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A Debt Of Gratitude

By Frugaling 6 Comments

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Happy Birthday Cake Frugaling One Year Later
Birthday Cake! Photo: flickr/Mark Skipper

Today marks the first anniversary of Frugaling.org! It’s incredible to think that just a year ago I was in nearly $40,000 of debt. I was resigned to a future that included atmospheric debt payments and endless student loans. Then, I got a wakeup call that changed my financial future.

I’m thankful that on this occasion, I’m writing about a different debt — a debt of gratitude. It’s time for me to pay up and take some time to thank people behind the scenes. The following individuals make this website work, inspired me, and/or pushed me to think differently about my financial future. Without them, this site wouldn’t be here. There are many that I’ve forgotten or can’t be included, but trust me, you’ve helped!

Mom

For years you provided difficult grammar and writing critiques. You constantly pushed me to improve. I hated the process of completely restarting drafts, as you frequently said. Over time, that training and advice helped. While I still make plenty of mistakes, your expertise helped me grow. Thank you, Mom!

Dad

You’ve been a terrific support in this process. From sending me new articles to providing important feedback on the quality of my work, your involvement encouraged my growth. I’m lucky to have the support. Thanks, Dad!

Noah

I know you’re just starting out with creative writing. But your passion for it inspired and encouraged my own work. I’m really happy you’ve found pleasure in writing. Thank you, Noah!

Lisa

You were the greatest catalyst for this site. You questioned my simple assumption that there was nothing I could do to reduce my debt. Moreover, your questions changed my beliefs regarding money and student loans. Thanks, Lisa!

Danny

Frankly, I was embarrassed by all the people you shared Frugaling with, but I’m honored that you did. There’s a reason so many people mention “Frugaling.org” in casual jokes and conversation. You’re a major reason for this. Thanks for following along from the very beginning, Danny!

Evans

I shared this little idea with you, and it was the laughing stock of the staff. Every now and then you’d check-in and I’d have another great month. You were excited, and you helped right my financial course. I’m really lucky to call you “boss!” Thanks, Evans!

Guest Writers

Over this year, various people contributed new articles and material for the site. You were all incredibly grateful for the work and created top-notch articles. Thank you all!

Interviewees

A few months ago, I started an interview series with the founders of personal finance websites. I was deeply curious what motivated them to start and continue to write about financial issues. Their openness and vulnerability made the series a hit! Thank you all for participating!

Readers

Obviously, you make this site work. Without you, I wouldn’t have the motivation to write. Thank you for visiting, commenting, and returning! Don’t hesitate to subscribe, too!

Filed Under: Save Money Tagged With: Frugal, frugaling, readers, thank you, Writing

I Am Stefanie OConnell, Founder Of The Broke And Beautiful Life, And This Is How I Work

By Frugaling 15 Comments

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h5My grandparents were storytellers. I could sit down with any of them and become engrossed in their words. I loved their insight, experience, and thoughtfulness. That love of learning about others continues, and now I’ve been spending some time interviewing the best of the personal finance community (like the founders of Budgets Are Sexy and Modest Money).

Surprisingly, it’s a tight-knit group of writers and financial experts. Some are certified financial planners, while others (like me) are experts in another field. The latter feel like the Supermen of the personal finance world: regular employees by day, financial bloggers by night.

Today, I have the privilege of interviewing one of the top financial bloggers, Stefanie O’Connell from The Broke and Beautiful Life. Her work has been featured around the top personal finance sites, and even on Frugaling. Here’s my interview with her:

What inspired you to begin TheBrokeAndBeautifulLife.com?

Oh, lots of things:

  1. I spent the first several years of my acting career on tour where we would get a per diem for housing, food, and other day-to-day expenses. My goal was not only to live entirely off that modest allowance (rather than dipping into my salary), but also, to save as much of the per diem as possible. Unemployment is an inevitable reality in the acting world. Every job ends, I knew that going in, so I prepared accordingly. By implementing this strategy, I learned lots of ways to scrimp and save that I felt I should share.
  2. Some actors are terrible with their money. I knew it would make for an uncomfortable working environment if I walked up to them and told them they were being stupid with their spending, so I decided to write about it instead.
  3. I heard so many stories about actors in Broadway shows who were left with zero savings when the show closed because they had inflated their lifestyle so much during that time. (The minimum salary for an actor in a Broadway show is $1,807/week; yep, that’s some serious spending).

All in all, I just wanted to spread financial literacy in the acting community. If anyone needs to know how to budget well and make money last, it’s actors.

