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

By: Curtis Ophoven

7/28/2008 - 10 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.

Copyright © 2010 PennyJobs.com. All rights reserved.

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Reader Comments

Comment 1
Sam Says: on Monday, July 28, 2008 8:48:57 PM

Agree with your last statement. Not only pf bloggers are potential millionaires, they also get to spend more time with family and more time with themeselves, you can't get this from your 9-6 job.

Sam
Fix My Personal Finance


Comment 2
Pinyo Says: on Monday, July 28, 2008 9:07:52 PM

And Google Knol is now out to kill all the other content sites. Shame.

Comment 3
Curt Says: on Monday, July 28, 2008 10:38:16 PM

@Sam - more family time is another benefit

@Pinyo - I don't think Knol will have much luck, it is too late in the game and their idea is not original enough to change peoples behaviors.


Comment 4
Andy Says: on Tuesday, July 29, 2008 9:26:20 AM

Great artcile. However, the road to pro blogging is hard and ardrous. I enjoy seeing my blog grow and working on various SEO/marketing tactics, but am coming to the realization that this will always be a hobby rather than a full time job. The pf blogging space, in particular, is very saturated and it is getting hard to work and keep up the 1 post per day model (without losing quality). Still, if you do it because you enjoy it (and the topic you write about), then maybe down the road the rewards will come.

Comment 5
MoneyEnergy Says: on Tuesday, July 29, 2008 10:52:04 AM

Great points. Makes the case for having your own blog even more convincing. I agree with Andy that the pf blog space is "mature" if not quite *saturated*. But the internet is infinite, right? There's room for everyone. Could be yet another new model for business: the size of markets might be much, much more elastic on the internet.

Comment 6
Jenna Says: on Tuesday, July 29, 2008 11:06:19 AM

This is something that I have been thinking for a while. Well put.

While blogging is something that nearly anyone can do, being successful takes just as much dedication and time as starting ANY business.

The is a whole world of opportunity out there, but it takes work. More work than most people understand I think. At least, to be a problogger it does. Totally possible with dedication long hours and hard work. Godd connections too.


Comment 7
CD Rates Blog Says: on Thursday, July 31, 2008 2:55:38 PM

Blogging is quickly becoming a way to supplement or replace income. And it isn't just PF Bloggers. There are many Niches, such as MMO, Debt Consolidation, SEO, etc. If you have a passion on a subject, you can probably make an income from it.

As far as Knol, I think it will help. You publish articles and they will pay you through adsense if you have an account and show ads on the article.

It also can allow for deep-linking with varied keyphrases for your internal pages. I think it will turn out okay.


Comment 8
Tropper Says: on Sunday, August 03, 2008 9:54:18 PM

Great points listed here. One trait, we have is dedication. Most of us work a longer that 9-5 job then find time to blog and be with the family. This work ethic and dedication is a primary trait of a millionaire.


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