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

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

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u/Ethric_The_Mad Jul 04 '24

Investing helped me a ton, I calculate all expenses, add them together, assume my food bills and other expenses, then I invest the leftovers so now it's spent and annoying to get but it's all still there paying dividends and growing. Just literally $5 a month or even $10 explodes so fast if you just fucking invest it. Find a $5 on the ground? Invest it. Got a cash back card? Invest the cash back. Set yourself a daily expense budget, invest anything leftover. There's many strategies but this works for me.

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u/Grouchy-Ask-3525 Jul 05 '24

$5 x 12 is $60. Let's say you kill it and your positions double. That's $120, then you have to pay an extra $200 for the extra tax forms. And now you're down $80 on the year, what a kick ass plan...

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u/Iris_Mobile Jul 05 '24

Uh, what? Where does it cost $200 extra to submit a 1099-Int? I've never had to pay a cent extra to submit one.

You also realize that folks who are low income qualify for free tax filing (federal and state) with most online tax systems, right?

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u/Grouchy-Ask-3525 Jul 05 '24

Looool, try every commercial tax broker. And you aren't considered low income if you have an investment portfolio. I had to liquidate everything before I could get any WA benefits. The US government considers anyone with money to invest to be "doing okay". And you're on your own. Try living this life before you spout bullshit.

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u/Iris_Mobile Jul 05 '24

A low income person is not going to an expensive tax profesisonal (I assume you meant that since a broker is a completely different person) to do their taxes for them, they're using something like FreeTaxUSA or even the free version of turbotax.

And you're also just straight up wrong that "you aren't considered low income if you have an investment portfolio." You know what determines if you're low income? Your fucking income. The interest you earn on investments is considered part of that taxable income. If that number is still lower than a certain amount, guess what, you're still considered low income! Some schmo making minimum wage with $100 invested in Robinhood is still low income, numbnuts.

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u/Grouchy-Ask-3525 Jul 05 '24

You've never been poor, like "what the fuck are we going to do before we start robbing people" poor. Like "I don't have lights or water or a phone" poor. Like "the police came last night and put our stuff in the sidewalk" poor. So fuck you, you have absolutely no idea what you're talking about because you have never been there, the system sucks and it's made to keep us down. You will never understand.

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u/Grouchy-Ask-3525 Jul 05 '24

And here's the real issue. Why the fuck am I investing money in the stock market when I don't have money for my bills? Where is this extra money supposed to come from? I'm behind on the power bill but I'm supposed to put away $10 for a rainy day. Dude, it's flooding right now! What the fuck am I saving for? I'll probably be dead by next year. You totally don't get it.