What inspired you to start a blog on financial management? How do you think Money Done Right is different from other blogs?
Over the years, I developed a reputation among my friends as someone who was good with money. I think part of this perception is that I was open about my financial situation; my friends knew I was cheap but that I was cheap with a purpose since I had student loans to pay off and a powerful vision for my financial future. So I decided to start a blog where I could just write down everything that I had been telling my friends for years.
It’s funny you should ask how Money Done Right is different from other blogs since that’s the question I have been asking myself for the past year: “how is my site different than all of the other financial content hubs on the web?” I decided that while, yes, I have my own voice and background with my content, my blog isn’t really different enough from the crowd. That’s why I’m working with a designer right now to give the site a complete overhaul, complete with a cool new financial tool for my readers. It should be rolling out this month or next!
In your experience as a CPA and as a financial blogger, what’s one harmful money myth that you wish people would stop listening to?
One harmful money myth in our society is that you absolutely need to own a home if you want to build wealth. People who hold to this myth point to the fact that homeowners have a higher median net worth than renters. That’s not a good argument. For one thing, homeowners may very well have a higher median net worth than renters in the first place that has nothing to do with owning a home. Another factor here is that a home is essentially a forced savings account: you’re being forced to put money away toward building your net worth (along with paying interest, taxes and insurance) every month, or else you lose the home that you’ve become emotionally attached to. But one could very well build wealth – and may even build wealth faster – by renting and forcing him (or her) self to put money away every month to save and invest.
What initially drew you to do reviews, such as your Paribus and Earny review?
I mention and promote so many companies on my blog that I thought it would be nice to give a full-length review to each of them individually. I’m not through reviewing all the companies on my site, but I hope to get there by the end of the year!
What’s your favorite “side-hustle” you’ve come across?
I am so big on side hustles! Teaching my audience how to make more money is something that’s a big part of what I do. If I had to name a favorite “side hustle,” then I supposed it’d have to be blogging since that was by far the most profitable side hustle I have ever pursued – so profitable, in fact, that it became my main hustle! But I guess apart from blogging I think that something really hot right now is virtual English teaching. There’s such a high demand for it, and it’s an example of an enjoyable, well-compensated gig that someone can do from home on nights and weekends.
What do you see coming for yourself and the blog in the upcoming years?
As for myself, my wife is due with our son Hunter at the end of the month. He is our first child, so I’m sure that our lives will change drastically in the near future!
As for Money Done Right, I really want it to be something beyond a mere content hub. I want it to be a place where people can come to and not only read about what they need to do financially but also get connected with tools and people who can help them get there. I’m not exactly sure how to get from where I am now to where I want to be, but that’s the vision.
What is the most interesting thing you’ve learned about making money since starting Money Done Right?
I’ve learned that the more people you help, the more money you’ll make. So now instead of asking myself, “How can my blog make more money?” I ask myself, “How can my blog help more people?”
Got a quote about investing I’d love to hear it!
“The stock market is a device for transferring money from the impatient to the patient.” (Warren Buffett).
If you enjoyed this interview of Money Done Right, check out interview of Making Sense of Cents.