Ray of financialhighway.com, is a personal finance enthusiast based in Toronto. He believes that financial education is an essential part of life. Through his blog, he wants to share with the readers as to how one should be financially independent. His blog covers topic such as debt elimination, credit card usage, savings and investing, consumer protection and other personal finance topics.

Let us have a look at what Ray has to say about his blogging and personal finance experiences.

Sarah : From where did you get the idea of blogging?
Ray : I have always spent a lot of time online reading news and blogs, in 2007 I started to follow a few personal finance blogs as I found them very different then mainstream media.

Sarah :What is the significance of “Financial Highway”?
Ray : Good question! I used to work as a financial adviser before I started blogging, during that time I spent most of my time doing group presentations to educate people about the importance of early financial planning. of group presentation on the importance of having a financial plan. During the presentations I used driving on the highway as a metaphor for financial planning.

Imagine you are going from Toronto to Montreal, about a 6 hour drive on the highway, and you have to be there by a certain time. If you leave early you can drive on the first lane and chances of you getting there in one piece and on time are very good. However the longer you wait and later you leave the faster and more reckless you’ll have to drive to make it there on time and chances of collision and injury are higher.

Now think of your financial goal (retirement in most cases) as your final destination (Montreal). The earlier you start planning the less risk you need to take to reach them, the later you started the more risk you’ll need to take and decrease your chances of reaching your financial goals.

A financial plan is your map on your financial highway!

Sarah : What do you do in real life and how’d you get started?
Ray : I can’t tell you exactly what I do and where I work, but I am in the financial industry currently and completing the CFA program.

Sarah : Do you think blogging has changed your life in some way or the other?
Ray : Not sure if it has changed my life, but it definitely has impacted my life. I have met some great people from all over the world (Australia, US, Europe and Canada), over time we have become good friends and on regular basis share ideas and collaborate.

Sarah : Where do you see yourself in 10 years down the lane?
Ray : 10 years is a long time! In the past when I have made plans for long term future things have always turned out different. 5 years ago I never thought I’d be blogging leave alone running a successful blog and expanding it. I have had two successful businesses and have ended up selling both and ended in the financial industry, now I am building a good online presence through our blog and social media. I have no idea where I’ll be in 10 years from now. I hope whatever it is that I’ll be doing I’ll be enjoying it as much as I enjoy Financial Highway.

Sarah : What are the three biggest finance mistakes you have ever made in your life?
Ray : To be honest I have not made too many financial mistakes, when I was younger my parents have made some serious financial mistakes which has taught me to be more responsible with money. Having said that my worst mistake was signing up for credit cards while in University. I had about 5 different credit cards and probably about $5000 in debt with minimum wage job and sky-high tuition it was impossible to pay them back. Everything ended up in collection agency and ruined my credit for many years.

Sarah : There’s A Million Money Blogs Out There; Why Should I Read Yours?
Ray : There are many finance blogs out there and everyday more and more pop up, it is hard to be different and stand out. We mainly thrive to educate our readers in their financial planning process, we also try to promote DIY investing to avoid the cruel and expensive mutual fund industry.

Sarah : So can you tell our readers about some of your Famous Followers?
Ray : Most of our followers are either journalists or finance bloggers a few famous ones are: Mighty Bargain Blogger, Million Dollar Journey, MSN Smart Spending, Wisebread, Wallet Pop Canada, Rob Carrick from Globe and Mail and Larry MacDonald.

Sarah : Please advice our readers how to pay off their debts from your past experiences?
Ray : First of all don’t get in debt! If you already are and truly want to get out of debt, you’ll need to make some sacrifices. Have a written plan in place and start following it, no excuses no if’s, but’s and why’s just do it! Forgo some of your luxuries, pick up a part time job, stop using credit cards basically live a more frugal life. When you see the large amount of debt decreasing and your networth increasing you will not stop until it’s all over. Then NEVER DO IT AGAIN!

Sarah : How do feel by becoming a part of world’s largest debt consolidation community now?
Ray : I feel very honored to be part of such great community.

Mrs. Money is a 26 year old bank supervisor. Her blog is about saving money, getting out of debt, and living a simple life. There are some attractive sections in her blog – recipes, design, etc. The blog is also about living green. She learned the ways to get out of debt while trying to handle her husband’s student loans. However, she had always been very particular about handling money. Thus, she loves sharing tips in doing the same.

