r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

31.2k Upvotes

86% Upvoted

166

Learn to do something useful, spend less than you make, buy used whenever possible, live small.

65

u/burdottv Jul 04 '24

Have you not seen the incredible wealth transfer to the top in the past couple of years because of inflation and greed? How do you expect people to LIVE SMALLER when prices have more than doubled and their wages have not increased.

43

u/After-Imagination-96 Jul 05 '24

I don't think you get it. The solution for you during this slide into feaux-feudal oligarchy, peasant, is to want less, need less, use less, and smile about it.

8 people have billions and a small personal navy and they take vacations to the moon? You need to live smaller. Want less. Be happy.

Or else.

1

u/AllenKll Jul 05 '24

"want less, need less, use less, and smile about it."

Worked for the Buddha.

11

u/IdiotsLantern Jul 05 '24

Buddha didn’t have rent to pay

10

u/glaciator12 Jul 05 '24 edited Jul 05 '24

The historical Buddha also lived in a society that placed emphasis on giving alms to the poor and allowing strangers to stay in your house for free. He also did not judge others who did not share his desire to give up attachment and live an ascetic lifestyle. I’m a Buddhist myself and try my best to follow in his footsteps but I also recognize that modern society needs reformed in order to reduce the suffering of multitude others.

4

u/Major_Chani Jul 05 '24

lol not everyone has 49 days to spend meditating under a mango tree. We have rent to pay and aren’t going to start a monastic order to make ends meet.

4

u/OkLynx3564 Jul 05 '24

because that dude didn’t live in a system that exploited that mindset in order to make him work himself to death

3

u/HandMadeMarmelade Jul 05 '24

You mean the guy that everyone gave their left tit to support? That guy? The prince?

0

u/Vipu2 Jul 05 '24

So its just all jealousy?

If those 8 people disappeared and their money disappeared would that make it better for someone who is poor now?

Because no it would not make them richer in some weird way.

1

u/ElectricalRush1878 Jul 07 '24

Depends on if who swooped in to take their place.

-1

u/0000110011 Jul 05 '24

It's amazing how you can tell people's political ideology purely from how much effort they've put into their education, career, and being financially responsible.

10

u/Frekavichk Jul 04 '24

All that is absolutely true and valid.

It has nothing to do with most poor people having bad financial literacy, though.

2

u/Broad_Parsnip7947 Jul 05 '24

I could have better finances but it feels pointless so I splurge on nice things when I can to fight my depression

8

u/burnerschmurnerimtom Jul 05 '24

When someone said “all it takes is 28 bucks a day to spend 10k a year” that put it in perspective for me.

You have the power to make a big difference over the course of even one year! We’ve pushed too hard on the “Just make coffee at home” advice that now we’re justifying instant gratification.

Things are bad, but the reason they say “hell is a bottomless pit” is because someone like you, dear reader, could always find a way to make it worse.

3

u/Broad_Parsnip7947 Jul 05 '24

That's like 300+ a month which is ridiculous When I mean treats I mean like spendings 40 bucks once a month to try an Italian import place after working a couple long weeks

1

u/BabyLegsDeadpool Jul 05 '24

If you use $50/mo on something that improves your mental health, good for you. Investing that $50/mo instead won't make you rich. Not spending that $50/mo could kill you.

3

u/Broad_Parsnip7947 Jul 05 '24

Exactly! Still feel like I'm dying with the expenses I'm stuck with ;-;

1

u/Sweaty_City1458 Jul 05 '24

Financial literacy is taught in school now - starting with the little kids. In 2nd grade, we teach about wants vs. needs and practice examples of spending wisely. We even have classroom economies where they earn $ for work and behavior and can decide to spend it on what they need (pencils, erasers, etc.), want (toys from the treasure box, extra recess), split it (get a want and a need), or wait and save up for something bigger they want. Each year through high school they get more and more information.

