INSIDE: Do you have some personal finance ideas that differ from a lot of people? If so, then you have some controversial personal finance beliefs. Get them off your chest by commenting with them below!
Answered this question on Twitter last year, then got re-sucked back into it all again when it bubbled back up randomly this morning ;)
Now passing it on to you to give your brain a work out! Haha…
My Controversial Personal Finance Ideas & Beliefs
Here were my answers to it, and then I’ll list out some others from the community I found interesting as well… Maybe you have some controversial beliefs of your own?
Statements I usually get the stink eye on:
#1. Renting is better than owning for a lot of people. Both in terms of money and freedom.
#2. Buying Starbucks is perfectly fine! There are millions of other areas you can skimp on that are less important to you, leave us coffee drinkers alone!
#3. Always tip 20% no matter the service. So many benefits to this like never having to think about tipping again, being a fair tipper each and every time, easily being able to calculate it, and then just walking away feeling GOOD about it overall.
See you how feel about some of these other comments from the thread ;)
It really is like financial porn up in here, haha…
- Being frugal won’t make you rich
- Save before paying off debt
- Credit cards are a scam. (After 5 years without them, living the same way as before, I won’t ever get one again. – @MichLovesMoney)
- It’s okay to pay fees to use great banking products
- It’s okay to work a 9-5
- Buying items on clearance is not the same thing as saving money
- Index funds are not the end all be all for wealth creation
- Do not marry someone with debt if you are not prepared to pay it off with him
- Side hustles are a huge waste of time and resources. (Just focus your effort on your day job and do It well enough to get promoted while keeping your sanity at home. – @ali_fo_fali)
- Massive student loan debt can be worth it to increase your human capital
- I don’t include our home (or vehicles, or any other possession) in our net worth calculation
- I believe in getting tax refunds. (It’s conscious delayed savings. – @ImmigrantFin)
No real rules to this money stuff – gotta figure it out on your own and then STAY STRONG when people poo poo it!
What others can we add here to keep the party going? :)
(Fun mental work out, @PeerlessMoney – thanks!)
// Pic up top by Prawny
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!