Carnival of Personal Finance and More Comments on Bloggers

This week’s Carnival of Personal Finance carries my post on Why Market Timing is Hard. As usual, there is a lot of other stuff there, much of it worth reading.

There were only two editor’s picks this week, a post from Bargaineering with career advice, and our friend Pinyo at Moolanomy’s post I’m Just a Blogger, Damn it!

And so he is.

Being the tremendously self-centered guy that I am, I assumed that Pinyo’s post was in response to my post the previous day that discussed his mortgage refinance post. Since he didn’t mention this blog, I didn’t feel I needed to comment further. (Note to my future victims: not acknowledging Bad Money Advice at all is your best strategy to let the whole thing blow over.) But now that Pinyo’s explanation that he is just a blogger has been highlighted as one of the two best personal finance posts of the week, it is hard for me not to say something. (Another note: submitting your non-response to the Carnival of Personal Finance lessens the chances of it going away.)

In case you haven’t clicked on the link above (and you should) Pinyo takes the position that seems to be the standard defense of bloggers that I pick on. He is just an ordinary guy who writes a blog as an aid to his own financial education, not as a source of advice for others. “Please do not mistake my opinion as advice.” he tells us.

But that’s not easy to do. The tone of his posts, and the posts of countless other bloggers just like him, is not “Hey, I may have this thing figured out, what do you readers think?” it’s “Listen up, here’s the way this works.” I would like to think that all blog visitors know that what they are reading is not meant to be taken as advice. But I know better. It sure looks like advice.

Furthermore, I think that it is worth observing that these blogs sell advertising and are sources of income for their writers. To my mind, you cross a line when you start having a monetary interest in getting people to read your blog. It’s no longer merely a way for you to learn about personal finances and share your experiences, it’s also a business that sells a product. (BTW, this blog will carry ads when/if it has enough readers to make it worth the bother.)

I like blogs. Of the obvious sources of information about personal finance out there, blogs are probably your best choice, certainly better than the big gurus and the mass media. And as far as I can tell, every PF blogger is honest, earnest, and sincerely trying to do a good job. I just want them to try a little harder sometimes. After all, this is important stuff.

[Photo: Michael Maggs]

Carnivals | Frank Curmudgeon | April 14, 2009 9:45 am

No Comments

By Nelson, April 14, 2009 @ 1:41 pm

Nice post. You nailed it. I hate when these personal finance blogs publish stuff that is just plain wrong, then hide behind the “I’m just a guy with a blog” defense.

I’m not saying that I, or any other blogger out there is right all the time. No one has those expectations. What I would like to see when you (or I) attack someone is a little accountability. Admit your mistake, tell your readers that you messed up and then we can all move on.

It’s also nice to have someone joining me on my quest to expose crappy blog posts. I have a new friend!
By Susie, April 14, 2009 @ 3:11 pm

In the spirit of pointing things out – and this is the first time it’s jumped out at me in your posts – you really don’t need to double space after periods. It’s a little distracting to read through… but maybe I’m just being picky. Great post.
http://wordwise.typepad.com/blog/2007/03/despite_what_yo.html
By Frank Curmudgeon, April 14, 2009 @ 4:18 pm

Susie: Back when I learned to type, on a big humming device we used to call a typewriter, I was taught to double space after periods. This habit has since become obsolete, but it’s hard for us old dogs to learn new tricks.
By Mark Wolfinger, April 14, 2009 @ 8:48 pm

Sure it’s important stuff. And the bloggers who know that already try harder.

The bloggers who couldn’t care less about accuracy are the very ones who will never try harder.
By Rob Bennett, April 15, 2009 @ 7:55 am

I agree with the point being made here. No blogger can get it all right and everyone understands that. But there are responsibilities that go with the job and we should try to meet those. I presume that Pinyo meets them (I certainly have no reason to believe otherwise). But I do think it sounds defensive when people put forward the “I’m only a blogger!” defense.

