What are some good financial guidelines to live by?

I don't buy something unless I really need it and I will spend more on quality over buying cheap
 
-Only ball up widda mandem if u grow your own weed don't be selfish neither fam never know if ur brokeazz friend finna get a record deal 🗣️💨👨‍🌾

-Always order McDonald's from di app in person is fi dem goofs n geezers fam 🗣️📠 20 sack of nuggets and 2 fries $7 fam stack dem points u can pair it wid 2 mcdoubles buy 1 get 1 for a buck ting a secret coupon works for McChicken, Big Mac (di sandwich), Filet o fish n all dat too fam applied automatically widdat u got a meal for 2 kids n 2 adults fi $12 every 2-3 days u use dem points like cash back for a McFrap ☕

-Get your groceries delivered ting a waste of tayum u could be grinding instead fam fr brown skins runnin' di game rn have ur grocery in front of your door in like 25min fam swear down 50 items don't matter fam mandem QUICK 🚫 🧢🛒 🏃💨
 
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You might not be gay, but $20 is $20
 
You will make a higher return on yearly net by being a conscientious shopper than you would investing 10, 20, 50k in a index fund. Not saying you shouldn't invest but for the average person, smart buying habits return more yearly net income.

Credit cards are amazing if you pay them off monthly.

There is no such thing as "house money". Any money you can cash out is yours
 
It's better to born in rich af family
 
spend less than you make…
 
Don't date or marry a poor person or anyone who makes good money but spends needlessly.

Put at least 15% of your income towards savings / investments / retirement.

Pay off your monthly credit card balance. Use the card to build credit, no worries in putting a small purchase on it but pay it off ASAP.

As you earn more money DO NOT increase your spending proportionately. Eventually earning a solid income doesn't mean you should trade in that Camry to take on a $750 / month car note because you can.
 
Jackonfire said:
Avoid eating out. Buying ingredients and cooking at home will save you a lot of money.

Will it though? Time is money and it takes quite a bit of time to go to the store, buy what I need then drive back home, prepare the meal, then clean up the mess. And all those steps also cost actual money whether its fuel for my vehicle, gas to cook the food or water to clean up the mess. There's costs attached every step of the way.

I don't know who Dave Ramsey is but if this is his advice, then I don't need to know.
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10 bucks for a six breast sleeve of chicken. Olive oil in a baking dish. 10 bucks for like 50 uses. Some seasoning. My preferred one is 10 bucks, probably 20 uses. Oven at 350. That’s five days of food for most. I’m bodybuilding so that’s two days of food and maybe a half hour of effort total. Throw in greens of some sort and you’re done.
 
Bornstarch said:
Post some good financial advice to live by. The younger you are when you start following these, the better.

I got most of these from listening to Dave Ramsey.

Never buy a brand new car, unless your net worth is over 1 million US.
I think the rule of thumb is buy a 5 year old vehicle, not a truck. Buy a Toyota Corolla over a Camry. Never buy a GM or European car.
Never buy a brand new phone. Buy a phone that's 2 years old.
Put 15% of your income into a matching 401k provided by your workplace if they provide it.
Never buy/rent a home/apartment that costs more than 1/4 if your gross monthly income.
Avoid eating out. Buying ingredients and cooking at home will save you a lot of money.
Have a 3 month emergency fund.

What else are good financial habits?
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This is terrible advice IMO, almost the opposite of what I follow:

Always buy a brand new truck once the old one has exceeded its useful life span. Never buy a car, as it has very little utility.
Always buy a brand new iPhone every few years. As much as it is used, it should be the best since the overall cost is so low.
Many people cannot put 15% into their 401k because that would exceed the 23k maximum yearly contribution
Using 1/4 is an awful ratio. If your income is 4MM annually, there is nothing wrong with having a housing loan of 1/3......
Eating at home could save you some money, sure.
I would hope 3 months is a minimum.
 
Never borrow money unless it's to make money and you can absorb the loss.

Never buy anything unless you can afford to buy it twice.
 
Jackonfire said:
Avoid eating out. Buying ingredients and cooking at home will save you a lot of money.

Will it though? Time is money and it takes quite a bit of time to go to the store, buy what I need then drive back home, prepare the meal, then clean up the mess. And all those steps also cost actual money whether its fuel for my vehicle, gas to cook the food or water to clean up the mess. There's costs attached every step of the way.

I don't know who Dave Ramsey is but if this is his advice, then I don't need to know.
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They deliver groceries, you can have your shopping list saved. You can make food for a family in under 30min easy. A meal for my family is gonna cost a lot more from takeout. Also it's full of sugar and salt from takeout with often shit ingredients.

Then there's the enjoyment of seeing food you've cooked enjoyed etc.

To me the cost of takeout is way more. At least so that takeout can't be more than a weekly thing.
 
Learn how money works and learn all the different options out there. Then figure out how each can benefit you.
 
- Buy everything you absolutely can in cash. Use cash to make cash. Pay someone to invest for you (guided investing), you are unlikely to beat the market. If you have a 401k, max it out if you can. Same with HSA, you’re gonna get sick one day. But, really, this is simple advice. You should ask why to everything, research and run a cost/benefit analysis. What are you giving up to get something? Be critical of your time first, money second. The first ALWAYS leads to the second. The first is also finite, money to a much lesser extent.

- Do not trust anyone, even relatives, with your fucking money. Good god. Just don’t do it. If you want to give, give once and be done. If you want to indemnify someone at no cost, the burden is on them to manage themselves. Most people who live crappy lives (without intense external influence) are because of a lack of will in my own experience. It all may be confirmation bias.
 
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Cheshire_Rat said:
- Buy everything you absolutely can in cash. Use cash to make cash. Pay someone to invest for you (guided investing), you are unlikely to beat the market. If you have a 401k, max it out if you can. Same with HSA, you’re gonna get sick one day. But, really, this is simple advice. You should ask why to everything, research and run a cost/benefit analysis. What are you giving up to get something? Be critical of your time first, money second. The first ALWAYS leads to the second. The first is also finite, money to a much lesser extent.

- Do not trust anyone, even relatives, with your fucking money. Good god. Just don’t do it. If you want to give, give once and be done. If you want to indemnify someone at no cost, the burden is on them to manage themselves. Most people who live crappy lives (without intense external influence) are because of a lack of will in my own experience. It all may be confirmation bias.
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Investing can be done on your own, you can learn that stuff and not be bothered..... much

you can do the bare minimum, as you say, you wont beat the market, so.... invest in the market, simply put your own money on vti or similar, total market ETF. Do this every month, watch it grow, but not only that, you get a sense of how pricing works. As time progresses, you can improve your entry points, as time progresses, maybe you try your hand with other stocks and learn about what works and what doesnt. Using assets to make more assets can be life changing.
 
chardog said:
Investing can be done on your own, you can learn that stuff and not be bothered..... much

you can do the bare minimum, as you say, you wont beat the market, so.... invest in the market, simply put your own money on vti or similar, total market ETF. Do this every month, watch it grow, but not only that, you get a sense of how pricing works. As time progresses, you can improve your entry points, as time progresses, maybe you try your hand with other stocks and learn about what works and what doesnt. Using assets to make more assets can be life changing.
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You are definitely correct. I generally am soo busy that it’s worth it for someone to manage it. There’s a lot of nuance that I think the general person may not invest in. I like to learn so I try and absorb as much as I can about it. There are a plethora of greater minds than mine to pick.
 
If you get advice from someone working at your bank, they will almost always try to put you into their mutual funds.

This advice is optimal for THEM, not you. It may be ok for you, but it won't be optimal. The banks get commission and management fees.
 
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