Sunday, August 5, 2007

Talking Money over the Net

What are you thoughts on releasing financial information over the Internet? When I first started this blog I have to admit I didn’t read blogs prior to it, so I thought I was writing something new, to my surprise there’s quite a few blogs out there that talk about families in debt. And now I have to admit I’m a blog addict, it’s like reality TV but online. Some of my favorite blogs are listed below on the left hand side under links. Not to mention several financial social network sites are available my personal favorite Networthiq.com which I use and so far loving the community and already making friends on.

I’ve heard people comment on how can people share this information online why would you want so many people to know your financial situation. Others have commented that this is the younger generation that exposes everything online. Here’s my own personal thoughts why not learn from people in similar situations as a community to help build yourself up, not one person knows everything.

The average North American household is deeper in debt than ever before why it’s easily accessible and most average households and low-income household don’t have access to a financial planner to advise them against it. With the access to the Internet you can seek out people that are in the same situation, worse or even better and hopefully gain knowledge from them. Sure there are magazines, books and videos out there but what’s better than talking with your peers and helping each other through it, it’s like comparing regular TV to HDTV it’s that much clearer knowing that others are out there like you trying to move ahead in life.

And the other nice thing about the net is the animosity of it you don’t have to provide your real name not even actual figures. I could lie and say that I’m worth a million dollars if I wanted to but what would I actually learn from it, nothing. I would love to know your thoughts on publishing your own financial information via the Internet whether good or bad. On that note I’ll leave you with a couple other financial social networks that I would suggest you check out.

1) NetworthIQ.com great site for determining your net worth.
2) Wesabe.com financially software but shared with a community.
3) Geezeo.com financially software but shared with a community.
4) Buxfer.com great for roommates or college students that share expenses
5) BillMonk.com great for roommates or college students that share expenses
6) Zecco.com share information with investors and trade online

2 comments:

Ryan Williams said...

A little late here, but thanks for using NetworthIQ and the badge. I hope it can help you meet your goals and you find some good use out of it. If you have any feedback please let us know.

I agree that opening up your finances is a new concept, but like you point out, getting a community to help you can make up for not having professionals in your corner (and maybe even be better than professionals).

Riggings said...

I personally love NetWorthIQ.com only been on it for about a month but glad I came across it. The community is great. Professionals are always needed but sometimes their interest is in their own interest and that's why I find these communities so great is nobody has anything to gain out of helping each other. Everyone just wants to see everyone else succeed. Rare thing in this day and age.