[flagged]
AI advice is better than yours, friend
AI financial advice is surprisingly good, especially if you ask right questions
191–200 of 443 posts
Re: AI financial advice is surprisingly good, especially if you ask right questions
#192Earlier quoted context omitted.
Roth contributions are withdrawable without penalty. Also most employers offer a match of some amount, which is essentially free money.
Most people here are probably paid too much to contribute to a Roth IRA.
I have considerable Roth assets because my employer's 401k allows for the Mega-backdoor, which means I can put $30k+ per year of after-tax income into 401k (beyond the normal pre-tax contributions) perform a Roth-in-plan-conversion on the after-tax assets, and then roll it out into a Roth IRA.
Re: AI financial advice is surprisingly good, especially if you ask right questions
#193Asking the right questions is the hard part for most people in most domains.
Re: AI financial advice is surprisingly good, especially if you ask right questions
#194save money. buy low, sell high. dont become a spendthrift. every dollar put toward something one doesnt need is a dollar which will not be available later for something needed. seek highest income for one's time. etc etc etc
no AI needed
Re: AI financial advice is surprisingly good, especially if you ask right questions
#195[flagged]
"Here is what better advice looks like: don't buy/sell any securities unless you, personally, know exactly how and why you're going to profit from it."
For people like Warren Buffett, that's his full-time job—figuring out how and why he is going to profit.
Me? I'm not going to know shit, so I will "3. Never buy or sell an individual security."
"…save your money and invest in one or more proven, profitable, Great Depression-proof businesses that pay you a dividend"
Besides the obvious (that this is not really saving money if you are in fact investing it) I'm curious where the safe harbors were during the Great Depression. I've asked before and have not received an answer.
Re: AI financial advice is surprisingly good, especially if you ask right questions
#196Earlier 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.
I believe the general idea is to max it if you can. If you can't, put whatever you can, and forego luxuries like vacations until you can.
Re: AI financial advice is surprisingly good, especially if you ask right questions
#197The "AI" does not give "financial advice". It autocompletes your prompt. If you provide the right context and ask the right questions you will get the most likely consensus on such a widely discussed topic.
Re: AI financial advice is surprisingly good, especially if you ask right questions
#198Earlier 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 never personally liked the blanket advice to "Max your 401k." I think the general advice is max out employer contributions to your 401(k) * https://old.reddit.com/r/personalfinance/wiki/commontopics * https://old.reddit.com/r/PersonalFinanceCanada/wiki/money-st...
For enough income, maxing out 401K is the one way to reduce taxes and keep your money.
Re: AI financial advice is surprisingly good, especially if you ask right questions
#199[flagged]
This is a near perfect encapsulation of the exact type of person you should not take financial advice from.
Re: AI financial advice is surprisingly good, especially if you ask right questions
#200Earlier quoted context omitted.
If you only have a fixed amount of money to put aside every month, DCA makes sense. That applies to 99% of people. Not terrible at all.
That's not really DCA, at least how I understand it. DCA is something like "I have $520,000 in cash right now today sitting in checking, I'm going to buy $10,000 a week of VTSAX for the next 52 weeks" which on average is a bad strategy. What you're describing is better analyzed as a continuing series of lump sum investments. You're investing as soon as you have cash available, not unnecessarily holding onto cash.
This is the original definition of DCA, but by this point most people view DCA as what everyone else in the thread is talking about.
Not a hill worth dying on.