Do you have to take cash recommendation from Reddit? | Information, Sports activities, Jobs

Should You Take Money Advice From A Stranger On The Internet? In Reddit’s r / personalfinance channel, anonymous users exchange tips on buying a house, choosing insurance and dealing with very personal, differentiated financial situations. (Think: “How do I deal with my dying father’s debts?”)

“It’s like crowdsourcing financial advice” says Dana Eble, a Detroit-based public relations specialist who regularly searches r / personalfinance.

When you are not “To run” Like Eble, think of the site as an old school online forum. After you have registered for free, you can share texts, links and photos with an anonymous username. You can also rate positively, negatively rate, or respond to other people’s content. Posts and replies with the most upvotes rise to the top.

Reddit is organized by communities called subreddits based on interests. The subreddit r / personalfinance has 14.6 million members. Here are some things to keep in mind if you are one of those millions.

HOW REDDIT CAN MOTIVATE AND ENCOURAGE

Being active and aware of your money will help you get the most out of it. But for many, money is confusing to manage and inconvenient to discuss.

Scrolling through other people’s questions, problems, and advice can make the topic more normal and less scary.

The subreddit can even be motivational, especially for those who are just starting to think about financial decisions, says Logan Murray, a certified financial planner from Tempe, Arizona.

“Seeing colleagues getting on with their finances can encourage you to do the same.” he says. “It can make the wheels spin.”

Murray also likes r / personalfinance for sharing ideas like brainstorming passive income opportunities. With this strategy, he says, “People can choose what appeals to them.”

Millions of people who share their money experiences can also help you feel less alone. After all, says Eble, the r / personalfinance subreddit is a positive community with “No shame.”

She recalls the post of a desperate and embarrassed 20-year-old who ran into tons of debt and had to file for bankruptcy. The top answer was from someone who said they had to do the same thing in their 20s and that it will be fine.

LIKE THE COUNCIL – IT’S A MIXED BAG

R / personalfinance “Wiki” Page is on Reddit, but separate from the forum. It’s chock-full of useful, in-depth guides on topics like budgeting and much more. Eble consulted it when she started building her emergency fund and learning a little about 401 (k) s.

As for the contributions and responses, the quality of the advice is a “mixed bag,” says Jeff Ledford of Arlington, Virginia. He frequently browses and replies to r / personalfinance posts and is also a certified government finance manager.

Ledford says some posters have to be professionals because their tips are “to the point.” But “There is also a lot of advice that is better to ignore.”

Curtis Bailey, a Cincinnati-based CFP, has also received solid advice on the r / personalfinance subreddit, especially when it comes to basics like managing debt and cash flow. But he also saw misinformation, for example about taxes.

So it’s hard to tell which pieces of advice are worth taking and which are, well, rubbish. In fact, Preston Cherry, a CFP from Green Bay, Wisconsin, describes Reddit’s r / personalfinance as unfiltered “Garbage data” With “a lot of unconfirmed information.”

Cherry points out that the country has a low rate of financial literacy, which is likely reflected in a community-based platform. So the community aspect of Reddit “Reduces the quality of the information” he says.

HOW TO FOLLOW R / PERSONALFINANCE’S ADVICE?

Use r / personalfinance as a source of motivation rather than as specific advice. Aside from the fact that much of the channel’s advice is unconfirmed, Cherry points out that “Personal finances are personal indeed.”

What works for a Redditor may not necessarily work for you as your circumstances and experiences will be different.

As Murray concludes: “You are responsible for your own decisions and your own research.”

If you’re considering seeking advice from Reddit, try checking elsewhere first. Start with a Google search and look for web pages that cite the source of the information or advice, says Bailey. For example, the page can describe a study that supports the advice, show a calculation, or quote an expert or organization.

TRY OTHER SOURCES OF HELP

If you’re struggling to pay bills or manage debts, these sites can be more helpful than Reddit:

– 211.org: Network with resources and programs to help meet basic needs.

– NFCC.org (The National Foundation for Credit Counseling): Find more than a dozen financial calculators and other tools, such as a monthly budget planner.

– AFCPE.org (The Association for Financial Counseling & Planning Education): Register for free virtual financial counseling and coaching sessions.

To easily learn more about personal finance, Bailey recommends taking your reading offline. Rather than skim through individual pieces of advice, read personal finance books that Bailey says can help you “a lot more nuances and depth of understanding.” (To attempt “The Geometry of Wealth” Bailey says.)

With a deeper understanding, you may be more comfortable with money and better equipped to spot shoddy advice – on Reddit or elsewhere.

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This column was provided to The Associated Press by the personal finance website NerdWallet. Laura McMullen is a writer at NerdWallet. Email: lmcmullen@nerdwallet.com. Twitter: @lauraemcmullen.

