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Personal Finance Bloggers are Likely to Become the Next Generation of Millionaires

By: Steve Johnson

7/28/2008 - 76 Comments

If financial success is based on the fundamentals of financial planning, then personal finance (pf) bloggers are likely to become the next generation of millionaires.

If you take a look at the personal finance blogosphere, you will find that many pf bloggers have published their long-term goals and many of them are using one million dollars as a target.  The one million dollar mark is a popular goal and a good measuring tool to show how far you have come and how far you have yet to go. 

Financial success is determined by many things, including setting goals, budgeting, saving money and increasing your income. Pf bloggers are actively working on these fundamentals all the time, and perhaps most importantly – they are working together sharing their ideas in conversation with their readers and each other.  When a new idea comes along, many of the pf blogger are quick to implement the idea to increase their wealth.

Professional Blogging

Many of the pf bloggers are also actively working on creating multiple streams of income and several are becoming Internet entrepreneurs. Last week, Moolanomy even suggested pursuing multiple income streams as a career.

Blogging has becoming a career path for the top pf bloggers that have quit their jobs in the last few years to become full time bloggers. Professional blogging is further solidifying itself as a new market with supporting services, like www.ProBlogger.com and many blogging tools like, www.Technorati.com and www.feedburner.com.

Blogging has many challenges and there are many things to learn with technology constantly changing, but if you are in the right position at the right time – then this is perhaps a once in a lifetime opportunity.

New Business Model

Gone are the days of building something in your garage or starting a ma and pa shop on the corner. Wal-Mart and outsourcing has eliminated many of these business models.  Blogging is perhaps one of the best business models of this age because it has a low initial cost with complete freedom as to your time investment, with  flexible hours, no commute and you can work from anywhere.  Bloggers don’t need employees, or an office building or supplies.  All it takes is knowledge and creativity. Blogging is the perfect job for knowledge workers.

Blogging also creates opportunities to get to know other professionals that you can partner with to pursue other business adventures. As the Internet grows up, bloggers are keeping up with the changes and continuously on the lookout for opportunities. Someday, having your own blog may become a requirement when applying for a job.

If you want to be part of the next generation of millionaires, then perhaps you should start a blog.  The millionaire next door just may be a blogger.

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ProBlogger

Blogging has become a popular and fascinating pastime for many, but more and more bloggers are finding it can also be an excellent source of direct or indirect income. Although the barriers to starting a blog are low, without expert guidance it is easy to get frustrated when success doesn’t match expectations. Written by the creator of the world’s #1 resource for making money with blogs, ProBlogger takes the reader from absolute beginner to earning money from or as a result of blogging.

Working From Home

This is the altimate guide for how to start a home business. Full of ideas and tips. Working from home increases productivity by 15 to 20 percent. What better way to complete in the global economy. One great idea is to build a network of small home businesses with whom to trade services with.

The New Influencers

Paul Gillin shows how organizations are using blogs to communicating directly with customers. In the past, marketers could try all kinds of expensive advertising to get the word out to new buyers, with little to show for the investment. Social media is changing the playing field and blogging is becoming a better way to get noticed in the crowded marketplace. Soon, marketing departments may shift from expensive advertizing campaigns to blogging.

Blogging for Business

In Blogging for Business, the authors reveal why businesses should embrace blogging. The book explains; How to tap into the power of blogs, How blogs are different from e-zines, Web sites, and message boards, Why businesses need to monitor blogs that discuss their products and services, How to use an internal corporate blog as an effective knowledge sharing tool, Future iterations of blogging, such as podcasts and vlogs, Legal consideration.