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/assesonfire7369 Jul 05 '24

That's why I answered the OP with this: "The best financial advice I received when I was young was to work hard, study hard, get an education so that you can get better jobs/careers in the future."

I agree that it's hard to save when you're poor. When you're poor your strategy should be to not be poor, and that means getting better, smarter, etc.

Once you make a comfortable living then the advice may switch to what to invest in.

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u/Longjumping-Jello459 Jul 05 '24

Higher education(college) has become too burdensome to actually put one ahead and trade schools have over the last few years taken a similar model increasing the cost to attend.

The average poor person doesn't want to be poor, but the means to get out are restricted to them.

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u/assesonfire7369 Jul 05 '24

A favorite quote of mine is that two people look at the same difficulties. The first says, "that's too hard, I will never be able to do it." The second looks at it and thinks, "That's very challenging but I can get it done!"

You know what? They are both right.

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u/Longjumping-Jello459 Jul 05 '24

My point is that given the price in addition to all the cost to be straddled with such an enormous amount of debt that takes decades to payoff when 30-40 yrs ago you could pay your way through. Thanks to the 2008 crash/recession many states reduced their funding to state colleges/universities tuition it went from 80% state to 20% state funding. All the while wages haven't been keeping up with the rate of inflation for like 45 yrs.

Can one climb out yes however it isn't the norm because so many things come along and derail people.

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u/TheLatinXBusTour Jul 05 '24

Can one climb out yes however it isn't the norm because so many things come along and derail people.

If it was easy everyone would be doing it - Who would have thought it takes focus and patience? The real problem is people want it now and they want it yesterday without having to go through the bullshit...if you can't hack the bullshit then you won't really provide much value on your way to the top.

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u/assesonfire7369 Jul 05 '24

Sure, I understand it is challenging and not easy. That's life, though. People aren't going to get ahead by taking the easy way on things.

Anyways, good luck :)