Author Topic: OMGWTF - What Every 20-Something Needs To Know About Personal Finance  (Read 8687 times)


gooki

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #1 on: August 30, 2014, 03:20:34 AM »
If you take the financial advice out of the article, it's a good read.

usmarine1975

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #2 on: August 30, 2014, 05:33:25 AM »
Just what Americans need to read. Not.

HoneyBadger

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #3 on: August 30, 2014, 08:41:00 AM »
I agree with one of the comments - sounds like a "get rich quick" infomercial.

red7

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #4 on: August 30, 2014, 08:50:41 AM »
Wow....Stylistically, very nice. But most of the content is just crazy talk! I did think that the "only skills needed" list was pretty good. Not a substitute for a college degree, but certainly useful.

sheepstache

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #5 on: August 30, 2014, 09:28:15 AM »
Ah, advice from someone who has become successful by being a guru who makes other people feel like they can be successful.

Sort of like how Dave Ramsay or Suze Orman etc. don't need to be good with money because they make so much money selling books about being good with money.  What do you want to bet this guy actually saves 40% of his income and just wrote the article that way because he thought BI would be more likely to buy it.  Okay, I doubt that, but it would be funny.

Grid

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #6 on: August 30, 2014, 09:58:40 AM »
If this is truly not a joke, it's definitely not logical.  And if it's not logical, it does not belong in an article about what 20-somethings should know about personal finance.  I'm kind of disgusted the author felt they were teaching others something valuable by writing this.

sleepyguy

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #7 on: August 31, 2014, 09:29:56 AM »
Agreed, thing is the financial parts are SO BAD it just clouds then decent ideas in the article.

If you take the financial advice out of the article, it's a good read.

MgoSam

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #8 on: August 31, 2014, 10:38:38 AM »
Ah, advice from someone who has become successful by being a guru who makes other people feel like they can be successful.
Sort of like how Dave Ramsay or Suze Orman etc. don't need to be good with money because they make so much money selling books about being good with money.  What do you want to bet this guy actually saves 40% of his income and just wrote the article that way because he thought BI would be more likely to buy it.  Okay, I doubt that, but it would be funny.

I highly doubt it, I have read one of James Altucher's books, "Choose Yourself," and while that book had some decent ideas, his style is more 'LOOK AT ME, LOOK AT ME," with a few dozen name-drops in between. His advice for having money is to simply make more, as if you can just print it. He does have some useful thoughts, namely that college is becoming less and less necessary due to its high costs, and plenty of degrees in fields that

In short, take his advice with a grain of salt, be extremely skeptical. DR is someone I respect as he is someone that lost everything and came up with some systems that are very useful for some people (I know quite a few). JA i someone I don't respect nearly as much as he is a guy that admittedly has started many businesses that failed miserably, yet still seems to continue to do the same thing.

Elderwood17

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #9 on: August 31, 2014, 11:33:48 AM »
I have a couple of twenty something kids.  I will not be sharing this with them!

Le Dérisoire

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #10 on: September 01, 2014, 08:08:34 AM »
It's not all bad. I've seen worse.

Quote
B. That said, don't spend money on the BIGGEST expenses in life. House and college (and kids and marriage but, of course, there are exceptions there). Just saving on these two things alone is worth over a million dollars in your bank account.

C. But doesn't renting flush money down the toilet? No, it doesn't. Do the math. You can argue all you want but the math is very clear as long as you are not lying to yourself.

D. Haven't studies shown that college graduates make more money 20 years later? No, studies have not shown that. They show correlation but not causation and they don't take into account multi-collinearity (it could be that the children of middle class families have higher paying jobs later and, oh by the way, these children also go to college).

B and C is true. D could be true for people that go to school too long and incur massive debt doing so.

Quote
People save 10 cents on a coffee and then ... overpay $100,000 for a house and then do reconstruction on it.

Or they save 10 cents on a book and then ... buy a college degree that they never use for $200,000.

That is so true. How many people do you know that make sure to shop on sales only, to save 2$ every week by couponing, but buy ridiculous cars / house / furnitures / mariages ... The big expenses are important. If you don't get them right, there is no point in trying to save on the small things.

Matte

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #11 on: September 01, 2014, 10:26:02 AM »
Typical 30 something just grew up with nothing to show for it and is jealous of those who at his age are established.  He's conveniently ignoring the friends from highschool on Facebook with families and houses.  The ones that lived frugally, stuck to their jobs, saved, and set them self up well for their 30s.  I'll bet he cries over a bottle of whiskey about failed relationships, jobs, and being a mess at 30.  He tries to feel big and important telling 20 something's to not bother, not do anything difficult, avoid commitment, and a bunch of other bad advice.  I'll bet if he actually took meaningful post secondary classes he would realise they actually teach all the skills that he said post secondary doesn't teach.  You won't get that if you go from easiest class to easiest class cheating and barely showing up. 

Sorry, if this sounds like an attack.... I have a relative the same age who preaches the same advice and always tries to sound wise and belittle my wife and I for our humble ways and being nieve. 

