Reddit has become a guide to personal finance
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Re: Reddit has become a guide to personal finance
#2Anonymous people over the web have become guides to personal finance, reddit just facilitates that. The same advice was available during the "blogging/RSS era".
Re: Reddit has become a guide to personal finance
#3Yes! I have learned tremendously about personal finance from ukpersonalfinance.
For anyone based in the UK, please go and read the content at https://ukpersonal.finance/, it is invaluable for your future. Financial literacy for the millennial generation is my #1 recommendation for general life improvement. It doesn't matter what situation you are in: in debt; with lots of savings; lack of credit options; etc... You will learn tremendously and can genuinely improve so many aspects of your life.
Re: Reddit has become a guide to personal finance
#4Anonymous 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).
Re: Reddit has become a guide to personal finance
#5What's wrong with that? I find many people are more comfortable to share private information and seek advice anonymously on the internet than face to face.
And in this anonymous stranger setting, many people are actually more inclined to give a good/harsh/honest advice than in face-to-face conversations.
Re: Reddit has become a guide to personal finance
#6Anonymous 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).
True enough. The anonymity also leads to people being more candid, and that generally means an unveiling of information asymmetries.
Re: Reddit has become a guide to personal finance
#7Anonymous people over the web have become guides to personal finance, reddit just facilitates that. The same advice was available during the "blogging/RSS era".
> 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".
Every generation needs their own form. Before blogging/RSS it was cable financial news on TV, before that magazines, and before that I don't know.
Basic financial literacy (creating a budget, tracking it, adjusting) is sorely lacking.
Today, you may be adept at trading $10k of stocks on Robinhood using money that you're parents gave you hoping over the year for a big 20% win, but you'll equally forget that you have $10k of credit card debt with interest accruing at 30%.
Re: Reddit has become a guide to personal finance
#8Anonymous 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).
The group consensus seems to be to get the largest mortgage your bank will give you, buy an oversized car on a 7 year contract plan and fritter the rest on beer and takeaways. The best financial advice is usually drowned out by the consensus.
Re: Reddit has become a guide to personal finance
#9Earlier quoted context omitted.
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).
The group consensus seems to be to get the largest mortgage your bank will give you, buy an oversized car on a 7 year contract plan and fritter the rest on beer and takeaways. The best financial advice is usually drowned out by the consensus.
What? This is absolutely the opposite of the consensus advice you'll get somewhere like r/personalfinance.
It sounds like you're completely ignorant of the subs in question, and just spouting off whatever comes to mind.
Re: Reddit has become a guide to personal finance
#10Anonymous 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).
This is true of all subbredits. Basically the best way to use Reddit if you get into a hobby is to go to that hobby's sub, meticulously read the sidebar and leave the site without ever posting.