Lazy Man And Money: Be lazy and work on interests to save money
A man who loves to call himself lazy. A man who being the laziest in the family has earned a lot and today he considered himself as a perfect blogger, writer and marketer. Software Engineer by profession, Corey, loves to write on personal finances like on budgeting, career, credit, debt, entrepreneurship, investing, taxes, real estate, insurance, spending, retirement, and estate planning. Let us learn some tips from lazy man and money for saving money and making more money is this economic downfall.
Jason: From where did you get the idea of blogging?
LMM: In 2006 I wanted to learn more about blogging and why people were starting to get their news via blogs. One day I decided to look for blogs in areas that I was interested in - Gizmodo was the one that came to mind.
Jason: There are so many topics on which you can blog. But why Personal Finance?
LMM: I read an article in Business Week about how Boston Gal's Open Wallet writes about her finances. I thought it was very interesting to write about things that people don't talk about anonymously. I started reading the site and became more interested. Eventually, I decided that I should write - just to improve my own writing. Since I had been investing in mutual funds since the age of 14, it seemed as good as topic as any.
Jason: What do you do in real life and how’d you get started?
LMM: I used to consider myself a software engineer, but I've stepped away from that career. Being as Lazy as I am, I had no interest in learning all the changes to the industry during my own time at home. I got started in software engineer when my parents got me an IMB PCjr at the age of 8. Today, I consider myself a blogger/writer/marketer. I do some freelance writing, contract marketing, and blogging. I bring home a bigger paycheck from my contract work, but that is usually month-to-month. I prefer the times when I'm not contracting full time. It's a much better work/life balance.
Jason: How long do you think this current economic situation will last and what do you think the answer to it is?
LMM: I see it getting a little better each year for the next 4-7 years. Since I see it as a gradual thing, I'm not sure when to say, "That's it! We have the answer!" I don't know what the answer is.
Jason: We just noticed the title on your blog is, "Lazy man and money." How can I be lazy and still earn money?
LMM: You have to look at the saving money part of the equation as well as the earning money. It's easy to be Lazy and save money. It's usually just a matter of discipline and saying, "I don't need that BMW or McMansion. I can work less and buy a cheaper used car and smaller, more economical home. Suddenly, you don't need to make six figures... perhaps you can get by on a part-time job. It's also about recognizing how interest works. If you are paying interest to credit cards each month, you need to work harder for nothing. If you have lots of money invested, your money does the work for you.
Jason: What are the three biggest financial achievements you have ever made?
LMM: I've had a lot of slow and steady gains. I'd say the biggest achievement was when Lazy Man and Money made enough money to cover all my necessary expenses. If I lost my job, I could eat, pay rent, utilities, etc. just blogging. It's great from a cash flow perspective, but it doesn't allow me to save what I would like to. That's why I either need to work on my businesses to make them more efficient, or continue to take contract jobs and invest wisely.
Jason: Where do you see yourself 10 years down the lane?
LMM: Retired. My wife and I have a fairly extensive plan for how we're going to reach that goal. I wrote a short 5 part series on our early retirement plan.
Jason: Do you think blogging has changed your life in some way or the other?
LMM: It certainly has. I once wrote the Top Ten Ways Personal Blogging has Helped Me. That's still true today.
Jason: Please advice our readers how to pay off their debts?
LMM: I would say that you should take the following three steps:
1) Work with debtors to try to reduce the loan's interest rate. This may or may not work, but it's worth a try.
2) Look at your assets. If you have a new Corvette, consider selling it and pick up a used Kea. This is an extreme example, but many people can save hundreds a month with a switch from the cost of a new premium car to a used car that gets you from point A to point B.
3) Look at your monthly commitments. Are you making payments on that car... maybe you the above switch helps you get out of that debt completely. Do you have a Netflix subscription, HBO, an expensive cell phone plan that you can cut back on? This all goes towards making sure your income exceeds your expenses. Don't forget to add the interest you are paying to those expenses.
4) Be caution of debt consolidation... Heed the advice of Wikipedia on Debt Consolidation. Look out for the pitfalls there - especially if you are putting your house on the line.
Jason: How do feel by becoming a part of world’s largest debt consolidation community now?
LMM: I am... hmmm... I didn't know that. To be honest, I've never really cared about debt consolidation. I've focused my money research around things that are applicable to my life. Since I don't carry debt, it's not anything that I've ever looked into.
That said, I wouldn't care about debt consolidation... I'd care about debt elimination. To me consolidation doesn't improve things unless you can lower your interest rate while keeping your unsecured loans, unsecured, while not paying any fees for the service. If you come out with the same rates, pay fees, or have to put up collateral (like your home), it simply doesn't make sense.
Jason: What was your best personal finance decision?
LMM: I think it's starting Lazy Man and Money. It goes back to the aforementioned ways that blogging has helped me. It forces me to focus on my finances more. Not only that, but it also brings in some income each month outside of a normal 9-5 job. There were 8 other reasons listed in there.
Jason: What is a major personal finance issue that is on your mind right now?
LMM: My tenant in Boston called the other day and said she lost her job and can't pay the rent. The link has the whole story, but that's a big deal financially for me. However, in general, I think the country has too much debt, too much unemployment, and credit has become too hard to get. Baby boomers are finding their life savings decimated at the worst time - as they look to retire.
Do you really think it is so easy to be lazy and earn money? Do you really think Corey is a lazy person or he is doing this just for publicizing his blog? Do leave a comment on this before logging out from this post. All the comments will be highly appreciated.