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/biz/ - Business & Finance

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14957207 No.14957207 [Reply] [Original]

Let's have a thread to share financial mistakes we made for other anons to learn from.
What are some financial tips you wish you could tell your younger self (besides buying crypto)? Things your parents never told you? Here's some of mine:

>Don't even bother going to college. It's just an insanely overpriced ticket to get a "good" job.
>There is no such thing as a good job. Find out how money works, and then work for yourself.
>While you're figuring things out and working a job in the meantime, don't spend it all. Save money.
>Stop spending money just to impress or 1-up crazy people who don't care about you anyways. It is a complete waste.
>Don't take out huge loans for an amount you can't earn or pay back in a year or two.
>Stay the fuck away from credit cards until you learn some discipline to master the above points.

>> No.14957265
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14957265

>>14957207
I remember getting frustrated with one of my cryptos going crab for days and sold. If I hodled for one more day, I would have made hundreds. Patience might be the most important part of investing

>> No.14957280

>>14957207
Get a good pre-nup.

>> No.14957287

>>14957207
buy insurance for liabilities

>> No.14957297

If you end up with millions, don’t aim for tens of millions. Cash out

>> No.14957306

>>14957207
Solid advice
>>14957280
Enjoy still getting fucked in the ass by a judge. "Oh anon I see you have a prenup that protects your assets, But this poor girl you kicked out has no place to stay! As the judge I order you to pay $10,000 for living expenses."

>> No.14957313

Don't hold highly volatile coins at the peak of a bubble while you help your parents move their mansion.. If only they let me hire workers like I asked. I know I wouldn't have lost $30k a week. That's for sure.

>> No.14957391

>>14957287
Good one. I totaled a car when I hit a deer, thankfully I had insurance that paid for the entire thing and gave me money to get another car.

>>14957280
Wise, but futile. You can never really protect against divorce when judges use prenups as toilet paper.

>> No.14957414
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14957414

>>14957313
No worries anon. Bean Cash is gonna make a comeback. You'll get everything back and more

>> No.14957441

>>14957207
What? College pays off extremely well statistically. Unless you start a business or get incredibly lucky college IS worth it.

What job are you going to get without a degree? Mcdonalds?

>> No.14957509

>>14957441
I went to college for CS, but ended up starting my own business anyways. While in college, with no degree, I worked various factory and warehouse jobs. Those are temporary jobs that you can live on while figuring things out. The only thing college taught me was how overpriced and broken the current system really is. Expensive lesson, but learned well.

>> No.14957513

Buying LINK

>> No.14957530

Take profits

Held bitquence / ethos all the way from 3 cents to 12 dollars, sold about a month ago at 15 cents each

>> No.14957540

Going to uni and doing a general degree. Only reason to go to uni is do a degree that qualifys you for a certain job. That goes for any education really.

>> No.14957589
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14957589

>>14957265
>he sold? pamp it

>> No.14957827

>>14957540
I still can't believe kids go to school just for general degrees and no plan to use them. High schools and parents push college too hard so the kids feel like they have to go even though they don't have a plan. Then they spend all this money, or more commonly, go into debt, for nothing. That's a real shame, and it is the direct fault of high school teachers and councilors pressuring them without preparing them for such an important decision.

>> No.14957996

>>14957280
>>14957306
>>14957391
would smart contracts be a good use for pre-nups?

>> No.14958034

>>14957996
In the future they will replace lawyers so yes, Although our society will be a full worker bee mindset. Japan will be even worse than what it is and America will become like japan, We will have robot AI to have sex with. The family will no longer be a big thing in the future.

>> No.14958071

>>14957207
>put too much money down on my house, 20% trying to avoid PMI but ended up missing oppurtunities if I had the money, couldnt pull equity out as its harder when you are self employed and not a wagie
>overpaid freelancers
>hired too quickly, should have had part time staff only half the week and the rest of the week I could have spent trying to automate or make their work more efficient to get more done

>> No.14958218

>>14958071
>overpaid freelancers
I'm looking to reach out to some freelancers soon, any tips on negotiating with them?

>> No.14958240

>>14957207

Being born.

