Wall Street Journal (WSJ) to make Online Edition Free

The rumors are finally confirmed. Rupert Murdoch, the soon-to-be owner of the WSJ, expects to end the subscription fee charged to view the online version of the WSJ. Other newspapers across the industry have already embraced the Internet, and allowed the print version of their respective newspapers to be available to the masses through a free online media. It is welcoming to see the WSJ following suit with this strategy even if a bit later than one of its major competitor, the New York Times. As an avid reader of the print version of the WSJ, I welcome this new change as I am sure many other readers will. The article in today’s WSJ states that the online version of the print paper currently has one million subscribers paying the $79 annual price. By switching to a free edition, the WSJ forecasts ten to fifteen million subscribers (you still need to sign up to access the free content) which will allow the company to fully replace the revenue from subscriber fee with advertising revenue.

In an ironic twist, the online version of the WSJ has this article available only as a preview. The full article can only be viewed with a paid subscription. Here’s the free excerpt.

FREE PREVIEW

Murdoch Sees End to Journal Web Fees

By Lyndal McFarland and Sarah Ellison

Word Count: 469  |  Companies Featured in This Article: News Corp., Dow Jones

News Corp. Chairman Rupert Murdoch said yesterday he expects to make The Wall Street Journal’s online edition free, a move he believes will significantly boost user numbers and advertising revenue.

“We are studying it and we expect to make that free, and instead of having one million [subscribers], having at least 10 million to 15 million in every corner of the earth, keeping up-to-date minute by minute with all business and economic news from around the world,” Mr. Murdoch told Australian shareholders at a meeting in Adelaide.

While Mr. Murdoch has strongly hinted at …

Organizing my finances: Cleaning my house

A quick aside: It really is amazing just how quickly things can change in little as a week. Last week, I was preoccupied with the notion that I might not receive an interview invite from the schools I applied to during this cycle. This week, I am now trying to balance scheduling two three interviews into an already demanding work and life schedule. Go figure.

Now on to the post:

As I am applying to schools, it becomes painfully clear that I need to take a more active role in managing my finances if only to ensure that I am indeed building wealth and not spending income frivolously. I had passively tracked my spending and savings habits but hitherto, I have never considered creating a system that would track all aspect of my finances and present it in readable data for my convenient analysis. This newly documented system will allow me to efficiently track asset management, track progress towards financial goals, and see just how effectively I can abide to such a structured system. More importantly, by tracking the management of all my finances, I can benchmark my actual performance and/or growth against forecasted results and adjust the system to match my tolerance for risk.

From just from a quick brainstorming session, I’ve jotted down a few guidelines that should get me started in creating such a system.

1. Live below my means
   1. This is quite straight forward. There is no surer way to grow wealth than to live below one’s means. This is the first step of a successful strategy
2. Pay down loans or financial liability (credit cards, student loans, etc)
   1. I have student loans and other loan obligations that I pay each month. Most of these obligations carry low interest rate and does not present a disaster to my financial wellbeing but the sooner I pay down these obligations, the sooner I can shift my assets into a more efficient wealth generator.
3. Invest for the future
   1. The only stride I have made is this category is contributing the 2007 maximum amount into a Roth IRA at Vanguard. I plan to diversity into other investment tools including 401K, rental properties. As time permits, I will begin to devise the structure of my asset allocation plan.
4. Increases sources of income. Do not be limited to active income
   1. I plan to take active steps in increase my current income flow, both from active and passive sources. I see no need to be limited by one active income and constantly worry about maintaining that source of income.
5. Decrease tax liabilities: Be tax efficient
   1. The idea of this strategy might at first seem to run counter to the rest. By increasing income streams and generating alternate investment and income opportunities, I only succeed in progressively pushing myself into higher tax brackets. The logic though is to consider the tax implications of all my financial vehicles and decision and reduce tax liability whenever possible. There is no reason to pay Uncle Sam more taxes than I am legally mandated.
6. Keep It Simple Stupid (KISS)
   1. This is important for the future as I imagine that I will someday combine my assets with that of my spouse. I need to create a system that can be tracked without requiring a degree in finance. While simplicity is a pre-requisite for a sound financial merger, its effect on maximizing wealth should not be taken for overlooked.

I will track my progression by calculating my total Net Worth, which in layman terms equates to total assets – total liabilities.   

Caveat:

Any hint or reference in my writing concerning my choices of my investment tools, style or product should not be construed as a recommendation to buy, sell, or trade any of the securities mentioned. The investments are fit and tailored to my specific situation and in no way do they factor specific or extenuating circumstances regarding any persons but myself.

I will update the Legal Indemnification page (might rename the page) to reflect this warning. Please note that the indemnification will apply from the date of its writing whether a reader so chooses to read its text or not. By continue to read this blog, you accept the terms of the indemnification.