A lot of people are against credit cards which is understandable. But I use them almost exclusively and pay them in full every month.
As long as I don't go over whatever I have in cash, these credit cards help me in building credit score as well as provide a layer of protection should some person or site try to over charge me later.
It's not for everyone, but it worked for me.
It's a tie between getting rid of my car and learning to stop "trading". Cars are just the worst in terms of finances, and you can save bank if you're able to move somewhere walkable. Only buy stocks you're happy to hold for five years or more. A good test is "if the price crashes, would I be excited to buy more?"
I took a lower-paying job that I was more competent to do.
Due to lower stress levels, somehow I spend less money and my finances are way better. For the record we’re talking about making $110k then vs making $45k now.
My finances are in better shape. I have cognitive surplus at the end of the day, and I think maybe that’s translating to less escape-seeking.
Also, this year I made a new year’s resolution: I am going to have $5k in the bank, come hell or high water. I’ve lived my whole life without a buffer and life without a buffer sucks so hard.
Just having that goal — $5k in the bank — has changed my whole relationship to money. I haven’t even hit the $5k. I’m at $3k and even that feels amazing. It doesn’t matter if my paycheck is late. I can just pay my rent. Moving into a new apartment and the agent was like “are you prepared to pay a deposit and first month today?” and I was like “yup”.
In the past I’d always answer like “Well my next paycheck is on such and such date and can I maybe pay you half then, then the other half two weeks after that?” I was always relying on the flexibility and mercy of financial gatekeepers.
I’m amazed how such a small amount of money (compared to the total flow) being held onto has changed my perception of myself. I feel like a “legit” person now. I feel like a stakeholder in society. I feel like an adult, instead of a boy in a man’s body. I don’t even know when my paydays are any more.
And my income didn’t really increase between the time I had no buffer and the time I did. I just made the resolution, and then started putting money away.
Leaving my wife, She destroyed my credit and finances.In less then 2 years I have fixed both.
Multigenerational living, on a farm. Most everything we eat or use comes from our property, our neighbors, or my husbands family’s property.
I’m very well cognizant this is not an option for a lot of people, and I know how lucky I am to not have to spend money on bills most people have… it’s a big reason why I try to pay it forward in many ways, as often as I can.
That said, I grew up in abject poverty… so I’m playing catch up, even now.
Such is reality.
Selling my car and getting an ebike. First few months were rough because I was used to having a car all the time for twenty years. The gas, insurance, registration and maintenance savings add up quick. My wife and I share a car, but I rarely drive it as I've gotten so used to the ebike now. We live in the suburbs, but are close to the light rail train line and bike paths so it made it relatively easy. Over the course of a year we'd typically spend $4000-$5000 on the second car so not having that is a lot of extra money
I bought a little town house 12 years ago. I didn't really want to. My wife talked me into it. I was worried that I'd never pay it off. With the cost of housing now I couldn't possibly afford to buy. I have a house, and a nice nest egg for retirement one day. Thanks wife!
Very simply: consistent budgeting. We (my wife and I) go envelope-style and budget/plan or money every paycheck. I swear it's magic that turns money into more money.
It's also let us systematically pay off all our non-mortgage debt and save/invest a large amount over the last decade. Now we have enough that we don't worry about money anymore.
The single most important thing I've ever done for my finances was learning to budget so I could have a plan and manage my money on purpose.
Am a devops engineer. Started working in my home country (in Europe) making 1.2k€ a month. It wasn't the money I wanted, so last year changed my linkedin location to the Netherlands. Offers just poured in. Now I make 4k (liquid) a month being a JUNIOR devops engineer. Insane how just changing linkedin locations changed my life so much
I dumped most of my life savings into buying stocks after COVID happened. I had just started investing and took a massive hit in March of 2020. Rather than pulling my money, I waited a month for the market to stop falling. Then I put a lot of money into US oil, and a few Casino/resort stocks.
I didn't have a ton of money, but those investments have more than doubled. I still can't fully pay of my house, but im getting close.
I went for a 5 year mortgage rather than a 2 year at my last renewal. With how much rates have increased by recently, I think this will have saved me about £15k by the end of the 5 years.
Learning about FIRE -> investing in ETFs.
