Tuesday, February 11, 2014

Interview Series: One Cent At A Time

This is an guest post from the Personal Finance Blog Debt Discipline:

This is the fifth in a series of personal finance blogger interviews with fellow personal finance bloggers. Today’s guest is SB from One Cent At A Time.  

Who is SB?  
SB: I am a personal finance enthusiast with a career in software development. I am an immigrant in this country since 2005, after being born and brought up in India. I am 30 something technocrat who lives and breathes personal finance everyday when ever I get time from my day job and job as a husband.  

Why did you start your blog?  
SB:I was regular personal finance blog reader, I read sites like Get Rich Slowly, Simple Dollar, etc since 2006, after I came to this country in 2005 from India on a work visa. I wanted to learn the financial system here and ways I could save money being in a foreign land. Slowly I realized I was a bit different from these bloggers, I grew up in poverty in a third world country and frugality was necessity there, not a choice. I thought I could add values by putting my approach to personal finance in public. Being in the software industry, setting up a site and starting with my own blog was easy for me, what took real time though , was to acquire the writing skills that might fit the readers here. It took real courage to start with OCAAT, having English as my third language. I was inclined towards better financial management since the time I was learning maths and languages, it was the trait my father possessed and passed on to me. Then, combine that natural liking with an ambition to put my voice in public. All these things contributed to formation of the blog One Cent at a Time.  

What are your favorite Blogs?
SB:There are many but the names that readily come to mind are Daily Finance, Wise bread, Financial Samurai and Mr. Money Mustache. My earlier favorite’s blogs like Get Rich Slowly and The Simple Dollar are now less appealing to me these days.  

When did you first become financially literate?  
SB:I can't remember but as I mentioned in my about page, I first bought shares with money in my piggy bank when I was still in elementary school. since I grew up seeing scarcity of resources, I grew frugal and all basics of earning more money and hold on to it for as long as possible, were almost my born traits.  

What was the last item you regretted purchasing?
SB:The 2009 BMW 528i that I purchased in September. I cold have saved $10,000 and put it in my retirement fund instead. But overall I plan to sell it off in 3 years with a monetary loss (as cars are depreciating properties) of around $1000 per year which is equivalent to any other car.  

If you died today, would your family be OK?  
SB:Yes, the day I got to choose my first health insurance, I made sure that my wife gets 8 times my yearly gross salary as insurance amount. I have saved sufficient amount to go back to my home country and live happily retired. So in case I die, even without insurance money my wife can live her life without any monetary trouble.  

What are you teaching (or will you teach) your kids about money?
SB:Money is like the seed of a fruit, save it, plant it, nourish it, water it - at the end you'll get many more fruits. Even if they don't understand I'll take them (my to be kids) along whenever we set budget, we buy a big ticket items - like car, taking investment decisions or even while paying our bills. Even if they won't understand a bit of it, in their subconscious mind it'll register. And most importantly they would be interested to learn, interested to understand my moves. Giving practical lessons to the kids are far better than telling them not to buy things on credit when you don't have money. As much as they see their parents' frugal practices, they'll get it automatically. Seeing parents do their budget is to me the best financial lessons we could impart on our kids.  

What’s your dream job?  
SB:As I said earlier, I could retire now if I wish. But I love my job which is challenging and rewarding. I'd like to stick with the job till I find it interesting and worth it. Sure, being promoted here would all be my dream position. Director, Vice president, Senior Vice president are all I aspire to become. I am not looking for financial freedom. As I love to continue with my day job. I strive in company of other people. Earning passive income while having vacation is not something that inspires me a lot. I can only think of a job of investment banker and working for NGOs to help people in need as other jobs, besides what I am currently doing, as my dream jobs.  

One liner best financial advice (write in question)  
SB:Spend less than you earn

One Cent At A Time is a blog dedicated to all round well-being for everyone covering topics that include: saving money, smart spending, profitable investments and successful retirement planning, with extra touch on improving earnings.

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