Wealth Creation Online: Invest it Wisely Interview

Posted on 03. Nov, 2011 by in Creating Wealth

wealth interview

There are a whole bunch of really great personal finance blogs online and keeping up with them can be tough, I used to subscribe to so many that I could never clear my reader.  I’ve cut back a bit these days, but there is still so much great information around I figured the best way to share it would be to interview people who I think are doing great things as online wealth creators.

Kevin from Invest It Wisely is my very first guest in what I hope will be a very insightful series.  Kevin has a great blog (make sure you check it out) and shares a very similar blogging goal to my own.  I really liked Kevin’s responses, he has a great view of personal finance so I hope that you get as much out of this short Q & A as I did:

Why do you blog and how long have you been doing it?

I first started blogging in order to learn more about finance, and also to share my insights with others. I started in 2010 and I’ve since found that I really enjoy the connection between personal finance and life, and learning from the stories of others.

Do you believe in budgets?

Yes, of course. Do I believe that everything needs to be itemized? Maybe not, but I do have general goals for my budget, such as how much of my income I want to save this year, and how much I need to set aside to meet my necessary expenses. The first and primary goal of the budget is information — knowing how much you’re spending, and where. Without this information you’re sitting in the dark.

Who is your hero?

I would have to say Andrew Hallam. He was the first “big name” to stop by my blog and leave thoughtful and encouraging feedback, and I’ve grown to deeply admire his courage and perseverance, both in personal finance and in life. He is a great teacher, and he shows that you don’t need to be a financial wizard in order to take control over your own finances and your own future.

What are some of your favorite wealth resources?

I hate to name names, since there are so many great blogs out there, but I find fellow bloggers Financial Samurai and Darwin’s Money to be aligned with my own thoughts; they share some great insights. For investing, My Own Advisor and Beating the Index are also great resources. I follow up on economics news from sites like mises.org and The Daily Crux, and as part of the Yakezie I have to recommend the main website, yakezie.com.

What is the worst financial mistake you have ever made?

Leasing two new cars in a row, when I was a student. Getting a used car doesn’t have to be lame — I could have gotten a nice model used car, and saved some money along the way. I wasn’t disappointed at all with the cars, but as a young person, I could have saved some money and invested it instead of spending it.

What is the best lifestyle decision you have ever made?

Hands down, buying a home together and moving in with my girlfriend. This has absolutely been the best decision to date.

What is the best piece of advice ever given to you?

Hard to say, but if I was to come up with something, I would say “We are not defined by our past, nor by factors outside of our control. What matters is how we choose to face the future.”

Something that people that currently read your blog may not know about you?

I don’t spend that much time thinking about how to invest my money. I mostly use index funds, and asset rebalance when called for.

An article written by someone else that you think everyone should read?

Another tough one… but why not start with the story of Steve Jobs? The road to success is lined with failure, and it’s important to realize that. Everyone gets kicked down, but the real trial is getting back up again. Most people won’t be as successful as Steve Jobs in the way that he was, but everyone can use the same lessons to improve and better their own lives, and that’s what ultimately matters.

An article written by you that you would like everyone to read?

(Yet) Another tough one, but I would like to challenge everyone’s beliefs with this post: http://www.investitwisely.com/living-to-100-and-beyond-building-an-infinite-portfolio/

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12 Responses to “Wealth Creation Online: Invest it Wisely Interview”

  1. DIY Investor

    04. Nov, 2011

    Great interview. I like the response that not much time is spent thinking about “…how to invest my money.” That’s the beauty of using low cost index funds. I talk to a lot of people who say they haven’t thought of managing their own money because its to complicated and time consuming. They haven’t gotten the message. Bloggers like Kevin are spreading that message.

    • Kevin

      06. Nov, 2011

      …and bloggers like yourself, too! 🙂

      People see it as time consuming and complicated, but also many people are oriented more toward the short-term, and it can sometimes be a bit difficult to argue that index funds are more worth it when you see some active fund that has out-performed for the past couple of years, even if the expenses are significantly higher.

      I sometimes wonder if the banking industry has too much power in Canada. Andrew, didn’t we have the highest fees amongst all industrialized nations? Maybe we pay a price for our “stability”.

  2. Forest

    05. Nov, 2011

    Awesome interview. Kevin is a great guy and it’s really cool to hear some of his insights in this way.

    • Kevin

      06. Nov, 2011

      Thanks for the great feedback! 🙂

  3. Andrew Hallam

    05. Nov, 2011

    Great interview Money Cactus!

    I love the wisdom behind this quote:

    “We are not defined by our past, nor by factors outside of our control. What matters is how we choose to face the future.”

    There’s something very “Buddhist” about this philosophy. Life throws things at us, but we’re defined, as the quote suggests, by how we choose to respond to that stimuli. A degree of acceptance and emotional equanimity can certainly help us when we’re faced with tough times.

    By the way, Thanks so much for the honorable mention Kevin. The respect runs mutually.

    • Kevin

      06. Nov, 2011

      I have been interested in Buddhist philosophy for a while and I think there are some great lessons that we can take away from that philosophy.

      I was too excited and read through your entire book in one sitting, Andrew. Props to you for making it so funny and engaging. I think I have to read it again more slowly and then I can write up a review. 🙂

  4. Financial Samurai

    05. Nov, 2011

    Nice interview guys! Good to learn more!

    • Kevin

      06. Nov, 2011

      Thanks, Sam!

  5. Money Cactus

    06. Nov, 2011

    Thanks for visiting and for your comments everyone. Kevin has shared some great resources here and even better, some personal insight, which I think is really cool.

    Thanks again Kevin, I really appreciate it.

    • Kevin

      07. Nov, 2011

      I’m glad to have been given the opportunity to participate. 🙂

  6. Great interview Kevin. I now know so much more about you. You do seem like a really cool guy. I too am getting into Buddhist philosophy. It really intrigues me. I have just started reading a book called “how to tame your elephant.” It seems really good.

    • Kevin

      07. Nov, 2011

      Thanks for the compliments, it means a lot to hear that from a great fellow blogger! 🙂

      I’d like to check out that book, is it this one? “How to Train a Wild Elephant: And Other Adventures in Mindfulness” I actually found a few books about elephants and they seem to be on the same subject. 🙂