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Reddit has become a guide to personal finance

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Re: Reddit has become a guide to personal finance

#351

Post by 76543210 »

debaserab2 wrote: post #296
bityard wrote: post #285

Earlier quoted context omitted.

While you don't get as much "blogspam" on Reddit, it has a very different problem today: The amount of misinformation and echo chambering of said misinformation on Reddit is simply staggering. Very few subs have FAQs or rules asking newbies to search the sub for their question. As a result, most of the subs I follow are littered with the same questions over and over. The other problem is that when someone does ask fo…

I have found that subreddits almost become an anti-expertise forum over time - when actual experts show up to give advice, they are often downvoted if their advice goes against whatever that subreddit is cargo culting (which, as you mentioned, is often not great advice in the first place). Then the expert is discouraged from participating ever again. I've witnessed this pattern in an array of subreddits spanning from…

I have a data heavy website, and posting links on most subreddits isn't okay.

So I could format my data for Reddit, or post a simple summary (which looks as authentic as any random poster), or I don't post at all.

I have the highest quality, low cost food Data, but can't post it. But hey Aldi astroturfs and gets away with it.

Re: Reddit has become a guide to personal finance

#352

Post by sli »

slip wrote: post #171
sergiotapia wrote: post #147

Earlier 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.

It's just easier to trick people and prey on psychological triggers than it is to make totally truthful ads and high quality, reliable products and services.

Re: Reddit has become a guide to personal finance

#353

Post by carstenhag »

abrugsch wrote: post #109
whatsmyusername wrote: post #81

Earlier quoted context omitted.

/r/personalfinance ignore the subreddit and read the sidebar

and sibling /r/UKPersonalFinance for UK specific advice (since finance products, terms and laws tend to be different in different countries) There are probably ones for most other countries too. At least Aus from what I saw yesterday

/r/Finanzen for Germany, Austria and Switzerland :)

Re: Reddit has become a guide to personal finance

#354

Post by travmatt »

debaserab2 wrote: post #296
bityard wrote: post #285

Earlier quoted context omitted.

While you don't get as much "blogspam" on Reddit, it has a very different problem today: The amount of misinformation and echo chambering of said misinformation on Reddit is simply staggering. Very few subs have FAQs or rules asking newbies to search the sub for their question. As a result, most of the subs I follow are littered with the same questions over and over. The other problem is that when someone does ask fo…

I have found that subreddits almost become an anti-expertise forum over time - when actual experts show up to give advice, they are often downvoted if their advice goes against whatever that subreddit is cargo culting (which, as you mentioned, is often not great advice in the first place). Then the expert is discouraged from participating ever again. I've witnessed this pattern in an array of subreddits spanning from…

I’d describe the drift towards anti-expertise in terms of size rather than time - I’ve found that the best subreddits are fairly small or have heavy moderation if they are large.

/r/askhistorians has kept up their quality through removing top line answers that are not properly cited, sometimes entire posts have nothing other than [deleted].

I think most smaller communities are still pretty valuable, maybe because they are too small or infrequently used to have their users coalesce around a single set of ideas. I think/r/asknetsec is still a pretty good resource even though it’s in the bigger end of small, I’m not sure how it’s kept it’s quality though.

Re: Reddit has become a guide to personal finance

#355

Post by swarnie_ »

wincy wrote: post #122
WA wrote: post #105

Earlier quoted context omitted.

Don’t know who downvoted you, but as someone who joined WSB two months ago, it is mind blowing. Yes, these are bets. You are likely to blow it all. But imho it gives perspective to the topic of personal finance. Even if it’s just to understand one’s own limits. Valuable sub.

If you’re following Nassim Taleb’s 80/20 rule, and have 80% of your money in bonds and 20% in high risk options, it can certainly pay off.

Please go to investing or personal finance, you're worse then OP.

Re: Reddit has become a guide to personal finance

#356

Post by mfoy_ »

GordonS wrote: post #299
mfoy_ wrote: post #192

Earlier quoted context omitted.

Almost all "financial advisors" are really just in sales.

In the UK (and, AFAIK, across the EU) we have IFAs (Idependent Financial Advisors) who follow rules, such that they are nit permitted to get kickbacks from investments. Does such a thing not exist in the US?

In Canada we have fiduciaries, but most people aren't that financially literate. If you walk into a bank and ask for a financial advisor they're just going to pass you to a sales rep. Enjoy your TD e-Series!

(Although, admittedly, mutual fund MERs have dropped substantially with the rise of low-cost ETFs...)

