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Reddit has become a guide to personal finance

qz.com

41–50 of 417 posts

Re: Reddit has become a guide to personal finance

#41
post #23

I think a much bigger point can be summarized with this sentence from the article: > Seven of the top ten results are trying to sell you something, which really makes you question the objectivity of the advice. This is true when searching for pretty much everything in Google nowadays, that's why if you're looking for any info, searching on reddit usually yields much more objective and generally better results.

> that's why if you're looking for any info, searching on reddit usually yields much more objective and generally better results.

Agreed, I often default to Reddit or HN for a lot of stuff although there are an increasing number of obvious adverts disguised as genuine posts (see r/hailcorporate for some examples).

More difficult to spot are marketing firms who curate a bunch of fake accounts, make them seem like "real people" by posting random content but interspersing this with subtle ads. There was an AMA recently from someone working at a firm that does this, they even gave their accounts personalities by posting in specific related subs (e.g. hiking, outdoors) in order to advertise boots. Unfortunately I can't seem to find it now, but still my point is that even though Reddit generally leads to better advice take it with a grain of salt.

Edit: Found it, wasn't an AMA but just a comment: https://old.reddit.com/r/pics/comments/f9rjh0/he_dressed_up_...

Although I don't see a reason not to trust this comment, the line about "we have seen great success with this method" had me wondering how they measure the impact of this strategy? It seems this would be quite time and effort intensive, therefore expensive. How do they know they can attribute sales to this since presumably they aren't providing affiliate links as that'd be too obvious?

Re: Reddit has become a guide to personal finance

#42
post #22

People incentivised by karma systems seem to create better information sources than when they’re incentivised by money. Think about how often you turn to Stack Overflow, Reddit, forums (Whirlpool in Australia) over AdSense/affiliate blogs. The latter are almost always biased and essentially misleading.

Well; more than anything else the incentives around financial advice are so terrible that it almost can't be paid for.

The financial advisers are dealing with people who are so bad with money that they don't see problems with spending more than they earn or taking on debt for things they don't need. The incentives for anyone profit motivated is to take their money and move on. No point offering any useful advice; it just cuts into the margins. Ideally, sell the client complicated financial products.

The typical person paying for financial advice is basically putting a sticker on themselves that says "I'll buy anything; try and sell me a bridge!".

Re: Reddit has become a guide to personal finance

#43
Reddit is truly amazing, such that I've mostly replaced my usage of hackernews with it. I have serious issues with anxiety, and the inability for me to filter out content related to "current news" aka "clickbait fear mongering" means when I surf hackernews for too long I'll be upset for hours afterwards as I'm riled up with current events rewritten as FUD.

Reddit can be filtered by subreddit, so I've got a view with no FUD. Also as a personal finance hobbyest, I can sub to finance, personalfinance, financialindependence, and economics without having stories of police overreach or failures in the justice system written to scare people.

Also as a painter, there's another 10 subs I can subscribe to basically make my feed a walk through a museum.

Absolutely fantastic micro culture and I'm thrilled to have found it!

Re: Reddit has become a guide to personal finance

#44
post #23

I think a much bigger point can be summarized with this sentence from the article: > Seven of the top ten results are trying to sell you something, which really makes you question the objectivity of the advice. This is true when searching for pretty much everything in Google nowadays, that's why if you're looking for any info, searching on reddit usually yields much more objective and generally better results.

and that's mostly thanks to subreddit moderators, if they weren't that aggressive it would be full of spam. u can notice that on some subreddits when moderators are away or some that have lax rules.

That's because of the voting system.

Re: Reddit has become a guide to personal finance

#46
post #23

I think a much bigger point can be summarized with this sentence from the article: > Seven of the top ten results are trying to sell you something, which really makes you question the objectivity of the advice. This is true when searching for pretty much everything in Google nowadays, that's why if you're looking for any info, searching on reddit usually yields much more objective and generally better results.

and that's mostly thanks to subreddit moderators, if they weren't that aggressive it would be full of spam. u can notice that on some subreddits when moderators are away or some that have lax rules.

It's only a matter of time I think before subreddits and / or moderators are replaced by sales / marketing representatives. It's probably already the case in e.g. the political subreddits.

Always investigate who is behind a statement that advises you one way or another.

Re: Reddit has become a guide to personal finance

#47
post #22

People incentivised by karma systems seem to create better information sources than when they’re incentivised by money. Think about how often you turn to Stack Overflow, Reddit, forums (Whirlpool in Australia) over AdSense/affiliate blogs. The latter are almost always biased and essentially misleading.

>People incentivised by karma systems seem to create better information sources than when they’re incentivised by money.

People are incentivized by karma to create popular advice. Sometimes this overlaps with good or better advice but not always.

Anyone who's got in depth knowledge of any particular field has probably seen this in action when that field comes up.

In my observation detail/nuance and ability to accurately handle non-typical situations tend to promptly go out the window when you try to start making advice on anything complex popular.

Re: Reddit has become a guide to personal finance

#48

Anonymous people over the web have become guides to personal finance, reddit just facilitates that. The same advice was available during the "blogging/RSS era".

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).

You can see group consensus even when it doesn't exist. Reddit's upvote/downvote system does a very good job of fudging consensus on issues where you've got 49.9 one way and 50.1 the other.

Re: Reddit has become a guide to personal finance

#50

Earlier quoted context omitted.

and that's mostly thanks to subreddit moderators, if they weren't that aggressive it would be full of spam. u can notice that on some subreddits when moderators are away or some that have lax rules.

It's only a matter of time I think before subreddits and / or moderators are replaced by sales / marketing representatives. It's probably already the case in e.g. the political subreddits. Always investigate who is behind a statement that advises you one way or another.

> Always investigate who is behind a statement that advises you one way or another.

What would you do here, specifically?

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