Now that I have wrapped up all the interviews with all the M-Network members other than myself, I decided to expand the series a little and include all the friends of the M-Network who participate in our group projects and forums. Up this week is Ryan from Millionaire Money Habits. Thanks for participating Ryan!
So, when did you start Millionaire Money Habits and why?
My name is Ryan Taylor, and I live in Chicago, IL. I want to thank you for giving me this opportunity to be interviewed. I am a big fan of your website, and am honored that that you feel your readers would be interested in what I have to say.
I started Millionaire Money Habits this past September. I started this blog for a couple reasons. For one, I didn’t have anyone that I could go to teach me about money, and I wanted to provide an opportunity for people to receive clear, no-nonsense information on how to take control of their finances and build wealth. I hope to show that becoming rich is really not that difficult, as long as you can be disciplined to consistently apply the fundamentals.
The second reason is that I really enjoy personal finance. Actually, it’s money I really enjoy. Not in a greedy way, but like a sport. I figured by owning a personal finance website, it would push me to learn more about money and open my mind to ways to increase my wealth.
How much time do you spend each week on your site?
The short answer is probably about 30 hours a week, but it would be more if I had time to spare.
The long answer is that working on my website is the easy part. Managing the website itself is pretty low maintenance. Researching, writing and publishing a post will take me about an hour or so. It’s all of the other things that come with running a blog that eats up my time: networking, marketing, replying to emails, and so on.
For example, right now I am in the process of launching my credit repair book. Ultimately I hope the project drives traffic to Millionaire Money Habits, but for now it’s just one of many things on the “to-do” list that keeps me busy.
Research and writing was time consuming, but there is lot more work involved than just writing a book. The next part is preparing and implementing an effective marketing campaign to get the word out.
At some point, I hope to be able to outsource some of the leg work so I can concentrate on communicating and building a relationship with my readers and subscribers.
For other people contemplating starting their own personal finance sites, what are a few tips you could offer them?
Don’t get discouraged. For the first couple months I was my only reader. There are thousands of people hungry for practical personal finance information. If you provide that, they will eventually find you.
Secondly, get involved. This is a relatively small circle of bloggers, and most of us realize that the collective effort will benefit everyone. Comment on other blogs, participate in Stumble Upon and other social networking sites, and put yourself out there to make friends. Most people that run a website are infatuated with their own statistics, so chances are they will notice your efforts.
What are the most essential habits that you’ve formed to achieve your financial goals?
Following the fundamentals have never let me down. First was the elimination of revolving debt from credit cards. This freed up cash to allow me to start building an emergency fund and really boost my wealth accumulation.
After that, it was setting up my bank accounts so I “paid myself first.” In other words, money is regularly withdrawn from my paychecks before it got in my hands to spend. That money, in turn, gets invested. That’s really how simple becoming wealthy really is.
What achievement are you most proud of in the last 12 months?
I purchased a new condo almost a year ago, which I am very proud of. While I love my new home, I am most proud of the mortgage rate I was able to secure.
In my credit repair book, The Fico Formula, I explain how I had a series of major credit fumbles that hurt my credit score in a big way. It was so bad I had trouble renting an apartment. But through my own efforts I was able to fix my credit and secure a mortgage with a 5.25% rate. The work I went through to rectify my credit score will save me well over $100,000 in interest payments over the life of the mortgage
What would you consider the single most important thing people can do for their finances?
Start investing now. Compound interest is the single most powerful way to build wealth, and a major variable in how compound interest is calculated is time. It never stops surprising me how much a difference in a few years can make in investment returns.
If you had to pick three of your own posts to call your “favorites”, which would they be?
That’s a tough one, because there are so many 🙂 Based on the most read and most linked to, I would say:
10 Mistakes Every Investor Makes and How to Avoid Them, which is a special report that is free to my newsletter subscribers.
Thanks Ryan! And be sure to look for the next interview next week!