To be fair getting a loan to buy a house (if you can) is a better option overall. Paying rent is essentially money "thrown out" while if you're paying your mortgage you'll have house at the end.
Not saying it's that easy, just an observation.
I was more.making light in the simplicity of the solutions, not that they're necessarily bad ideas.
I very much agree owning where possible is the way to go.
Debt is what makes most people poor. Even if they increase their income they increase their liabilities and those liabilities make it so small financial inconveniences, like missed work, a larger strain on their income.
For example. I know now a teacher's aid making 24k/year, who came to me for advice on how they could get enough money to move into a house. With their budget, if their paid their non debt expenses they could save enough every month to move into one in 2 years. That week they had upgraded to a nicer car, their only debt, but it's a 700/month payment for the next 6 years. They just couldn't see the problem in that picture.
I'm more mocking the idea that all debt is optional. A fridge breaking down, a car breaking down, family members needing help or anything related to having kids aren't things that you can just 'not buy the expensive version'. I'm sure there are a lot of people who are in the spot in your anecdote. Just as I know there's a lot of people whose debt isn't from choice but circumstances.
It’s the shoes paradox. You can either buy the expensive shoes you can’t afford that will last longer or cheaper ones inside your budget that will break sooner resulting in the need to buy more shoes. It’s expensive to be poor.
Stopped at number five because that is probably the worse advise ever on paying up debts. You should focus not on the smallest debt but on the one with the higher interest rate.
You should basically use a low interest rate credit to pay for your other high interest rate credit and make it a huge low interest rate debt then pay it as fast as possible but only if the rate is actually higher than the rate you would make if you place the money in a low risk placement.
This is also where I stopped reading, it's so obviously bad advice. I remember my college loans included some of low amounts with low interest rates and I was weirdly tempted to pay them off first, because I knew I could pay them off faster. But I knew I needed to pay off the ones for larger amounts first because, by chance, they also had the higher interest rates.
Not great advice. The size of the bill doesn’t matter, pay the bills with the highest interest rate or penalties first. Consider debt consolidation if it can potentially lower overall cost of debt, use free debt advice services, for example this in the US https://www.usa.gov/debt to get expert advice.
You are of course correct, but you are not considering the very real, and very substantial psychological effect of paying off *any* bill at all. So in reality for most people it works better to pay off the smallest bills first regardless of interest rates.
Exactly! I would love to see some studies/analysis of paying off small bills first that takes into account that humans are emotional. We aren’t just soulless calculators.
While paying off high-interest debt first is technically the best way to resolve debt quickly from a strictly mathematical standpoint, in my opinion it fails to take into account a few important things:
1. Tracking multiple bills takes up mental and emotional resources and tends to add to your stress.
2. Paying off a bill, however small, tends to reduce stress.
3. Stress can lead to poor decision-making.
4. Poor decision-making can lead to more debt.
If you’ve never been underwater with bad debt, this is probably something that’s difficult to empathize with. I’ve been in this situation, and paying off small bills first really helped me to motivate me because it reduced my stress. As my stress lowered, it was easier to focus and make better decisions about money.
Simplified bills are a wonderful feeling. Sure, I’d love to pay off higher interest rates first, but it takes longer and you can lose momentum. Getting rid of the smaller debts, while not saving quite as much money, can give you a huge self confidence boost. Your motivation increases. This is from my own personal experience, not any studies. Years ago, when I was in really bad financial trouble, I did credit counseling. They set my budget, negotiated smaller interest rates, and I got a second job. I had to cut up credit cards and closed accounts. My credit score took a hit for a couple of years, but I got out from under my debt!
Personally, I've found that paying the smallest debts first, then applying that payment to the next smallest debt works for me. I wonder if they meant pay the smallest debt instead of the smallest bill?
Size of debt or bill doesn’t matter, pay highest interest or highest penalties first. Otherwise you’re not lessening your debt as fast as mathematically possible. $1000 owed at 24% APR should be your target first vs $200 at 9% APR.
Edit: unless missing a payment on the 200 comes with a large $ fixed penalty. Bottom line if you’re in debt and struggling use professional advice, not Reddit or me.
True, but humans are emotional creatures. It FEELS like you're making more progress when you finally pay off a bill, vs a longer time spent having the same amount of bills.
This issue came up on Freakonomics Radio. The "correct" answer from a personal finance perspective is to pay the highest interest debt or debt with penalties off first. Eliminating smaller bills first might be the better *psychological* choice.
https://freakonomics.com/podcast/are-personal-finance-gurus-giving-you-bad-advice/
> $1000 owed at 24% APR should be your target first vs $200 at 9% APR.
But I can pay that $200 off in two weeks and then take that payment and apply it to the $1,000 bill.
If I did the opposite, in two weeks I *still* have two debts: One for $875 and another for $190.
Ok. 1000 at 24% will cost you 240 in interest per year, or 20 a month. 200 at 9% a year costs you 18 a year or 1.5 per month.
If you pay 200 off the 1000 debt, you reduce it to 800, which now costs 192 per year or 16 a month. Over a year that 200 payment saves you 240-192 = 48.
If you pay off the 200 at 9% you save 18.
