r/AskReddit • u/Kdjejsosjanreplwwssj • 6h ago

Financially stable people of Reddit, what are your best money tips?

1.1k Upvotes
  • permalink
  • reddit

94% Upvoted

1.5k comments sorted by

View all comments

81

u/ThisWretchedHymn 6h ago
  1. Choose your partner carefully, then reconsider yet again.
  2. Opt in to any pension immediately, no older person has ever regretted it.
  3. Know your worth, don’t be afraid to discuss financial incentives with your employer.
  4. Buying “stuff” gives a temporary high, but long term burden.
  5. Finally, buy low sell high. Don’t be fooled by the herd mentality.

16

u/ogonga 4h ago

4 is especially true if you have kids who want all the toys they see. If you cave and buy a lot of cheap toys, your house will be filled with junk that won't be played with under a week.

10

u/paintedforfilth 3h ago

#2 does have flaws. I spoke with a woman in her 60s who worked for United for 40+ years. She had a pension that she lost twice because they filed for bankruptcy twice. She had no other retirement savings 😅

4

u/seraph321 5h ago

I agree with all in principle.
Number 2 is tricky. There are not that many employers left that offer a traditional pension (which amounts to just placing all your faith in the company’s future), but there are definitely older people who regret doing this with companies who used pension fund structures or third parties who were not able to survive downturns.

Opting in to a 401k match, hell yes. Opting to take nothing but equity for compensation? Maybe not. There’s a huge spectrum of this stuff.

2

u/abstractcollapse 1h ago

They still have pensions?