Interview with Single Ma’s Fabulous Financials Blog

This is the 15th in a series of interviews HelpYourMoney.com is doing of other personal finance bloggers.

An Interview with Single Ma of the Single Ma’s Fabulous Financials Blog:

1. First, can you please introduce yourself and tell us why your started your personal finance blog?

I’m Single Ma from Single Ma’s Fabulous Financials. I started my blog because [insert what everyone else says…I like to talk about money and my friends don’t, track my spending, learn more about investing, improve my writing, accountability, be part of a community, monitor my net worth growth, blah blah blah].

Honestly, I started my blog to do all of those things — more because I like to keep a journal and I type much faster than I write. Ha! The best of both worlds! Then as I perused the PF community, I noticed there were no blogs to target single parents, thus “Single Ma’s Fabulous Financials” was born.

2. Do you feel you are on the right track to reaching your financial goals and what are they?

I’m on track but there’s always room for improvement. My immediate goal is to pay off debt ($5,700 auto loan and $14,000 student loan) by December 2007. My long term goal (5 yrs) is to achieve a six figure net worth. I’m over half way there, so I’m content. I could probaby achieve both of my goals faster than anticipated, but I don’t want to live on an overly restricted budget. I’ve accomplished all of the responsible stuff ( i.e. e-fund, 401k, Roth, 529, own a home), so I leave myself wiggle room to enjoy life. Happiness requires balance. Being fabulous is an added perk!

3. Do you work in the financial industry? If so, do you want to share where?

No. It’s G14 classified. If you’re not a Chris Tucker fan, that probably went all over your head. Ha!

4. If you had to recommend just one financial related book, what would it be?

“Girl, Get Your Money Straight” and “Girl, Make Your Money Grow” — both by Glinda Bridgforth.

I love these books because they were pivotal in my early years of learning how to manage my finances. Ms Bridgforth takes a holistic approach in discussing some of the reasons women struggle with their finances. It’s an interactive book that allows you to answer questions and take notes that you can reference as you grow.

When learning something new, it’s important to understand the foundation before you can build upon it. The same concept applies to personal finance. Understanding your spending habits and how your values are tied to money helps to correct destructive behavior and improve your net worth.

5. If you had to recommend just one financial related magazine, what would it be?

I subscribe to Smart Money Magazine — only because it was FREE. I wouldn’t necessarily recommend it…well, unless you can get it for FREE too. It offers little tidbits of information that strikes my fancy every now and then, but nothing terribly interesting that I didn’t already know or couldn’t find on the web for free. Other than that, it’s about 100+ pages of boring finance babble. When I read that kinda stuff, it makes me want to poke myself in the eye. Ha!

I prefer personal finance blogs and message boards over mass media print. They have more of a “personal” spin that I can relate to, understand and apply to my personal life.

6. If you had to recommend just one or two financial related websites (besides your own and that is not a blog), what would it be?

There are many financial related websites I visit everyday, so it’s hard to pick just one or two. Since you’re twisting my arm, then I’d have to say:

Black Enterprise: http://www.blackenterprise.com/money/money.asp

MSN: http://moneycentral.msn.com/home.asp

7. What is one of the WORST financial related decisions you ever made?

Not consistently contributing to a retirement account until I was 27. Even though I’m still 25 (ahem), it pains me to think about all the compounding interest I missed out on due to pure ignorance.

8. What is one of the BEST financial related decisions you ever made?

Earning a college degree. For more details, see the post on my blog titled “A Decision That Changed My Life.”

You need money to make money. My B.S. and M.B.A. opened the doors for many opportunities that helped me to establish my financial position today.

9. Do You Trade Individual Stocks and If so recommend your favorite 3 to 5 picks?

No, I prefer mutual funds. However, my daughter owns McDonald’s (MCD) and Disney (DIS). I’m trying to teach her the basics of investing. After a year of saving 20% of her allowance, I let her invest in what she likes…a strategy from Warren Buffet. My child follows it, but I don’t…go figure. Ha! I haven’t explained diversification and mutual funds yet, but it’s on the agenda for the near future. I’m trying to figure out a fun way to introduce it. I don’t want to bore her to death and turn her away from personal finance. Any suggestions?

10. If you could give our readers just one financial related tip, what would it be?

START TODAY! Whatever your financial goal, there’s no reason you can’t start TODAY. Don’t say “when I do xx, I’m going to start yy.” It’s just a cop out and a weak excuse to procrastinate. The sooner you start, the better.

11. Is there anything else you would like to share with our readers?

In the big scheme of things, it’s just money. Plan for your future, give some away, and enjoy life. Don’t become an old geezer that nobody likes or a Scrooge that hoards money. If millionaire status is your goal, that’s fabulous but you can’t take it with you when you’re gone. Leave a dollar AND a legacy.

>> Visit Single Ma’s Fabulous Financials Blog.