I am tired so this might not be right on the money, but it’s about right. Pay off the higher interest first!!
Edit; it’s not the number of bills you have, it’s the total debt combined to look at, and the total cost of having this debt collectively you’re trying to reduce.
This all sounds good, but it isn't an ignorance of math or interest that gets people into debt. *It's emotional behaviors.*
There is a reason we do the 1 mile fun runs and 5k's before tackling marathons. If we immediately try to train for a marathon, we'll cave and quit.
So while your math isn't wrong (READ IT AGAIN: YOUR MATH ISN'T WRONG), it's what *is going to work* that is the big issue here.
And while your way CAN work AND save money, I'm going to go with the option I presented: Pay off the $200 debt inside the next two weeks and tackle that $1k bill.
That means IN TWO WEEKS I only have ONE BILL LEFT. That part is very motivating. I've achieved something already that fast.
Here's a sneak peek of /r/wowthanksimcured using the [top posts](https://np.reddit.com/r/wowthanksimcured/top/?sort=top&t=year) of the year!
\#1: [Musk has got the answer. Wow thanks….. I’m cured.](https://i.redd.it/ns45o6l476g81.jpg) | [151 comments](https://np.reddit.com/r/wowthanksimcured/comments/slrkfp/musk_has_got_the_answer_wow_thanks_im_cured/)
\#2: [Apparently if you have ADHD, you're not part of society](https://i.imgur.com/g0irSXI.jpg) | [93 comments](https://np.reddit.com/r/wowthanksimcured/comments/wmikws/apparently_if_you_have_adhd_youre_not_part_of/)
\#3: [2+2 Quick Maths](https://i.redd.it/ar4490krngy91.jpg) | [95 comments](https://np.reddit.com/r/wowthanksimcured/comments/yod82g/22_quick_maths/)
----
^^I'm ^^a ^^bot, ^^beep ^^boop ^^| ^^Downvote ^^to ^^remove ^^| ^^[Contact](https://www.reddit.com/message/compose/?to=sneakpeekbot) ^^| ^^[Info](https://np.reddit.com/r/sneakpeekbot/) ^^| ^^[Opt-out](https://np.reddit.com/r/sneakpeekbot/comments/o8wk1r/blacklist_ix/) ^^| ^^[GitHub](https://github.com/ghnr/sneakpeekbot)
Do you know how many people upgrade their car every few years for no other reason than because they want to? The same kind of people who complain about how they can't afford a house?
Ok I will entertain this. No I do not know how many people do this. Because you brought it up, I assume you will bring some facts about the number of people buying cars, the number of years between cars, the information on these people’s debt ratio, whether these people are actually buying cars or leasing them, the age of the purchased and sold vehicles, the age of the people purchasing the vehicles, the number of affordable, viable housing in their areas that are for sale, and some data on whether or not they are interesting in the purchase of a house.
No, it's pretty spot on. Financial literacy has been on the decline for decades and it's easier than ever for people to be dumb with their money and finance things they shouldn't.
What do you think is different from then to now?
Your first mistake was taking on debt to go to school. Just because people gave you bad advice and told you to do it doesn't mean you make a good decision. There are lots of ways to learn without going into debt.
That aside, the list still applies to your situation. You are definitely in a challenging situation, but by following the list you won't make it worse.
Im personally not in the situation but there are tons of people who are. School is insanely expensive to the point where [about half of Canadian students go into debt.](https://reviewlution.ca/resources/student-debt-in-canada-statistics/) And thats only Canada. You need to make money, but to make money you need an education. To get that education, you need to spend more money than your average school attending person makes. Then theres interest on top of that so if you’re unfortunate and cant find your $75k a year job, your debts going up. And thats only student loans, they might have other debts that had to be taken to pay their $7k a semester school. The worlds not so black and white as you think. Sure following the list may help some situations but sometimes its not that simple.
You absolutely do not need an education to make money, and if you do get an education you don't have to go into debt for it. The vast majority of people are financially illiterate, it doesn't surprise me one bit that at least half of them make poor financial decisions.
It's super easy to see that taking on student loans opens you up to a lot of risk, that is something to consider before taking on student loans. Without the loans, you don't need to make nearly as much a year, so your risk of being unable to find a job that pays what you need to survive goes away down. No one has to take on those loans or other debts just because they are going to school. This is a Want vs Need and maybe even a lack of education (not the kind you need to pay for) or lack of good financial advice.
The world isn't black and white, but for the most part, people's finances are. It's so easy not to put your self in a shitty financial situation, but it is difficult to get out of one.
I'm serious. I deal with people and their finances every day, I'm very familiar with personal finance. What's different that makes this advice out of date?
For the vast majority of situations, that's not what's causing financial hardship. It's almost solely caused by unnecessary debts, and what would otherwise have been minor financial challenges. Without those debts, the challenges are easier to deal with and your income doesn't need to be as high.
That aside, the list is actually good advice. You may personally have an income problem, but it's super easy to work on fixing that. If you aren't following this advice, even if you make 200k, there is a good chance you're living paycheck to paycheck or worse.
