Of the millions of blogs on the internet today, blogs on topics of sex, money and health (mainly fat loss) dominate the statistics. And of the ones that are focused on money, personal finance blogs nauseatingly dominate those statistics.
Does this mean that people are stupid and need hand holding to balance their bank accounts? Does it mean they are incompetent and cannot put together a simple household budget? Or is it because people constantly complain about losing money in their 401k and IRA investments?
I realize those are some strong “rhetorics”, and I don’t think people are stupid. These are all symptoms that point to the underlying root cause which is lack of education. See, education systems don’t really teach this kind of stuff, at least here in the USA.
I’ve seen all kinds of studies and research suggesting that at least in the USA, finances are the leading cause of marital unhappiness, divorces, illness and early death due to stress. There have been extensive studies conducted on this serious stuff.
I have personally witnessed families and lives get ruined because of a simple finance related oversight – lack of insurance. I had a neighbor growing up who committed suicide because he was overburdened with debt. Similarly, I am sure you have experiences of your own that relate to the devastation financial mismanagement can lead to.
Enter personal finance blogs like this very one you are on. Realizing that educational systems leave a critical void in one’s personal development, institutions and individuals have taken it upon themselves to educate the masses while profiting from it, resulting in a win-win situation for all involved.
Because the need is so vast and wide spread, there is scope for a blog of all topics finance related. In the wide spectrum of the education gap, there is place for all bloggers, from a basic blog teaching budgeting and saving, an intermediary blog that teaches how to invest appropriately (i.e. asset allocation) to a more advanced blog that contains heavy duty information on alternative investments, wealth preservation and estate planning.
That is precisely why veterans like Suze Orman, new comers like her “protégé” competitor Carmen Wong Ulrich of CNBC’s On the Money and a Joe Blog next door who works from home in his pajamas all can be successful within the same niche. Just like Joe Blog, there are several other personal finance bloggers that are also doing well in their own sense, some of course better than others.
There is definitely an appetite for this information across the board. You don’t have to look too far for validation. Just look at the birth of Yakezie, a fast growing and successful network of bloggers, mainly who discuss personal finances. The existence of such platforms is necessary to fill in the gap our educational system leaves us with. So while a personal finance blogger may be blogging because he or she enjoys doing so, they may or may not realize the value they offer to society.
My forte is more around the life that comes after one develops the financial savvy and discipline needed to live a financially better-off life. I figured since there are already 17,652 blogs about personal finance, I can focus on the next level where I feel there are a lot less playing in the field 😉
What am I referring to? I am referring to reaching for the stars, building additional streams of income, passive income, residual income, alternative ways to make money and live the life you envision. In other words, how to get more out of life financially, have the freedom to do what you want, and the flexibility to design your own schedule and lifestyle.
However, before you can run, you must learn how to walk. That is precisely where personal finance blogs come into play. These blogs are a critical stepping stone in developing the financial savvy and discipline it takes to prepare for the next level.
It doesn’t make sense turning on multiple faucets to fill in the bucket when the bucket is filled with holes to begin with. One must first plug in the holes before the bucket can retain water. Hence, filling in the gaps . . .
Readers: What are your thoughts on the numerous personal finance blogs online?