. So correct grammar / spelling / coherency is a plus.
- One entry per email address, please.
Entry Deadline: Saturday, July 29, 2006 @ 11:59pm CST.
Winners Announced and Awarded: Sunday, July 30, 2006 ("Worst Financial Advice" Winners)