A PF blog asks “Where are the Wealthy bloggers?”
October 19th, 2006 by KenricI came across this post from “A Penny Saved” which asks where the wealthy bloggers are. While reading this I can’t help think of my “Investing Not to Lose” post a week ago. Saving is just not the way to go to become wealthy. While saving money to invest, you are losing valuable time. If you save for 3 years and then begin to invest, you have lost 3 years! There also seems to be a misconception that you need money to make money among the PF blogging crowd. While it’s definitely easier to begin with money, I don’t think it’s necessary or even advantageous. Starting without money forces you to think about even dollar you spend and forces you to become more creative.
Posted in General | 
Stumble it!
I just reread the comments over there. The author says they have no one to learn from. How did we and are we doing it? By finding people to learn from who know how to make money and invest (to win) instead of “theory’ people who all say the same things.
By prlinkbiz on Oct 19, 2006
Mark Cuban (owner of the Dallas Mavericks and self-made multi-millionaire) has his own blog, blogmaverick.com. He does a lot of posting there.
By Steve on Oct 19, 2006
Them PF bloggers AND readers are lost - plain and simple. They are so conservative with what they do that the path to job liberation will likely NEVER happen before retirement age. I lost $15k two days ago… and am totally unphased by it. Won’t stop me from taking risk.
By knuckle_headed on Oct 19, 2006
There are very few people who are public in telling how to make money and invest to win instead of spewing theory.
Mark Cuban very rarely speaks of making money and usually just spews his thoughts on technology. Not much help for a moneyblogger.
I don’t think that pfbloggers are lost. I think that they have frugality down pat. ;) Good old knuckle_headed sure seems to spout off on this blog and mine, but does so completely anonomously. Why not get a blog and tell us why we’re so lost?
By thatedeguy on Oct 19, 2006
I often see many people complain that Kiyosaki is just a story teller and never gives any specifics or how to’s. When people ask me how I make money in real estate I tell them its very simple.
1) Buy a property in which your payments are less than the rent.
2) Get a tenant to rent it from you.
Then the “what if” questions start coming out. They are always negative “what if” the sky falls on my property questions. I can’t answer every possible scenario. Nobody can!!!! You don’t need a how to book to do it. You just need to do it and ask real questions during the process.
By Ken on Oct 19, 2006
Here is my blog. [Jan 1] Today I received rent checks for my properties. I paid my mortgages, assessments, taxes and insurance with it. [end] Now repeat that 12 times.
If a PF blogger/reader had $100K, after buying an expensive pair of shoes and writing about her courageous decision to buy slingbacks during winter due to the closeout sale, she’d MAYBE be willing to risk the rest by buying mutual funds. Assuming a nice healthy 10% compounded annual return, she’d have made $100K in 7+ years.
If I had $100K, I’d buy 5 properties worth $1M. If my properties appreciate 10%, guess what focker? $100K equity gain in ONE year. In 7 years, ONE MILLION DOLLARS in equity gain. Think about it.
By knuckle_headed on Oct 19, 2006
While clicking through links, I found this personal finance blog - http://pennyfoolish.blogspot.com
No sooner than a slight scroll down did I find a post where she discusses her disappointment at buying a $3 container of Silk Ice Chai. Is this what readers are supposed to learn from???
By knuckle_headed on Oct 19, 2006
Who says everyone writes a blog with the intention of teaching someone? Blogs aren’t necessarily instruction manuals — most are collections of links and personal experiences. Don’t take blogs so seriously.
Whether someone wants to write about saving money or leveraging heavily to invest in income-producing real estate, what difference does it make? It’s *their* blog.
Read the blogs you like, skip the ones you don’t. If you want to write a blog, write about what you want to write about. There’s no sense in complaining about what other people write about. Start accepting that there can be more than just one (your) viewpoint.
(This isn’t directed into anyone in particular, just the strange pattern of complaining I’ve seen for the last few months.)
By Flexo on Oct 20, 2006
I have noticed a lot of the newer PF blogs are certainly slanted towards savings, but I think there are several (including this one which I just found the other day) that are chronicling people’s journey to financial freedom. Good luck!
By 2million on Oct 20, 2006
Before everyone takes knuckle_headed’s advice, and goes out investing their 100k on real estate, please first realize that the inverse is also true. If in his example, real estate goes down by 10%, you’ve lost all 100k of your equity. If the mutual fund goes down by 10%, you’ve lost 10k of your investment. Leverage works for you in up-markets, but can wipe you out in down-markets.
That said, real estate investments do have some great advantages over stocks, one of them being tax advantage. In some cases, you can protect real estate gains by rolling over into other real estate investments via 1031. For residential real estate that you’ve occupied for 2 of the last 5 yrs, you get 250k worth of tax-free gains. I wish I could get tax-free gains in the stock market, I’d be rich!
By rags2riches on Oct 21, 2006
btw I agree about the Mark Cuban comments. He simply lucked out in timing. Lots of people get rich with good luck and good timing.
But it wasn’t just luck. His big advantage is that he also understands technology. There’s no way you can learn technology from reading blogs. You’ll need to go back and get a Bachelor’s, Master’s, and/or PhD in Electrical Engineering or Computer Sciences, or spend a career talking with guys who have one. No easy get-rich-quick schemes there. Lots of technology companies got started up by guys with Master’s and PhD’s. Even though you sometimes hear about wunderkinds who started a company after dropping out of college (because it’s a sensational story), I’d bet a lot more companies were started by guys with Master’s and PhD’s. And the wunderkinds themselves usually have some brilliant skills or are geniuses or have lottery-ticket-odds luck, the rest of us need education.
By rags2riches on Oct 21, 2006
I dislike Kiyosaki’s advice. The hard work, consistency, achievement that he eschews, is the foundation of almost every successful investor. While I understand the RE investment idea, I personally dislike being a landlord, and for several properties — forget it. To many other fun ways to spend my time. I’ll stick with super-saving and diversified investements over the long haul, and enjoying life.
By Mangia on Oct 21, 2006
Who says you can’t enjoy life AND be a landlord? I just spent $8K on a 3 week African vacation, complete with scaling Kilimanjaro, a Serengeti Safari and beach time in Zanzibar. No need to “super-save” when I’ll have yet another $100K gain next year.
By knuckle_headed on Oct 22, 2006
Different blogging cliques have different goals and appetites for risk. The typical pfblogger is looking for a comfortable retirement maybe a few years earlier than 65 and taking a steady course to getting there without spending much time and effort on non-job money-making. Investment and business bloggers are interested in becoming financially independent as fast as possible and are willing to take risks and make sacrifices to do so. Sometimes seems both groups are overzealous in trying to justify their lifestyle decisions…
By moom on Oct 22, 2006
Well-said moom.
Personally, I don’t like working a day job, and I’m looking to attain financial security without having to maintain a 9-5 job ASAP. This will allow me to try some different experiences without worrying about putting food on the table.
NG
By NLG on Oct 24, 2006
Wealthy Blogger?
billcara.com
Change your life
By Doug Delaney on Mar 6, 2007