A Financial Journey: My Money Design

A Financial Journey: My Money Design
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Toby Bower
By: Toby Bower
Posted: March 7, 2014
Experts share their tips and advice daily on BadCredit.org, helping subprime consumers navigate the world of personal finance.

MyMoneyDesign.com is a personal finance blogger that believes people don’t get rich by accident. It comes from having a design that creates a path to financial freedom.

1. Where did the inspiration behind MyMoneyDesign come from?

MyMoneyDesign began as my attempt to help others find success with their finances.

I think I’ve always been a little bit of a closet financial adviser. Writing on my blog allows me to feel like I’m helping people figure out how to manage their money better.

The meaning behind the name of the blog is you need a money design or plan for how to get rich. Hence, my “money design” is my plan for how I plan to grow my wealth.

As I continue to figure out what works, I intend to use my blog to share this information so you can get rich, too.

2. When did you start MyMoneyDesign?

Years before I started my site, I was reading tons of personal finance books looking for all of the best secrets and tricks to getting rich.

Around 2010, I was starting to hit a plateau where all of the books just started to sound the same and didn’t really offer anything new or unique.

That’s when I turned to the Internet and websites for new and fresh ideas. I was completely blown away by the volume of fresh and totally niche advice on very specific topics.

For example, one topic I really wanted to learn more about was how to retire early.

I found there were several websites ran by real people who had pulled it off that I could look to for practical and useful advice.

It didn’t take long before I wanted to start a website of my own. After reading the book “Problogger,” I convinced myself this whole blogging thing was possible.

I registered the domain name in the summer of 2011 and I’ve been figuring out how to be a better blogger ever since.

3. What do you consider to be financial freedom?

Financial freedom is the power of choice. It’s when your assets, not the value of your labor, can sustain your way of life.

In other words, it’s when you have enough money that you don’t ever have to work again if you don’t want to.

If I do things right, someday my investments will be so large that I can live off of the dividends and gains. If you’d like to see my complete plan, you can read about it on my blog.

When this finally happens, I won’t have to work if I don’t want to. I can do whatever I want. I’ll have achieved financial independence.

4. What advice do you have for readers finding financial freedom?

Educate yourself and get in the game as soon as possible.

Don’t sit on the sidelines waiting for the perfect moment to jump in. There is no perfect moment.

But don’t do anything foolish either. It’s OK to proceed with caution and be skeptical. If an investment sounds too good to be true, it probably is.

“While you’re hesitating,

everyone else will be getting rich.”

5. Are there any financial topics you’ve learned more about?

Dozens. If you ever want to learn more about a topic than you’ve ever known before, start a blog.

When you write about a topic, you have to be knowledgeable about it. Otherwise your readers will eat you alive.

Two things really stand out that I’ve learned more about since starting my blog: early retirement planning and building an online business.

With early retirement planning, I’ve really learned the ins and outs of all your options and how to access your money before official retirement age.

With online businesses, I’ve learned how to start new websites and add an additional five figures to my annual income.

6. Are there books that made an impact on you?

Even though it’s somewhat controversial and everyone seems to hate on it, I still think “Rich Dad, Poor Dad” is a must-read for anyone who wants to get serious about money.

The reason I like it is because it challenges the traditional method of how someone becomes rich.

Even though I didn’t agree with everything the author had to say, I still loved the way it forced me to look at money in a different way.

7. Would you recommend any financial books to our readers?

Besides “Rich Dad, Poor Dad,” there are a lot of other great personal finance books that can set you on the right path.

“The Smartest Retirement Book You’ll Ever Read” by Daniel R. Solin is really great. It offers a lot of really practical advice in an easy to understand format.

“Your Money Ratios” by Charles Farrell is another one of my favorites. It packs in just about everything you could ever want to know about properly managing your finances.

8. What are some of your financial goals for 2014?

My biggest goal is to make an extra $20,000 on the side from my collection of websites.

I also plan to keep up with my annual financial goals of:

  1. Maxing out my 401(k)
  2. Maxing out our Roth IRAs
  3. Working our 403(b) up to the maximum limit
  4. Investing at least $15,000 to my regular brokerage account

9. Is there anything you would do differently with your finances?

I would have started saving sooner and maxed out every tax-sheltered account possible.

10. What is your most valuable piece of financial advice?

No one will look out for your money the way you will. Educate yourself and put all of that good advice to use as soon as possible.

Connect with MyMoneyDesign on Twitter and Facebook for more strategies leading to financial freedom.