Last week we talked about the worst advice Jay's ever heard, so today's it's all about Gene and the worst financial advice he's ever heard.Turns out it's usually something you hear from accountants and can all be summed up in three words - for tax purposes.For example, the person who pays off a car loan by taking out a second mortgage. Why would you take a 5 year car payments and turn it into a 30 year obligation? Sure, the payment's gone down - but over the life of the loan you're going to be paying a lot more.How does Gene know it's such a bad idea? Because - that's right - he did it. And he realized that his savings didn't come even close to adding up.There's a lot more to it. Listen to the show so you don't make the same mistake.
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