How did people (friends, family, etc.) react when you first started?

I’m not really sure. I think people may have been skeptical because they knew I was a “theatre person.” I don’t think anyone ever expected me to make a career writing about money.

What was your experience with design, code, web work prior to starting your site?

The Broke And Beautiful Life Screenshot Website
Screenshot of TheBrokeAndBeautifulLife.com

Zero! I started out on a free blogger template. After toying around with that for a year I decided to get a logo, hire a designer for the site, and setup self-hosting. As soon as I made that financial commitment to the blog, I suddenly felt committed to myself as a business owner–I needed to make the investment worthwhile.

What advice would you give to those thinking about starting their own site?

Two things:

  1. Define what you want from creating your own website. Are you looking to start a business? Are you looking to have a hobby? Do you want to use it as a portal to market yourself or your service? Are you looking to make a lot of money? Clarifying your goal for the site will help guide a lot of your initial decision making.
  2. Embrace your YOU. When I decided to transition to a self-hosted site, I hired a blog coach to help me figure out where I wanted to go with it. After talking to her for five minutes she said, “I’ve read through your entire site and I didn’t know until just now that you were an actor.” I had been afraid to pigeonhole myself and make myself irrelevant to non-artists, but the truth is, it’s my perspective and experience as an actor that sets me apart from all the other finance sites out there. Heck, that’s why I started writing in the first place!

How do you make money from your site?

While I make a fair amount of money blogging, it’s mostly from freelance writing (hire Stefanie!). My blog has served as a kind of active, online portfolio/resume to get me jobs writing for other websites.

Going forward, I’d like to generate more from the site itself through affiliate income and direct advertising. I’ve got a little bit of that going on now, but maximizing that earning potential is definitely my next big goal.

What do you think you’ve learned from your readers and fans?

I am a huge fan of alternative perspectives. Reading through the comments on each of my posts is always exciting and enlightening. I truly value the different opinions I come across, even when I don’t agree.

How can somebody in lower incomes best overcome financial hurdles and prosper?

Everybody has challenges, some of us more so than others, but the steps for overcoming them are universal: S.M.A.R.T. goals coupled with defined action steps. Chances are, you already know what you need to do, as Nike says, “just do it.”

Brooklyn-Bridge_Park-1

Who are your financial role models?

Honestly, it was Suze Orman who really got me interested in my finances. I read her book, The Money Book for the Young, Fabulous & Broke, and I was hooked; not necessarily because she had some life changing techniques or advice, but because I found her engaging and interesting. That’s what I hope to do with my blog, engage people enough that they want to take control and learn more.

What personal finance sites do you read?

I once tried making a list of all the blogs I read on a regular basis and it just got to be too long. Somewhere between 50-100 (maybe more), and they’re all fantastic in their own way.

What else would you care to share with the readers of Frugaling?

One of the big messages on my site, and one that you’ve undoubtedly heard before, is balance. I’m all about pursuing dreams, while earning income, saving for the future, and living in the present. You can have it all if you’re willing to prioritize. I don’t do the daily latte, but I’m going to Europe next month. It doesn’t feel like a sacrifice when you’re thinking about the big goals.

Want to read more interviews like this one? Read the entire interview series here!

Filed Under: Interviews Tagged With: Acting, blogger, broke and beautiful life, freelance, Marketing, money, New York City, NYC, Personal Finance, readers, site, Suze Orman, web, wordpress, writer

Media Confuses Consumerism And Ads With Success

By Frugaling 2 Comments

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Related post: Too Poor To Protest: How Income Inequality Silences Your Voice

The Daily Show CNN Walk to the Couch Ads
The Daily Show’s Jon Stewart makes fun of CNN’s walk to the couch ads

Reader happiness versus advertising revenue

This is infuriating and intoxicating all at once. When you start a site and begin to build an audience, monetary consequences become more important. There’s serious money to be made. If I place in-text ads in front of my readers’ eyeballs, I risk alienating them while also skyrocketing my earnings. As an author, I constantly wonder what’s more important: A comfortable reading experience or pure profits?

This equation is delicate for any news source. Without ads, they cannot operate. Share too much, and you may lose your avid readership. There’s been a push in recent years to make ads more seamless – an effortless part of the process of consuming media.

CNN took this to the extreme recently, as they turned a simple walk to a couch into an advertising opportunity. A satirical critique from The Daily Show’s Jon Stewart ripped the idea apart and brutally made fun of the network. Clearly, the balance and boundary for advertisements had been crossed. Shortly after displaying this depraved attempt at money making, CNN cancelled the in-show advertising segment.

