I ran across an interesting post today at Consumerism Commentary called Wall Street Journal: Managing Money in Public. The post is about a Wall Street Journal article describing the trend of twentysomethings sharing their personal finance information online. I recommend the article, which includes a number of links to sites that enable you to publish PF information online.
I mention this article because this week I posted on The Dough Roller my retirement portfolio using www.stockalicious.com. A link to the portfolio is on the front page. In addition, I plan in the near future to begin tracking my financial goals on The Dough Roller, including my balance sheet. I’ve noticed that some PF blogs post personal financial information, and some don’t, so I thought it would be appropriate to explain the reasons behind my decision. Here they are, in no particular order:
- While I hope you enjoy The Dough Roller, this blog is as much for me as its for you. I started this blog in part to track my progress (or lack thereof) toward my financial future. Investments, balance sheets and the like are a necessary part of that process
- I found other PF blogs that post their personal financial information to be, well, interesting. I like watching them struggle with the same issues I struggle with, and its fun to look back at where they were months or years earlier to see how far they’ve come.
- The best way to discuss and learn about personal finance is to roll up your sleeves and dig in with both hands. Talking at a theoretical level is fine to a point, but eventually you need to look at real numbers and the real decisions that affect those numbers.
One final note. As Consumerism Commentary rightly noted, absolute comparisons between people are meaningless and such comparison is not the point. Charles Colton, an English cleric and writer who died in 1832, said it best:
Wealth, after all, is a relative thing, since he that has little, and wants less, is richer than he that has much, and wants more.