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Wall Avenue simply confirmed the Reddit crowd the right way to actually generate income

In the first few weeks of 2021, amateur traders who backed meme stocks like GameStop, AMC Entertainment, and BlackBerry caught the world’s attention.

Since spectacular gains resulted in huge losses for hedge funds, who bet that stocks would fall, a David versus Goliath tale seized. Eventually, the little guy triumphed against The Man, who had benefited from a rigged system for decades.

In the end, however, it turned out that Goliath did pretty well.

Global hedge funds that reported data to Eurekahedge, a research group, returned nearly 5% in the first quarter, roughly in line with the broader market. It was the best start to the year for hedge funds since 2006.

“It was definitely a good quarter for returns. Most hedge funds were on the up, ”said Robert Sears, chief investment officer at Capital Generation Partners.

The profits were of course not evenly distributed. Just like some non-professional traders became extremely rich From their risky GameStop positions, hedge funds that have trimmed popular names have made great hits.

Melvin Capital, a major GameStop short seller, was down 49% in the first three months of the year, a source familiar with the matter told CNN Business.

Then there was that Archegos Capital implosion, which collapsed after making large bets on extreme leverage media stocks and complex derivatives.

But in general, hedge funds have taken advantage of the turmoil. When the markets are choppy, investors who play a more active role in managing their portfolios have the opportunity to play bold games. This worked especially well for those who preferred stocks, which Sears said were undervalued versus high-growth tech names.

“The rotation to value from growth … is a positive environment for stock pickers,” said Sears.

The trading desks of Wall Street’s largest banks also paid out money.

Goldman Sachs’ trading revenue rose 47% to $ 7.6 billion in the first three months of the year, its highest level since 2010. JPMorgan Chase’s marketing team posted revenue of $ 9.1 billion, an increase of $ 9.1 billion 25% corresponds. At the stock market counter alone, sales rose by 47%.

Morgan Stanley made $ 5.8 billion in trading stocks and bonds even though it was the blockbuster quarter Losses of $ 911 million related to the Archegos saga.

An increase in trading by individual investors also helped Morgan Stanley since it owns E * Trade. The daily average trades on the platform hit an all-time high of 1.6 million, almost 50% above the last three months of 2020.

Big picture: Wall Street is full of winners and losers. But this time it looks like the big guys still emerged victorious for the most part.

Johnson & Johnson’s vaccination break could slow recovery

Hopes for an economic turnaround are closely tied to the global launch of vaccines – which raises concerns about the Johnson & Johnson recordings is not good news On recovery, my CNN business colleague Chris Isidore reports.

The Latest: The spread of Johnson & Johnson’s single-shot vaccine has been halted in the US, European Union and South Africa as US authorities investigate a possible link to extremely rare blood clots.

Dr. Anthony Fauci, the nation’s leading infectious disease expert, expects the review to be done quickly.

“Hopefully we will soon make a decision as to whether or not we can get back on track with this very powerful vaccine,” Fauci said at a congressional hearing last Thursday.

But even if regulators find the benefits of the shot far outweighed the risks, the headlines could undermine public willingness to vaccinate and potentially prolong the pandemic.

“There is a clear link … between fighting the virus, distributing the vaccine and having a robust and lasting economic recovery,” Jared Bernstein, a member of the White House Economic Advisory Council, said in a recent interview on CNBC.

Surveys show that rare blood clots have concerns with a similar vaccine from AstraZeneca Vaccine reluctantly fed in Europe. An online survey conducted in mid-March for BFM TV, a subsidiary of CNN, found that only 20% of people in France trust the Oxford-AstraZeneca vaccine. (The vaccination skepticism in the country was already high.)

Economists are particularly concerned about the impact of a J&J hiatus outside of the United States. J&J planned to ship 1 billion cans worldwide by the end of the year.

Unlike Pfizer and Moderna, the shot does not require ultra-cold storage and patients do not have to return for a second appointment. This makes it a crucial part of plans to fight Covid-19 in much of the developing world.

Investor findings: The drug manufacturer reports profits on Tuesday. Johnson & Johnson is committed to providing the vaccine at cost during the pandemic. But its reputation is important, especially as countries are starting to weigh suppliers of booster shots.

Next

Monday: Result from Coca-Cola, IBM and United Airlines

Tuesday: Apple Launches New Products; Harley-Davidson, Johnson and Johnson, Lockheed Martin, Philip Morris International, Procter & Gamble, Travelers, Xerox and Netflix

Wednesday: Income from Ericsson, Verizon, Chipotle and Whirlpool

Thursday: Interest rate decision of the European Central Bank; US Unemployment Claims and Existing Home Sales; Profits from Nestle, Credit Suisse, American Airlines, AT&T, Blackstone, Dow, SAP, Mattel and Snap

Friday: Flash PMI data; New US Home Sales; Income from American Express, Honeywell, and Kimberly-Clark