Collect what you’re owed as soon as you can. Pay what you owe as late as you can.
Feels like that’s how a lot of wealthy people/organizations operate
The asshole’s philosophy
Not sure what context this is supposed to apply… But I cannot imagine any that would not leave me in an uncomfortable position or being a total asshole
Why? Seems to me paying debts early is good advice, less hassle dealing with those loan sharks.
Depends on the point of view. If your biggest risk is you spending that loan money on gambling, then yes paying the debt early would help you get in less trouble.
From an economic point of view, if you don’t need that money at the moment, you should invest it, so that you can make a few bucks. If you get 1-2% more on every transaction that way, it really does stack up at the end, since this will make you exponentially more money.
Hmm I’ve never thought about it that way. Definitely seems like we’d be better off not getting taxed by employers throughout the year, as then it can offset mortgages etc before paying up.
I’m sorry but what money are you talking about here? A loan with no interest?
Tbf I’m really not savvy in loans, but I mean any amount of money X that you have to pay back with Y% of interest in Z days. If you take that loan and you know an investment that will guarantee you (Y+1)% then you should borrow money. (That conclusion is of course completely neglecting risk management)
And that’s why interest on borrowed money tends to cost more than any guaranteed investment. Because otherwise the ones loaning would just take the investment themselves.
You are correct in your theory… In practice however there is no such guarantees, if there were, it would be a perpetual money making machine
Investment opportunities that guarantee a return will always guarantee less than the interest of regular loans. So unless you are a billionaire, there is no such luck.
In practice, regular investment like mutual funds average to x in the long run (10 years or so) but you’d never find a 10 year loan that does not require you to pay regularly and with accrued interest for that time, so it defeats the purpose of taking out a loan specifically for investing long term
Collect what you’re owed as soon as you can.
Ok, with you so far.
Pay what you owe as late as you can.
But if there’s interest, this is going to screw me over as I’ll have to pay more interest (on a CC / etc)
What am I missing with the second one?
outlive your creditors in an unstable land?
It’s more about non interest scenarios. If payment isn’t due for 30 days, you wait 30 days to pay. If it’s a place that won’t fight you, wait 40 and then pay.
Companies do this all the time.
If you want a scooter, get a bike instead. The bigger wheels make them more stable. -My Dad, not long before he was promoted to glory.
A wise person once told me don’t commit misdemeanors while you’re committing felonies.
One crime at a time.
Why is this good advise?
Al capone was arrested for tax evation. I think one of the famous serial killers or mass murderers got caught because they were pulled over for something like speeding (granted, they probably would have been caught eventually anyways, but it happened a lot quicker).
Al Capone had no choice but to commit tax evasion, all of his income was illegal.
The IRS says you have to report illegal income and pay taxes on them.
Yes, but when you do, they arrest you for illegal activity. So not reporting is the only real viable option. You can launder it, but they’ll still get you for tax evasion if they can
A small dose of selfishness is necessary to live life with sanity
It’s called healthy egoism
Don’t argue with stupid
I like this as a way of rubberducking. Not on the internet though. Don’t argue with stupid on the internet.
The best I ever received? Start saving and investing when you’re young to benefit from compound interest over time. I didn’t take the advice, but I received it!
Did you have money to invest when you were young enough for the advice to matter?
If you worked for $8/hr and took 5% of your income and put it towards retirement (I know 5% is a lot when you’re broke) from age 18-67 assuming you got a 2% raise every year, you could retire with ~$385,000 in the bank and it would last you until you were 79. That’s using the default numbers from Bankrate. If you could bump your savings rate up to 15% using those same numbers (which is admittedly unrealistic) you would be a millionaire at retirement. The moral of the story is start early and be consistent.
If you’re making $8/hr, your head is going to be incredibly deep underwater. 5% is not remotely possible at that wage. At 15% you may as well be living in fantasyland.
Most people wouldn’t remain at $8/hr their whole life, you would likely earn more as you gained training and experience. My point was that at the extreme low of full time wages, your savings rate at an early age helps determine where you would end up. It’s doable especially at hire wages.
The fucked up thing about plain money is that even if you have a million today, that million will be worth less than half when you retire, due to inflation and nrtions that keep printing more money to cover their expenses.
People with money usually don’t keep it as plain money though. On average, if you just invest it in S&P500 (assuming historical returns), it’ll be worth at least 4 million after adjusting for inflation after 30 years. 3 million dollars reward for having 1 million dollars. But even if you’re like a gold-standard fanatic and just put it in gold, the same applies.
Which is why the second part is to invest it.
I’m not going to point out the ridiculous problem with this, since you already did before bowling over it. I’m just gonna disengage.
If you can’t get out of it, get into it.
deleted by creator
The world and society is a complex game of house that went on way too long and everyone forgot they’re playing it.
Don’t anticipate anything good from others.
Don’t receive advice from others. You do what you think is right for you.
I think I get where you are coming from here, though I question the certainty in it. There is too much nuance to humanity to never trust or always ignore.
If you never anticipate good in others, you must be very lonely - never trusting, always defensive, waiting for the next attack. We all have different levels of trust shaped by our own experiences. Personally, I try to anticipate good until a person proves otherwise. I’d rather be disappointed occasionally than miss a possible connection to someone because I never anticipated goodness.
As far as receiving advice, take it from anyone and everyone. We constantly do this, even if we don’t notice. We take in the world around us. We decided if it was good, bad, or somewhere in between. If I see someone hit their thumb with a hammer, I learn not to hold the nail in the way way did. It’s non-verbal, yet in its own way, is advice. Verbal advice works similarly. Take it in, listen to it, accept or reject it. Ether way, it is part of you. You will adapt it to your own view. If someone says that jumping of a bridge is the best thing ever, you can ignore them or you can do it. Ignoring them shapes a picture of that person as irresponsible or dangerous while shaping you to be more conscious and risk-averse. Doing it shapes that person in your mind as someone to listen to in order to do something fun. I suppose what I’m getting at is a simple question, can you really ignore advice?
I’m probably just thinking more into it than you intended.
You’re doing neither yourself nor anyone else a favour by being overly shy and reticent. You yourself will enjoy life much more when you are yourself and while not everyone will like you, the ones who don’t often don’t stay in your life long and it’s easier to find people you vibe with if they can see you for who you are.
Granted, I very much did not take this advice as a teenager and even now I’m occasionally too shy. But looking back it was good advice and I really wish I hadn’t wasted so much time and energy on not being negatively noticed by people I didn’t really care about then and who haven’t been in my life for years.
Don’t give crazy a baby.
Think long and hard before having kids. Understand if you actually have what it takes to give them a proper life.
Yeah it is not a decision to be taken lightly! Very rewarding, but one of the hardest things you’ll do.
Don’t put your dick in crazy
Always stick your dick in crazy.
Far away from where you live with a fake name and number.
Crazy is pretty great in the sack.
Never have children with your ex
Quality follows where consistency leads
You should never do anything that isn’t fun. Everything is fun if you make it so.
I can see where you’re coming from but sometimes short term fun can have negative long term consequences.
Long-term consequences can be fun if you make it so. /hj
As a young teenager: Do not start working until you have to. Once you start, you’ll never stop.
That’s true. I started at the ripe old age of 12, and I haven’t stopped since.
Depends on if you have found your passion. I found the career I was passionate about at age 14 and now have more experience than the vast majority of my peers. Until just recently, I had never managed someone younger than me, and I’ve been a supervisor for a very long time now.
Survivorship bias is a thing. Just because someone is successful doesn’t mean following their advice will make you successful. “I put all my money into lottery tickets and now I’m a multi-millionaire. Everyone should do what I did!”