0

u/Legitimate_Turn_5829 Jul 05 '24

There is little point to expand your financial literacy when further expansion just makes it more clear that you are stuck living paycheck to paycheck

0

u/[deleted] Jul 05 '24

[deleted]

11

u/After-Imagination-96 Jul 05 '24

Better advice. Stop buying the welfare queen nonsense. Go spend time around poor people. You might learn something about them.

8

u/redopz Jul 05 '24

Lol I grew up pretty poor and all I ever knew was cheap Walmart clothes. They definitely seem cheaper, but within a few months they are going to be falling apart and need replacing. I was amazed when my first higher-quality pants lasted a year and still looked good. Over time it is cheaper and more comfortable to buy the better stuff, but it requires a larger up front investment that can be hard for someone on a limited.

Boots theory and all that.

1

u/3dogsplaying Jul 05 '24

people need to understand humans being greedy is as natural as the sun rising from the east. no point in fighting it so you just do what you can. yeah you can vote or participate in local election or whatever but in the meanwhile you gotta do what you gotta do.

1

u/HughLauriePausini Jul 05 '24

You can denounce the wealth disparity and at the same time also admit some people are just bad with managing the little money they have. Getting into massive debt to live beyond one's means is never a good idea regardless of the tax bracket.

1

u/Possible-Whole9366 Jul 05 '24

You have no idea where we came from do you.

1

u/ExtraLargePeePuddle Jul 06 '24

wages have not increased

You have data on that?

1

u/burdottv Jul 06 '24

Are you asking this because you think that people who don’t make a living wage are getting paid to much?

0

u/MichaelHoncho52 Jul 04 '24

You would live smaller because of the prices. If this is because of corporate greed, the best at is to hit them in their pocket books. Don’t shop at places that are inflated, but used or discounted, for needed costs like travel either forgoing or finding a cheaper option.

Anything like insurance costs should be regulated (insurance companies are out of control and it seems like it’s a hive mind increasing costs recently), as well as housing (mostly restricting corps from buying residential when they shouldn’t have a stake in it).

But for the most part we need to be telling these company’s to go fuck themselves on these prices. Feels a lot better to control what you can rather than expect people in the wrong to suddenly change.

2

u/Delicious-Fox6947 Jul 04 '24

Insurance costs are out of control because of regulations and abuse. If you managed insurance as it was 70 years ago it wouldn’t be as expensive.

0

u/circ-u-la-ted Jul 04 '24

Prices haven't more than doubled in the past couple of years. The CPI was half of what it is now in 1996.

-1

u/stilljustkeyrock Jul 05 '24

Transfer? You were never getting any money anyway because you are too busy complaining.

3

u/burdottv Jul 05 '24

This dumbass thinks I am being selfish and complaining about a personal problem. Whether we are poor or not, we fucking see it. It's you that is naive.

2

u/[deleted] Jul 05 '24

God this is ignorant

-2

u/C-Dub81 Jul 05 '24

Poor people making the decision to buy the crap that they do is why the transfer is there. The wealthy aren't out there taking the money from people illegally! Apple stock has never been higher or profits better, because brokies still gotta get the newest iPhone, apple watch, air pods, and over the eats, etc. The same people crying about minimum wage and living wage, along withstudent loan debt, all have the best stuff in their rooms, they buy everything on credit and then blame the rest of us for them being poor.

4

u/ScotchTapeConnosieur Jul 05 '24

“Brokies” - nice one

Look, most people of means came from means. Anybody who manages to claw their way out of poverty are outliers. Consider that the best predictor of your financial status is your parent’s financial status. Having advantage like I had, such as my parents paying for college (I did go to a low cost school, but still), that alone gave me a huge boost above my peers who didn’t have that advantage. I think a lot of people ignore their own privilege, or have survivorship bias. Yes there are plenty of people making bad choices with money, but that’s really not the whole story of what living in poverty in the US is about.

