Is there anyone in here I can trust to give financial advice ?

rpbanker · 2016-11-25T02:13:16+00:00

I'm a banker for America's largest bank and a personal finance author. Here's what I've learned, over 47 years (in no particular order):

1) Make more than you spend.

2) Pay yourself first (save for emergencies, investing, and retirement).

3) Pay your bills promptly.

4) Have and keep good credit. Having bad credit costs you more on everyday things and removes options.

5) If you work for a company that offers a 401(k), you need to contribute up to the point they match you, or you're an idiot.

6) The value of a thing is what the market will pay for it.

7) If your income sucks, add another job, or make yourself marketable to change the one you've got.

8) Avoid expensive addictions.

9) Nobody beats index funds. For a couple of years, maybe, but not forever.

10) Make a plan. If that fails, make a new plan.

11) Budget your money. If you like collecting Star Wars action figures, put that in the budget so you don't feel guilty about spending money on them.

12) Don't get married.

MattyAnon · 2016-11-25T08:33:40+00:00

Don't trust ANYONE for financial advice.

All the financial advice I've received has been crap - even from professionals.

Primarily get good at your career. Get your head around investments and how it all works. Most advice is bullshit.

Having said that, do absolutely everything u/rpbanker says except caveat on 5 - if it's a company's own retirement fund then don't invest in it. Too many companies have raided their own retirement funds and ripped people off. You should have your own retirement fund that YOU own. Established retirement funds are fine. Company owned ones are not.

re saving and moving around:

I move around a lot. You should have 3-6 months of cash in liquid funds to cushion your income. Witihout this you lose options. You should be trying to build up property or other investments. Work on your career or mission primarily.

Title	Is there anyone in here I can trust to give financial advice ?
Author	[deleted]
Upvotes	1
Comments	3
Date	November 25, 2016 12:39 AM UTC (9 years ago)
Subreddit	Posted in /r/askTRP
Original Link	https://old.reddit.com/r/asktrp/comments/5equls/is_there_anyone_in_here_i_can_trust_to_give/
Archive Link	https://theredarchive.com/r/askTRP/is-there-anyone-in-here-i-can-trust-to-give.183035 https://theredarchive.com/post/183035

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