Throw out your best ones or ones others may not think of. Let’s make this thread a useful one for everyone. Aim is to save money on unnecessary things and prioritize to spend on things that are useful. I’ll start with the most basic ones: 1. Investing to 401K to get full company match 2. Not buying coffee in Starbucks etc. 3. Charging your EV at work
Diversify to spread your risk around. Don’t invest money you can’t afford to not have on hand.
Diversify in stocks alone or crypto, real estate etc.?
You want different risk profiles. Bonds are safe if you believe the entity issuing them will make good. Stocks are volatile in a way you can hedge against with index funds or lots of little personal bets. Crypto is garbage but maybe you can get on the right side of a volatility swing. Real estate is fine if you think the local laws are in your favor and you aren’t overly leveraged when buying in. Etc.
4. Track every dollar you earn and spend
Do you use any app for this? Mint?
Copilot has been good for me but I feel like there are many that all do the same. Mint, TrueBill, etc.
Not buying coffee is like the dumb tip to get rich. Sure it makes sense, but dont try to save pennies and instead put yourself into making more
But most of us tech bros have great coffee options at work and easy filter coffee at home. Why to spend $5 outside for it?
the point is to focus on big picture not on the small stuff that indeed matter but are not whats going to help you to the next big milestone
The only finance "tip" you ever need to know is You get rich by increasing income & managing your spend. No one ever got wealthy by saving Starbucks money
Isn’t Starbucks money part of managing spend
No. Ever heard the saying penny wise pound foolish
U forgot all the basics bro. - Invest significant sums in individual speculative tech stocks. If you can do options trading rather than plain stocks. - Invest all the rest in safe assets like bitcoin - Remember that stocks only go up - Check Blind to time the market. Just do a daily poll - lift heavy weight 3x/week
>safe asset >Bitcoin
You forgot the most important fundamental tech bro Blinder tip: never be happy, maximize TC
Only two tips: 1. Switch company every 2 years 2. Learn how to become a full time FnO/equity/commodity trader
You will never become wealthy even if you work in faang or faangmula. The only real way is to be an entrepreneur or have some sort of business
Harsh truth
Most ESPP programs are free money. Max them out.
Google doesn’t have one :(
PayPal had a really good one. It was like 15% discount on the lowest price in the period. I ended up making like 20k every 6 months.
I buy most all the conventional financial advice, but the "maxing 401k" is still something I'm not fully convinced on if you're in your 20s~30s. A lot of expensive experiences you really wanna do when you're young
But you also get significantly higher return on any investments you make early in life. Someone making 100k probably should prioritize experiences (and getting that TC higher), but someone making 300k can surely afford the experiences AND maxing 401k
Yeah I'm between those numbers and have been doing partial
Read The Millionaire Fastlane. It will offer a fresh perspective
Is it better than ‘I will teach you to be rich’
I have not read that book but if it talks about saving money, living below your means, maxing out your 401(k), investing in index funds and diversified ETFs etc., this book is nothing like it. It’s an antithesis to all of that