On entrepreneurship, personal finance and life hacks: an interview with Money Crashers founder Andrew Schrage
I've always been a fan of economic education regarding personal finance. Especially given the recent crisis keeping track of your expenses and optimizing them in the best way possible is vital for our everyday life. This is of even greater importance to aspiring entrepreneurs or small business owners that have trouble with the rules of the current juncture.
It's not so easy to accumulate such a massive knowledge on the huge number of pitfalls when it comes to money.
My guest today Andrew Schrage is doing exactly this at Money Crashers.
"Your guide to financial fitness", the website he founded gives expert
insight into money management, credit and debt, personal finance, small
business, investing and many other tips for achieving an optimal
Featured on CNN, Forbes, The Wall Street Journal and various other media, he started Money Crashers while working his "routine" job. Throughout his journey to making his personal project an actual job, Andrew sure has some valuable things to share!
How did you decide to start your business?
I grew restless with my corporate career and decided to venture out on my own. With a background in economics and the country mired in a recession at the time, I decided that a personal finance website might have a chance at success.
What did you struggle with when beginning your
I really struggled with time management. I learned fairly quickly that even as an entrepreneur, you need structure and at the very least a rough weekly work schedule.
What's a common mistake you think small
business owners make? How can they prevent it from happening?
If you're currently working a traditional job, don't make the mistake of quitting it to launch your venture. Unless it's a massive operation, you should be able to get it off the ground while you're still working. It'll ease a lot of the financial stress.
What was your greatest mistake and how did you recover from it?
My greatest mistake was failing to realize the
power of social media early
on in my entrepreneurship. I recovered by getting actively involved in Twitter
and Facebook, and we've recently expanded into other social media websites as
What is your favorite school of economic thought and why?
I would have to say monetarism or the Chicago
School of Economic Thought. I'm a firm believer in free markets, and am a
proponent of less government intervention.
There are loads of books about money
management, personal finance etc. Are there any authors you specifically like and
respect in the field?
I like Suze Orman and a lot of what Dave Ramsey writes about.
Are there any specific risks you are facing in your market niche? How do you plan to tackle them?
The biggest risk we are facing is the
competition. It seems like more and more folks are entering the personal finance
niche every day. We are tackling this through a commitment to high quality,
accurate, and factual content.
Does guest posting/collaborators help with that or you have a fixed team? What are your thoughts on guest blogging?
Guest posting is an effective tool to further
your site's reach and connect with a wider range of readers and viewers, as
long as you choose reputable websites to collaborate with and you contribute
high-quality, unique content.
Everyone’s keen on a little bit of lifehacking. Tell us your three top life hacks that you employ often!
Here are a few life hacks to save yourself some
- Put a plastic bottle filled with water and a little sand at the bottom
to weigh it down in your toilet tank. You'll cut your water bill.
- If you don't
carry credit card balances, pay all the monthly bills you can with them and
you'll boost your cash back bonus.
- Fill the cup in your dishwasher halfway with
detergent and do the same with the lid on your laundry detergent. You'll cut
your usage in half and your clothes and dishes will still come clean. Speaking
of detergent, you can make your own homemade detergent as well!
Share your most valuable piece of advice for starting entrepreneurs.
Be patient, but dedicated. Give your business time to grow and work hard at it every day. Most of the time, you'll eventually find success.
Describe your entrepreneur life with one word (can be a noun, adjective or verb).