/lit/ - Literature

First the beans&rice man to stack cash
then buy Rich Dad rentals ?

>>23210135
I don't know about u guys, but I trust Dave. I like his thoughts on credit cards

>>23210135

>>23210135
they're both shit, just read an intro to finance textbook

t. cpa

>>23210742
"Personal finance for proles is the same as corporate finance"
You are a fucking moron and are probably a second year community college student at best

>>23210159
Dave is based
Crypto bros' and Neets in /biz/ have a hateboner for him.

>>23210747
income is income
assets are assets
taxes are taxes
compound interest is compound interest
debt is debt
any decent finance book will cover these topics on both micro and macro levels

>>23210159
>>23210770
Dave are for braindead low iq niggas who can't tie their own shoelace without help

>>23210792
So the braindead think his based
but the Crypto Bros' and Neets have a hateboner for him?

>>23210792
>Dave are..
Dave is. Braindead

But who needs help tying their shoes?

>>23210787
Youre a Retard who just took intro acg lmao, fucking embarrassing and superficial post

>>23210135
newfag but arent these guys literally for low iq peeps. i know its for low iq, i bought their books recently
t.certified retard

>>23210977
It’s more about a humble person feeling secure in their personal financial methods/knowledge than anything judgemental.

I never get financial advice from a redneck. Save and make more money by not buying these snake oil books.

>>23210135
>boomer A:
Just eat rice and lentils lmao. You can totally buy a house if you work extra hours for Mr Sheklestein and stop eating avocado toast.
>boomer B:
Just buy property and rent it lmao.


Both are retarded boomers with retarded ideas that don't apply to the middle class of today.

The biggest problem of middle class today is that they're not making enough money to save, let alone invest, so the first boomer's advice is useless. Nowadays middle class cannot afford to buy property so the second boomer's advice is not good either.

These retards are to finance what "Eat, Pray, Love" is to mental health. You might as well read "The Secret" and leave it all to the universe's energy.

>>23210159
>I like his thoughts on credit cards
Why?

>he hasn't ascended yet

>>23211670
kek

>>23210135
GOYSLOP vs GOYSLOP

its very smart of jews to outsource their propaganda to goyim sometimes. Makes it less obvious

>>23211104
And the Rich Dad Poor Dad author is 1 billion dollars in debt.

>>23211104
This. Both of these dudes are peak boomer mindset. In fact I place a good deal of blame for how fucked millennials and younger are on them. Both of them encouraged long term practices which actively harm younger generations. It made sense at the time, but they get trapped in the classic boomer trap that their generation is the only generation to ever exist or ever will exist with zero regard to how it affects the younger generations

>>23211701
My parents own 3 properties. They managed to do that riding lucky with marijuana stocks when Canada legalized weed.

I don't know if I should feel like that's good for me, considering I have only a apartment but will inherit those properties in 40 years when they pass away. I work as a journalist to make ends meet.

>>23210135
I dont get this guy with his debt. Doesnt he ever have to pay anything back with interest?

>>23211707
My parents also own a lot of pretty lucrative properties. I’ve fallen on some pretty hard times recently and asked my father for some financial help until I get back on my feet. He flipped out, told me I was entitled, and hasn’t spoken to me in 4 months and then proceeded to tell my mother when she told him he needed to help out (they are divorced now) that I “need to be humbled”. In that same time frame he has taken two overseas trips to Europe, a 10-day long fishing trip to Alaska, and has hosted numerous expensive parties. He sold his business about a decade ago for $25 mil, cheated on and divorced my mother, married his mistress (she’s a gold digging whore), and removed his children from his will. I asked him why he doesn’t seem at all concerned about his children and grandchildren’s future his reply is some variation of, “I can’t take it with me,” or “I worked my ass off to enjoy my retirement and I plan on doing that. You need to figure it out yourself.”

Mind you, I have been consistently employed since 18, graduated college, got married, had kids, and managed to purchase my own property without his help.

