What’s your best money advice?

[Alyssa_11]

Feel free to leave as little or as much as you want! Let’s help each other out.

My best advice would be to see making money as a lifestyle rather than a job. That way you’d be making money (almost) every single day out of habit. It would also not be exclusive to a single job because jobs come and go.

Updates

+1 y

I’m reading all you guys advice and I’m actually terrible at money management. 😱🤣

[Anonymous]

The best financial advise is to not care about money or possessions. “Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal,”
‭‭Matthew‬ ‭6:19‬ ‭ESV‬‬


Living for Money or Possessions is the stupidest thing you can do. You can not take it with you when you die, and you are not guaranteed to live a single minute more. Instead live in the moment, and live for a greater purpose then greedily storing away wealth.


Wealth is nothing anyhow and can dissapear in an instant if the social constructs around it cease to function. Just ask the Germans in the early 1920’s what happened to there life savings… (absurd inflation made it worthless).


Dont waste your youth saving for a possible (but not statistically likely) long retirement. You will be too old to enjoy it anyhow, and its not likely you will live very long into it anyhow.


My philosophy is own only a few things but good things of quality. The less possessions you have, the less time you have to spend trying to protect and keep them.

[Alyssa_11]

I totally agree but also money is quite important

[zeitgeist057]

1. Don't spend money you don't have (credit)
2. Don't borrow money (advanced tip: unless you can use that money to make more than you pay in interest)
3. Don't buy new cars, new clothes, always think about what you can get used/secondhand for so much less.

4. Figure out what you can do, that you want to do, that will pay at least 3 times minimum wage. Get that job. Don't waste your time on minimum wage unless it's a stepping stone to more.
5. Invest your savings, don't just let it sit in a safe or a bank. Get it working for you, at least a 6% return (but 8% or more is better).
6. Delayed gratification, even for the stuff you really want. You'll be happier anyway if you wait a bit longer for it.
7. Learn to enjoy life without money. Learn all the things you can do for free that bring joy into your life. There are so many things you can do that are cheap or free. Examples: hiking in nature, reading, writing, talking with friends, sex, massage, sports, fitness, learning, dancing, singing, etc, etc.

broke ass :P

[Anonymous]

1. Have an untouchable savings account with the exception of real life emergencies like medical care, fridge breaks down, you lose your job
2. Invest in things that will grow your money
3. If you struggle with bad spending habits, start budgeting with real cash because its easy to hand over a credit card and spend $500, but harder when you physically see that cash leaving your hand.
4. If you're in debt, focus all your energy into paying that off as fast as you can and pay more than the minimum amounts.
5. Never pay full price--if there is a coupon, a discount, a sale, another store you can get it cheaper do that at every opportunity.

[weysally]

like our days, money is the same, break it down into thirds,
one should sleep for 8 hours, work for 8 hours play for 8 hours,
money is the same, earn as much as you can, then save some and spend some

[Telekinetic-Potato]

Don't be afraid of money. Know what's in your bank account, check it regularly through the week, at least once a day. If your work pays cash, deposit after every shift. Your goal should be to get your savings a little bigger every day.

Have more than one credit card, but have only one you primarily use. I have one card I use to pay large payments over time. This card is specifically good for doing this because of its no interest for 6 months term.

It establishes payments on my credit report but more importantly it adds to my credit line so that if I ever use more than 1/3 of my credit line on my main card, I don't have to sweat it as much, my other credit lines come to rescue me from hits to my credit score.

[ImDusty]

Be as self sufficient as possible. So many people don't even cook let alone grow their own food. People waste a crazy amount of money with take out and delivery fees. Similarly don't be wasteful. People also buy a bunch of shit for instant gratification they don't really need. That's why it's a good idea to wait, for instance a week, before making a big-ish purchase to make sure you really want/need it. I've seen people who supposedly were poor buying $20 movies at walmart, be smart, learn how to watch movies for free. You don't have to be a consuuuuumer.

[ImDusty]

You should always have your money working for you, no matter how little you have.
"If you don't find a way to make money while you sleep, you will work until you die."

[Zenit93]

As somebody who’s become much wealthier amid the Covid 2020 crash, I could write an entire essay on how to become wealthy. Some basic principles… Spend your money on assets that make you more money. Do this consistently. When you become comfortable, use other peoples money to make you more money. Then pay the borrowed money back. Rinse and repeat. Prioritize capital over W2 income. Learn how to shelter your capital through real estate. Always remember to pay yourself first. Do not fall for the trap thinking that a job will make you rich. Capitalism favors capital and entrepreneurship over work slaves. Our tax system is setup in this way. Most importantly, learn how to love reading. Consume as much valuable information as you can with your time. Also, diversification is great, but you diversify to protect your wealth— not grow it.