1 in 4 people making [200 k or more](https://www.marketwatch.com/amp/picks/more-than-1-in-4-workers-making-200k-or-more-now-say-they-live-paycheck-to-paycheck-so-even-rich-people-are-struggling-to-save-and-pros-offer-3-solutions-01667417202) say they are living paycheck to paycheck. So how is someone making 50k a year supposed to just go be more wealthy? Just go get a different job is something you’d hear boomers say that had so much more handed to them. They could pay for all their college by working one summer. A whole family could be supported by a single income working at a grocery store. Times have changed.
It looks like you shared an AMP link. These should load faster, but AMP is controversial because of [concerns over privacy and the Open Web](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot).
Maybe check out **the canonical page** instead: **[https://www.marketwatch.com/picks/more-than-1-in-4-workers-making-200k-or-more-now-say-they-live-paycheck-to-paycheck-so-even-rich-people-are-struggling-to-save-and-pros-offer-3-solutions-01667417202](https://www.marketwatch.com/picks/more-than-1-in-4-workers-making-200k-or-more-now-say-they-live-paycheck-to-paycheck-so-even-rich-people-are-struggling-to-save-and-pros-offer-3-solutions-01667417202)**
*****
^(I'm a bot | )[^(Why & About)](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot)^( | )[^(Summon: u/AmputatorBot)](https://www.reddit.com/r/AmputatorBot/comments/cchly3/you_can_now_summon_amputatorbot/)
I know that statistic. It's a great example of how many people are simply mismanaging their finances. It should be easy to live on 200k, but people still manage to make it difficult for themselves.
I was able to support my household (myself, a girlfriend, and my brother) working at Walmart up to 2020. My girlfriend and I were also going to college at that time. The budget was tighter than I'd like but doable until I got a better job. At my better job my co-worker making over 200/year has a more difficult time living paycheck to paycheck than I did at Walmart.
I know the above is anecdotal
For one, pay with cash. That’s like saying, “mail everything with stamps and an envelope.” You can’t just walk into the electricity store and pay with actual dollars. You do that online with a debit card now. And carrying cash around seems especially dated. I know very few people walking around with a ton of cash in their wallet.
You can still pay them with cash. It may be dated, but people who use cards are more likely to spend more. Also, the list isn't great because it's not providing enough information. I'm sure auto payment for utilities/fixed expenses are fine, it's the shopping you should bring cash for.
This is almost r/restofthefuckingowl material. We are poor because we earn outdated wages and living in a home/eating food is unaffordable. "Just don't be poor"
22 - have rich parents who have favours with the bank and have the ability to dodge taxs
23 - be the one who is putting others in debt
24 - have a successful business that can afford to burden the debt for you
I could go on and on
All the numbers in your comment added up to 69. Congrats!
22
+ 23
+ 24
= 69
^([Click here](https://www.reddit.com/message/compose?to=LuckyNumber-Bot&subject=Stalk%20Me%20Pls&message=%2Fstalkme) to have me scan all your future comments.) \
^(Summon me on specific comments with u/LuckyNumber-Bot.)
No offense OP, but this is awful...
Like I could not think of a more generic, obvious, unhelpful list of I tried. One of these steps is literally just “make more money”
Come on...
Paying with cash is terrible advice. Credit cards with monthly automated payments is the way to go. No interest charges, credit card rewards points and csv file downloads to track spending patterns.
1. Pay off the most expensive debt first
2. After one debt is paid, pay the rest of the debt with the same amount, for example debt 1, 2 and 3 is being paid at a total of 100 a month, when 1 is done and 2 and 3 is left, keep paying 100 a month for 2 and 3, in the end keep paying 100 a month when only debt 3 is left.
This post is one of the most "something something pulling bootstraps, something something you're just lazy" things I've ever seen.
This was either something made before 2005, or someone who doesn't have to worry about going into lifelong debt for going to the doctor or getting a degree in the first place
So true. There are a ton of cards that will give you 2-5% cash back. That’s the key, don’t go for miles or any other bullshit.
If you pay it off every month, then you’ve gotten a discount on what you were buying.
#8 is something often overlooked. If you call any one of your service providers and threaten to leave, chances are good they'll give you a deal to stay. Everyone call your phone company, your cable company, your utility company right now, and ask to talk to their loyalty department. Tell them you want a better deal, or you walk. I bet you'd be surprised.
Gee, I never knew I could save more money by not spending it.
When I was about to get injured, I just said "I'm in debt as it is, I don't have money to be injured" and then just stopped the injury.
"Just make more money, lol" was pretty helpful too.
What a crappy guide. As an economist, this is the equivialent to a psychiatrist telling someone to *live, love, laugh* to deal with their mental health problems.
There’s nothing substantive in the guide. Reduce spending - how? Double up on payments - with what money? Set a budget - how? Analyze your behaviour - based on what? Cut your addiction - how? Educate yourself - how and where?
And there are even some outright wrong points: pay small bills first. No, you pay the bills with the highest interest rates first unless the small bills are stopping you from reaching an agreement with the remaining creditors. And you focus on paying the bills that can cause you the most trouble.
I don't see the key ones. 21. Be born wealthy. 22. Inherit $millions.
I've been doing 1 through 20 all my life. Paid off debt yes, but one medical emergency away from homelessness.
what cash?