Let us see what Mrs. Money has to say about her blogging and personal finance experiences.

Sarah : From where did you get the idea of blogging?
Mrs. Money : My husband is a chef so I have a lot of time on my hands by myself.  I knew I needed a hobby to keep me occupied, and one day I decided I would start a blog.  From there, it morphed into what it is today! I would love to blog full time one day soon.

Sarah : What is the significance of “Ultimate Money Blog”?
Mrs. Money : When I was thinking of blog names, I wanted something that stood out and gave the website significance.  I wanted something strong.  “Ultimate Money Blog” popped into my head, and the domain name was created.

Sarah : What do you do in real life and how’d you get started?
Mrs. Money : I work full time at a bank currently.  Five and a half years ago, I thought it would be interesting to be a teller, and I got hired on as a teller supervisor.  I’ve done pretty much every position in the branches, from teller to office manager! It’s been interesting.

Sarah : Do you think blogging has changed your life in some way or the other?
Mrs. Money : I’ve met some awesome people because of my blog.  I think that’s the most rewarding – meeting people and also when people tell me that I’ve made a difference in their life.  I get great satisfaction from that!

Sarah : Where do you see yourself in 15 years down the lane?
Mrs. Money : Oh gosh, I hope I have at least a couple kids, married, living on some property out in the middle of nowhere on my homestead. I’d love to be off grid, but if I was at least partly self-sufficient, I’d be happy.  I’d also like to be closer to family.

Sarah : What was your best personal finance decision ever made?
Mrs. Money : I would say living frugally throughout the years.  I have always striven to save money, and I’m thankful I did because there have been times that were tough.  We also were able to move cross country so my husband could attend culinary school because we had saved up money.

Sarah : How do you feel by attaining financial independence at the age of just 26?
Mrs. Money : That’s funny – I don’t feel I have attained financial independence yet. I know that we’ve accomplished a lot by paying off debt and saving, but I always feel like I could and should be doing more.

Sarah : What are the three biggest financial mistakes you have ever made in your life?
Mrs. Money : Letting a friend borrow money that she never paid back, purchasing a brand new car at 18, and wasting too much money on little things.

Sarah : Please advice our readers how to pay off their debts from your past experiences?
Mrs. Money : Develop a budget, stick to it, make as much extra money as you can without sacrificing your sanity, and just do it.  It’s hard, but you will feel so much better when it happens!

Sarah : How do feel by becoming a part of world’s largest debt consolidation community now?
Mrs. Money : Awesome! I love helping other people become debt free!  It is a fantastic feeling.

Little People Wealth by Heidi is a blog based on frugal living and money saving tips to help you learn how to save money on purchases and everyday living costs. The blog also has articles based on making money, managing your money better, and tutorials on frugal living. ‎Right from her childhood, Heidi has learned how to live frugally and save more money which you can later use for various purposes like paying down debts, making big purchases or getting over emergencies.

Let’s take a look at what Heidi has to say about her experiences with blogging and managing finance better.

Sarah :  From where did you get the idea of blogging?
Heidi :  Blogging was originally a way to hold myself accountable.  After I received a few emails from readers asking questions and thanking me for the information I had posted already I learned that I really liked the feeling that came with helping people.  From there, I grew my blog into what it is today.

Sarah : We just noticed the title on your blog is, “Spend Small to Live Large”. How can you say that one can live largely by spending small?
Heidi : Too many frugal sites and lifestyles focus on how you can save money on everything without explaining why.  I believe being “cheap” is just as unhealthy as people who go deep into debt without any means to pull out.  I go on vacations, always tip at least 20%, give to charities, and I am usually the first to offer to pay for a lunch or dinner group.

It’s all about priorities.  You need to figure out what your priorities are and then align your financial goals around them.  If you save money on the things that are not in your priority list and on the things that are easy to save on then you will have more money for your priorities.  It could mean early retirement or it could mean name brand shoes – that’s up to you. The goal is to learn how to save money while purchasing the items and living the life you want not to refuse to spend a dime while life passes you by.

