Personal Finance Blogs: Real People with Real-World Advice
December 19, 2007 at 6:48 pm by Ehab BandarThere’s nothing like talk of recession to bring out money soothsayers willing to give personal finance advice. Everyone from your long-lost uncle to the neighbor next door all seem itching to dispense words of wisdom on how to grow your money. And the blogosphere has been no exception to this trend, with some truly fantastic bloggers emerging to provide real world advice on coping with financial difficulty and making sense of it all. If you’re a bank executive, you’d be well served to lend an ear to what they’re saying and doing. Inasmuch as the rise signals the downturn in the market, it also speaks to the greater control people seek in managing their money.
Nothing New
The emergence of personal finance bloggers did not happen overnight, but it has taken on a new dimension lately with more and more ways to spend and save one’s money, and more and more tools to manage it. Social networking technology has added to the real world aspect of it. You no longer have to get advice from someone working for a large media conglomerate sitting behind a desk in New York City. In Get Rich Slowly, you can read thoughtful and insightful articles by someone who started giving advice on a whim:
I hoped that what I wrote might serve as a touchstone as I worked to pay off my debt and to develop an investment habit.
Others like Clever Dude talk about the ups and downs of everyday finances, as well as reducing taxes, and how he’s currently coping with losing his job.
Looking Out for Each Other
One other trend of these bloggers is that they’re always on the lookout for deals and saving money. They’re quick to let people know about high-yield savings accounts and no fee banking. If you trust someone’s financial advice, you’re more likely to follow it.
The social network and community aspect of it is also new. No longer is money management the sole purview of the super rich. Like-minded individuals can form online communities or go to online forums to discuss whatever is on their mind, like reducing debt, starting a small business or where to invest. Recently, HSBC was embroiled in a student protest against higher interest on overdrafts, organized primarily on Facebook. HSBC finally gave in to the mounting pressure in no small measure to the organizing power of Facebook.
Everyday Money
The personal finance bloggers also see money as an everyday preoccupation. But they also understand that money should not rule their life, but rather the other way around. Managing one’s money, and using it effectively becomes part and parcel of where they store their money (i.e., bank). For the most part, those winning the hearts and minds of personal bloggers are financial institutions with high-yield accounts and low fees.
Banks for these bloggers are a commodity that can be switched out for a better rate or service elsewhere. Money is also more fluid, with the ability to move money in and out at will. Getting the most for your money is the key. To win them over, financial institutions have to want more than just their service, but also what’s in their customer’s best interest.
(1 votes, average: 5 out of 5)
Loading ...Share: 
January 7th, 2008 at 2:10 AM
very interesting.
i’m adding in RSS Reader
July 21st, 2008 at 4:20 AM
Investment for the ‘MoneyLIFE’ personal finance magazine is not subject to market risks.
Debashis Basu, a C.A. by qualification with 22 years of experience as a journalist & the author of several business books is the Editor & Publisher.
Sucheta Dalal, among the best known financial journalists in India (awarded Padma Shri in 2006) is the consulting editor.
Sharply focused on stocks, mutual funds, careers, consumer rights plus enterprise & smart spending it delivers a stellar mix of unbiased, credible, unique & relevant content with sharp analysis.
It is empowering the readers to invest & spend wisely and smartly by offering hard facts, insightful opinions, wider options and useful tips from the world of money.
MoneyLIFE is an Essential Tool for Learning-Earning-Spending-Investing Cycle which the sensible readers can’t afford to ignore!
www.moneylife.in
August 9th, 2008 at 9:41 AM
Rimsky went the dazzlingly buy cytotec meat steamed daughters.