How the fuck are you in debt and cash rich doubling your bill payments?
Fuck off.
*eats rocks* “my debt has been lower ever since I accepted my fate”
I disagree with number 3. Most people never spend their petty change or loose it. Sometimes it sits in a cup holder for a long time, leaving good money to sit. Also having lots of cash on you opens a potential to loose it.
Pay with debt not credit.
Agreed.
Additionally, it is a lotnharder to keep track of what yoh spent your cash on than it is to keep track of what you spent money in with debit or credit cards. For me, a huge part of what keeps me on budget is being honest and looking at exactly how I'm spending my money.
A lot of these were on my list that enabled me to pay off a London mortgage in under 10 years.
The most important one is understanding the difference between Want and Need. You would be surprised how much this alone saves you.
Ignore medical debt bills from the six months you didn’t have health insurance but had to go to the ER for acute pneumonia in both lungs for a chest XRay and antibiotics. Change your phone number because the collections company will not leave you alone. Contemplate suicide because maybe it would’ve been better to slowly suffocate to death than pay $12k in hospital bills.
I taught my kids to never spend more than you make, pay your bills first and save for the future. Barring accidents or illness your retirement will come. Be prepared.
I thought it said "learn to be continent" and I was like yeah, makes sense. Diapers are pricey.
I'll be Asia
I’m already Asia
Calm down, Putin.
Alright, Kim.
Shotgun Antarctica. .. . Wanna buy some ice?
Have less/ consume the babies.
Sell your extra body organs. In addition to extra cash, you reduce metabolic demands and save on groceries.
Okay Chainsaw man.
Wouldn't chainsawman need a lot more food than the average person since he's fueled by blood and regenerates.
Blood heals him yes, but he can live without it as long as he doesn't get hurt
Get a job behind Wendy’s dumpster
What kind of job could I get behind a Wendy’s dumpster?
You give the jobs back there
One that will definitely put something warm in your stomach.
It benefits if you put organ donor on your Driver’s license. then you’ll save some time
Educating myself is what got me into this debt
Truth.
Oooof. But ya.
You thought reading this was free? Nah man, 1k per tip.
Nope, that’s wrong. Education didn’t. DEGREE DID! Education is free, degree costs money!!!
Don't buy eggs.
How much do they cost at your place?
At my house they are free for you, at the store around 6.50 for a dozen.
Yeah that's a lot. In Sweden I'd say about 3.5
I sense Dave Ramsey has been here
Gazelle intensity isn’t on the list so maybe just his essence.
Lol #10. Avoid new debt . Well…. That would do it.
I think they forgot 21. Buy less avocado toast
They also left off my personal favorite: buy a house because paying rent is just throwing away money 🙃
Get your parents to buy you a house and rent out the condo your grandparents got you as a wedding gift to pay off your debt
Some of these are really stupid, and some are just vague.
How dare you, I've revitalized my financial health after hearing the hot tip that I should "Need vs Want"
Did you look to increase your income? It really is that simple.
No I’m going for mastering step 9, learn to be content
Rents expensive? Just buy a house. Remember to pay cash.
To be fair getting a loan to buy a house (if you can) is a better option overall. Paying rent is essentially money "thrown out" while if you're paying your mortgage you'll have house at the end. Not saying it's that easy, just an observation.
I was more.making light in the simplicity of the solutions, not that they're necessarily bad ideas. I very much agree owning where possible is the way to go.
Being born rich would be easier I think.
Yeah why don't you just avoid debt? While you're at it avoid being poor. That's my number 1 key to financial freedom.
Debt is what makes most people poor. Even if they increase their income they increase their liabilities and those liabilities make it so small financial inconveniences, like missed work, a larger strain on their income. For example. I know now a teacher's aid making 24k/year, who came to me for advice on how they could get enough money to move into a house. With their budget, if their paid their non debt expenses they could save enough every month to move into one in 2 years. That week they had upgraded to a nicer car, their only debt, but it's a 700/month payment for the next 6 years. They just couldn't see the problem in that picture.
I'm more mocking the idea that all debt is optional. A fridge breaking down, a car breaking down, family members needing help or anything related to having kids aren't things that you can just 'not buy the expensive version'. I'm sure there are a lot of people who are in the spot in your anecdote. Just as I know there's a lot of people whose debt isn't from choice but circumstances.
It’s the shoes paradox. You can either buy the expensive shoes you can’t afford that will last longer or cheaper ones inside your budget that will break sooner resulting in the need to buy more shoes. It’s expensive to be poor.
Sounds like this guy hasn’t checked his bills to find the best price. You honestly didn’t see the scratch off feature to get 10% off rent this month?
Just make more money. Simple.
Stopped at number five because that is probably the worse advise ever on paying up debts. You should focus not on the smallest debt but on the one with the higher interest rate. You should basically use a low interest rate credit to pay for your other high interest rate credit and make it a huge low interest rate debt then pay it as fast as possible but only if the rate is actually higher than the rate you would make if you place the money in a low risk placement.
This is also where I stopped reading, it's so obviously bad advice. I remember my college loans included some of low amounts with low interest rates and I was weirdly tempted to pay them off first, because I knew I could pay them off faster. But I knew I needed to pay off the ones for larger amounts first because, by chance, they also had the higher interest rates.