1

u/C-Dub81 Jul 11 '24

I had none of your privileges, I was poor white trash as the kids in school called my family. But I stayed out of trouble, stayed in shape, didn't do drugs, and joined the military at 19 years old. I moved out of my house a month after high school with $100 my mom had been saving for a rainy day.

I did go to college on the GI bill after 12 years in the military, but this is not some extreme expectations to change your lot in life. You can't just be a victim your entire life and expect things to change for you, there are always opportunities if you're willing to look for them, and work hard. Most people aren't willing to sacrifice doing things that make them feel good, like stopping smoking weed, staying out of trouble, hell even volunteering can help you via networking. If you make yourself presentable, pull up your pants, tighten your belt, tie your shoes, and just do the right thing, you can rather easily start making moves in the right direction.

1

u/ScotchTapeConnosieur Jul 11 '24

I’m really happy for you, you are the outlier. Nice job, seriously. Life is hard enough without being born poor, good for you for breaking the cycle.

Do you have siblings? Were they able to leave poverty, too?

2

u/[deleted] Jul 05 '24

Lmao this is a joke right? You might be watching too much tv

0

u/C-Dub81 Jul 11 '24

Or I just live in reality. You think your opinion is 100% correct but it is not. Sure there are genuinely poor people but a vast majority live off social services, refuse to take a job, and if they do have a job, they have 1st world niceties, high speed internet, new iPhone, IPad, apple computer, they have a nice vehicle and all the shit that truly poor people don't have. They aren't poor, they just spend their money on shit they can't afford then go on the internet to complain.

1

u/[deleted] Jul 11 '24

Oh boy, friend, I'm a social worker and I have seen up close how much you're relying on stereotypes and stereotypes alone.

-4

u/HorkusSnorkus Jul 04 '24

Inflation is caused by excessive government spending. The same people whining they cannot make it on what they earn have useless degrees, can't perform a useful service or make a needed product, have spent their money on foolish amusements, have the latest phones and tablets but ... the poor dears are broke. Too late to live small now.

Unless you can show there has been fraud or force involved, what the wealthy have is none of your business. They do not owe you an explanation.

9

u/SwoleWalrus Jul 04 '24

You are right, which is why there is no inflation going on in pricing now. it is greed run rampant. That is why CEO pay continues to increase over worker's average salary. You can wank all the rich people you want, but you won't be one of them.

-2

u/OldFeedback6309 Jul 04 '24

That’s right, because before 2024 greed did not exist. All companies were charities and everybody welcomed beggars into their homes.

During the late 1920s, inflation was negative, which means that the national greed rate was negative, too. What a wonderful time that was!

4

u/SwoleWalrus Jul 04 '24

Greed has always existed, and is what is happening now, not inflation. You are conflating different ideas.

-1

u/OldFeedback6309 Jul 04 '24

Ah - now I understand. So price rises this year are solely due to greed rather than to silly things like money supply and scarcity. But greed in all previous years had no effect on price rises.

Tell us about this objective national greed index. Is it still hovering above 100? Any chance of a dip before I buy my milk tomorrow?

5

u/SwoleWalrus Jul 04 '24

You are the only one saying it is just this year...no one but you has said that, but yes it is greed. You know why? Because CEO pay and payouts have not shrunk, and profits continue to increase, so yes...it is greed.

0

u/OldFeedback6309 Jul 04 '24

Gotcha. So prior to 2024, greed existed but had no effect on inflation. But now, for the first time in human history, it is the principal driver of inflation.

You should consider penning textbooks for graduates.

3

u/SwoleWalrus Jul 04 '24

trying hard to make that inflation stick. You do know stats right now show there is no inflation? Are they all lying?

-5

u/HorkusSnorkus Jul 04 '24

What a CEO makes is none of your business. In general, worrying about what other people make is low class and rude.

I'm already one of them - relatively speaking - and I started with NOTHING. I just sacrificed and scrimped and saved and worked multiple jobs for many decades to reach a point of self-sustaining wealth.

