Money is what makes the world go round. Unfortunately it also doesn’t grow on trees, which means that everyone is constantly obsessing about how to make more of it. Especially when they are in debt, and want to turn that situation around.
As usual, Reddit has countless boards dedicated to the subject, and despite their internal office politics, the site still remains the number one go-to place on whatever subject you are researching. However, it should be stressed that any “advice” given on Reddit should be double-checked and not taken at face value. Reddit themselves go to great lengths to make sure users understand this.
With that legal disclaimer out of the way, here are the 10 best sub-reddits on the subject of finance. Let the debt busting and money making commence!
We start with the main “Finance” page, which is more of a news-type page for all things financial. As it says in its description, the Finance page is:
“A place to discuss multiple facets of corporate and advanced finance, including: financial theory, investment theory, valuation, financial modeling, financial practices, and news related to these topics”.
So, based on that description, some people may find the news being discussed a bit too heavy going and difficult to follow. If that is the case, then the next one is really where the action is.
“Personal Finance” is where it’s all happening in the world of Reddit finance, with 3.4 million users discussing various subjects relating to their personal finances. Just one glance at the right side of the page shows you how many categories everything is divided up into.
Discussions include a former US soldier now living overseas, who has now been presented with a demand to pay his unemployment benefits back. Or a user who is resisting their roommates’ plan to open a joint bank account to pay bills.
The best part of this sub-reddit though is the wiki, which is split up into various other categories and provides a wealth of information relating to personal finance. This stuff is priceless and should be bookmarked for future reference.
If your finances really go down the toilet, then you will find yourself without a roof over your head. Homelessness is no fun for anyone, so it helps to have a sub-reddit dedicated to the subject of helping people to avoid eviction.
Posts generally fall into two categories. Those facing homelessness, who need advice, and therefore describe their personal situations. And secondly, those who just list charities, agencies, schemes, job sources, and much more, that a homeless or almost homeless person would get some advantage out of. A real lifesaver if a cardboard box appears in your immediate future.
The “Personal Finance” sub-reddit has various regional sub-reddits, and one of them is “EU Personal Finance”. As someone who continually tires seeing a lot of good pages being US-centric, having something dedicated to the European Union is very refreshing, and personally very useful.
If a question concerns a particular country, it is prefaced with the two identifying letters for that country. So ES for Spain, DE for Germany, BE for Belgium, and so on.
I only discovered this sub-reddit earlier today, and already I have found numerous very useful sources of financial information for Germany. I could say I am a “sehr glücklich Mann”.
To get your finances on an even keel, you need to do a lot of planning. First order of business is a budget, then perhaps adopting a bit more of a frugal lifestyle in order to free up a bit more cash? Then when the money is being saved up every month, it’s then time to build up that pension fund, so you can retire in style.
If this is the information you are looking for, then “Financial Planning” is what you need.
You can also ask for investment advice, but the previous warning stands. Any advice given on Reddit is not legally binding, therefore you should double-check everything before committing to something (even if the person claims to be a financial advisor).
We all dream of early retirement, where in our 50’s, we can tell the boss to shove it, and head off to some sun-drenched Caribbean island where they serve those drinks with the umbrellas. To be able to pull this off successfully though, you need to achieve complete financial independence, which is what this page is all about.
For example, what are the best cities in the US for early retirees?. They’re even talking about how a President Bernie Sanders would affect people searching for financial independence and early retirement. Nothing like planning ahead.
With the economic ups and downs we are all facing at the moment, you need nerves of steel to play the stock market. But a lot of people, who can (hopefully) afford to lose the money if the worst happens, continue to play the roller-coaster that is the New York Stock Exchange, or the London Stock Exchange, or the Frankfurt DAX. So it is perhaps good that Reddit offers two dedicated pages to the subject – Investing, and Stock Market.
In these pages, you can ask for advice (remember the warning), ask for jargon to be explained to you, and lots of questions on how to profit from this, that, and the other. The Stock Market page is more for in-depth analysis and commentary, so probably not suitable for any newbies wanting to get their feet wet in the world of high finance.
Investment Club is a $1 million crowd-sourced simulated stock portfolio run by 10,830 “investors”. Think Fantasy Football but instead, it’s Fantasy Stock Market.
After viewing the Portfolio, you can then recommend a company that the imaginary dollars can be invested in. You have to then explain why the investors should buy or sell from that company. The investors can grill you on why you think what you think. The proposal is then voted on using Reddit’s up/down arrows, and the proposal must get a positive vote of at least 65% to win.
If you have some knowledge of how the stock market works, this is a fun, no-risk way of practising those concepts.
We end with a currency which is not an actual physical currency – crypto-currency. I’m talking about things like Bitcoin, Litecoin, Peercoin, and the many others fighting to gain a foothold in this emerging market.
After a rocky start, Bitcoin seems to be off to the races, and perhaps it may end up becoming the currency of the future. So it is worth keeping tabs on the subject, because one day you might end up investing in coins and notes which don’t physically exist, and which are only numbers in an online bank.
These are the 10 financial sub-reddits which I feel are the best and most relevant. Obviously Reddit has countless other ones, which can’t all fit into one article. So it’s over to you. Which financial sub-reddit do you think is essential reading?
Let us know in the comments section below.