I was a financial mistake

feelguy.jpg

>> No.14958272

>>14957207
If it comes down to it, don't be afraid to file Chapter 7 bankruptcy. The law is there for your protection. You will have every debt discharged, except for student loans. You will take a hit on your credit score right away, but it recovers and will even rise above what you had before in about 1 - 1.5 years. People claim you won't be able to buy a car, get a credit card, or house down the line - that's completely false. If you feel hopeless and think about finance/debt every day/night, don't be afraid to look into Chapter 7. I went to a very reputable university and had a very high paying job with a global footwear/athletic apparel brand a few years ago and they had massive lay offs. Things got tough, but I kept grinding and waited 2 years to file Chapter 7 - I wish I would have filed right away. People are ignorant not knowing Chapter 7 is their right as an American. 20-30 years ago, credit card companies approached congress asking to take steps in expanding their credit card business. Congress approved, but in order to keep balance congress demanded Chapter 7 to become a law to provide a way out and protection for the consumers. You will read lots of 'negative' things about filing for Chapter 7, but if you look closely - the ones who give it a negative light are the same type of people that caused the 2008 meltdown and got bailed out.

>> No.14958367

>>14957509
Without a degree you'd be working in a warehouse for the rest of your life, and most businesses fail.

>> No.14958682

>>14958367
Bingo. Get a degree in something that says you know how to work your ass off, and then spend your time networking, doing internships, and diversifying your skill set. It is 100 percent possible to be successful without a degree, but it's much harder to open those doors without one. Also spot on about the business thing. You don't just "start a business" you have to sweat and bleed for years unless you discover the cure for cancer.

>> No.14958706

>>14958218
The ones I dealt with were kind of lazy, after we worked together for 1+ years they would ask for more and more % upfront and take longer and longer to deliver. For me I just avoid any outside help at all nowadays, do everything myself and focus on automation.

>> No.14958862

>>14957441
This times 10.
Non college people are fucking fools.
Do you really think you'll have a better life as a plumber,
unclogging other peoples toilets than sitting in a cushy office earning 50 bucks an hour?
I think not

>> No.14958872

>>14957207
>>Stay the fuck away from credit cards until you learn some discipline to master the above points.
what a retard

>> No.14958951

Don't buy expensive cars, in fact avoid cars altogether if you can. Don't use credit cards unless you absolutely have to. Keep a small buffer for emergencies but invest the rest. Sell all the shit you have that you don't need and invest it, yes that includes your vintage magic card collection. Live below your means. Dress well and work out a lot, marry some qt rich girl and your money problems might go away forever.

>> No.14958970

a truck driving license will pay for itself

>> No.14959132

>>14958071
>>put too much money down on my house, 20% trying to avoid PMI
I'm in this situation right now, trying to pull together 100k for a deposit. We have about $60k after 1.5 years, should we just wait it out a bit longer or go for it?

>> No.14959256

>>14957207
>>Don't even bother going to college. It's just an insanely overpriced ticket to get a "good" job.
what? you go to college to get a job? if you aren't going there to learn and research and not for money they you are retarded

>> No.14959284

>>14957207
>Bought a 50k link stack at $0.17-$0.19
>Slowly over the course of a couple of months convert it into ETH and pay camwhores to do pervy things.
>Link moons past $1. I regret everything, it just keeps going up.
>I have 2251 linkies

>> No.14959286

>>14959256
you're retarded, your sentence makes no sense.

>> No.14959311

>>14959286
It is really easy to discern what he meant. Are you low IQ?

>> No.14959413

>>14959132
wait for the price corrections
>inb4 nut gonna happen huehuehue

>> No.14959459

>>14959413
The prices in Victoria do seem to be all over the place. They say it's supposed bro drip further, but it feels like they're stagnating at the moment.

>> No.14959479

>>14957207
suffer now, rejoice later

>> No.14959559

don't buy $FAZ in 2010, learn from my mistake

>> No.14959748

>>14959284
>camwhores
this is the reality you have chosen for yourself anon

>> No.14959790

>>14957207
Don’t lend (or borrow) money from friends and family. It never ends well.

>> No.14959874

>>14959286
oops. replace "they" by "then" mb. is that better?

>> No.14959896

>>14958367
>>14958682
Spotted the eternal wageslaves

>> No.14959901

>>14958862
>>Implying plumbers that work for themselves don't easily make $50/hr

>> No.14959933

Take care of your health and your property. Maintenance is far cheaper than repair.

>> No.14959942

>>14957207

Going to college. Don't fucking do it. I can't believe all the debt and regret I have.

There are 100 high paying jobs that require no college. DO THEM.

>> No.14959954

>>14959790
This so much. I've had relationships and friendships ruined over this fucking bull, and every time you see each other the thought in the back of both your heads's is the money that is owed.
Avoid at all costs, unless it's the absolute last fucking resort for them, then lend them just as much as you're to keep the friendship.

Ik it sounds fucked up when phrased that way, but it's better than losing a friend AND losing your money.

>> No.14959971

>>14958682
good goyim

>> No.14959977

>>14959954
It’s even worse with family.