The worst part is the vast majority of boomers are just now reaching retirement age and life expectancy keeps increasing. The boomer nightmare is only going to get worse until they finally all die off in about 20 years, at which point all property will be owned by either the ultra-wealthy, ccp, blackrock, or the government. Shits bleak and why i predict balkanization of the US in about a decade

>>23211806
>mind you..
So then your good? what's the problem. Why the blog post.

>>23211806
Remember this when he is a decrepit fuck and you get to lock him down and feed him his feces.

>>23211912
Read the second sentence. I have recently fallen on hard times having been let go from my job. I’ve got another solid offer on the table but I’ve been unemployed for about 3 months now and coffers are running dry

>>23211953
Dam it, bro.
Hope it all works out
Hug your kids and wife.
Do the Dave Ramsey baby steps, unironically.
What's 3-6 months in a lifetime. YGMI

>>23210135
If a book about money is not by a Jew it's worthless.

>>23212029
Thanks fren.

Real talk this is the only book you should read. Plenty of cringe, but a ton of practical information.

Basically, spend 50-60% of you money on fixed costs, 20% on enjoying yourself, save and invest 20%.

Take all 401k matches at a job, invest everything else in a Roth IRA and put everything there into a target date fund, consistently add to it every month for like 30 to 40 years (the younger you start investing the better, even if it's just $50 a month).

Don't get into debt, if you do have it, make a plan right away to pay it off.

>>23213482
That's fucking bullshit. We aren't boomers.

>>23213555
Literally the only book that will ever help you get your finances in order. Not like the other braindead books in this thread, and very practical advice. I recommend you read the book, easy to download online, it will help pretty much everybody who reads it.

>>23213592
Why would you wan t to have money at 65 when your life is over?

>>23213482
so you're saying i have to get a job

>>23213555
Knows everything about personal finance
Can't be taught anything.

>>23215473
Expenses don't stop at 65.
It may not be as easy to earn money at that age. Causes for that could be health or job market bias against older employees.
65 is the new 40, by the way. Watch your diet and exercise.

>>23213482
>Don't get into debt, if you do have it, make a plan right away to pay it off.
Consumer debt is bad and should be avoided*; debt in general, though, is a tool that can be used responsibly to leverage small investments into larger returns. So long as the debt you take on is invested in something that will provide a higher return than the interest you'd pay on the debt, it can make sense, but you need to do that calculation and not just look at it as free money.


*There are some 'advisors' out there who suggest that you can take out debt early in life to live better than you otherwise would, with the expectation that your income will rise and you'll be able to pay it off so long as you avoid inflating your lifestyle expenses. 9 times out of 10 this ends up being a trap that should be avoided due to the difficulty of most folks have avoiding lifestyle inflation when their income grows.

>>23213482
This is entirely unrealistic for entire generations. If you aren’t boomer or early X basically 80% of you paycheck is going to essentials, often more. This advise again assumes a boomer economy for boomers. I’ve yet to see any sort of financial help book which realistically tackles the challenge millennials and later face. Best we can do is manage debt and hopefully have enough to cover basic living expenses.

>>23215670
For millennials and later, it's getting a decent job and working your way up until you have a 6 figure salary, then keeping that job/salary while you move back in with your parents for 6 months to save up a down-payment, and then buying something with ~10% down and paying PMI on top of your mortgage payments.

>>23215670
the entire economic system relies on there being no acknowledgement of this fact by experts or institutions

>>23215637
Go big or go home. We're jot fuckimg women saving our pennies just to be become asshole old fart boomers.

Live your life to the fullest and make it big. Follow your dreams.

Don't be a fucking boomer.

>>23215682
You're a faggot boomer trying to cope. Life is changing and will not be the same.

Trump will win or not but the US will probably collapse anyway. The empire is old and aged much faster than we thought.

