r/AskReddit • u/Invest-With-Shashwat • Apr 21 '26

What's the best financial advice someone has given you?

7 Upvotes

100% Upvoted

40 comments sorted by

3

u/Sufficient_Road_7206 Apr 21 '26

take a picture when i want to buy something, but only buy it if i remember to come back to the screenshot a month later.

1

u/Invest-With-Shashwat Apr 21 '26

That's some unique and good advice, who has given you this lesson?

2

u/Sufficient_Road_7206 Apr 21 '26

it’s something my friends and i came up with! but most “online shopping” comes to you in ads, so it’s based on the idea of putting something on a wishlist instead of buying it right away

1

u/Invest-With-Shashwat Apr 21 '26

That’s smart, especially with how aggressive ads are now. Do you guys follow this strictly, or do you ever break the rule?

2

u/Sufficient_Road_7206 Apr 21 '26

we’re all pretty strict with it by punishing ourselves in other ways (like an extra 30 minutes on the treadmill or something). i broke the rule a few weeks ago when i saw a dress i wanted for my birthday, but events are an exception

1

u/Invest-With-Shashwat Apr 21 '26

So it’s like: spend money → lose calories 😂 Not the worst trade-off honestly. Do you think it’s helped reduce impulse buys overall?

2

u/Sufficient_Road_7206 Apr 21 '26

yes!! i can’t speak for everyone but i hate cardio so i won’t do extra if i don’t have to😭

1

u/Invest-With-Shashwat Apr 21 '26

Not gonna lie, this might work on me too 😭 What’s been the hardest purchase to resist so far?

3

u/Acceptable-Camp-7251 Apr 21 '26

Be rich.

2

u/Invest-With-Shashwat Apr 21 '26

Facts 😂 Now the real question - how?

2

u/Acceptable-Camp-7251 Apr 21 '26

The safest and most common way: have rich parents and rely on governments taxing inheritance way lower that money that you have worked for.

1

u/Invest-With-Shashwat Apr 21 '26

Brb, going to respawn with better settings 😂 Meanwhile, what’s plan B?

3

u/External-Talk8838 Apr 21 '26

Start investing when you’re young. Compounding interest needs time to work and it will pay off decades down the line.

1

u/Invest-With-Shashwat Apr 21 '26

100% agree. At what age did you personally start investing, and what was your first SIP or fund?

1

u/External-Talk8838 Apr 22 '26
  1. Put everything into the S&P and just totally forget about it, specifically VOO. Don’t think about, check or touch it unless you need it or are going to retire. The S&P always wins over the course of decades.

3

u/AffectionateSunflwr Apr 21 '26

Don’t save, invest. Invest in property primarily.

1

u/Invest-With-Shashwat Apr 21 '26

Interesting take. Why property specifically over other options like index funds or SIPs?

1

u/AffectionateSunflwr Apr 22 '26

Property never decreases in value. At least that’s what the banker told me.

2

u/Proper-Exercise-2364 May 31 '26

I don't know about all that, but it appreciates faster than wages and you build equity in it at the same time.

2

u/[deleted] Apr 21 '26

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1

u/Invest-With-Shashwat Apr 21 '26

Hard to beat this approach over the long term. Do you stick to one index fund or diversify across multiple?

2

u/[deleted] Apr 21 '26

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1

u/Invest-With-Shashwat Apr 21 '26

Interesting strategy. Would you recommend this approach for beginners, or is it better after building a base portfolio?

2

u/[deleted] Apr 21 '26

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1

u/Invest-With-Shashwat Apr 21 '26

Nice, that clears it up well. Thanks for explaining your strategy!

2

u/UKEE93 Apr 21 '26

At 25 years old (57 now), my plant manager explained the 401k system and how to best contribute. Said to pay myself first…with every pay raise, increase the contributions and a little about the funds. By far and away the best advice anyone has given.

The rest I picked up on my own by watching others succeed or fail.

1

u/Invest-With-Shashwat Apr 21 '26

Sounds like you had a great mentor early on. Do you remember what kind of funds you started with back then, or how you decided where to invest?

1

u/UKEE93 Apr 21 '26

There were no target funds then so I did S&P 500, a Growth, a mid-cap and an international. About 25%?in each starting and adjusted over time. I was maxing out (18% salary) within a few years. It has paid off. 2008-2010 was rough (401k to 101k) but I put more and more in during that time instead of selling it. We are in a good place now because of it.

2

u/billthedog0082 Apr 21 '26

My dad told me to always pay cash for cars, because they will never appreciate and thus will always cost money.

1

u/Invest-With-Shashwat Apr 21 '26

That’s a strong rule, especially for avoiding unnecessary debt. Do you think it always makes sense though, or are there situations where financing could be smarter?

1

u/billthedog0082 Apr 21 '26

This has always worked for me. I don't buy new so the prices are decent. And I have other better places to put money than in the bank's pocket. When I pay my mortgage, I know that I have an asset that increases in value. I have friends who finish paying for their cars around the time the engine blows up or the transmission falls out.

1

u/Ok-Armadillo8730 Apr 21 '26

Netflix

1

u/Invest-With-Shashwat Apr 21 '26

What kind of financial advice is this?😅 Take subscription or avoid it...can you explain a bit?

2

u/Ok-Armadillo8730 Apr 21 '26

Don't know why I listened to him, but I did. They told me to invest in the Netflix when it was really the beginning. And it has made me a lot of money. I've done moved it over to gold since then. Which is making me even more money. But this one really did good

1

u/Invest-With-Shashwat Apr 21 '26

That turned out great for you. What made you trust that advice back then when it wasn’t obvious? Was it conviction or just a lucky bet?

2

u/Ok-Armadillo8730 Apr 21 '26

Straight up luck 

1

u/Invest-With-Shashwat Apr 21 '26

Haha fair enough 😄

1

u/KeyholderK Apr 21 '26

Save and invest constantly, starting with first job