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Yahoo! finance article makes my brain hurt. What do you think?

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Anonymous
Not applicable

Yahoo! finance article makes my brain hurt. What do you think?

https://finance.yahoo.com/news/five-biggest-myths-saving-money-130013914.html

 

I'm not sure if this guy is just trying to sell his own software, or if he really beleives the financial advice that he is spewing. This goes against almost everything about finance I have ever learned. Maybe the index fund idea is ok. Maybe I am just too fiscally conservative. Maybe he is a risk taker. Or maybe he is crazy. What do you guys think?

Message 1 of 5
4 REPLIES 4
nightglider
Regular Contributor

Re: Yahoo! finance article makes my brain hurt. What do you think?

I've actually got a few ideas of my own that others would consider foolish (whether they'd use that word, or attempt to be polite). I could argue against some of his advice, while agreeing with the premise.

 

On the opening bit, I do agree with him. At one point I was taking my CC rewards and depositing them into my savings/investing accounts. One day I realized that I have never once stood in front of a store shelf thinking, "Well I did just redeem $30 from my Citi DC. I can buy this without any guilt". I do not spend according to what I've saved, previously. I spend according to what I need (or think I can get some long-term use out of).

 

I've never had college loans, so I'll skip this one.

 

On getting a credit card, I'm with most people here in saying the earlier you can establish positive history, the better. But "using it to capacity"... not sure I can go along with this one.

 

On the buying a house bit, I actually agree with him... to a point. I've been in the miltary for 8 years, so I have another 12 before I can retire (should I choose to take that path). 12 years is a lot of time to be assigned to one base. I have no desire to deal with selling one house to buy another (particularly if I'm in a time crunch), or being a long-distance landlord. I will be renting for the foreseeable future (while saving for a time when I have greater control over my geographic location).

 

His argument on using retirement funds as emergency funds... I completely disagree with him in this regard. In fact my views on this go against many members on this forum. Just....no.

 

On the investing bit, he's actually spot on. Many people are daunted by the idea of investing, but it's mostly because there's a ton of information about it, but not all of it is useful, or even good. I consider the advice on index funds to be accurate, and that's where most of my money is.

Message 2 of 5
Anonymous
Not applicable

Re: Yahoo! finance article makes my brain hurt. What do you think?

I've seen a few of these articles around recently -claiming that millenials should abandon conventional financial planning advice. I think they're just click  bait. Pretty entertaining to read, and the commentspa are even more entertaining.

Message 3 of 5
Anonymous
Not applicable

Re: Yahoo! finance article makes my brain hurt. What do you think?

I'm not even sure what generation I'm in. I'm 31. But some of this advice I would never take.
Message 4 of 5
nightglider
Regular Contributor

Re: Yahoo! finance article makes my brain hurt. What do you think?


@Anonymous wrote:
I'm not even sure what generation I'm in. I'm 31. But some of this advice I would never take.

Apparently you're a Millennial.

 

http://www.marketwatch.com/story/many-of-us-have-this-in-common-with-kanye-west-2015-09-04

Message 5 of 5
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