>>23211668
because credit cards are shackles belonging to the bank slavers

>>23215709
If you say so anon. FWIW, I'm not suggesting that having a 6-figure salary and needing to live with family to be able to save enough for a down payment is a *good* system; it very clearly is not.

you can say what you like about Ramsey, but his system works. It might not be optimal, but it's a simple system that anyone can follow and see big 6/small 7 figures within their working lifetime. That's probably more than most of his audience can normally dream of. If you're educated and savvy enough to gloss right past his first 3-4 baby steps then really there's nothing he can offer you and you can look in to more advanced investing approaches

>>23215670
>>23215686
And when a finance book comes out addressing the post X generations, Y, Z, DOOMERS will condemn it as being Boomer tier advice.
Personal finance advice doesn't change.
Y and especially Z simply need the boomer pill administered like one would give a dog medicine, hidden inside their food.

>>23215709
> life is changing and will not be the same
Literally, What? And source?

>>23215697
Well, at least your not complaining about how unfair blah,blah,blah.

>Go big or go home
is a rallying cry not a plan
>Follow your dreams is a low key rallying cry not a plan.

Get a solid plan and hit gas and hopefully
YGMI

>>23215650
Define "bad". If consumer credit is really bad wouldn't it be a good idea to criminalize it? A lot of "bad" things are illegal.
And if you can beat the market and get higher than normal returns why can't professional money managers do it without your help and letting you have a piece of what could be theirs?

>>23215735
>you can say what you like about Ramsey, but his system works
If everyone took his advice you get the paradox of thrift

>>23215793
>Define "bad".
Ultimately more harmful than helpful. In this case, consumer debt leads to short term benefits (the thing bought), but longer-term harm (an increasing portion of your income being dedicated to pay of medium/long term debts for those short-term benefits). If you use a credit card and always/generally pay it off entirely every month, then there aren't issues, but if you use it to pay for things you couldn't otherwise afford, then you often end up having long-term harms exceeding those short term benefits.
>If consumer credit is really bad wouldn't it be a good idea to criminalize it?
There can be occasions where consumer debt can be helpful (as a kind of bridge-loan), so I don't know that I would say it should be criminalized entirely, but I'd have no concerns with it being far more heavily regulated than it currently is.
>A lot of "bad" things are illegal.
Yes, and a a lot of bad things are also legal.
>And if you can beat the market and get higher than normal returns why can't professional money managers do it without your help and letting you have a piece of what could be theirs?
I'm not talking about taking out debt to buy stock, I'm talking about using it to fund a long-term investment or business; those still take work, which a 'professional money manager' isn't going to do. Debt can also been used to acquire assets that is likely to gain in value; for boomers this was housing; boomers who put down 20%, and then sold their house a decade later for twice what they paid kept that doubling in price to themselves. Sure enough you now see the 'professional money' (i.e. investment firms, corpo dollars, etc) buying up housing, so they are now 'doing it without your help' so to speak.

>>23215825
>but if you use it to pay for things you couldn't otherwise afford, then you often end up having long-term harms exceeding those short term benefits.
The thing is if the social utility of people buying things they can't afford is greater than the harm. Can everyone live within their means without making someone else poorer. How pareto efficient is this theory? Are you advocating something radical? Why should a purely rational individual care about the distribution of disutility?

>I'm not talking about taking out debt to buy stock
Maybe you should be. Why is financing stock buy backs any worse than other forms of investment?

>I'm talking about using it to fund a long-term investment or business; those still take work, which a 'professional money manager' isn't going to do
Thinking in the long term is very dangerous considering the millions of ways you could be killed right now

>Debt can also been used to acquire assets that is likely to gain in value; for boomers this was housing
But how rational is this? Why should large for profit institutions help you buy a home you can capture capital gains on when they could retain more of those gains otherwise?