Definitely the house we bought. Bought just before COVID. There was a bloody ton of houses on the market. Got my house for 70,000 under asking with them paying for half the cost of a new roof(inspector said it was fine for a few more years but we tossed it in to see if they'd bite).
Haven't done anything to the house other than paint and the new roof, we stand to profit well over 100,000 now. Considering, we're potentially moving to the city I grew up in to raise a few tykes, it will come in handy.
I was counseled about finances three times in my life and two times I lost money in the low thousands because they sold me ok things way too expensive.
One time the financial counseling was sound, but the house was crap and I lost thousands for that.
Luckily I was always budgeting, so these things never ruined me.
The best advice I have, don’t trust your financial advisors, particularly those who emphasize the importance of trust.
Take the time to understand what you are investing in and the cost structure. This can take months and don’t let yourself get pressured. Do not trust the advisor! Be skeptical and ask all the questions. If they get impatient they have nothing good to sell and rely on the customers inexperience. Very similar things are sold for vastly different prices, and you need to understand that. Particularly for security the cost can easily ruin an otherwise good product.
Buying a crappy house. It's structurally sound, but not a good neighborhood, crappy schools, and I don't want to have people visit, but it cost half the county median and the difference in mortgage goes into index funds. My peers have nicer homes, but its their only asset: if they want to retire, they have to sell the house and move somewhere cheap.
Moved from the east coast to California, without a job lined up. I had an apartment with two roommates to move in with however.
This was about 1.5 years after graduating from a mostly crappy school with a BS in Computer Science. The job opportunities in the Bay Area super paid off. 23 years later I'm living a life that I couldn't have dreamed about growing up.
Bought a house near the ocean in California. Simply unfair what the returns have been compared to elsewhere. I’m benefiting from a crisis.
Changing jobs in 2021. Managed to almost double my salary overnight with less stress.
Stop spending on games :(
I'd say investing in my 401k.
I'd recommend to anybody looking for sound financial advice to look into Dave Ramsey. You can watch his YouTube videos and gain all the knowledge you need free. I never went through any of his courses and do not have any association with him. I was already doing most things he recommends and it works.
Taking out a good loan to consolidate my credit card debts, and make them cheaper at the same time. I might be paying it off for 5 years but the interest and monthly payments are cheaper.
Rolled over a 401k into a cash IRA the week before Lehman died
ETA: the timing was pure luck. I had no clue what was about to go down.
Bought a derelict lot of land in echo park, 5 dilapidated buildings, pigeons in everything, the kind of place you hung out as a kid to break bottles and smoke cigarettes. It has been vacant and falling in for 30 years. Everyone thought we were crazy (1999).
tl;dr pulled up 10,000 sq ft of asphalt by hand, turned one building into a house legally, later outfitted s garage into a sprawling oddball house we rentcto friends.
Now it's all grown in, our biggest problem rn is a tree fell over from soaking up winter rain.
I can't complain but sometimes I still do.
2 pieces of tech, 1 piece of software (4 if we include freeware)
A 3D Printer has become a corner stone of repair and tidiness in my house hold thanks to it. Saves me money on knickknacks on tools to keep things working and wires cleaned up.
FreeCad and PrusaSclicer have been helpful to make that happen.
The other is an Elgato hdmi recorder, allowing me to turn my various mobile devices and stream boxes in DVR. With editing software like DaVinci Resolve, Magix Vegas I am able to record my shows at a good quality and edit them down to remove things like streaming company logos.
I wont go into the specifics since I don’t want this gravy train to stop, but handbrake is the last part of the process to compress the video down to a bit sized format.
I went through the CFA certification process and it helped me advance in wealth management where I can afford a family and a decent life.
I don't make a killing like some but family is happy.
Work isn't that fulfilling so figuring that out but it was a great financial decision. Cost like less than 5k and work paid for most.
I diversified my savings account. Some is put into precious metals,a CD, and some in stocks.
Offset mortgage
The house I bought in 2012 because I was mad my landlord was raising my rent.... I wasn't trying to be smart..it was a fuck it scenario. Damn was housing "cheap" back then. Houses around me are renting for damn near 3x what my mortgage + insurance is. And selling for as much.