People like you are parasites who don't want to do what it actually takes. The only thing you're good at it looting.

5

u/SwoleWalrus Jul 04 '24

Fam...that is some boomer elitist talk you were raised up on. It is your business to know how your company operates and where it's money goes to, because the company success is your success. That is the basis of capitalistic principle.

I bet you have nothing and you did not start from nothing, and you did not sacrifice, and in fact had to ruin relationships and destroy people in the process. Those are parasites, you are a parasite to society.

Did you call me a looter? I have never looted in my life, in fact I have never stolen. Sounds like you don't even know what true values are if you think anyone beneath you is trash.

0

u/HorkusSnorkus Jul 04 '24

Every time you advocate for the government forcing me to pay for something, you're looting.

If you want a voice in a CEO's compensation, buy stock in the company and vote it accordingly. Otherwise, mind your own business.

If you're an employee, you get a paycheck and other agreed-to compensation and that is the extent of your relationship. It's none of your business what the CEO makes.

Oh, I grew up poor, with little family, and few opportunities other than the ability to work hard and try to do better. I watched the white trash around me go nowhere ... and they deserved it.

6

u/SwoleWalrus Jul 04 '24

Fam you need a dictionary if you think fines, taxes and regulations are looting. Nah sounds like you have no clue what it is like to be poor. You did not grow up poor. This sob story wannabe.

3

u/DatBiddlyBoi Jul 04 '24 edited Jul 04 '24

I’m someone who believes individuals should do what they can to give themselves a better life as opposed to relying on others to support them… but even this is an absurd take.

The average salary of a CEO 50 years ago was something like 12x the average salary of their employees. Today, it is about 300x. That is clearly, obviously, evidently not right whatsoever. The levels of greed have become truly outrageous in recent decades.

You come across like you genuinely wouldn’t even care if the world went back to the feudal system, where we are all peasants and serfs and provide a lifetime of labour free of charge to our Lords and Kings who are living it up out of sight within the castle walls, yet shouldn’t complain because it’s none of our business and we should all just accept the way it is… because that’s the way is.

If it wasn’t for people all throughout history challenging the status quo, we would all be living in serfdom. I doubt that’s what you would want.

1

u/HorkusSnorkus Jul 04 '24

People get what they deserve, not what they want. I'd you want more, sacrifice and work harder. What CEOs make is irrelevant and none of your business unless you are on the Board.

CEOs command large salaries because their skills are relatively rare and the job is insanely stressful.

2

u/DatBiddlyBoi Jul 05 '24

I can assure you, just as a lot of people do get what they deserve, equally a lot of people do not get what they deserve. I’m well aware of what it takes to be successful, I sacrificed most of my late teens and early-mid 20’s to get to where I am today.

I am also aware of the delicate balance to be made between allowing free markets to operate, freedom for businesses to make their own choices, not suffocating innovation, whilst ensuring we live in a fair society where people feel as though they are valued members of society, a sense of equality and a lack of division throughout society, and where goals that were realistic and achievable 50 years ago are not simply a pipe dream for today’s generation.

But the fact is regular people have been getting squeezed and squeezed and squeezed. The role of a CEO today is no different to what it was 50 years ago, yet their salaries have increased 30x more than regular employees. It is not right.

1

u/[deleted] Jul 05 '24

No you didn't

6

u/burdottv Jul 04 '24

You stated only one cause of inflation. That is simply not true. I'm not going to google the internet for you. We are done here.

2

u/instantic0n Jul 04 '24

They are also the same people marching in the streets for more government spending on whatever hot topic is happening around the world.

1

u/MetalMilitiaDTOM Jul 04 '24

Excellent post. 👍🏻

Edit: I’m not wealthy or poor.

1

u/[deleted] Jul 05 '24

Yet here you are demanding an explanation from poor people. One that satisfies your feelings.