AI financial advice is surprisingly good, especially if you ask right questions

Post by nojs » Sun, Aug 02, 2026, 7:04 AM UTC

noduerme wrote: post #258

AussieWog93 wrote: post #98

People in this thread are massively underestimating the level of financial illiteracy in the general population. We've had multiple people try to convince us to set up bank accounts for our kids, so that they could accumulate interest over 18 years. More that tried to convince me to gamble on random pump and dump shitcoins. More still that talked about "investing" in random collectables like Funko Pops or Pokemon car…

The other stuff sounds scammy. But what's wrong with setting up savings accounts for your kids? It's a good way to teach them to save money. I was 10 years old or so when my parents set me up a bank account with $100 in it. I saw the statements every month and started putting money I earned into it. I had that account until I left home at 17, and it had several thousand dollars in it by then. I think that was actuall…

Post by karel-3d » Sun, Aug 02, 2026, 7:13 AM UTC

lawn wrote: post #260

noduerme wrote: post #258

Earlier quoted context omitted.

The other stuff sounds scammy. But what's wrong with setting up savings accounts for your kids? It's a good way to teach them to save money. I was 10 years old or so when my parents set me up a bank account with $100 in it. I saw the statements every month and started putting money I earned into it. I had that account until I left home at 17, and it had several thousand dollars in it by then. I think that was actuall…

Inflation will erode the value of money just sitting in an account. Even if you lock it up and get better interest the results will get dwarfed by investing in broad, passive, and low fee funds.

Post by camillomiller » Sun, Aug 02, 2026, 7:20 AM UTC

noduerme wrote: post #259

dingaling wrote: post #244

Earlier quoted context omitted.

Sadly, also hyper-unrealistic. Very few people can afford to save 20% of their income whilst maxing pension contributions, let alone maximising other accounts. Points 1, 3 and 5 are probably the key ones and would still stretch most people.

I was saving 20% a year when I was making $36k a year and spending $800/mo on an apartment in the tenderloin. In 1997. It's called beans and rice. I'm still saving 20% a year, making $200k a year and owning a house. Yes, you can do it. Stop buying shoes, clothes, rims, and video games and you've probably got 20% right there. Oh, and don't get married.

Post by bluecalm » Sun, Aug 02, 2026, 7:24 AM UTC

MattyRad wrote: post #257

scrapcode wrote: post #152

Earlier quoted context omitted.

I never personally liked the blanket advice to "Max your 401k." For most, if achievable at all, that would be the most they can invest at all. Even though it is often recommended alongside a proper "emergency fund," that advice leaves little liquidity without major penalties.

I actually had a great session with Gemini pushing back on the "Max 401k" advice. Summarized in my own words: - Why would I contribute tons more to my already decent 401k? If anything, I want to pull from it. I refuse to diminish the peak years of me and my family's life together just to be wealthy when I'm old and alone. - that's a good point, but know you'll pay tax on top of 10% - well I would have paid tax anyway…

Post by [deleted] » Sun, Aug 02, 2026, 7:24 AM UTC

scrapcode wrote: post #152

Eji1700 wrote: post #109

Earlier quoted context omitted.

“Pay your bills on time and fully” “Do what you can to eliminate addictive vices or never get them” “Max your Roth and 401k contributions before even thinking about anything else” “Try to budget” “Don’t live beyond your means. Monthly payment need to be considered carefully” If you can even TRY to do these things it puts you SO far ahead of the average person. It sucks because I get it, if you’re behind waiting years…

I never personally liked the blanket advice to "Max your 401k." For most, if achievable at all, that would be the most they can invest at all. Even though it is often recommended alongside a proper "emergency fund," that advice leaves little liquidity without major penalties.