Ad revenue is falsely, grotesquely linked to success

A recent article in Business Insider catalogued the many ways Android was failing in comparison to the iOS/iPhone platform. In particular, the article focused on the Christmas shopping season purchases between the platforms:

Apple users on iPhone and iPad accounted for five times what Google’s Android users did when it comes to online shopping.

This is certainly a story and interesting financial question: Why are Google’s Android users spending less than their iPhone carrying friends? But here’s where many media outlets take this one step further and assert an ad-friendly correlation that doesn’t necessarily exist:

What the heck is wrong with Android users?

Android people just seem to be sitting on their hands. Their phones are just as powerful as iPhones are. They have bigger screens, too. But they don’t do anything with them.

Simon Khalaf, CEO of Flurry, one of the larger mobile ad companies…had a surprising answer for us: Androids are simply dumbphone replacement devices…

…It seems like the users on the majority of the island aren’t interested in modern life.

By not supporting big business – as much – this Christmas, Android users are being vilified. This contempt for a population seems to be solely motivated by advertising revenue. They’re described as inferior and worthless in the eyes of this media outlet. Why look for Android users when iPhone users will buy more?

Unfortunately, this is an incorrect, vapid conclusion. The author seems to stop short of actually looking for reasonable conclusions about what is happening. Androids make up about 80% of all smartphones. There’s a great diversity in Android users, as many are more affordable than iPhones. Androids can be applied to less expensive prepaid cell phone plans and off contract. These options cater to a different, more frugal audience than iPhones. Shouldn’t these frugal users be exalted for spending less?

Apple appeals to many audiences, but its affordability is better suited to the wealthy. The company’s margins are well known for being industry setting limits, with some products garnering 50% or more markup on actual build value. The person that buys an iPhone is likely in a different income class than an Android user.

But all these reasons are simply a defense of Android users, and that misses the greater point. Larger media outlets often get distracted by revenue and profits as the sole barometer of success. These news sources even go so far as critiquing less ad-friendly executives as being childish.

Embrace ads and be revered by Wall Street

If you’re not developing a way to monetize your platform, Wall Street isn’t interested. When technology darlings rise beyond startup status and begin entertaining an initial public offering (IPO), investors analyze the earning potential. For instance, Snapchat may have a multi-billion dollar valuation, but it’s not making money yet.

Angel investors have pumped hundreds of millions into the company for development. The future looks similar to Facebook: mine user data without explicit permission or choice (accept the terms or get off the app), and plaster intrusive ads that capture your attention and wallet. But who decided Wall Street was the bastion for business acumen and respect for users’ wants?

This is a narrative that major media outlets across the board tend to support. One of my favorite websites, The Verge, suggested that Mark Zuckerberg was childish when he didn’t support advertising as much. Likewise, they suggested that the major turnaround in Facebook’s stock was associated with his new embrace of ads:

Zuckerberg decided to buckle down, grow up, and start focusing on the nitty-gritty of the business.

He got trusted engineers to give up coding and start working on spreadsheets and mobile ads instead. He began taking face-to-face meeting with important clients like McDonalds. And he embraced more ads in both the news feed and in the company’s mobile products. The result has been a strong turnaround that has boosted the stock to new highs. (The Verge)

The Verge’s article seems to portray an atypical business desire as wrong or inferior. Zuckerberg is painted as an idiot that needed to “grow up” to recognize the basic business needs. Instead of being considered a hero for trying to stand up to investors, the media tends to focus on something that supports the mass-media-advertising model.

Consumerism, ads, and real progress

Corporate America would like you to think you’re merely an employee that aids profitability. Why exist if you are not contributing to a bottom line? As a company, there’s this assumption that you should take any and all profits you make – no matter the cost. But there are limits to corporate greed, and a backlash may result from poor planning.

CNN was privy to a major critique of their strange advertising practices. Clearly, a line was crossed. It’s easy to confuse advertising revenues with success. Honestly, when I have months that make me less money on Frugaling, I wonder what I did wrong. Fortunately, there’s a healthier reality that includes the users’ perspective. Success should be gaged in sharing and commenting rather than the profit model.

When your goal is a powerful reading experience – versus profits – you’ll likely end up with more in your pocket anyways.

Filed Under: Social Justice Tagged With: ad, ads, CNN, Consumer, Facebook, Frugal, Jon Stewart, money, readers, revenue, Salon, Snapchat, Tech, The Daily Show, The Verge, User, walk to the couch

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