[TickleMe4ForFun]

I worked from when I was 15 until I was 23. When I turned 18, got a credit card that I only spent what I could put back from the bank the next day. This built my credit while I was investing my money. At 23, bought my first rental house. Rented it out. Had enough credit and equity to get a 2nd mortgage at 28 for another rental house. Now, I have enough equity to afford the house I live in. 3 bedroom, two bath with a pool just a block from the beach. I don't HAVE to work bc the rental properties pay for themselves, plus an extra $2000/month.

[Anonymous]

I'll tell you what my mother told me years ago. And she was right if you ask me.
"Spend some money, save some money, and give some away".
I have a net worth of high 6 figures. And it's only a matter of time now before it's 7 figures. And being so close to being a millionaire (which was my original goal). I've gleaned a truth in life
"if you're not happy with 1 dollar to your name. You'll never be happy with a million dollars to your name".
Money is just a necessary evil in life it won't make you happy.

[matchrestore]

Always contribute enough to your 401k, Simple IRA, etc, to get the employer match.
Stick to index funds unless you're really savy with stocks
Don't put all your eggs in one basket- spread out your risk (index funds do some of this for you)
Open a low or no fee Roth IRA and put a bit of money in it every month. This money is already taxed, so any gains on this money is tax free when you withdraw it in retirement.

[OneNineZero]

Share market
Its high risk high gain high loss game
But I have seen people who invested 40,000 and the amount became 3 times in 6 months, if you get good with share market dealings you get good money easy
I too have a lot of stocks and share invested

[RealMarek]

Pay off the highest interest rate debts you have first, and keep making payments on any debt for which the interest rate is less than inflation. Inflation is here, so diversify your assets out of pounds except for enough to cover emergencies. Any money sitting in the bank is losing value every day.

[yucel_eden]

Limit spending —>Save up —> invest—> future safe —> spend money on extras


Most people spend early on then try to save up later on in life with kids and a family, it’s much harder to do that. Invest early and enjoy the fruits later on

[themann43]

Terrible advice. You say Save money when your future retirement which your more likely to die before then to live til. Even if you do, you will be old and unable to enjoy what you greedily stashed away. Only the fool worries about tommorow when he isn't garunteed another day.

Live in the moment. Be present. Enjoy what you already have.

[yucel_eden]

Your fucking 26…we’ll see if you’ll be saying this shit in 10 years

[themann43]

Your just a gullible normie who thinks that just because most people do something, that makes it correct. Go ahead and keep being a sheep. I think for myself and question everything because im wise.

[themann43]

I can also add that your anger in response shows that you realize i made your worldview look foolish and nobody likes to hear that. You get angry because you realise you have no purpose to your life and that your mortal.

[themann43]

You are a foolish bitter old man trying to lead others to dance your dance because you want to be validated for living such a purposeless life

[yucel_eden]

Whatever you say homie…don’t mind me just sitting here on my cash that I can spend any time I want

[bean2k21]

Don't give anything for free, not even money advice.

[Alyssa_11]

It’s not that deep bro

[themann43]

This is the stupidest advice ever. Being a greedy little scrouge will bring you nothing but misery, and when your old and dying in your bed, you will see you have wasted your life.

“Money, land, power, nothing. I have nothing.” - Robert the Bruce, Braveheart

[bean2k21]

Clearly you don't understand irony. Maybe take your stupidity to the grave.

[BeachLuvR97]

0. Make a budget where every dollar is accounted for.
1. $1,000 emergency fund.
2. Pay off ALL NON-MORTGAGE debt (student loans, credit cards, auto loans, etcetera).
3. Save up 3 – 6 months of expenses.
4. Contribute 15% of your earnings to retirement funds
4. A. Max out employer match to 401(k).
4. B. Max out Roth IRA
4. C. Max out Employer 401(k)
5. Save for kids' college.
6. Pay off house.
7. Give like nobody else.

[Static_In_The_Attic]

Budget, budget, budget & don’t forget to treat yourself from time to time & when it comes to buying BUY WHAT YOU NEED rather than WHAT YOU WANT & as I said above don’t forget to treat yourself from time to time.

[exitseven]

The best thing you can do is save it. Open a retirement account and make weekly contributions. I started an account right after I got married. I put money in it every single week. Even if it was only 25 dollars it all added up over the years.

[Puppystarfish23]

Stop sending money on following the crowd. Expensive doesn't always means the best and if you're only buying it to empress others is it worth it

[NYCQuestions1976]

Having more money is definitely better than having less money. Unless it's right now (2022), because inflation is making money worthless.

[Finchie40]

Save and invest , I just purchased a 2nd home that I am going to fix up and then flip it , take the earnings and put it away for my retirement

[jamesgoldman]

Pay debt high interest to low interest

Make snowball payments on debt and savings

But above all else, always buy the best you can afford

[Jamie05rhs]

My best advice is to think with your head. Don't buy something expensive just because it looks nice. Ask yourself, "will choosing this over that really benefit me in any way tangibly?"

[Still-alive]

if you ever have any debts you can use whats called the 'snowball method' and start paying off you lowest debts first so it doesn't feel like a huge overbearing thing to tackle.

[bowenw]

Try to own real estate as early in life as you can.