Episode 112: He Sold His “Hobby Blog” for $3 Million –  with Jim Wang

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My Guest on the Show…

In the blogging world, Jim Wang is one of the early pioneers turned blogging legend.

As a software engineer in 2005, Jim started blogging about how he set up his monthly budget, how he opened a retirement account, where he shopped for deals, and how he managed his everyday money.

It was his hobby.

Something he did on nights and weekends as a way for him to document everything he was doing financially while fulfilling a need for a hobby. His blog never made any money in the beginning because he was never trying to make money.

He just liked blogging.

However, over a few years of consistent posts on his blog, readers started catching on and over time his site began to grow.

And grow…and grow.

Then just five years later, a company offered Jim Wang $3 Million to buy his little “hobby blog” from him.

I of course needed to how this all happened, which is why I asked Jim to come on the show.

In this episode, Jim and I talk about…

  • Getting started
  • Going from hobby to business
  • Why relationships are still important (even online)
  • Consistent effort over time and how it related to Jim
  • Restarting – Jim eventually started a second blog from the ground up
  • On storytelling – facts tell and stories sell
  • And more…

**One More Thing From Jim

After we finished recording, Jim asked me to share these two videos with you. The first video is the very first video put out by Gary Vaynerchuck promoting his WineLibraryTV YouTube channel in 2006. The second one is Video #1,001 of WineLibaryTV. The point Jim is making here is this: Progress over Perfection. You don’t need to be perfect, you just simply need to START.

Video 1 of WineLibraryTV

Video 1001 of WineLibraryTV

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The Money Peach Podcast is brought to you by my #1 online program for showing you how to budget, how much to save, how to manage your debt payoff, when to save for retirement, what to teach your kids about money, and how to build a legacy to last beyond your lifetime.

If you find yourself continuing to live paycheck-to-paycheck and wondering where all the money went at the end of the month, it’s time to finally make a positive change. Welcome to the class they forgot to teach you about money – Awesome Money Course.

 

Mentioned in this Episode


WalletHacks – Jim’s current blog (it’s amazing)

Show Notes


 

Not having to be the “expert” [7:10]

Why thing catch on [11:55]

Jim “reportedly” sells his blog for $3,000,000 (Forbes.com) [13:28]

It happens on nights and weekends – not overnight [17:55]

How did Jim set the value of his blog [22:41]

Starting over with a brand new blog [27:25]

Jim’s advice for anyone getting started [30:40]

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