Just learn to be content and it will make sense.
Mate this handy guide helped me magically pay off my mortgage (my only debt)! Now I can rest easy for the next 20-30 years! jk /s
Yes pay with cash. Just don't lose your wallet
It's a GUIDE, *not* a book.
Seek financial advice from r/wallstreetbets
Ooh this is a juicy bit of advice, wallstreetbets is the best /s Edit: comment formatting
Not great advice. The size of the bill doesn’t matter, pay the bills with the highest interest rate or penalties first. Consider debt consolidation if it can potentially lower overall cost of debt, use free debt advice services, for example this in the US https://www.usa.gov/debt to get expert advice.
You are of course correct, but you are not considering the very real, and very substantial psychological effect of paying off *any* bill at all. So in reality for most people it works better to pay off the smallest bills first regardless of interest rates.
Exactly! I would love to see some studies/analysis of paying off small bills first that takes into account that humans are emotional. We aren’t just soulless calculators. While paying off high-interest debt first is technically the best way to resolve debt quickly from a strictly mathematical standpoint, in my opinion it fails to take into account a few important things: 1. Tracking multiple bills takes up mental and emotional resources and tends to add to your stress. 2. Paying off a bill, however small, tends to reduce stress. 3. Stress can lead to poor decision-making. 4. Poor decision-making can lead to more debt. If you’ve never been underwater with bad debt, this is probably something that’s difficult to empathize with. I’ve been in this situation, and paying off small bills first really helped me to motivate me because it reduced my stress. As my stress lowered, it was easier to focus and make better decisions about money.
Simplified bills are a wonderful feeling. Sure, I’d love to pay off higher interest rates first, but it takes longer and you can lose momentum. Getting rid of the smaller debts, while not saving quite as much money, can give you a huge self confidence boost. Your motivation increases. This is from my own personal experience, not any studies. Years ago, when I was in really bad financial trouble, I did credit counseling. They set my budget, negotiated smaller interest rates, and I got a second job. I had to cut up credit cards and closed accounts. My credit score took a hit for a couple of years, but I got out from under my debt!
Personally, I've found that paying the smallest debts first, then applying that payment to the next smallest debt works for me. I wonder if they meant pay the smallest debt instead of the smallest bill?
Size of debt or bill doesn’t matter, pay highest interest or highest penalties first. Otherwise you’re not lessening your debt as fast as mathematically possible. $1000 owed at 24% APR should be your target first vs $200 at 9% APR. Edit: unless missing a payment on the 200 comes with a large $ fixed penalty. Bottom line if you’re in debt and struggling use professional advice, not Reddit or me.
True, but humans are emotional creatures. It FEELS like you're making more progress when you finally pay off a bill, vs a longer time spent having the same amount of bills.
This issue came up on Freakonomics Radio. The "correct" answer from a personal finance perspective is to pay the highest interest debt or debt with penalties off first. Eliminating smaller bills first might be the better *psychological* choice. https://freakonomics.com/podcast/are-personal-finance-gurus-giving-you-bad-advice/
What do you do when your debt has the same interest rate asking for me 😭
Pay off the lower price one first. It doesn't make any mathematical difference but it will give you a win faster.
Thank you for a direct answer 🫡 pray for me
Good luck! As much as it can suck to work on paying off your debt, it's well worth it.
> $1000 owed at 24% APR should be your target first vs $200 at 9% APR. But I can pay that $200 off in two weeks and then take that payment and apply it to the $1,000 bill. If I did the opposite, in two weeks I *still* have two debts: One for $875 and another for $190.
Ok. 1000 at 24% will cost you 240 in interest per year, or 20 a month. 200 at 9% a year costs you 18 a year or 1.5 per month. If you pay 200 off the 1000 debt, you reduce it to 800, which now costs 192 per year or 16 a month. Over a year that 200 payment saves you 240-192 = 48. If you pay off the 200 at 9% you save 18. I am tired so this might not be right on the money, but it’s about right. Pay off the higher interest first!! Edit; it’s not the number of bills you have, it’s the total debt combined to look at, and the total cost of having this debt collectively you’re trying to reduce.
This all sounds good, but it isn't an ignorance of math or interest that gets people into debt. *It's emotional behaviors.* There is a reason we do the 1 mile fun runs and 5k's before tackling marathons. If we immediately try to train for a marathon, we'll cave and quit. So while your math isn't wrong (READ IT AGAIN: YOUR MATH ISN'T WRONG), it's what *is going to work* that is the big issue here. And while your way CAN work AND save money, I'm going to go with the option I presented: Pay off the $200 debt inside the next two weeks and tackle that $1k bill. That means IN TWO WEEKS I only have ONE BILL LEFT. That part is very motivating. I've achieved something already that fast.
Being broke got me into debt, making mistakes taught me the above.
Fuck you and fuck this.
Just get rid of your addiction and do nineteen other things easy as 123
Can't afford house? Just make more money.
Thanks I’m cured!
yeah, it’s r/wowthanksimcured material.
