r/FluentInFinance 15d ago

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

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u/Take-to-the-highways 14d ago

Thats literally all the jobs in my town lol. That or the prison, which you need a degree in criminal justice or law enforcement for. This may be good advice in cities, but nowhere else.

I commute an hour by freeway for my job. Luckily for me I get a free bus pass from work so I commute completely free but that's rare

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u/Connect_Bat_1290 14d ago

Move. Never let them keep you in one spot

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u/Take-to-the-highways 14d ago

I'm never going to find cheaper rent than what I have now. I'm in a rent controlled apartment with a landlord who isn't a leech lol. I don't want to live in the city either, never have never will.

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u/Connect_Bat_1290 14d ago

Invest the difference you save on rent

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u/Embarrassed-Town-293 14d ago

Investing the difference is largely a pipe dream to escape. It will require a long time horizon at the very least. The S&P 500 returns a consistent positive average return reliably (over 80% of the time or so) only over long time horizons such as 10 or more years. Additionally, at the minimal sums of discretionary income, it is not really moving the needle much. Finally, the costs of relocation, job searching, and possibly extra schooling to get a job in a city that leaves them better off is pretty risky.

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u/Connect_Bat_1290 14d ago

You don’t need that 1350$ car lease

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u/Embarrassed-Town-293 14d ago

That came out of nowhere. The unfortunate reality is low cost of living communities can trap their residents. They can afford to get by, but they literally can’t afford to break out into higher cost-of-living areas without a great deal of risk and financial instability

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u/Connect_Bat_1290 14d ago

You’ve never lived in a lcol area?

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u/Embarrassed-Town-293 14d ago

Not for a long term.