David Bach Joins Suze Orman on My Idiot List

Suze Orman, the so-called financial guru who doesn't even practice any more and is nothing more than an entertainer selling her books on outdated advice, says unintelligent things such as get a 15-year mortgage instead of a 30-year mortgage and save your money.  Check out this post for my take on that.

So, David Bach of Finish Rich fame has come out with another ridiculous claim of the best way to pay off your mortgage.  For someone who claims to be helping people "finish rich", you would think he knew better.  Oh well, he gets to join my growing list of idiots working against you. 

His claim?  Bi-weekly mortgage programs are worth it.

I will stop short of saying he is completely nuts because they are better than nothing.  But, bi-weekly programs, even when free, are not worth the money spent.  They are a simple math problem and you can easily do better, much better.

Some better ways to handle it?  Just add to your monthly payment or send a check in for an extra monthly payment at the beginning of each year (that is actually much better).  Even better, invest the money instead and stop wasting money dumping it into your house where it receives no rate of return.

Again, this nonsense keeps coming from people that supposedly know how to make you rich.  Well, they certainly know how to make themselves rich, that is for sure.

The bottom line is that David Bach and Suze Orman (and others) are just selling advice, usually outdated advice and advice that doesn't work anymore.  Find a true professional, preferably one that is still practicing the profession and see what is really in your best interests.