>> No.14960018

>>14959790
>>14959954
it depends on you and your buddies. I've lent and borrowed money from friends and family with literally no problem but thats because I always had a no-doubt timetable of when I'd be able to pay back. If your circle is financially responsible, then its no big deal. I would never borrow without knowing that I would pay it back and vice-versa. if your buddies are degenerates then dont obviously.

>> No.14960113

>>14957509
Hows life for you now? I get tired of always being poor myself

>> No.14960119

>>14959977
I can imagine, lost a couple $k on family (Financial strain hit hard. House payments and retirement investments stretched them thing). But then again they raised me from a zygot and paid for my schooling and life almost fully till I hit 18, and they still insist on helping and checking in. Thank you based mom and may god have mercy on your beautiful fucking soul. Not so much dad but you were still pretty aight, considering.

>>14960018
Obviously. I've always paid back what I borrowed on time, but I'm a stringent fuck that doesn't like the idea of owing people money or favours.
I did however hang with a bunch of degenerates as a youth, and was one myself (although nothing got between me and my $$$). I attribute it to youthfulness and being dumb, but still a good rule to stand.

>> No.14960188

>>14958367
>>14958682
Lmao. Gotta love that wagie cope that they use to justify that student debt they're never going to get out from under.

>I-I'll get the right job and make a lot of money someday, then you'll be sorry!

Fucking cope.

>> No.14960207

>>14957207
depends where you go to college, in some places it's pretty cheap to study, but I agree it's a shitshow. it's still good to have that paper tho.

I wouldn't advice on taking loans at all really, unless your really need it for some business plan and can make easy returns to pay it back fast.

my tips:
>Don't waste money on shit you don't need
>buy second hand if you can
>buy goods in outlet stores (for example the meat sold there is exactly the same meat you'd get at a supermarket, but its at a lower price becauce the cuttings are not as presentable as they wish)
>learn how to fix your stuff and order replacements needed online or use the warranty on products (a lot of people are too dumb or lazy to fix their stuff and often it would take 15mins and 5$ to fix it)
>when you work at certain companies you get certain benefits, always try to search companies that give you greater benefits (for example in my country if you work for the railway company you get free transport and a free mobile phone to use)

just in general, always ask yourself why a merchant is trying to take money away from you. Is it time you can't afford to lose? Is it knowledge you don't have? Is it good you can't order yourself?

if you can't afford to lose any of your precious time then pay for the service. basically all services offered rely on the ignorance or stupidity of the costumer.

>> No.14960246

>>14960113
What can I say? Better than it ever has been, but far from ideal. The important thing is that I'm living life on MY terms, and I wouldn't have it any other way.

I will literally NEVER put my livelihood in someone else's hands where they can decide that I need to be laid off or let go due to downsizing because the CEO can't afford his 3rd yacht. And I will never agonize over another interview, jump through hoops to appease some fat HR cunt. That's the most liberating feeling in the world, and I would not have it any other way. Ever.

>> No.14960867

>>14959896
>>14959971
>>14960188
Stop majoring in CS or going to bad universities. Just a tip.

>> No.14960937

>>14960867
Cool advice, but I won't ever have to work for anyone ever again. The veil has been lifted. Emperor is wearing no clothes. Threaten me with unemployment or not getting a job? Doesn't phase me.

If that makes you upset, then it sounds to me like you're just insecure about your own situation.

>> No.14960946

>>14959790
I lent 6k to my mother about a year ago. Since then she's gone on four trips and hasn't paid back a cent.

>> No.14961365

>>14960937
Never said I was upset. But most people won't get that chance and they certainly won't by being neets

>> No.14961463
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14961463

>>14957441
>be me
>go to college
>graduated 3+ years ago
>every job since has not truly required a college degree
>currently making less than $18 an hour
>have to pay a decent wad of cash for a parking permit to go to job
>no sort of stipend for this inconvience
>unless i want to use free parking but have to leave an hour early to find parking or take the public bus, I'm gonna have to pay nearly $100 a month for parking
>highest paying official job and also the strictest and possibly going to be one of the worst

I don't want to wagecuck anymore. Getting screwed finacially and dealing with two faced coworkers is just so tiresome.

>> No.14961504

>>14960937
>If that makes you upset, then it sounds to me like you're just insecure about your own situation.

No one is upset, if it worked out for you congratulations that is great but for most people it does not work out very well. Usually "starting a business", a successful one that is requires some capital, experience and networks built within the industry.

People that start successful tech startups for example weren't just NEETs but actually worked in the industry so they knew who to sell to.

>> No.14961536

>you cab take a personal loan out and default and it will go off your record in 7 years

done this twice.

