Quick Gems about Personal Finance

[mamba]

Brehs and brehettes,

We really need to boost our personal finance knowledge as a people. In the midst of all the fukkery on the board, let's work to share personal finance nuggets with each other.

Know of a good online savings bank? Share with the brehs and brehettes.

Know of a good index fund? Share with the brehs and brehettes.

Know of any good personal finance apps? Share with the brehs and brehettes.

I'll try to update this post with a list of topics and links to insightful posts inside the thread.

To the young brehs and brehettes (in college and younger), please soak up game. Your parents may not teach you all this shyt, so pay close attention.

Eat.

Good Financial Websites

Compare Best Credit Card Offers | Car Insurance | CD Rates | Savings

 

[mamba]

Get your money out of weak ass brick-and-mortar savings accounts. They are paying fractional pennies on the dollar. Rates hovering around 0.01-0.02%.

An index fund that tracks the S&P 500 is a better place to put your money. Just make sure the expense ratio is low.

Vanguard has some good index funds.

 

[Shadow King]

 

[MaxBundles]

Know of a good online savings bank? Share with the brehs and brehettes.

American Express Bank Online Savings Accounts & CDs | American Express Personal Savings
Best interest rate you will find. Been using this and been putting other brothers on. Definitely check it out

 

[BocaRear]

1st thing you should do when you get your paycheck is PAY YOURSELF which means put money out of your paycheck and save it

2nd thing is to live below your means, if your bills are too high and you're living paycheck to paycheck you're living above your meaans
if you can't buy it twice, don't buy it once is a key one and a rule I been following.

3rd thing, Once you got money saved you got capital and with capital you make your money work for you. Saving is all good but with inflation and low interest rates at banks, it really ain't shyt. You got to make that cash make more cash.

I recommend every breh to listen to The Richest Man In Babylon audiobook. shyt is piff

 

[MikelArteta]

Get a life insurance policy when your young and premiums are cheap.

You want to know why cacs are ahead? A cac dies and his life insurance policy is paying for his funeral, paying off the mortgage and leaving gwap for his children's children.

Ill always remember my dad's friend was a life insurance salesman , I thought he was a snake oil salesman always telling my dad to get a life insurance policy etc.

Dude died of a heart attack in his 40s, but had a 3 million dollar life insurance policy and his two kids and wife got a mill each.


Prepare brehs even if its like 50k, don't die and let your family have to open a go fund me

 

[Neuromancer]

Some one sticky this.

 

[CinnaSlim]

A rule of thumb was to tithe yourself. Put away at least 10% of any income you get.

Acorns app is a good easy way to save and invest for beginners.

1. Pay yourself first.
2. Pay your bills. (on time)
3. Budget the rest.

Dont lend money. Only give away what you will not miss. This way you wont have to chase down people to pay you back.
I do this and I know who my real friends are. Those who pay me back have developed a "credit history" with me and I become more willing to give them more.

 

[mamba]

American Express Bank Online Savings Accounts & CDs | American Express Personal Savings
Best interest rate you will find. Been using this and been putting other brothers on. Definitely check it out

Goldman Sachs' online bank is doing 1%. Just slightly better than AmEx. But, I'm sure AmEx has a mobile app. Goldman Sachs doesn't have an app.

GS Bank | Online Banking | Savings and CD Accounts

 

[BocaRear]

Dont lend money. Only give away what you will not miss. This way you wont have to chase down people to pay you back.
I do this and I know who my real friends are. Those who pay me back have developed a "credit history" with me and I become more willing to give them more.

Major key ,

lending money to people that are close to you just makes things a whole lot more difficult.

How you gonna give 300 to your friend and when you want your money back they're gonna feel like "but we're friends tho "

you can't mix business with pleasure

 

[Billie Jean]

1st thing you should do when you get your paycheck is PAY YOURSELF which means put money out of your paycheck and save it

2nd thing is to live below your means, if your bills are too high and you're living paycheck to paycheck you're living above your meaans
if you can't buy it twice, don't buy it once is a key one and a rule I been following.

3rd thing, Once you got money saved you got capital and with capital you make your money work for you. Saving is all good but with inflation and low interest rates at banks, it really ain't shyt. You got to make that cash make more cash.

I recommend every breh to listen to The Richest Man In Babylon audiobook. shyt is piff

10 min in and book sounds promising already

I would also add that you need to get out of a certain psychological state that blocks progression. Forgetting the jones' and your pride etc. Admitting that you need to finance and count every penny is as important as the money you're putting away.

 

[It is a mystery]

Anyone read rich dad poor dad?

 

[Pool_Shark]

One thing I've had to learn recently is that you can't outwork bad money management. I was always focused on if I had more money that would fix my problems Don't think your going to make a bunch of money and all your problems will be solved.

 

[Kuwka_Atcha_Ratcha]

bvut when I made this exact thread it got ignored.

 

[OPTiMO]

Bring lunch with you to work. Don't spend money when your co workers wanna order takeout and shyt..

That's all I got.