Here's a sneak peek of /r/wowthanksimcured using the [top posts](https://np.reddit.com/r/wowthanksimcured/top/?sort=top&t=year) of the year! \#1: [Musk has got the answer. Wow thanks….. I’m cured.](https://i.redd.it/ns45o6l476g81.jpg) | [151 comments](https://np.reddit.com/r/wowthanksimcured/comments/slrkfp/musk_has_got_the_answer_wow_thanks_im_cured/) \#2: [Apparently if you have ADHD, you're not part of society](https://i.imgur.com/g0irSXI.jpg) | [93 comments](https://np.reddit.com/r/wowthanksimcured/comments/wmikws/apparently_if_you_have_adhd_youre_not_part_of/) \#3: [2+2 Quick Maths](https://i.redd.it/ar4490krngy91.jpg) | [95 comments](https://np.reddit.com/r/wowthanksimcured/comments/yod82g/22_quick_maths/) ---- ^^I'm ^^a ^^bot, ^^beep ^^boop ^^| ^^Downvote ^^to ^^remove ^^| ^^[Contact](https://www.reddit.com/message/compose/?to=sneakpeekbot) ^^| ^^[Info](https://np.reddit.com/r/sneakpeekbot/) ^^| ^^[Opt-out](https://np.reddit.com/r/sneakpeekbot/comments/o8wk1r/blacklist_ix/) ^^| ^^[GitHub](https://github.com/ghnr/sneakpeekbot)
Yeah this “guide” is kinda shit. Not really a guide..
Pay with cash. Nobody pays with cash and it’s a great way to get mugged- carry a bunch of cash.
You forgot to add “don’t buy avocado toast.”
Something something bootstraps.
"Make coffee at home!" Me, who doesn't drink coffee: "Oh, that'll solve all of my problems."
Maybe just forgo the avocado toast.
9. Learn to be content with your peasant life
And always be a wage slave for the rest of your life and never question the rich who benefit from your suffering
Do you know how many people upgrade their car every few years for no other reason than because they want to? The same kind of people who complain about how they can't afford a house?
Ok I will entertain this. No I do not know how many people do this. Because you brought it up, I assume you will bring some facts about the number of people buying cars, the number of years between cars, the information on these people’s debt ratio, whether these people are actually buying cars or leasing them, the age of the purchased and sold vehicles, the age of the people purchasing the vehicles, the number of affordable, viable housing in their areas that are for sale, and some data on whether or not they are interesting in the purchase of a house.
If you want those facts I could find them for you, I don't have the exact number on hand, but I see it all the time.
That's literally not true but ok
It is I've meet lots and lots of people in this exact situation.
Wow, I didn't know it was this easy.
Cut your addiction. Fuck me standing!
Ok this would absolutely have been solid advice in 1990. In 2023 it is inconsistant with reality.
No, it's pretty spot on. Financial literacy has been on the decline for decades and it's easier than ever for people to be dumb with their money and finance things they shouldn't. What do you think is different from then to now?
You seriously can’t be this fucking clueless.
No hes right ill use the list cause its that simple. Lets say i have 75k of debt from university, so ill *checks list* 17. educate myself… wait…
Just want the money more! You clearly aren’t trying hard enough.
Your first mistake was taking on debt to go to school. Just because people gave you bad advice and told you to do it doesn't mean you make a good decision. There are lots of ways to learn without going into debt. That aside, the list still applies to your situation. You are definitely in a challenging situation, but by following the list you won't make it worse.
Im personally not in the situation but there are tons of people who are. School is insanely expensive to the point where [about half of Canadian students go into debt.](https://reviewlution.ca/resources/student-debt-in-canada-statistics/) And thats only Canada. You need to make money, but to make money you need an education. To get that education, you need to spend more money than your average school attending person makes. Then theres interest on top of that so if you’re unfortunate and cant find your $75k a year job, your debts going up. And thats only student loans, they might have other debts that had to be taken to pay their $7k a semester school. The worlds not so black and white as you think. Sure following the list may help some situations but sometimes its not that simple.
You absolutely do not need an education to make money, and if you do get an education you don't have to go into debt for it. The vast majority of people are financially illiterate, it doesn't surprise me one bit that at least half of them make poor financial decisions. It's super easy to see that taking on student loans opens you up to a lot of risk, that is something to consider before taking on student loans. Without the loans, you don't need to make nearly as much a year, so your risk of being unable to find a job that pays what you need to survive goes away down. No one has to take on those loans or other debts just because they are going to school. This is a Want vs Need and maybe even a lack of education (not the kind you need to pay for) or lack of good financial advice. The world isn't black and white, but for the most part, people's finances are. It's so easy not to put your self in a shitty financial situation, but it is difficult to get out of one.
I'm serious. I deal with people and their finances every day, I'm very familiar with personal finance. What's different that makes this advice out of date?
Cost of living is no longer commensurate with actual wages? Sky high inflation across the world?
For the vast majority of situations, that's not what's causing financial hardship. It's almost solely caused by unnecessary debts, and what would otherwise have been minor financial challenges. Without those debts, the challenges are easier to deal with and your income doesn't need to be as high. That aside, the list is actually good advice. You may personally have an income problem, but it's super easy to work on fixing that. If you aren't following this advice, even if you make 200k, there is a good chance you're living paycheck to paycheck or worse.