>>23211104
>Just eat rice and lentils lmao
How to get scurvy

>>23215682
Bruh even with 6 figures life is barely affordable. Most millennials have to live with roommates or if they are married then both partners have to work to make ends meet. Even worse if there’s kids involved. Give it up. The idea that you just “work hard and save” and everything else will fall into place is a delusion only the incredibly rich, deluded, lucky, or old believe. The “American dream” millennials and later were brought up to believe in was systematically gutted and sold to the highest bidder by their parents. Shit is fucked. There’s no way out apart from inheriting insane wealth or falling into a good job. For perspective, low-income in places like CA and NY is $85-120k. Even in low-cost states low-income is around $65-80k. Average median income in US is $65k. Keep in mind this includes ALL salaries and income brackets, so likely much lower for millennials and younger just starting their careers

>>23213482
>Basically, spend 50-60% of you money on fixed costs, 20% on enjoying yourself, save and invest 20%.
this is how you know this is completely and utterly detached and irrelevent, median wages in an average us city, not including coastal global tier cities either, has 80% fixed income minimum expenditures.
These old boomers are so fucking stupid and out of touch that they can't imagine a time where their income did not allow for this type of asinine hairsplitting of half here, half there. Most millenials and gen z are effectively living paycheck to paycheck, even though in the 80k-100k range are entering what is now the lower middle class at best. This is not sustainable advice for anyone who wants to every buy a home or be retired. You need to simply make it big or kill yourself in this situation, which is why crypto scams, robinhood "investing" etc and "make yourself an LLC" RE scams have gotten so prevelant, as most people's gut instinct realizes that this type of conventional financial advice is total garbage.

>>23215918
>Bruh even with 6 figures life is barely affordable
Probably why anon said that you would have to move in with your parents even with a 6-figure salary.

>>23210135
i wish i could sell this dick for more money it would solve all my problems

>>23210135
>Robert Kiyosaki, the heckin' personal finance guru, is $1.2 billion in debt
The entire genre is just WWE-tier goyslop. If you want to learn how to manage your income and expenditure and invest wisely, all you need, and all you've ever needed, is a few second hand undergrad-level accounting and economics textbooks.

>>23216024
>80% fixed minimum expenditures
Income isn't fixed. Work overtime, get a part time job, change careers, change jobs.
Expenditures aren't fixed. Get a roommate, move, carpool, don't eat out , don't consume alcohol or nicotine, don't spend money on tattoos, quit subscriptions, stop with the monsters, red bulls, Celsius.

> 80-100k lower middle class
Move out of NY or San Jose

> living paycheck to paycheck
Get a bigger paycheck
Get an extra paycheck
Lower expenses
Don't follow your dreams, follow reality.

Simple ain't Easy.

>>23216637
Dumb boomer faggot. You honestly think most of us haven’t already done everything you just discussed? I work 3 jobs currently. 1 full time and 2 part time and still will never save enough to put in the bank or invest heavily enough for it to matter. It’s great this shit works for you, but your reality is far different than 90% of millennials and later.

>>23216663
>you honestly think...
Yea, I absolutely think that most of "us" haven't tried more than three of the suggestions.
Or they try the suggestions but only for a 2-3 days then throw in towel and turn their shame into anger and point fingers at imagery adversaries.

I have never earned taxable income

>>23211700
>>23211700
>And the Rich Dad Poor Dad author is 1 billion dollars in debt.

No man dies with debt. Spend everyone else's money and live large!

>>23215762
>>23215779
There won't be a country by the time yous are 65. Wake up.

This advice was good 50 years ago.

>>23217541
Ironically, what you are saying is what the radical boomer retards were saying 50 years ago. DUUUDE GOVERNMENTS AND THE STATE WON'T EXIST SOON, WHO CARES MAAAAAN. That's why so many boomers have nothing saved for retirement.

>>23217649
>Ironically, what you are saying is what the radical boomer retards were saying 50 years ago. DUUUDE GOVERNMENTS AND THE STATE WON'T EXIST SOON, WHO CARES MAAAAAN.
Guy you're speaking to sounds like an extreme doomer. During the cold war maybe the thought global thermonuclear war might break out at some point was more common but only left wing extremists were predicting some sort of socialist revolution or right wing militia preppers thinking government will totally collapse but that was always an extreme minority.

> That's why so many boomers have nothing saved for retirement.
Because they have pensions and such, you know things that galaxy brained neolib youngin's call ponzi schemes and prefer telling everyone to buy crypto and don't depend on anyone but the free market driving up prices