Too few or too many personal finance blogs?
I think I’ve settled on too few. When I first started exploring the personal finance world my thought was “geez, there’s soooooo many personal finance bloggers”. I had zero clue what the actual number was (and still don’t) but it seemed like a bunch! But when I stepped back and thought about it maybe there aren’t enough actually.
While it’s very true that there are only so many financial lessons, everyone’s financial situation is different. This provides the opportunity to connect with people who have a specific story that resonates with the reader. That connection could be demographic (ex. women personal finance), geographic, or issue related among other factors. I would imagine personal finance blogging will continue to get more specific as financial bloggers create more niches.
I get that the internet allows for information to be widely dispersed to the masses but will this really result in there being only a few personal financial blogs having all the reader views? Possibly but I think the desire for content that resonates specifically to a person’s unique situation works against this. Look at the wealth management industry. There are close to 300k financial advisors in the US. Many high net worth individuals have decided they’d like personal financial service catered to them. Social media is allowing folks interested in improving their finances to find a blog/community they connect with the most. It’s also great in that it allows financial advice to be spread to those who can’t afford higher priced financial services. My guess is that you’ll continue to have a few well known financial blogs with a long tail of niche blogs.
The cost to start a personal finance blog is low which increases the likelihood of more starting up. Arguably, all you need is an internet connection and a social media account to get started. People motivations to start a blog also differ. Some bloggers don’t expect to make any money for blogging. For me I’m doing this as a hobby and a way to try to hold myself accountable by putting pen to digital paper. I figure that if I’m writing things down about my financial goals perhaps I’ll focus more on achieving them because I’m writing things down publicly and making a plan. I imagine for a lot of personal finance/FIRE bloggers it’s more about being part of a community rather than making money from a blog. If someone starts a financial blog and can help only one person (themselves), that’s awesome!
Lastly, personal finance advice and support is still clearly needed. All one needs to look at is the trends in consumer debt. Even after the last recession the cycle of consumers buying bigger houses and fancier cars continues. Just look at this chart from data from the Federal Reserve of New York (chart from American Banker)

As long as consumers are over extending themselves or trying to save money, they’ll be a need for personal finance bloggers.