I also agree with you that blogs in general offer better guidance than most other media. That becomes more so if we hold bloggers accountable when they mess up. I like being held accountable. It is always hard to hear criticism. But it makes you a better blogger over time. We all need to develop thick enough skins to be able to accept that some will not see things the way we see them.

I think it”s worth noting here that the “I’m Not a Professional!” excuse doesn’t show up only on blogs. At the Morningstar.com discussion boards, they have language saying “This is for entertainment purposes only!” I find that lame. John Bogle sometimes posts there. He doesn’t tell jokes or do card tricks or balance a ball on his nose. People use those boards to learn about investing and they should be administered in a serious way because of that (I know from personal experience that they often are not).

And don’t think that the professionals (those being paid millions to do something not all that much different from what personal finance bloggers do) take their responsibilities as seriously as they should either. I can give lots of examples in which big names who offer good advice on many points have played word games as a means of not saying what needs to be said or as a means of not revealing their own confusion over important points.

It’s human to want to avoid accountability. We all suffer from the temptation. We should be able to count on our friends to push us to do better. I believe that the pushing should always be done in a spirit of charity. But it is indeed important that it be done. If we all push, we can make blogs a better source of personal finance advice than they already are.

Rob
By GPR, April 15, 2009 @ 12:06 pm

Do they still print magazines? In the old days, freelance writers would cobble up a story and sell it to a magazine. They frequently had no expertise, and unlike bloggers, were even more anonymous (the story was in, say, Delta’s in-flight magazine, and no one noticed the byline).

I guess my point is that financial advice (or home repair advice, or relationship advice, ad infinitum) has ALWAYS been written by some people that maybe shouldn’t be writing it.

Blogs at least develop a relationship with their readers. Plus we get to leave comments!!
By Finance Capitalism, June 3, 2010 @ 10:27 am

I am rowan atkinson. I am agree with you. I most like your work. I agree with the point being made here. No blogger can get it all right and everyone understands that. But there are responsibilities that go with the job and we should try to meet those.
———————————————
rowanat01
By Finance Capitalism, June 3, 2010 @ 10:32 am

I am rowan atkinson. I am agree with you. I most like your work. I agree with the point being made here. No blogger can get it all right and everyone understands that. But there are responsibilities that go with the job and we should try to meet those.
———————————————
rowanat01
By Any Car Finance, June 10, 2010 @ 6:19 am

That becomes more so if we hold bloggers accountable when they mess up. I like being held accountable. It is always hard to hear criticism. But it makes you a better blogger over time.I am agree with you. I most like your work. I agree with the point being made here. No blogger can get it all right and everyone understands that.

__________________
harrison
By Personal Finance Bible, June 29, 2010 @ 2:14 pm

Sure it’s important stuff. And the bloggers who know that already try harder.

The bloggers who couldn’t care less about accuracy are the very ones who will never try harder.Personal Finance Bible
******************
Grace Johns
By Personal Finance Bible, June 29, 2010 @ 3:14 pm

I imagine it”s couturier noting here that the “I’m Not a Non recreational!” justify doesn’t show up exclusive on blogs. At the Morning star.com discourse boards, they human faculty saying “This is for entertainment purposes only!” I make that lame. Gospel Boole sometimes posts there.hump not been the synoptical since I started measurement Carnivals. You’ve assembled a fantastic collection of submissions, and I’m sure I’ve picked up author than a few nuggets of trait to service my own financial well-being. Easily finished!
…………….
polo
By kiroshimasylvia, July 6, 2010 @ 4:58 am

I think that you need to check and see, my understanding is that flood insurance is available. One of the problems that the public may encounter is an agent that has not been to flood insurance education to sell it. That might have alot to do with it.. I think he said the other day that 33% of the claims for flood, were not in the flood plain. But, most people will not buy due to paying another premium….
=========================
Credit Card Tips