Finances General

Learn how to manage your money from NAmafia’s finest.

This general is for all talk about finances and money.
Some basic tips.

The money you have today will be worth less tomorrow.
Create a blanket for disaster, if you are a working man, mark it up to around 2-3 months rent pay.
Try to take advantage of sales on things you use, do not buy on sale just because its on sale. Its not saving money, its still spending.
Shop around for better options.
Never finance a car. Avoid financing in general.
Do not fall for the you need to build credit meme. Start small and stay small on credit purchases.
Do not owe more than your net worth. Make sure you are saving for the days you cannot work, start planning for retirement.

Other advice, work hard. Dont feel entitled but get what you are worth. Every job has its place. if you are smart with your coin you can expand it.

Very true but not extreme enough

Buy cheap clothes and be minimal, a lot of people dont understand that you have you live within your budget.

What i mean is you have to look at the whole. If you make 300 dollars what percent of that do you want to spend on clothes? Most of you go out and buy 100 dollar sneakers and dont realize you spent 33% of your weekly income on sneakers.

Stretch the dollar, get the full value of things you use. If you have an fully working item do not be so quick to upgrade. Upgrading is the forfeiting of the remaining life span of your current device or item. What i mean is if your spent 400 dollars on a phone and upgraded 2 years later you spent 400 dollars for 730 days of use. By keeping your device longer you will have spent the same amount of money for a longer use period thus stretching the effectiveness of your dollar.

A lot of people fail to understand this and are very quick to upgrade, grow tire, or want something new.

Learn to maintain your own things, this is the information age.

A lot of things you purchase life span can be greatly increased by understanding the inner workings of said device or item. This can range from your fabrics and how you wash them to the car you purchase.

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my thirty dollar puma sneakers have lasted almost two years

who rents

boy not everyone lives in a shithole where $700 will get you a 3br house mortgage

lol more like 700k
our housing prices are absurd right now in this area
i still live at home i was just trolling

Really good advice. Gives a better appreciation for things

why would you ever live at home as an adult

I guess it’s different for women you’re supposed to get married off and go live with your husband or something but it’s not the 1950s I think you can move out and support yourself and be a strong independent woman

its tactical to divide rent over people.

paying rent is really bad if you find rent being 80% of your income, which a lot of people find themselves in. Room mates is the bandaid to the problem, not the solution. The solution really is to own it. Attempt to avoid rent at all cost.
The 80% income rent is what i call the city trap, the idea is you work in the city, need to live in the city so you end up not realizing how much you are getting robbed in rent. You can live off the remaining 20% but you get no where. I believe even motel hopping can be cheaper than rent depending on how many crackheads and bedbugs you wanna deal with. Even with room mates you can be looking at a 50% situation, which isnt too bad, assuming you can save 30%.

For my real struggle peeps, a gym membership is a shower, a car is home.

Imo rent even at 40% of your income is very high. 30% is the ideal high end and that is still too high.

i pay my parents 300/month and aside from personal expenses i get to save the rest. it’s a pretty symbiotic arrangement so i can’t complain. i think renting / living on your own is a waste of money and super lonely. probably just spoiled though. planning on moving out next year with bf / get married within the next 2 or 3 so for now it works
condo/apartment rentals are like $1300 at the very minimum and housing rentals are like $2500…

spoiled af here

ya, spoiled was the wrong word. my parents are 1st gen polish immigrants so we’re barely middle class… but they’re the opposite of typical canadian parents who kick their kids out after high school or expect like ‘real rent’ for still living at home. everybody should pay for housing/food etc but i feel like if the family relationship is good then we should help each other

I pay close to 40% of my income on rent right now, it sucks but whatever

its still spoiled in a sense

just when you compare directly to all the people who believe it correct to make kids go completely independent by their early 20s

i dont think its the wrong word

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i mean i guess u can argue that the negative connotation is unwarranted in cases where the parents are happy to have their kids at home and theres no particular big upside to moving out

but ppl who dont have the benefit of such situations will always look at such situations as spoiled

max out your tax leveraged accounts before anything else

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