What’s a finance tip you would like to share?

[Anonymous]

My tip is to have 3 or 4 installment loans on your credit history. ( you can ask your bank for one) I recently was interested in financing a car & instantly stopped because my credit was in the high 700s but since I didn’t have any installment history my interest rate was still a little high & the finance guy said it’ll be a little less if i come back next time and have at least 3 or 4 installment loans in my history of credit usage. so that which ever bank gives me a good credit interest rate i’ll know it’s because they know i’m reliable when it comes to taking out big loans. Since i mainly used to use my credit card on gas ⛽️ and pack it back earlier.

Updates

1 y

I want an suv but there’s none that I like at all the moment even Hondas new models disappointed me, it’s like they got lazy. Also I realize the car I wanted wasn’t worth all of that and it’s cheaper to buy a car. So if i ever do finance a car it’ll be on a luxury car that had added taxes and stuff to it but it’s worth it. So stop being little boys I can afford financing a car right now but would rather wait on a car I really want & that’ll be much cheaper a year of 2 later.

[Anonymous]

It's less a tip and more a revelation. I'm sure everyone here knows about the magic of compounding returns. Everyone wants financial security but few want to sock money away. So a lot of people wait till they're 40+ to start thinking about things like retirement when they've already missed a couple of decades of compounding returns. I think more young people would invest in thier retirement if it didn't cost them anything to do it. Well how is that achievable. Well, it's not. At least not entirely. But it is partially achievable. All it takes is committing to a plan long enough till it becomes self sustainable.

Take me for example. I started at almost 25 (a few years. late). But at least I put away (a max at the time) 15%. At the time that equated to about 5,500 dollars a yr. But the point is after about 10 years. of compounding returns the amount of yearly returns at a VERY ACHIEVABLE 7% surpasses your yearly contribution. So after 1 short decade you could theoretically stop contributing to your retirement plan (even though I don't recommend that) and your retirement has become self sustaining. And all it took you was 10 years. of contributing. All this takes is a 10 year commitment.

I didn't do this. I kept contributing. But this became relevant to me later when life threw me a curve as it often does with people. I got injured at work before my retirement age and that has expedited my retirement. I'm very thankful I'd saved all those years.

It's good to overplan. Because you never know when life is going to change your plans for you.

[Asker]

Nice!

[DrPepper12]

Max out your company match on 401K. NO MATTER HOW BROKE YOU ARE!!

Open a ROTH IRA before a regular IRA

Buy real estate

But don't lease cars

Pay down SOMETHING ANYTHING extra on principal even if it's $1

Avoid bonds and CDs if you're under 50

Don't buy individual stocks, but indexed mutual funds diversified between foreign and domestic and at the appropriate risk tolerance for your AGE not your FEELINGS

Ignore paper losses. They're just numbers til your close to retirement

Set your tax deductions to hit zero. Don't give the feds an interest free loan

Pay property taxes yourself and avoid escrow where you earn nothing

Follow this and you'll be fine!

[FreyaRed]

Fiat money is trash, exchange part of it soon as possible. Real estate can be a good investment but in time of recession is real estate expensive and overpriced. Once economy starts to roll again real estate prices fall or at least stagnate. Precious metals don't pay rent like real estate but underlay same boom and recession rules. Shares pay dividends sometimes but share markets have as many bubbles like a good foam bath.
Avoid papers like funds, gold certificates and other types of pyramid systems, snowball systems, all Ponzi schemes. Banks love those scam papers.
Crypto markets can be profitable but this is high risk speculation because monetizing is an issue and can be very expensive. I wouldn't put all your savings into crypto market, especially now when traders get bankrupt and rob money of their customers.

[purplepoppy]

Hide your profits by buying something expensive for your business that keeps it's value. You can always sell it for cash on the quiet later on. This is why that farmer whos never made a profit in years needs a £20000 bull and drives new 4X4 every year.

Register a small business, dont worry about producing anything or actually working. That'll let you get a trade card so you can bulk buy things on the cheap in cash and carries.

[Asker]

i’ve heard about that

[Anonymous]

Never borrow

If you can't do it in cash then you can't do it

[Asker]

check update…

[Opinion Owner]

I mean for anything
No credit cards, loans or even a mortgage

[Dargil]

Use credit cards only in emergencies or when debit cards are not accepted.

[andreasderjuengere]

Only one ''tip'':

Never trust a bank or a banker :)

[Iron_Man]

Pay your credit card off in full every month

[OtterMan68]

order your groceries to be brought out to your car. That way there's no impulse buying.

[paledreams]

No financial advice if not financial licensed

[Asker]

it’s okay if it’s back up research and was literally advice given to me but a finance man including my stock advisor lol…

[Asker]

there’s backed up research*

[In_Trance]

Stop buying dumb shit

[Asker]

wow really thanks

[dustybiker2]

Save.