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The one universal piece of money advice is "Spend less than you earn, and put the difference somewhere that earns interest." Most articles, recognizing this un
by bloaf 8y ago
The one universal piece of money advice is "Spend less than you earn, and put the difference somewhere that earns interest." Most articles, recognizing this universal truth, go on to propose ways of spending less and saving more efficiently. The author of this piece, having reduced his spending as low as reasonably possible, actually just needs advice on how to earn more.
- zozbot123 8y agoThe actual universal advice is "use that difference to pay down your existing debt, highest interest rate first. Then, after that stops being worthwhile, put your money at work." Special cases may apply - you always want a rainy-day fund, no matter what (even just the lack of stress around finances that comes with not living hand-to-mouth makes it a no-brainer) and some debt should perhaps not be paid off immediately - but I'm pretty confident that the gist is correct.
- Gibbon1 8y agoWhen I was dead broke that's what I did. Reduced expenses and then focused on bringing in as much cash as I could sustain. Towards the end of that people on 6th street stopped asking for change and instead would say things like, do you know if check day is Friday or Monday this month. That question was when I realized I needed a new jacket.