This is a blog that I bet many of my friends don’t have on their regular reading list.
This blog is one of a growing number of personal blogs where people display an unprecedented amount of openness about the most taboo of all subjects – their money. More specifically, their personal financial situation. These blogs, many times anonymous, provide detailed information about the author’s finances – salary, savings, goals, and ongoing progress.
I found this blog almost a year ago when it was featured briefly in the New York Times. I keep reading it, and commenting, because it’s incredibly useful to learn from the insights and foibles of other real people.
One of the tragedies of personal finance is that it is so hard to talk about. Personal finance is generally not covered in school at any level, and it’s shrouded in mystery and urban legend. Even close friends and family often have trouble talking about money in an honest and open way.
Blogs like My Open Wallet provide a forum where we can start to learn from each other. They allow people to gather and share information that is incredibly specific. Personally, I’m more fascinated by the common mistakes and misunderstandings that I see in these blogs. It reinforces my belief that we, as a society, do not do a good job of educating ourselves with regards to money.
This trend of Personal Finance Blogs is so large, there are even competing Web 2.0 companies, like NetWorthIQ, that provide a sophisticated toolset for people to measure and share their personal finances.
So, check it out. Let me know if you find these blogs as interesting as I do.