MrsPete

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #12 on: September 01, 2014, 10:32:28 AM »
Idiot.

My husband and I have done pretty much the opposite all our lives, and we've been quite successful:
- We do buy the cheap beer.  And the reduced-for-quick-sale meat, and the thrift store jeans, and the economy car.  I have literally never bought a Starbuck's drink.  He says "scratching ten cents out of a dollar" is wasted effort -- if you saved 10% on everything, you'd be set for a modest retirement at a conventional age -- not sitting around whining about the futility of it all. 
- We have never been high wage earners, but we've accumulated a nice stockpile by starting young and depositing consistently. 
- Our stocks are earning us money.  I'm not even sure what it means to invest only in yourself and what you can control.  I personally don't control much beyond the doors of my own home, and I lack the right skill set to be an entrepreneur. 
- We live in a moderate house which we (not the bank) own, and it saves us huge amounts each month. 
- We learned quite a few things in college that we actually use on a daily basis.  Both of us went to college young, and we've "had back" every penny we invested many times over.  I regret nothing about going to college! 

Idiot.
Typical 30 something just grew up with nothing to show for it and is jealous of those who at his age are established.  He's conveniently ignoring the friends from highschool on Facebook with families and houses.  The ones that lived frugally, stuck to their jobs, saved, and set them self up well for their 30s.  I'll bet he cries over a bottle of whiskey about failed relationships, jobs, and being a mess at 30.  He tries to feel big and important telling 20 something's to not bother, not do anything difficult, avoid commitment, and a bunch of other bad advice.  I'll bet if he actually took meaningful post secondary classes he would realise they actually teach all the skills that he said post secondary doesn't teach.  You won't get that if you go from easiest class to easiest class cheating and barely showing up. 

Sorry, if this sounds like an attack.... I have a relative the same age who preaches the same advice and always tries to sound wise and belittle my wife and I for our humble ways and being nieve.
Now that I believe! 

I do know people who are approaching middle age and have essentially nothing to show for it, and they LOVE to point out that it's all hopeless anyway, and no one could've done any better in their circumstances.  Who's naïve? 
« Last Edit: September 01, 2014, 10:41:37 AM by MrsPete »

Nords

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #13 on: September 01, 2014, 12:28:15 PM »
http://www.businessinsider.com/heres-what-every-20-something-needs-to-know-about-personal-finance-2014-8

guys, I... I don't even know what to say
Well, you could've saved me 90 seconds of my life by mentioning that it was written by James Altucher.  I got about halfway through the post before thinking "WTF is this-- an Altucher wannabe?"

I'm very impressed by anyone who has the literary chops to write like an under-medicated drama queen.  But I'd hate to live my life like that. 

And I guess if he was any good with finances then he wouldn't have to keep writing those types of posts.

I much prefer Louis C.K.'s advice to 20-somethings.  Here it is as both the stand-up and a transcript:
http://lybio.net/tag/louis-c-k-doing-your-job-and-20-year-olds-transcription/

Rezdent

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #14 on: September 01, 2014, 02:57:03 PM »
Thank you Nords.
Louis C.K.'s advice is like an anti venom to Altucher's advice.  Totally, instantly neutralized that poison!



water1974

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #15 on: September 01, 2014, 10:14:15 PM »
Quote
Well, you could've saved me 90 seconds of my life by mentioning that it was written by James Altucher.  I got about halfway through the post before thinking "WTF is this-- an Altucher wannabe?"

+1 At least Altucher's writing style is distinctive enough that after a few lines I knew I could ignore what I was reading.

arebelspy

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #16 on: September 01, 2014, 10:20:23 PM »
I like some of Altucher's stuff.

He does try to be very outlandish, and write just ridiculous stuff for the sake of being outlandish.

Sometimes he accidentally gets a hit though.

The Louis CK thing was good.
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lifejoy

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #17 on: September 01, 2014, 11:13:47 PM »
Interesting!

frugalnacho

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #18 on: September 03, 2014, 09:45:17 AM »
That is the worst advice i've ever heard in my life.

https://www.youtube.com/watch?v=xlA9bNk3b5Q

Kaspian

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #19 on: September 03, 2014, 12:19:15 PM »
While he's sometimes a good read, James Altucher is by no means a financial advisor or anything of the sort!  He used to have a job as a day trader for some investment firm but he's now generally a neurotic, naval gazer who sits around waxing poetic all day and failing at a lot of stuff.  He really shouldn't be writing about personal finance for young students and such.  ...Any more than one of those coked out kids who works on Fleet Street should.  I think he's really supposed to be passing himself off as a bit of a philosopher comic.  ...Nothing wrong with that--and I actually like him.  But an article like this one?  No.  :(
« Last Edit: September 03, 2014, 12:21:06 PM by Kaspian »

golden1

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Re: OMGWTF - What Every 20-Something Needs To Know About Personal Finance
« Reply #20 on: September 03, 2014, 01:30:41 PM »
Ugh...that was just terrible.