Re: Reddit has become a guide to personal finance

#357

Post by velosol »

lotsofpulp wrote: post #331
magduf wrote: post #297

Earlier quoted context omitted.

Maybe I'm missing something, but HSAs seem to me to usually only be available if you have a high-deductible health insurance policy. That can be OK if you're 25 and very healthy, but for many other people is a high risk.

HSAs are a no brainer if you can afford to spend the out of pocket maximum. Either you pay the insurance company more in monthly premiums for a lower deductible, or you pay a lower monthly premium and invest the difference in an index fund and you keep the returns. Which grow tax free in an HSA. Your probability of having a healthcare expense does not change based on the type of insurance you choose (high or low dedu…

If you switch to say an HMO or PPO plan can you still use your HSA for out-of-pocket healthcare costs as you can an FSA? If not, what happens to your HSA/what can you do with it?

Re: Reddit has become a guide to personal finance

#358

Post by lotsofpulp »

velosol wrote: post #357
lotsofpulp wrote: post #331

Earlier quoted context omitted.

HSAs are a no brainer if you can afford to spend the out of pocket maximum. Either you pay the insurance company more in monthly premiums for a lower deductible, or you pay a lower monthly premium and invest the difference in an index fund and you keep the returns. Which grow tax free in an HSA. Your probability of having a healthcare expense does not change based on the type of insurance you choose (high or low dedu…

If you switch to say an HMO or PPO plan can you still use your HSA for out-of-pocket healthcare costs as you can an FSA? If not, what happens to your HSA/what can you do with it?

HSA is yours to keep forever. I recommend using Fidelity, no fee and access to all the best investment options. You should transfer all funds from an employer sponsored HSA if it's not Fidelity to Fidelity.

Any medical expenses you incur while you have a qualifying high deductible health plan (HDHP) can be expensed anytime in the future from your HSA. What I do is invest all of the HSA funds, and pay for all of the medical expenses with after tax money. I pdf all of the receipts for the medical expenses, and now, if ever in the future I need cash, I can withdraw it from the HSA penalty free since I have proof of the medical expenses. If you don't end up having medical expenses (good luck), and you turn 65, then you can withdraw and pay regular income tax like an IRA/401k (if you need the cash, you should of course use up your IRA/401k first).

I don't even understand how the government plans to prevent fraud if people decide to claim the same health expense multiple times, as you only have to keep tax records for a few years, and the law as it currently is lets you deduct health expenses from anytime in the past at any point in the future.

Re: Reddit has become a guide to personal finance

#359

Post by brailsafe »

rchaud wrote: post #311
jeromegv wrote: post #233

Earlier quoted context omitted.

No, that's not how it works. It is a marginal tax bracket. If you get in the higher bracket, it's only the new money that gets taxed at the higher rate, not your full salary. It has absolutely nothing to do with your contribution to retirement accounts. You can invest more and contribute more to your tax free retirement accounts with a higher salary (up to a point) but even if you didn't, that wouldn't make a differe…

I'm aware of how marginal tax rates are applied. That's why I said "while my average tax rate may increase" (in a hypothetical situation), I can still net more overall due to increase in the absolute $ return on the TFSA portfolio. I'm responding with respect to the OP's comment about beign bumped into a higher marginal tax bracket. Just because you are, doesn't mean you'll automatically end up with less discretionar…

I feel like I'm misreading this, but regardless of whatever investments you have, you'd come out with more as your income increases into higher marginal tax brackets correct? As in, if I was making 94k and got a raise to 98k, I'd come out with more regardless of what's in my TFSA.

Re: Reddit has become a guide to personal finance

#360

Post by noizejoy »

travmatt wrote: post #354
debaserab2 wrote: post #296

Earlier quoted context omitted.

I have found that subreddits almost become an anti-expertise forum over time - when actual experts show up to give advice, they are often downvoted if their advice goes against whatever that subreddit is cargo culting (which, as you mentioned, is often not great advice in the first place). Then the expert is discouraged from participating ever again. I've witnessed this pattern in an array of subreddits spanning from…

I’d describe the drift towards anti-expertise in terms of size rather than time - I’ve found that the best subreddits are fairly small or have heavy moderation if they are large. /r/askhistorians has kept up their quality through removing top line answers that are not properly cited, sometimes entire posts have nothing other than [deleted]. I think most smaller communities are still pretty valuable, maybe because the…

> I’ve found that the best subreddits are fairly small or have heavy moderation if they are large.

Maybe that’s just reflecting how our species seems to work. The larger the group, the more it turns into a mob unless increasingly tightly structured.

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