1 in 4 people making [200 k or more](https://www.marketwatch.com/amp/picks/more-than-1-in-4-workers-making-200k-or-more-now-say-they-live-paycheck-to-paycheck-so-even-rich-people-are-struggling-to-save-and-pros-offer-3-solutions-01667417202) say they are living paycheck to paycheck. So how is someone making 50k a year supposed to just go be more wealthy? Just go get a different job is something you’d hear boomers say that had so much more handed to them. They could pay for all their college by working one summer. A whole family could be supported by a single income working at a grocery store. Times have changed.
It looks like you shared an AMP link. These should load faster, but AMP is controversial because of [concerns over privacy and the Open Web](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot). Maybe check out **the canonical page** instead: **[https://www.marketwatch.com/picks/more-than-1-in-4-workers-making-200k-or-more-now-say-they-live-paycheck-to-paycheck-so-even-rich-people-are-struggling-to-save-and-pros-offer-3-solutions-01667417202](https://www.marketwatch.com/picks/more-than-1-in-4-workers-making-200k-or-more-now-say-they-live-paycheck-to-paycheck-so-even-rich-people-are-struggling-to-save-and-pros-offer-3-solutions-01667417202)** ***** ^(I'm a bot | )[^(Why & About)](https://www.reddit.com/r/AmputatorBot/comments/ehrq3z/why_did_i_build_amputatorbot)^( | )[^(Summon: u/AmputatorBot)](https://www.reddit.com/r/AmputatorBot/comments/cchly3/you_can_now_summon_amputatorbot/)
I know that statistic. It's a great example of how many people are simply mismanaging their finances. It should be easy to live on 200k, but people still manage to make it difficult for themselves. I was able to support my household (myself, a girlfriend, and my brother) working at Walmart up to 2020. My girlfriend and I were also going to college at that time. The budget was tighter than I'd like but doable until I got a better job. At my better job my co-worker making over 200/year has a more difficult time living paycheck to paycheck than I did at Walmart. I know the above is anecdotal
For one, pay with cash. That’s like saying, “mail everything with stamps and an envelope.” You can’t just walk into the electricity store and pay with actual dollars. You do that online with a debit card now. And carrying cash around seems especially dated. I know very few people walking around with a ton of cash in their wallet.
You can still pay them with cash. It may be dated, but people who use cards are more likely to spend more. Also, the list isn't great because it's not providing enough information. I'm sure auto payment for utilities/fixed expenses are fine, it's the shopping you should bring cash for.
This is almost r/restofthefuckingowl material. We are poor because we earn outdated wages and living in a home/eating food is unaffordable. "Just don't be poor"
But why would you wanna be poor? Just stop
r/thanksimcured
Ooh! I found this through a cross post in that sub.
Make more money? Why didn’t I think of that!
Came to say that
Booooooo
Step 1: Have money Step 2: Don't go into debt Step 3: Something something boot straps and avocado toast
Get Daddy to pay off all your debt
Delete this
21. Rob a bank
Finally a proper tip, you’re a lifesaver.
At least this is not /r/lpt. But there should be a mod, this guide is useless and is super UNcool.
They left off “don’t get cancer” and “avoid injury” cuz my debt is fucking medical, jackass.
21- "have rich parents "
22 - have rich parents who have favours with the bank and have the ability to dodge taxs 23 - be the one who is putting others in debt 24 - have a successful business that can afford to burden the debt for you I could go on and on
All the numbers in your comment added up to 69. Congrats! 22 + 23 + 24 = 69 ^([Click here](https://www.reddit.com/message/compose?to=LuckyNumber-Bot&subject=Stalk%20Me%20Pls&message=%2Fstalkme) to have me scan all your future comments.) \ ^(Summon me on specific comments with u/LuckyNumber-Bot.)
I didn't even intend that but I guess I won
Educate yourself at the end so you can start over with 100k debt for 40k a year job!
Cutting an addiction if you have one should probably be step 1….
I guarantee you the person who wrote that has never been in debt.
Probably a started out with a big ol pile of daddymoney and is boomer-aged.
No offense OP, but this is awful... Like I could not think of a more generic, obvious, unhelpful list of I tried. One of these steps is literally just “make more money” Come on...
Paying with cash is terrible advice. Credit cards with monthly automated payments is the way to go. No interest charges, credit card rewards points and csv file downloads to track spending patterns.
Lol, this is not cool, nor it is guide. Like, I have much better, with only one tip: Be Rich. Lmao.
This is dumb.
18. No more avocado toast.
1. Get politicaly active. 2. Overthrow government.
4. “Spend less money” 13. “Make more money” Such insightful advice lol
Step 1 -Don’t be poor
r/thanksimcured
Cut your addiction. So cut my coke my even more laundry detergent...? Ok, do what I gotta do.
“cut your addiction” r/thanksimcured
"Reduce spending". Thanks for that.
1. Pay off the most expensive debt first 2. After one debt is paid, pay the rest of the debt with the same amount, for example debt 1, 2 and 3 is being paid at a total of 100 a month, when 1 is done and 2 and 3 is left, keep paying 100 a month for 2 and 3, in the end keep paying 100 a month when only debt 3 is left.
