Late last year, I purchased a website. Money Blog Rehab chronicles my attempt to turn that website into a good investment.
Here’s a little about me.
In 2003, I founded one of the first — if not the first — independent personal finance blogs, Consumerism Commentary. Its purpose at the time was to help me learn more about money management. I was about two years into a journey to fix the financial problems that stemmed from a combination of bad choices on my part.
I wrote about online resources, the financial industry, money management techniques, and financial news and trends, while updating readers on a monthly basis by sharing my balance sheet (net worth statement) and income statement.
Then, the recession hit. Suddenly, the world was more interested in the topics I was writing about. A community of financial bloggers was born, and the website became a business. Eventually the business performed so well that I was able to quit my day job. It continued to flourish, and it reached a point that I perceived as a peak, and I sold the website.
The sales process took many months, involved an experienced brokerage company to handle the sale and brought in bids from a variety of companies. The eventual buyer was a large publicly-traded online marketing company, QuinStreet, the same company that was the impetus for the sales process in the first place. The final price was more than 12 times the initial unsolicited offer.
(QuinStreet has since sold the site to a private buyer.)
Since selling the website in 2010 (and the subsequent expiration of an agreement not to compete with my sold business), I’ve been looking for the right opportunity (and right price) to take advantage of the experience I had building a success financial website from scratch. That opportunity arose in November 2016.
I purchased highyieldsavingsaccounts.net and finished the transfer of assets towards the beginning of February. I bought it mostly for the domain name. The potential for the site is much greater than its achievement thus far, and I think I can make changes to make the investment worthwhile.
I’ll document my progress and strategy on this website. Progress will be slow; this is one of many projects to which I’m dedicating my time. Strategy may be haphazard; I’ve never been too much of an organized person. But with this perspective, readers and followers will get a chance, perhaps, to see what works and what doesn’t — and even offer suggestions of their own.
Now that you’ve read the introduction, continue with these posts.