Why did you start the nomoney.com.au website?
Five years ago, I decided that I wanted to help people with their finances. I read the news and looked online a lot and there was so much information for older people (topics like superannuation) and very little useful information for young people. And so nomoney.com.au was born. Below are some of my thoughts of the journey over the last 5 years.
Why the name nomoney.com.au?
It was very difficult to find an available domain name related to money that wasn’t already taken.
Smart money, know money, money tips, smart money tips, etc. were all taken.
But nomoney was available so I chose that name, thinking that young people typically think they have no money -although I’m still not sure nomoney was the best pick.
Is it worth setting up your own website/blog (will I become rich and famous)?
I think that a website or blog can be a great way to stand out and attract people who are interested in what you are doing.
If you have something to sell (whether it be a product, your services or simply you – to help your career or life) then a website/blog is great.
However I think it can be difficult to make money if you are just blogging and don’t have anything to sell (i.e. just writing about a topic that interests you).
Google Adsense (putting ads on your website) is one way to make money, however I think it may be difficult to make ‘real money’ (i.e. pay the rent money) using Google Adsense. The reason for this is that not many people click ads so that to reach the numbers where Google Adsense is paying you real money, you would probably have a lot of other website expenses.
What does it cost to setup/run your own website?
Setting up a website and running a website is cheap, and can even be free.
The free option is a blog linked to a provider (like WordPress or blogger) which doesn’t cost anything -but you will receive a web domain like yoursite.wordpress.com
The paid option (which I recommend) is buying a domain like www.yourwebsite.com.au may cost $30/year (.com.au are more expensive than .com). The cost of linking your WordPress site to your domain is $12 a year. In addition to that, I pay Hostgator $10 a month for hosting and I use Aweber for my email list which start at charging $20/month.
Do you need to be a web designer to create a website?
With solutions like WordPress and others, you don’t need to be technical to run a website (although I must admit that I have learned a bit over the last five years about setting up and running a website).
I create and post articles in Word (once connected to the internet) which took about 10 minutes to setup. A few months ago when my website went down (due to a new version of WordPress) I used Fiverr and paid $10 to have someone fix my site so that it was back up and running again.
Looking back over the last 5 years – what am I happy about?
I am happy that I was featured on A Current Affair. It was a cool experience to be interviewed on TV.
I am happy that I have stuck with No Money (despite everything else that I do) for 5 years.
I love speaking to people and helping them with their finances. I enjoy being paid for this, but I also enjoy chatting about this stuff at parties (I must be a bit of a money geek).
I am happy that I have managed to help friends and others with tips on money and tax.
What would I do differently if I did it again?
I would have taken time to ask people more of what they wanted.
I would have updated the site sooner. I would have created better freebies so that more people would sign up to the website.
What will happen in the future?
I still have big plans for No Money, and plans in general for teaching people about how to manage their finances.
What has been difficult with No Money?
It has been difficult running a website as well as working full time and having other business and personal interests.
I find writing and posting articles difficult because:
- You don’t get much feedback (or if you do it can be negative)
- You don’t know if people are reading and engaging with articles (just because people like your Facebook page, it doesn’t mean they read your articles
I suppose it is like any other creative outlet, for example if you write music you might find that the song you love and spent hours on people aren’t interested in, but people love the song you wrote in 5 minutes as a joke.
What are my thoughts now about money (in general)?
Money itself has less of a pull for me than it used to.
However, learning to get money (and being a wise steward with what you have gotten) I feel are lessons that everyone needs to learn in life. And the more you learn the better off you will be.
I don’t’ think that you need money in order to be happy.
I also feel that money nearly always leaves you wanting more so that you are never happy. Whenever you reach a goal (such as a salary level) you always want to earn more shortly after.
So money doesn’t produce fulfilment, or satisfaction on its own.
What is my advice to young people?
A big part of the reason in running nomoney.com.au is to encourage young people to think more about their money.
I still find that (generally) young people don’t care that much about their finances until X happens. X might be getting engaged or getting married or having a child. But before X, people don’t want to take an hour to consolidate their superannuation.
So my advice is to spend some time thinking about your money, what you actually spend and what your goals are. And even if a goal (like buying an apartment or house) seems almost impossible, don’t give up and continue to work towards your goals.
Money isn’t everything (see my thoughts above) but I encourage you to spend some time learning and thinking about it – and writing down what you want to achieve.