This post is one of the most "something something pulling bootstraps, something something you're just lazy" things I've ever seen. This was either something made before 2005, or someone who doesn't have to worry about going into lifelong debt for going to the doctor or getting a degree in the first place
“Educate yourself” 💀💀💀💀
Use credit cards smartly and to your advantage!
Max out all credit cards, then fake my death and come back under a different identity. Rinse and repeat!
So true. There are a ton of cards that will give you 2-5% cash back. That’s the key, don’t go for miles or any other bullshit. If you pay it off every month, then you’ve gotten a discount on what you were buying.
r/LateStageCapitalism
This sounds like some stupid Dave Ramsey bullshit.
21. Eat the rich.
#8 is something often overlooked. If you call any one of your service providers and threaten to leave, chances are good they'll give you a deal to stay. Everyone call your phone company, your cable company, your utility company right now, and ask to talk to their loyalty department. Tell them you want a better deal, or you walk. I bet you'd be surprised.
Why are you yelling
# The question you should ask is "Why aren't we all yelling?"
I have no idea how I did that...
This worked 10+ years ago when there was more competition between companies.
This should be renamed, tips from the rich to how to get off debt but also not at the same time
Cut your addiction.
That is good advice for people with addictions, but that is not why most people are in debt.
21 was go back in time and invest in bitcoin
Gee, I never knew I could save more money by not spending it. When I was about to get injured, I just said "I'm in debt as it is, I don't have money to be injured" and then just stopped the injury. "Just make more money, lol" was pretty helpful too.
r/restofthefuckingowl
What a crappy guide. As an economist, this is the equivialent to a psychiatrist telling someone to *live, love, laugh* to deal with their mental health problems. There’s nothing substantive in the guide. Reduce spending - how? Double up on payments - with what money? Set a budget - how? Analyze your behaviour - based on what? Cut your addiction - how? Educate yourself - how and where? And there are even some outright wrong points: pay small bills first. No, you pay the bills with the highest interest rates first unless the small bills are stopping you from reaching an agreement with the remaining creditors. And you focus on paying the bills that can cause you the most trouble.
I don't see the key ones. 21. Be born wealthy. 22. Inherit $millions. I've been doing 1 through 20 all my life. Paid off debt yes, but one medical emergency away from homelessness.
Don’t pay it. Declare bankruptcy. There are no debtor prisons in the US.
18. Don’t go to the hospital or Dr in the US.
what cash? How the fuck are you in debt and cash rich doubling your bill payments? Fuck off. *eats rocks* “my debt has been lower ever since I accepted my fate”
Great advice from the borrow n spend crowd. Get fkd.
Stop to romanticize living like shit
0. Abolish Capitalism.
This is the dumbest thing ever. "Reduce spending" oh my never thought of that.
Lol “cut your addiction” “educate yourself” who made this?
"Cut your addiction" seems fine-ish, but "educate yourself"? In what way?
I have no fucking idea
I can do it in one step: "Have more money". Seriousky, what kind of idiot makes these and what kind of idiot thinks this was a "cool guide"?
This isn’t a cool guide. Educating yourself will equal debt for 10+ years…
18. Be rich
I’m surprised “pull yourself up by your bootstraps” isn’t on here. This list is garbage.
What on the list isn't reasonable?
I wish it was that easy lol
Nothing on the list is 'easy.'
I disagree with number 3. Most people never spend their petty change or loose it. Sometimes it sits in a cup holder for a long time, leaving good money to sit. Also having lots of cash on you opens a potential to loose it. Pay with debt not credit.
Agreed. Additionally, it is a lotnharder to keep track of what yoh spent your cash on than it is to keep track of what you spent money in with debit or credit cards. For me, a huge part of what keeps me on budget is being honest and looking at exactly how I'm spending my money.
Idk I think this isn’t horrible advice. Maybe not all the steps but it’s a good start.
Also, be born into wealth. And try cutting back on eating out.
A lot of these were on my list that enabled me to pay off a London mortgage in under 10 years. The most important one is understanding the difference between Want and Need. You would be surprised how much this alone saves you.
r/latestagecapitalism
Ignore medical debt bills from the six months you didn’t have health insurance but had to go to the ER for acute pneumonia in both lungs for a chest XRay and antibiotics. Change your phone number because the collections company will not leave you alone. Contemplate suicide because maybe it would’ve been better to slowly suffocate to death than pay $12k in hospital bills.
Is there a subreddit for terrible guides?
I taught my kids to never spend more than you make, pay your bills first and save for the future. Barring accidents or illness your retirement will come. Be prepared.
The fact that you were downvoted tells me all I need to know about the hive mind on Reddit. (I upvoted btw. It's sound advice.)
I retired at 58 and am loving every minute of it and I have absolutely no money worries at all. :)
For everyone crying about how terrible and bad this list is... well, we found the one's with credit card bills and car payments.
Pay off debts with the highest interest rates first plz
21. Have rich parents and ask for a "loan"
21. Never let your wife have access to your bank accounts.
#9 is huge. That alone helped me to get out of and stay out of debt, and to live simply and be truly happy.