3 ms·
> Understanding taxes, the importance of savings and baseline personal finance literacy. Ok, what could be a good resource for this? The problem with finances
by mamcx 7y ago
> Understanding taxes, the importance of savings and baseline personal finance literacy.
Ok, what could be a good resource for this? The problem with finances is alike eating: You get so much talk from shaddy "experts" that is hard to see where the good info is.
- deadbunny 7y agoI know enough about taxes to hire an accountant. The Reddit r/personalfinance sub is a well moderated place (no shady experts shilling nonsense). Take a look at their wiki[1] for a good jumping off point. There are also country specific pf reddits listed in their wiki if you're not in the US. The basic jist of things is: 1. Create a budget, go through the last few months of bank statements and categorise your spending 2. Pay down your debt (starting with the highest rate first) 3. Save 3-6 months expenses (which you know from your budget) as an emergency fund. (This does not need to all be accessable immediately just available, say 80% in a savings account with 30 days notice) 4. 2 & 3 should be done at the same time, it might not be mathematically the best but paying all your debt off and then being fired/made redundant without a cushion is not good. Then once you've got a handle on the pf stuff, think about r/financialindependence or r/fire 1. https://www.reddit.com/r/personalfinance/wiki/commontopics https://www.reddit.com/r/personalfinance/wiki/commontopics
- jackdeansmith 7y agoThe personal finance subreddit is extremely good and has accessible wiki articles about the most common topics. The "Prime Directive" is a good place to start: https://www.reddit.com/r/personalfinance/wiki/commontopics https://www.reddit.com/r/personalfinance/wiki/commontopics. There's also a flowchart which works well for 90+% of people: https://i.imgur.com/lSoUQr2.png https://i.imgur.com/lSoUQr2.png