Heidi :  My life is actually in transition right now.  I have a biology/chemistry undergrad degree and two years of masters work towards microbiology under my belt.  I taught at a Junior college for two years then I worked in a chemistry lab and finally an ecotoxicology lab for five years. Two weeks ago I decided to stop working outside the home and focus on my blog. It is taking a lot of my time and I have two small children.  It made more sense to work from home. I think everybody should strive to get a college degree.  It opened many doors for me and it is there for me to use in the future.

Heidi :  Absolutely!  Since it is now my full time job it has completely transformed my life and allowed me to stay home with my children.

Heidi :  Hopefully I am still teaching others how to save money so they can live the life they want!  I have thought about teaching a few community classes on the subject so I may do that.  I’d love to get more into teaching investing and finance along with how to save in your everyday life.

Heidi :  My biggest financial mistake is renting rather than buying when I went to grad school.  Houses in the area were really cheap so I had enough saved up to purchase a small house outright, but instead I rented.  Landlords in the area were by every definition, slum lords.  I even ended up having to take one to court ( I did win my safety deposit back and he had to pay my court fees, but it was a pain ). I could have sold the house for much more than I bought it had I done that since it was in the middle of the housing bubble. I was only twenty at the time and had no idea that I would be in the area that long or that it would be such a nuisance to have to rent. Other than that, honestly I’m pretty boring in the financial mistakes department.

I started working when I was eleven (babysitting).  Being the oldest of nine (at the time) meant that people actually seeked me out to babysit. I saved almost all of the money I made. I bought mostly name brand clothing, but I would find sales to do that and since that was a priority for me I do not regret it (and value comes into play here as well). I am definitely not one who thinks you need somebody who has made mistakes to teach you.

Heidi :  I think you should read many different money and finance blogs.  They all offer a different perspective and you can take pieces that work for you from each.  What makes my blog different than most the other money and finance blogs is that it covers both sides of the coin.  By that I mean increasing your income and decreasing your expenses.  To live below your means you need to do both. My blog has tutorials for Ebay, mystery shopping, blogging for income, and ways to earn income online.  It also has tutorials for CVS, Couponing, and Walgreens to help save you money.

Later this year there are going to be a series on different ways to invest your money right along side my ever popular Budget Christmas Challenge.  I answer all my readers financial questions, whether they are about investing in a 410K, IRA, or 529 or if they are about where to find the highest value coupons.

Heidi :  I don’t know of any famous followers unless you count other bloggers.  I’ve had news reporters and book authors contact me about my blog, but as far as regular followers I do not know of any famous ones.

Heidi :  Paying off debts is partially emotional and you need to know yourself to really decide how to handle it.  The best way to do it is to break it down by interest rate and pay the highest rate first.  This makes the most sense financially and the latest research shows that this group is most likely to actually get rid of their debt. Figure out what you can save each month and apply the extra to the debt with the highest interest rate.  After that one is paid off use the extra plus the monthly amount from the paid off debt to pay down the next highest interest rate.  Continue doing this until all the debts are gone.

If you need a mental boost to continue then you can pay the lowest debt first.  This allows you to cross a debt out and creates a quicker win.  It will cost you more in the long run, but there is a lot to say about that mental boost for paying a debt off! I have both mortgage and student loan debt.  My extra goes toward my higher interest and higher debt mortgage.  I pay my credit card debt off each month, but if I ever got behind then the extra would go toward that first.

Heidi :  I love it!  I love helping people become financially free and this is yet another step in that direction.

Len Penzo is a personal finance blogger. His blog is based on finance and there’s a lot of emphasis on staying responsible throughout one’s life. The articles in his blogs are about budgeting, saving more money, and how to get debt-free. He also shares his real life experiences and the money mistakes he has made. His blog was selected by Political Calculations as one of the best blogs in 2009.

Let us see what Len has to say about his blogging and financing experiences.

Sarah : From where did you get the idea of blogging?
Len : You know, I never ever intended to be a blogger, but I became one out of desperation. Yep. I got tired of writing op-ed pieces that continually got rejected by all the major newspapers, so I decided I would start my own forum!

Sarah : Do you think blogging has changed your life in some way or the other?
Len : Oh yes. It has given me a brand new hobby that I love. I can’t imagine not blogging now.

