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Yes, I know. They don’t understand what they’re doing very well though. Education will affect their net worth massively.
by Moodles 7y ago
Yes, I know. They don’t understand what they’re doing very well though. Education will affect their net worth massively.
- tempsy 7y agoThere’s a difference if you’re sitting on $100K in cash earning nothing or a few thousand to use for living costs. If the latter then investing in stocks is actually not very prudent.
- Moodles 7y agoHence why I said to follow the flowchart.
- tempsy 7y agoI also think the reddit personal finance crowd is way too focused on how to invest their existing money when almost everyone would be better off figuring out how to make more money from their day job than worrying about whether they can make 4% here vs 5% there from their existing savings. Perhaps less true if you have a large savings of over $1M already, but otherwise no.
- thrower123 7y agoOr cutting extraneous expenses. It's cliche, but really, making your own coffee and packing lunch can save $20-25 a day. That adds up fast.
- tempsy 7y agoTrue, though I’m in the camp of “make enough money where I don’t have to feel guilty spending money on food”. If you’re more income strained then yes though.
- deleted 7y ago[deleted]
- mateo411 7y agoThis is true, but it's also a good thing to go to lunch or have coffee with other people. You'll get personal enjoyment out of it, and if you are talking shop, the relationship you build could offset the savings of packing your own lunch. For example it's common that you will regularly have lunch with a work colleague, and then later they will recruit you to work at another company. Or they will give you insight on how to get support behind your project at your current company.
- thrower123 7y agoThat might work for some, but lunch is also one of the few blessed hours of the day that one can get the hell away from other people and be alone. It's an invaluable battery and sanity recharging time.
- Moodles 7y agoOk. It takes an hour though and it’s not particularly hard. I just wanted to answer OP’s question.
- SuoDuanDao 7y agoIs there a flow chart for figuring out how to make more money from one's day job? I've heard this line of thinking before but people are always frustratingly vague about the income side of things.
- bsanr2 7y agoConfirming. In college, I received what I thought was a decent windfall for a young adult (and what was roughly what people say should be enough to "get started" investing). I invested it. This was just after the rally post-recession had hit its apex. Fast-forward 3 years later, when I've been laid off. Well, now I need that money, but the stock is worth less than when I bought it. I don't make enough to itemize taxes, so I can't even do anything with the loss. Welp. I'd have been better off just letting it sit in a bank. When you're a normal American - increasingly lower-"middle class," if that, these financial schemes are worthless to you. You're in perpetual survival mode. But try to convince wealthy capitalists to pay the average worker enough to allow them to actually be in control of their financial destiny. You'll be laughed out of the room.