While nobody is perfect, I pride myself on making as few financial mistakes as possible. That’s not to say every investment I’ve made has gone well, but for the most part I don’t waste money and have made pretty good decisions regarding my personal finances. I take advantage of my credit cards by paying them off in full each month and taking the 1-3% in cashback rewards.
Some bloggers who started their blogs to dispense their financial advice and personal finance thoughts include Financial Samurai, Len Penzo, and Wealth Pilgrim, among many others. Who better to take financial advice from than experts who have experience making great financial decisions?
Other bloggers have made a name for themselves based on their stories of making terrible financial mistakes such as getting into tens of thousands of dollars of credit card debt and then working their way out of it. A few bloggers who fit this mold are Trent at The Simple Dollar, Baker at Man vs. Debt. There are many others who are still working their way out of debt and their blogs are used partially to keep them accountable.
I can definitely see why people like taking advice from people who have made mistakes and are working their way back into the black. They have had the experience and can mentor people to avoid make the mistakes they did. They know where the traps are, so they can guide readers around them.
People also like to take advice from people who are similar to them. Those who have never made a financial mistake don’t know what it’s like to have debt issues and they don’t identify with the same issues.
Personally, I like reading bloggers who’ve had success that I can attempt to replicate. Why? Let me put it this way: Would you like to take investing advice from a trader who used to get negative returns but is now working to break even? Or would you rather get your investing advice from Warren Buffett? I think I could learn a lot from Mr. Buffett.
Readers, where do you enjoy getting your financial advice from? Someone who has always done things the right way or someone who is working his way back from being in severe debt?