Sarah : There are so many topics on which you can blog. But why Personal Finance?
Len : I’ve always been extremely good with managing my money. I’ve always detested debt and lived well below my means. That’s not to say I am a cheapskate or live so frugally that I don’t enjoy life. My family has everything they need, and we go on nice family vacations every year. But I refuse to squander my money trying to impress others. And while most people over the past decade were taking cash-out home refis to live way beyond their means, I was paying down my mortgage and taking advantage refis to lower my interest rates. At the time people thought I was being overly conservative. Well, over the years I have lowered my mortgage payment from over $1400 to $600 – and I live in Southern California, where home prices aren’t cheap by national standards. Most of my friends are now in hangover mode, stuck in homes they owe more on than they’re worth – and very little money in the bank. Anyway, what was the question? LOL Oh yeah, I thought personal finance was the area where I could be most effective. (Sorry, can you tell I’m a bit passionate about the topic?) LOL

Sarah : What was your best personal finance decision ever made?
Len : That is a tough one. I’ve made so many good ones. LOL But seriously, I’ve made PLENTY of dumb mistakes. As for the best one, it is probably a dead heat between: 1) making the conscious decision out of college to never put anything on my credit card that I couldn’t pay off at the end of the month, and; 2) pulling all of my money out of the stock market at the start of 2008, and completely avoiding the market crash later that fall, as well as the subsequent erosion that followed.

Sarah : Where do you see yourself in 10 years down the lane?
Len : One year into a debt-free happy retirement, which I intend to start at age 55 – if not sooner.

Sarah : What made your blog as one of the best blogs of 2009 by Political Calculations??
Len : Well, here’s what they said: “What happens when you combine a lot of common sense, a lot of irreverence and really entertaining writing? You get Len Penzo’s blog, that’s what you get! Maybe the best description that we can offer is that reading Len is like reading what Dave Barry might be able to achieve if Dave Barry wrote about personal finance.” Those are their words, not mine. It was a great honor, to be sure, and I am very humbled that Political Calculations would even consider mentioning me and Dave Berry in the same breath.

Sarah : What is a major personal finance issue that is on your mind right now?
Len : I think most people are so over-extended after the party that occurred prior to the housing bubble bursting that they are just not able to save enough now for their retirements. And to compound the problem, the safety net of Social Security will probably not be there to help them when they need it. The US has roughly $110 trillion in unfunded liabilities (including Social Security and Medicare – but not counting the new Obamacare law!) and I just fail to see how the US will be able to cover any of that without destroying the dollar – and everyone’s standard of living – via massive inflation.

Sarah : Please advice our readers how to pay off their debts from your past experiences?
Len : Don’t accrue them. The only good debt I recommend taking on is mortgage debt, debt to start-up and/or expand a business, and (possibly) education debt. I say possibly because I would only take on education debt if it went toward certain degrees that can be used across broad swaths of industries and are always in high demand – like engineering. Some might say I am biased because I have a degree in electrical engineering, but it’s true. When it comes to paying off your debt, pay off the highest interest debt first.

Sarah : We saw that you have huge number of networking with other finance bloggers. Do you think this networking is necessary to survive in the finance blogging industry?
Len : Absolutely. I didn’t network with anybody for the first five months and my blog suffered for it. Once I started networking my readership numbers started taking off – relatively speaking, that is. I realize nobody is going to confuse my blog with Get Rich Slowly or the Simple Dollar. LOL

Sarah : I see that you have written a review for “Get Financially Naked”. Please tell our readers what have you learnt from this book?
Len : At the risk of sounding like a pompous horse’s behind (I know, too late) it really didn’t tell me anything I didn’t already know. But I highly recommend the book – especially for anybody who is seriously considering marriage. When you are married, personal finance becomes a team sport, so to speak. You and your spouse have to be on the same page or the marriage definitely suffer – if not outright fail. So it’s best to get your money expectations and personal finance philosophies out in the open BEFORE you get married. If there is a major disconnect that can’t be resolved – don’t get married. Once married, it is also important that both parties stay involved in their personal finances.

Sarah : How do feel by becoming a part of world’s largest debt consolidation community now?
Len : You better pinch me, because I still don’t really believe it.