Better Know a Millionaire with Jim Wang from Microblogger - a podcast by ListenMoneyMatters.com | Andrew Fiebert and Matt Giovanisci

 

Jim Wang became a millionaire through his finance blog Bargaineering.  He sold the site and started Microblogger.  Let’s hang with an internet millionaire.

Jim could easily have quit working when he sold his site but that’s not what millionaires do.  His life also didn’t change much when he became a millionaire, something that all of our millionaires have had in common, they avoided lifestyle inflation.

Whether Jim had $10,000 or $1,000,000, he treated his money the same.  Invest it in the stock market and know that over forty years, it will grow.  Looking at your numbers day to day can lead to poor decisions.  Set it and forget it.  He slow dripped his money in and bought when others were selling in a panic.  Jim monitors the number about once a month just to make sure things are where they should be.

Jim keeps up the Joneses but not in the way you would expect.  He found success at a young age so when he reads other success stories, it helps to keep the fire alive.  Comparing yourself to others can hurt you but it can help you to continue to achieve too. Thirty four is too young to give up any kind of work for life on the golf course.

Success didn’t land in Jim’s lap.  He was working a forty or fifty hour week job when he started Bargaineering in 2004 and would work an additional thirty hours a week on the site.  He did this for four years.  Four years of eighty hour weeks is not the definition of success being handed to you.

A lot of people who have side businesses continue their day job even after the side gig starts to pay well or even better than the day job.  Because they think the job is more stable.  But that’s such a misconception and it’s holding a lot of talented people back.  The fact is, you aren’t privy to your day jobs finances.  Things could seem to you to be going along great and one day you’re fired because the company filed for bankruptcy.  When it’s your own thing, you know exactly where things are financially.

If you’re thinking of taking the leap from your day job to your own thing, check out Jim’s site.  The man has lived the journey.

Show Notes

Microblogger:  Jim’s guide to starting your own blogging business.

$5 Meal Plan:  Simplify food planning with a weekly plan and shopping list e-mailed to you.

Betterment:  So we can interview you for Better Know a Millionaire.
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