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Reddit has become a guide to personal finance

qz.com

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Re: Reddit has become a guide to personal finance

#11

Post by mateuszf »

tonyedgecombe wrote: post #8
TulliusCicero wrote: post #4

Earlier quoted context omitted.

Yes, the advantage of Reddit is that you can more easily see the group consensus on an issue, as well as differing opinions (as long as those differing opinions aren't considered so extreme/wrong that they get heavily downvoted, which is certainly possible).

The group consensus seems to be to get the largest mortgage your bank will give you, buy an oversized car on a 7 year contract plan and fritter the rest on beer and takeaways. The best financial advice is usually drowned out by the consensus.

However the group of all people in society and group of people interested in personal finance proactively finding and using these subreddits are different.

Re: Reddit has become a guide to personal finance

#12

Post by TulliusCicero »

levosmetalo wrote: post #5

What's wrong with that? I find many people are more comfortable to share private information and seek advice anonymously on the internet than face to face. And in this anonymous stranger setting, many people are actually more inclined to give a good/harsh/honest advice than in face-to-face conversations.

As shown in the article, there's nothing wrong with that. In fact, it's a very good thing.

Re: Reddit has become a guide to personal finance

#13

Post by joaodlf »

tonyedgecombe wrote: post #8
TulliusCicero wrote: post #4

Earlier quoted context omitted.

Yes, the advantage of Reddit is that you can more easily see the group consensus on an issue, as well as differing opinions (as long as those differing opinions aren't considered so extreme/wrong that they get heavily downvoted, which is certainly possible).

The group consensus seems to be to get the largest mortgage your bank will give you, buy an oversized car on a 7 year contract plan and fritter the rest on beer and takeaways. The best financial advice is usually drowned out by the consensus.

Nonsense. This is the polar opposite of what anyone in personalfinance subreddits will recommend.

Re: Reddit has become a guide to personal finance

#15

Post by dharma1 »

joaodlf wrote: post #3

Yes! I have learned tremendously about personal finance from ukpersonalfinance. For anyone based in the UK, please go and read the content at https://ukpersonal.finance/ , it is invaluable for your future. Financial literacy for the millennial generation is my #1 recommendation for general life improvement. It doesn't matter what situation you are in: in debt; with lots of savings; lack of credit options; etc... You…

Seconded. You get generally quite well-informed discussion on /r/UKPersonalFinance, no pushing products or shallow reviews which is what you get if you try to Google same type of content.

Also the discussion is two way, so you get to ask questions without paying hundreds to an IFA. In some instances you probably should speak to an IFA (or an accountant) for a holistic overview of your particular situation, but redditers are quite quick to point that out too.

Re: Reddit has become a guide to personal finance

#17

Post by neuronic »

djhworld wrote: post #16

UK folk should head to https://www.reddit.com/r/UKPersonalFinance/ I've always been interested in personal finance, but this community has helped me learn new things and everyone is very supportive.

Germany:

https://www.reddit.com/r/finanzen/

Re: Reddit has become a guide to personal finance

#18

Post by freetonik »

djhworld wrote: post #16

UK folk should head to https://www.reddit.com/r/UKPersonalFinance/ I've always been interested in personal finance, but this community has helped me learn new things and everyone is very supportive.

Europe in general https://reddit.com/r/eupersonalfinance/

Re: Reddit has become a guide to personal finance

#19

Post by Jlively22 »

djhworld wrote: post #16

UK folk should head to https://www.reddit.com/r/UKPersonalFinance/ I've always been interested in personal finance, but this community has helped me learn new things and everyone is very supportive.

Canada: https://www.reddit.com/r/PersonalFinanceCanada/

Re: Reddit has become a guide to personal finance

#20

Post by ace32229 »

LatteLazy wrote: post #14

Reddit is a weird mix of mechanical-turk-search-engine and social media lite. It doesn't do anything except facilitate people doing things... To be clear, I'm not criticising reddit. I'm just saying, reddit isn't doing this, reddit is a tool for people to do this.

Facilitating people doing things isn't valuable?
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