Here we go with another series of video blogs that will help you to organize and manage your finances. Some of them are not recent, but they have definitely withstood the test of time.
In Budgeting Without Losing Your Mind, Young Guys Finance says budgeting doesn’t necessarily mean punishing yourself so you can’t spend any money. Instead he vues budgeting as an awareness tool that will help you to identify what you are spending money on and cut back on what you don’t really need.
Because Money, co-hosted by Financial Planner and opera singer Chris Enns, interviews Kyle Prevost from Young and Thrifty. Join them for a rousing trivia game that is impossible to win and find out how hard it really is to get financial literacy into the high school curriculum.
When you tune in to a Freckle Finance video for the first time, you will quickly understand why the presenter has adopted this unusual handle. In this episode she explains what a GIC is and how it compares to other investments.
Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.
Today in savewithspp.com’s continuing series of interviews with financial bloggers, we talk with Robb Engen. Robb is “Echo” from the very popular Canadian personal finance blog Boomer & Echo. He also has a bi-weekly column in the Toronto Star where his research focuses on budgeting, banking, credit cards, and debt management.
Robb is a happily married Dad living in Southern Alberta. Over the past five years he has gone from taking an amateur interest in personal finance and investing to working towards becoming a full-fledged money expert by taking the four-course Certified Financial Planner program online.
In addition to writing this blog, he appears regularly in the online podcasts Because Money. He and his mother Marie have started a “fee only” financial planning business and Robb has a new blog called Earn Save Grow.
Thank you very much for joining me today Robb.
I’m glad to be here Sheryl.
Q: Robb, you’re one busy guy. Before we start talking about your blogs, tell me a little bit about your day job.
A: Sure. In addition to all that you mentioned, I do have a day job, and I’m the Business Development Manager at the University of Lethbridge. That’s a fancy title saying I fund raise and generate revenue for our sports teams here in Lethbridge.
Q: When did you and Marie start “Boomer and Echo”, and why?
A: We started it back in August 2010, so we’ve been at it almost four years. My mom worked for a big bank for two decades plus, and we always chatted about personal finance and investing.
We just had our first child, so there was a lot going on financially, and I started reading a lot of personal finance blogs. My Mom and I thought we might have a unique spin on financial issues.
We wrote a couple of articles, just to get the feeling for putting that kind of thing together, and I did some research on how to start a blog. Then we just jumped into it, I guess.
Q: How many hits do you typically get when you post a blog?
A: We’ve built up a pretty decent-sized following, and most people follow us by Email. We have about 6,000 email subscribers, and of that, I’d say two to three thousand probably actually click through to the blog to read a new post, and some probably just read it by email.
Q: What have some of your most popular posts been about?
A: I’d say probably the more personal stories. When I talk about my changing careers and what that looks like and dealing with a pension plan versus in the private sector, trying to save on your own. I wrote about the challenges I had as a first-time homebuyer, and that got a lot of hits. My mom’s had the same success talking about personal stories.
Q: How have you been able to monetize your blog? What have some of the spinoffs been?
A: I saw that Google has their AdSense network, and that seemed to be the go-to place for monetizing a blog, so we’ve done okay there. It also seems to be that writing about personal finance and investing tends to find more advertisers than say, if you were to write about cats or maybe photography or something like that.
Q: You also blogged for the Toronto Star’s site “Moneyville” three days a week, and now you’re writing a column for thestar.com so those really are spinoffs from your blog as well.
A: Yeah, and what I noticed were some of the more profitable things that people search for information about are rewards cards and loyalty programs. I didn’t want to inundate my Boomer & Echo blog, with posts about air miles and aeroplan so I started a little offshoot called “Rewards Cards Canada,” and that’s where I talk about that niche area.
Q: How many hours a week do you spend on your own blog and the various other related personal finance activities outside your 9-to-5 job?
A: I’d say, for all the online activities, I probably spend about two hours a night from Sunday to Thursday.
Q: Tell me how the “Because Money” series on YouTube works and the technology used to link Moderator Jackson Middleton with you and the other interview subjects.
A: I attended the fantastic Canadian Personal Finance Blogger’s Conference in Toronto, and one of the takeaways I got was maybe, try to explore some different forms of media. Video blogging has really come into the forefront now.
Sandy Martin, a fee-only planner who writes at Spring Personal Finance knew marketing and social media manager Jackson Middleton, and so we all got together and decided to do this video series called “Because Money.”
It’s all done through the social network, Google Plus. Google owns YouTube, and they formed what they call “Hangouts on Air.” It’s like a Skype video call. You can get up to 10 people, video chatting on hangout at the same time, and you can put it live on air or you can just record it and play it later. We do it live every Wednesday night.
Q: What kind of hits are you getting on it?
A: Pretty good. We get a couple hundred views a week, and when we have better know people on, like Rob Carrick and Dan Bortolotti, we get a lot more views.
Q: You’re also taking certified financial planner courses, and along with Marie, you’re now offering a unique fee-only personal finance planning service online. How does the service work, and how’s it going?
A: What we found was, we built up quite a following over the years, and that people would Email us and ask about their own situation. Without knowing their complete background and history and their goals moving forward, it’s pretty much impossible to give that tailored, specific advice.
So we talked about this and came up with a fee-only model where we’d work with a client for a year. We develop a financial plan together. Clients get unlimited access to us by phone, email, Google Plus, Skype, whatever, and they can talk about their own financial issues without any pressure to buy anything. We are not licensed to sell products.
Q: You recently launched a new blog called “Earn, Save, Grow.” What do you hope to accomplish with this blog, and how is it different from subjects covered with “Boomer and Echo?”
A: I started a new blog because Boomer & Echo focuses a lot on frugality and money-saving tips and a bit of investing. But I don’t know that the audience is quite there for discussions about earning extra money. There’s always the debate whether you should try to earn more money versus spending less.
Obviously, I’m going to cross promote it a little bit with Boomer and Echo, but time will tell what kind of audience moves over there and is interested in how to make more money or do something on the side with their time. I don’t intend to monetize this site, so I won’t have any ads up there, at least for now.
Q: If you had one piece of advice for Canadians struggling to make ends meet and save for retirement, what would it be?
A: We talked about this in “Because Money” with Rob Carrick recently. The real estate market has gone up so much, and people just feel this need to be a homeowner, and without necessarily understanding the full financial costs.
You can’t spend 40% to 50% of your income on a place to live and still expect to save for retirement, have kids, save up for their education and still have some money left over to go out for a beer or go for a nice dinner. I think we have to rethink the idea of renting for a little while so that if you buy a home you can really afford it.
That’s great. Thank you very much for talking to me today, I’m sure the “savewithspp.com” readers will really be interested in what you had to say.
Thanks for having me, Sheryl. It was a pleasure.
This is an edited transcript of the podcast you can listen to by clicking on the graphic under the picture above. If you don’t already follow Boomer & Echo, you can find it here and subscribe to receive blog posts by email as soon as they’re available.