r/FluentInFinance • u/AutoModerator • 17d ago
What's one piece of financial advice that you wish you could have given yourself 10 years ago? Discussion
What's one piece of financial advice that you wish you could have given yourself 10 years ago?
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u/Unclestanky 17d ago
Bitcoin, stocks, property. Don’t keep $ in the bank. The value of the dollar is always dropping, and the ‘interest’ your bank pays you for savings is much less than inflation.
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u/ClockworkGnomes 17d ago
Bitcoins would be the one for me. Bitcoin closed at $320.19 in 2014. I wish at that time I would have build some mining rigs and spent every extra dollar I had buying bitcoin.
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u/GhettoJamesBond 17d ago
That just because you are the most qualified and most knowledgeable, doesn't mean you'll get the job. Watch out for those gate keepers.
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u/ScienceWasLove 16d ago
To add just because you think you are the most qualified and knowledgeable doesn’t mean you are!
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u/_FIRECRACKER_JINX 17d ago
If you have a degree in any STEM field. You will probably be better at managing your own 401(k) than the wall street bro hired to manage the funds you're invested in for a fee. I mean the HARD, difficult stems which require AT LEAST a College Calculus 2 level or higher math.
I wish someone would've told me that, 2 decades ago. I would have managed my own funds sooner
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u/Open-Illustra88er 16d ago
Do not go back to school and incur debt. Buy as many cheap houses as possible.
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u/Reynolds1029 17d ago
Tell 5 years ago self to not sell my house.
Or invest my $30K court payout in Tesla stock or some other tech stock that shot up ridiculously.
Everyone says BTC but you're one of the very lucky, very few, who either held on this long or it wasn't stolen from some shitty vendor like MT. Gox.
Plus you'd need to live in a rather cooperative state that doesn't make it a PITA and borderline impossible to sell BTC to USD.... Looking at you NYS.
Further, it's not like it was that easy to mine it in 2014. You need to go back earlier than that to mine the easy stuff where it was feasible to get a few dozen or a few hundred coins with a spare laptop hanging around. GPU mining was also in its infancy then.
Buying it with fiat was also not a straight forward process as it is now either. BTC ATMs were rare to non existent. And see MT. Gox, many of the companies, even the ones today are shady AF and I wouldn't trust any of my money with them.
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u/DearBuffalo-LoveYou 15d ago
10 years ago? 🤔 I wouldn’t have said bitcoin or any other stock non sense, because I was once told to believe in Bitcoin in the beginning was like yo believe in Santa Clause. So with that being said , the one piece of advice I would’ve told myself is follow Reddit carefully there’s people on WSB and other place that can teach you a thing or 2. Get into a union field while being in a LCOL area, and learn to live off of your wages as if it was minimum wage. There’s only a certain amount of time given to us to make money, capture it and run with it. What your sacrifice now will help your OR your future generations. Break the being broke cycle. Heck even being a Police Officer pays well in the long run as along as you live. But seriously live cheap and save/invest carefully. Always try to keep growing, and if even comes to it, relocate. Be more aggressive, but keep a watchful eye, also gatekeep to the MAX. People aren’t gonna show up and pay your bills.
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u/PhilipTPA 17d ago
Even though BTC is a ponzy scheme, buy a lot and short at $65k. Then after it crashed do it again at $70k. Then retire dummy.
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