I miss fatwallet...
Reddit has become a guide to personal finance
181–190 of 417 posts
Re: Reddit has become a guide to personal finance
#182This remind me of famous: > When the shoeshine boys talk stocks it was a great sell signal in 1929 https://archive.fortune.com/magazines/fortune/fortune_archiv...
2020 edition: when the news is quoting /r/wallstreetbets it might be a sell signal
Or when a popular twitch streamer asks which "stonks" to buy.
Re: Reddit has become a guide to personal finance
#183If you want to see the future of Social Networks, look no further than Reddit. Reddit is the Future of Social Networks. The Next Social network, the one what will eat Facebook's lunch, just like Facebook ate MySpace's lunch, will not be people-to-people based, but it will be People-to-topic and topic-to-topic based; media-rich and mobile-friendly. And no, it won't be Reddit, too much Legacy crap with Reddit and not e…
Agree. I either want to talk to a community for each of my interests (on a subreddit or a dedicated forum) OR to a small group of close friends or family (messengers). Only rarely would I want to broadcast generic information / entertainment to everyone I know (facebook). One platform I'm missing is one where I could (anonymously) talk to strangers in my area. To discuss or ask about locally relevant things, or just…
Reddit has a lot of city-specific forums. Some are ghost-towns though, while the bigger cities tend to be a bit more hostile to post that aren't photos or links to news articles. But some have sister-forums like r/AskTO for posts like that.
Re: Reddit has become a guide to personal finance
#184Earlier quoted context omitted.
Advertising is a tumor on society - god damn.
Well, unscrupulous advertising and marketing is. I get the sentiment, because we are flooded with it. But there is honest and respectful advertising too... unfortunately, most companies gravitate towards making a quick buck instead of investing in earning trust.
Exactly. Letting people know you have a product/service which will make their life easier isn't a bad thing, and you have to have some way of communicating that to prospective buyers. The problem is when you start lying about your product, or use psychological tricks to get people to buy something they don't need.
Re: Reddit has become a guide to personal finance
#185I would personally advise against taking advice from Reddit beyond simply basic answers about various financial products and maths. My problem with larger communities on Reddit is that prevailing opinions seem to emerge, and anything that questions or disagrees with them gets downvoted to hell. On the personal finance subreddits these include ideas like "You should always have 18 months of expenses saved" and "Any mo…
>I still think having a relationship with a financial advisor you trust is better than taking advice from strangers on the internet. What financial advisor is going to be able to make a living telling people to buy and hold a target date retirement fund from Vanguard/Fidelity/Schwab? It's all pretty common sense advice, that hopefully one can verify is correct with some basic arithmetic. And advice for 90% of people…
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Re: Reddit has become a guide to personal finance
#186I would personally advise against taking advice from Reddit beyond simply basic answers about various financial products and maths. My problem with larger communities on Reddit is that prevailing opinions seem to emerge, and anything that questions or disagrees with them gets downvoted to hell. On the personal finance subreddits these include ideas like "You should always have 18 months of expenses saved" and "Any mo…
I think one of the problems is that many reddit users deploy downvotes against people who have a different subjective opinion than them. That is the lever that drowns out dissent from the majority. I have been thinking about that for a while now, what is the proper time to use a downvote? My MO is that it is only to be deployed against those who are arguing in bad faith or being disrespectful. Differing opinions shou…
The official reddit rules for using the downvote are similar to your MO. The problem is you can't expect people to read and abide by rules on when to use such a simple feature, and they're impossible to enforce anyway.
Re: Reddit has become a guide to personal finance
#187Earlier quoted context omitted.
Agree. I either want to talk to a community for each of my interests (on a subreddit or a dedicated forum) OR to a small group of close friends or family (messengers). Only rarely would I want to broadcast generic information / entertainment to everyone I know (facebook). One platform I'm missing is one where I could (anonymously) talk to strangers in my area. To discuss or ask about locally relevant things, or just…
While not anonymous, Nextdoor seems to really fill the space of local discussion. It has a lot of people from my town active on it, YMMV. Unfortunately, my town is going through some crap times politically and it makes it really hard to not spend time on Nextdoor just becoming enraged.
As long as you define “discussion” as “I just saw this suspicious looking Black guy breaking into someone’s house. He opened someone’s garage using a garage door opener and unlocked the door using their key. He must have murdered the owner, stole the car, and taken their keys.”
Re: Reddit has become a guide to personal finance
#188I would personally advise against taking advice from Reddit beyond simply basic answers about various financial products and maths. My problem with larger communities on Reddit is that prevailing opinions seem to emerge, and anything that questions or disagrees with them gets downvoted to hell. On the personal finance subreddits these include ideas like "You should always have 18 months of expenses saved" and "Any mo…
You disagree that more than $10,000 for wedding is a waste of money?
That's $10k that could have gone to student loans.
Re: Reddit has become a guide to personal finance
#189I would say the meta point to this article is that in general finding unbiased information nowadays is much harder.
I was just lamenting with some friends about how much Amazon search has declined in quality in the past few years. You essentially have to do your research elsewhere (Wirecutter, etc), and then try to find an authentic version of that on Amazon.
Re: Reddit has become a guide to personal finance
#190I would personally advise against taking advice from Reddit beyond simply basic answers about various financial products and maths. My problem with larger communities on Reddit is that prevailing opinions seem to emerge, and anything that questions or disagrees with them gets downvoted to hell. On the personal finance subreddits these include ideas like "You should always have 18 months of expenses saved" and "Any mo…
I disagree with your last paragraph but wholeheartedly agree with he first 2. One of the things that bothers me about the advice given there is a seemingly irrational aversion to bankruptcy or walking away from a debt. Sometimes that’s the financially wise option.