>> No.14961551

>>14957207
I would say
> Don't go to college, until you are already committed to an industry and have found an employer with an attractive tuition reimbursement package

>> No.14961553

>>14960246
Based

>> No.14961567

>>14958862
in the 4 years you spent getting into debt 80k, the plumber made double that and has enough experience to make 70k+. meanwhile you got a bachelor's degree, 80k in the hole, and a new entry level position with a 36k salary. Fastfoward another 4 years and maybe now your making 80k, but the plumber stared his own business has 3 guys working for him and is pulling 160k a year. he also goes home every day feeling accomplished for the hard work he put in

>> No.14961589

>>14961567
You know it takes time to become a licensed plumber right? You know only cuckolds pay that much for education and first world countries provide it either free or greatly subsidized right?

>36k salary after degree
Study something non-shit and actually get experience while in school

>> No.14961593

>>14961567
>Plumber fantasies

>> No.14961597

>>14961365
>>14961504
Yeah I get that, but that falls into the "things you wish you could tell your younger self" category. Since I know now that I don't even need a degree to be independent and successful, I wish I knew that back then. And I wish that more people knew that instead of wasting time. Because kids are so fucking pressured into going to school and getting these worthless degrees that they don't know that they will do with them. And in the end, they may very well end up working in an industry that has nothing to do with their degree, or that didn't even require a degree, or starting a business, being an entrepreneur, etc.

Just saying that it's a lot to think about and plan, instead of just jumping into it because some high school student councilor told you to.

>> No.14961599

>>14961567
Tradies don’t make 160 even with their own business and most end up with health problems due to hours and tough conditions.

>> No.14961708

>>14959790
this. lent 3k$ to my cousin which is quite an amount in our rural part of russia. this was years ago and I got only a few hundreds back. "BUT I GREW UP WITHOUT A DADDY REEEE"

Also: don't waste money on women, you don't need to spend much to get laid/be in a relationship.

and some more:
>buy second hand and look for good deals/sales, there are plenty of websites that keep track of this stuff
>exercise, diet and look after yourself. clean, uncluttered mind is your best financial tool
>if you want to get drugs buy them on onion markets, you will have to wait some but it's so much cheaper
>SAVE MONEY and INVEST in yourself

>> No.14961739

>>14961708
>exercise, diet and look after yourself. clean, uncluttered mind is your best financial tool
This one is underrated, because most people don't think about the health bills they're going to be paying when they get older. Start taking care of yourself now, and you will save a lot of money. No diabetes meds, open heart surgery, etc.

>> No.14961833

>>14957207
>Never be roommates with your friends
>Never let yourself be guilt-tripped by your friends into spending more money for them or taking a larger share the cost
>Never expect the financial help you extend to other people to be repaid in any shape or form
>Never engage in business with your friends unless you want to lose them.
>Never pass up a job because other people have negative opinions about it.
>Spend money on things you really want, not what other people say you want.

>> No.14962006

>held FUN

>> No.14962034
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14962034

>>14961833
Jesus anon, that's one heavy fucking bag. I'm gonna have to charge you some extra feels for going over the baggage limit.

>> No.14962744
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14962744

>when you have calculated all of your expenses, you will most likely have a remainder, no matter what you split that 50/50, where one part stays on the main account(buffer/proxy money for early bills and or surprise bills) and the other will go to the savings account.
>Only got 200 left?
>Split it and save half.
>Have 1000? Split it and save half
>The buffer money will always be used for bills and actual necessities, anything fun or not really needed is paid for with the savings.
>The less extra buffer money is spend; the higher the leftover money will be each month :).
>Eventually both will be capping out at the maximum possible leftover money.
>So then the buffer money will stall at the maximum leftover amount and so will your monthly savings.
I live on neetbux(getting a job soon) and even I could pay for a new washing machine last year :).
Pic related left is my buffer money and the right is my savings.

>> No.14962809

Don't overtrade. Never make a trade without a solid reason why you made it that you could explain to somebody else.

>> No.14963053

>>14958862
I'm seeing customer service jobs stating that you must have a bachelors degree paying 14-17/per hour.

I'm also seeing trade jobs starting off at 18/per hour.
The math speaks for itself.

>> No.14963113

>>14958682
>work your ass off for that precious fiat
wagey wagey get back in your cagey

>> No.14963184

>>14961739
just feeling good and having normal vital energies is essential. most amerifats don't understand this and continue to eat poison like basedbean oil and refined sugar

>> No.14963333

>>14960246
Spotter the failed autist, how are these shitcoins going m8 ? Good luck with the family dinners, dont sperge when they ask about your job :D