Philip Taylor is considered the godfather of money blogging — in fact, he’s leading a movement among money bloggers having created FINCON, the annual expo of financial blogger, podcaster, and media types happening in September.
But Philip, at his heart, is a dadpreneur who just wanted to hang with his family more and build a bigger life in the process. He is able to work from home, create his own schedule, and spend as much time with his kids as possible.
Philip started his career as a CPA, following in his father’s footsteps. He worked with and for his Dad, KPMG and a couple smaller firms prior to building PTMoney.com which is a highly regarded financial blog. The bloggers he was talking shop with began sharing how they were doing business, how they were building products, and ultimately how they could share more insider tips and tricks. Looking to expand the people he was surrounding himself with, he started www.FINCONexpo.com to attract some of the coolest cats online in the financial world.
According to Philip, the internet has allowed people like Mr. Money Moustache to win the media war against magazines like Money and Kiplinger. (12:00)
Paying off your house is a good thing according to Philip. “Typically a last step if you’ve paid off everything else”. At the 13:00 mark, he talks about what his family is doing to prepare for a sound financial future.
I asked Philip about college and the viability of spending a significant amount on a degree. His answer was he was for pushing his kids towards a low-cost college alternative. It taught him how to live amongst others, how to be a good student, and also got him licensed to be a CPA.
PTMoney.com was an easier business model 10 years ago because just posting articles meant google was sending traffic to the site. Today, the model has changed and bloggers and podcasters have to be more creative about how they market their sites. If he were starting today, Philip says he would move to make his own products and services much more quickly as Adsense and affiliate products aren’t producing the same income today as they were years ago.
If someone wants to do what Philip does, he discusses this around 29:00. First, he and his wife got rid of their debt — credit cards, student loans and car debt. This was to prepare themselves for the first few months where the money wasn’t guaranteed. He recommends getting a mortgage prior to leaving an employer, having good life insurance, and investigating health insurance options.
Books Philip recommends:
Automatic Millionaire by David Bach
The E-Myth by Michael Gerber
Millionaire Fastlane by MJ DeMarco
“Building a bigger life is about building freedom into your life so that you can be intentional.”
I hope you enjoyed the podcast as much as I enjoyed interviewing Philip!