Personal Finance Blogs

I’ve lately started reading a bunch of personal finance blogs that are written by people under 30.  Their blogs are linked together forming a nice community of people under 30 who watch and care about their personal finances.

I enjoy reading these blogs because it really reminds me of how I was when I got my first job and began working.  My mindset was based on saving money, buying and paying off my home and investing in stocks and mutual funds.  I remember I used to have an excel spreadsheet calculated that I would input my savings into every week.  It would extrapolate what my networth would be when I turned 30, assuming a 10% return on my paper investments (I was 23) and I would continuing saving $1,000 a month (by living at home).

I don’t know why, but that just seems silly to me now.  I think it’s because things change, shit happens and nothing ever goes as planned.  Maybe I didn’t want to live with my parents at the age of 30, maybe I didn’t want to stay at the job or I’d get laid off 5 times and maybe the stock market would crash in 1999…

I know that in the personal finance world that there is a big difference in the mindset between investors and savers.  I know that my mindset has changed to an investor.  Many of my friends are still savers.  Here is a link to one of the blogs I read.  You can find many others from her blog links.

While I don’t think that saving is bad, I just think that there are better ways to get to your financial goals.  And with all the members on these blogs being under 30, they have time to take a risk or make a mistake.  Time is on their side.

As an example, I sent an email out last night to some contacts because I had some cash I was thinking of investing as a hard money lender.  Here are some responses that I got:

  • 10% on a 1st’s for SFH
  • 12% on a 1st on commercial bldg
  • 12% and 2 pts (14%) on apartment complex
  • 10% on a 2nd for 6 months

That is double the going rate at ING, HBSC or Emmigrant.  Yes, there is more risk but life is about risk and rewards.

About Kenric

My blog about living life to the fullest by generating passive income through real estate, business and online investments.
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