Know Your Blogger Series
I believe anyone can be wealthy. They might just not know it yet. The mission of the blog is to provide knowledge and guidance to help everyone achieve a healthier financial life.
Check out our Q&A with Sport of Money here.
During these weekly features, we are hoping to provide a way for you to interact and learn more about different blogs in the personal finance space.
Below, you can read more about the story behind Sport of Money, learn about the author, and learn personal finance tips from Sport of Money to help you improve your financial situation.
A big thanks for Sport of Money for this interview! Now, we will turn it over to the author for this interview.
Tell us about Sport of Money
What makes you and your blog unique?
What does “being good with your personal finances” mean to you?
- Fundamental knowledge of key concepts in personal finance – you need to know the basics such as compounding, interest, bonds, stocks, financing options, budgets, assets, liabilities, income, expenses, etc.
- Understand your own financial situation – how do you spend money? how much assets do you have? What is your debt load and how much interest are you paying on the debt?
- Create a financial plan – where do you want to be net worth wise 5 years from now? How do you increase your income by 2 folds in 3 years? Use a budget to keep track of your expenses.
- Monitor and track how you are progressing – are you doing as well as your plan? What are things you can do better?
- Reward yourself on achieving financial goals – go splurge on an item or experience for hitting your financial target. Getting rewarded keeps the motivation up and provides excitement to continue along your financial path.
What are some habits you practice to keep your personal finances in order?
What are your three articles people should read to get to know you and your message better on your site?
For someone looking to improve their financial situation, what’s your best advice?
- Put together a budget and start to track your expenses. Monitor your expenses to get a good handle over your expense items.
- Take a look at all your debt. Arrange them from the highest interest rate to lowest. Try to deal with the most expensive debt first. Try to consolidate and refinance to a lower rate when possible. Mortgage rate is a great example. It is so low right now. If you obtained your mortgage more than 2 years ago, you should really shop around for a new mortgage.
In your opinion, what’s better? Renting a place or buying a house to live?
What should you do first? Pay down debt, or invest?
What’s better? Focusing on increasing your income, or focusing on decreasing your expenses?
If you received a $5,000,000 windfall tomorrow, what would you do with the money?
Why do you believe learning about money and caring about personal finance is important?
How You Can Contact Sport of Money for More Information
Thank you for reading this interview, and thank you, Sport of Money, for providing us with some great personal finance tips!