What are some good financial guidelines to live by?

[Bornstarch]

Post some good financial advice to live by. The younger you are when you start following these, the better.

I got most of these from listening to Dave Ramsey.

Never buy a brand new car, unless your net worth is over 1 million US.
I think the rule of thumb is buy a 5 year old vehicle, not a truck. Buy a Toyota Corolla over a Camry. Never buy a GM or European car.
Never buy a brand new phone. Buy a phone that's 2 years old.
Put 15% of your income into a matching 401k provided by your workplace if they provide it.
Never buy/rent a home/apartment that costs more than 1/4 if your gross monthly income.
Avoid eating out. Buying ingredients and cooking at home will save you a lot of money.
Have a 3 month emergency fund.

What else are good financial habits?

 

[Osculater]

Free shopping if it's under $950.00

 

[biscuitsbrah]

Free shopping if it's under $950.00

You don’t steal

 

[Osculater]

You don’t steal

 

[nonoob]

Never put a purchase on credit cards when you can pay for it with cash.

 

[fungi]

You don’t steal

Unless it's "reparations", eh?

 

[Kowboy On Sherdog]

Never spend more than you make?

 

[ferrisjso]

Don't listen to Dave Ramsey.

Anything positive that can be gained from a podcast like that you could have figured out without the fascist poision(same goes for basically the whole "advice" podcast industry). The main point of such a show is to gaslight.

 

[KreamPuff]

Post some good financial advice to live by. The younger you are when you start following these, the better.

I got most of these from listening to Dave Ramsey.

Never buy a brand new car, unless your net worth is over 1 million US.
I think the rule of thumb is buy a 5 year old vehicle, not a truck. Buy a Toyota Corolla over a Camry. Never buy a GM or European car.
Never buy a brand new phone. Buy a phone that's 2 years old.
Put 15% of your income into a matching 401k provided by your workplace if they provide it.
Never buy/rent a home/apartment that costs more than 1/4 if your gross monthly income.
Avoid eating out. Buying ingredients and cooking at home will save you a lot of money.
Have a 3 month emergency fund.

What else are good financial habits?

I disagree with the never buy a new vehicle only 5+ year old vehicle. I think new vehicles are fine as long as you keep them a long time > 8 years. After the car gets a certain age, repairs are often more than the car is worth

I also disagree with not buying a brand new phone. Phones usually have limited support with security patches and the battery often goes to shit. I'd recommend not buying a new phone for at least 3 years.

Credit Cards are great to use as long as you pay them back at the end of the month. Getting 2%+ rewards are fantastic in the long run.

 

[IDL]

Don't think you are a stock picking hotshot and instead buy market ETFs

 

[Jackonfire]

Avoid eating out. Buying ingredients and cooking at home will save you a lot of money.

Will it though? Time is money and it takes quite a bit of time to go to the store, buy what I need then drive back home, prepare the meal, then clean up the mess. And all those steps also cost actual money whether its fuel for my vehicle, gas to cook the food or water to clean up the mess. There's costs attached every step of the way.

I don't know who Dave Ramsey is but if this is his advice, then I don't need to know.

 

[KOPPE]

Dont listen to Dave Ramsey.

 

[I Am Legion]

1. Don't buy what you can't afford.
2. Fuck the Joneses and trying to keep up with them.
3. Diversify.
4. If you have debt, pay it off before making things worse.

 

[Cole train]

Put it all on black

 

[ObsoleteSoul]

Be gay. They always seem to do much better than us cis fellas

 

[chardog]

Compound interest can do wonders

 

[Two Crows]

Poor people stay poor by trying to appear rich.

Rich people stay rich by living like they are poor.

 

[Fedorgasm]

Used vehicles are also a ripoff. I don't know where people get the idea that you save a ton buying used. When I was in the market for a car I looked at the used ones and they weren't that much cheaper than the new ones unless you go really old. But buying a car that was only 1 or 2 years old didn't seem to save much.

 

[Two Crows]

Also;

Never buy/rent a home/apartment that costs more than 1/4 if your gross monthly income.

This would leave a LOT of people homeless right now.
As in, more than we already have.

 

[chardog]

Used vehicles are also a ripoff. I don't know where people get the idea that you save a ton buying used. When I was in the market for a car I looked at the used ones and they weren't that much cheaper than the new ones unless you go really old. But buying a car that was only 1 or 2 years old didn't seem to save much.

it can be hit and miss. A long while back, I was looking for a used minivan, found one that was 8-12K off new MSRP, negotiated down another 2K, and it had only 22K miles on it? It's been 15 years since, I still use the vehicle. New cars can have good incentives, so I wouldnt ignore that either, have one of those green cars and at the time, there was around 10K in rebates....... next ride is going to be a cybertruck whenever it's my turn....