One of my goals for My Financial Reviews is to highlight personal finance blogs and sites that I think can help you with your finances. This week FMF from Wealth Lion shared his thoughts on becoming king (or queen) of your financial castle. Before creating Wealth Lion this year, FMF was running Free Money finance, one of the most read personal finance blogs. I’ve been a FMF reader for years, so when I saw that he was branching out with Wealth Lion, I added the new sites as one of my must reads.
When and why did you start Wealth Lion?
Wealth Lion officially started on May 1, 2013 with a question I thought everyone would have: Why Another Financial Website?
There are a lot of reasons I started it, but the main reasons are that I wanted a site that was a bit different than Free Money Finance. One that included more of what I was doing, more in-depth articles, and which was targeted at a more serious money manager and investor audience.
You also run one of the biggest blogs in personal finance, Free Money Finance. How do you determine with your post is more suited for FMF or Wealth Lion? How do you balance running both blogs?
I have the content sort of split (what one gets versus what the other gets) as detailed in the link above. FMF will be shorter, focus on reader profiles (a reader favorite) and answering questions, and be for a newbie/mid-level audience. Wealth Lion will be more detailed, contain more insight into what I’m specifically doing, and be for a more advanced audience.
They both post three times a week, so I only need six posts a week total. If you know anything about my FMF posting history, that’s pretty light. That said, I may increase or decrease the number of posts as needed.
How do you handle your own finances? What system do you employ with: budgets, investing, and career?
My biggest financial tool is quicken. I have over 15 years of data in my current file. I use it to review costs, monitor my net worth, evaluate asset allocation, plan for future costs (I have debt accounts set for college for each kid), and so forth. I’d be lost without it.
What’s the biggest financial mistake you’ve ever made? What did you learn from it?
I put all my savings into a bank with no FDIC insurance. Then it failed. I wrote about it here. It was only a few thousand dollars, but at the time (I was in college) it was a fortune to me. Luckily I eventually got most of it back. What did I learn? Not to put money in a bank without FDIC insurance. 🙂
As for sins of omission, probably my biggest mistake was not saving more than I did when I was younger. I have a good net worth now, but it could be much, much better if I had saved earlier. But I didn’t know any better then.
What are your goals this year and beyond with Wealth Lion?
For the first year, I will focus on producing great content (or the best I can come up with – however you look at it) with little expectation of what could or should happen. After that, I’ll evaluate where I am and whether or not I make a go of it in the long run. I’d like it to be my blog for the next 20 years or so, but we’ll see if that’s meant to be.
Thanks again to FMF for taking time out of his busy schedule to do this interview!