Denice R. Preston
Blogging is booming, and financial blogging is no exception. Personal finance bloggers often begin by sharing their personal financial journeys and money-saving tips. Some people find these journeys lead them to a successful company.
The Plutus Awards have been honoring these creators for the past ten years with an award season and ceremony that focuses on financial media excellence. These awards honor independent financial media voices, as well as favorite products and services within the financial industry.
Harlan Landes, founder and CEO of The Plutus Awards says, “It has been really fascinating to see how the community is changing.” Many podcasts and blogs have become more marketable and sophisticated than they were 10 years ago.
Twenty Plutus Awards finalists for 2019 share their experiences building their blogs. Their paths to success are varied, just like any small business. Many of the bloggers nominated are still young while others are well into their twenties. Some entrepreneurs make a living blogging while others use it to get clients for other services such as financial planning or freelance writing.
They all share a passion for helping others navigate the sometimes confusing world of small business and personal finances. Here’s how they do this:
Brittany Kline and Kelan Kline are co-founders of The Savvy couple
We help families budget, organize, and have more freedom to do the things that they love.
How their website makes money: Sponsorships (45%), Ads (23%), Affiliate Marketing (22%), Product/course Sales (10%).
The biggest lesson/challenge is “To be a successful business owner, you must have great time management skills. We have spent a lot of effort over the past three years to be as efficient as possible in all that we do. We have been able to achieve our success by using the Eisenhower Matrix and utilizing project management software.
Eric Roberge is the founder of Beyond Your Hammock
This blog is dedicated to helping people to use their money to live happy life.
How his blog earns money: Roberge is a fee-only financial planner and the blog supports this business as well as helping clients.
The biggest lesson/challenge is “One of the major factors in our success was that I was very aware of our profit margins for a long time. While most independent advisors have a profit margin of around 30%, we maintained a consistent profit margin of 80% to 90% until last year. Being lean has enabled me to be flexible and allowed me to innovate. It has also allowed me to create a solid foundation for personal finances. Now, as we look at reinvesting more in the business, and I know that our profit margins will drop (at least to some extent) as we scale up and hire, I feel confident that the company can afford to take the risks necessary to move the business to the next stage. Because we aren’t in a “do-or-die” situation, it’s a more calculated risk. This allows for better thinking and less emotional/irrational decision-making.
Vicki Cook and Amy Blacklock, co-founders of Women Who Money
This blog is dedicated to helping men and women take control of their money.
How their website makes money: Partnerships (sponsoring the site or individual content, attending live events, etc. ), services like content writing and virtual assistant (VA), and affiliate marketing.
The biggest lesson/challenge is “Being a successful owner of a business requires that you take care of your family and yourself. Both of us have been guilty of spending too much time at the computer and neglecting our family, friends, health, and personal well-being. You’ll feel tired, your business will suffer, and you might even snap at your loved ones. Although it may seem like a great way to start your business, you will soon find yourself exhausted. You can stay healthy and thrive for your family and business by taking breaks, exercising, eating right, and spending quality time with loved ones.
Bethany McCamish is the founder of Her and Her FI
“Couple Money Redefined for People Who Want to Live Differently.”
How her blog earns money: McCamish works as a freelance writer. Her blog helps her find clients. Affiliate marketing makes her a little bit of money.
The biggest lesson/challenge is “Relationships are key to my success in what I do.” It doesn’t matter what industry or profession you are in. Be authentic and genuine. Accept what you don’t know. Being vulnerable about the skills I was interested in learning allowed me to make more connections. People were generally willing to help me, give me a chance, and pay me for my work, and I was able to get a fair wage. I was slow to grow and didn’t quit my job until I was able to make the numbers work.
Jim Wang, the founder of Wallet Hacks
Personal finance blog that offers strategies and tactics for getting ahead in life and finances.
The biggest lesson/challenge is “You don’t need to have a perfectly formed business idea before you start. You must satisfy a market need (or what you perceive to be a need). The idea has to be developed. But what eventually succeeds might be different. It is better to create a business that fulfills a specific need, then modify it to meet the actual need. Do not wait to get something perfect on paper. Just get it to the point that it is ‘good enough’ before you launch. Too much planning is done on paper by aspiring entrepreneurs, which can lead to missed opportunities.
Deacon Hayes is the founder of Well Kept Pocket
Personal finance website that helps people save money and get rid of debt.
How his blog earns money: Affiliate Marketing, then display ads, and sponsored campaigns are a distant second.
The biggest lesson/challenge is “The greatest challenge in running a website, however, is keeping up to date with all the changes that take place on the internet.” Pinterest was once the main source of the traffic to my website. Their algorithm changed, and I had to adjust. Facebook ads were something I tried initially, but the cost was too high and they weren’t as effective. Being able to pivot quickly is key to success. It is probable that I would have given up many years ago if I hadn’t been able to pivot quickly.
