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Wow, really with this comment? Mods are you really going to allow this comment?

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Moderator of r/personalfinance, speaking officially1 point · 4 hours ago

Nope. Totally not allowed. Thanks for reporting it.

[deleted]
4 points · 19 hours ago

[removed]

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Moderator of r/personalfinance, speaking officially3 points · 18 hours ago

Sorry about that reply - we try and keep things a little more professional than that around here. Use the report button, don't feed the trolls, etc...

[deleted]
1 point · 22 hours ago

[removed]

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Moderator of r/personalfinance, speaking officially1 point · 21 hours ago

2nd reviewer here - I agree with the removal decision.

58 points · 6 days ago

I'm confused as to why you are personally driving to these stores? Do you actually have to give your butler days off?

[deleted]
1 point · 6 days ago

[removed]

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Moderator of r/personalfinance, speaking officially1 point · 6 days ago

Your comment has been removed because we don't allow political discussions, political baiting, or soapboxing (rule 6).

[deleted]
1 point · 6 days ago

[removed]

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Moderator of r/personalfinance, speaking officially0 points · 6 days ago

You can appeal via modmail if you disagree.

[deleted]
1 point · 6 days ago

[removed]

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Moderator of r/personalfinance, speaking officially1 point · 6 days ago

Leave him alone please. Report any comments that break the rules and move on.

[deleted]
1 point · 6 days ago

[removed]

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Moderator of r/personalfinance, speaking officially1 point · 6 days ago

Leave him alone please. I’ll handle the comments.

11 points · 6 days ago

Because net worth is a pretty arbitrary concept - there are lots of different ways to calculate it (and I believe that consistency in calculation is more important than any specific method).

I personally wouldn’t worry about transaction costs in my calculation (at least not at first) because I expect the house to appreciate in value before I sell it, and it would seem silly to me to show a drop in my net worth from buying a home.

But again, I also view net worth as a very arbitrary concept and useful only as a starting point when thinking about my finances.

useful only as a starting point when thinking about my finances.

In what way is it useful at all? I've really found very little value in the concept mostly because debts fall into different categories making them almost impossible to compare.

Take student loan debt. If you have federally backed student loans that type of debt is categorically different from a mortgage. Or Credit Card debt. Student loans affect cash flow but if it came to a final accounting in most instances where that matters they zero out (death for example).

Anyway, I'm just curious as to the usefulness of "net worth" as a concept for us plebs toiling away on the lower middle rungs of the economic ladder.

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For me, I calculate net worth as a rough benchmark for figuring out when I’ve achieved financial independence. Take the value of my investments (and I usually exclude home equity), divide by 30, and when that number exceeds my expenses I’m financially independent (able to pay all my bills without working).

It’s not perfect (for instance, Roth, traditional, and taxable investments all have different true values), but it is a starting point for me to analyze where I’m at in life financially.

I’m at a point in life where, thankfully, the timing of cash flow isn’t an urgent concern (I.e. if my paycheck was a month late, I wouldn’t have to change my day to day living; I don’t have to check the balance in my checking account b fore paying normal bills). Thus net worth is a bigger issue for me for the reasons discussed above.

For you, it sounds like budgeting/debt reduction might be more relevant. And that’s totally fine - but eventually I would hope you would get to a point where net worth is a more important concept as well. It’s not easy, but start knocking debts out one by one and you’ll be surprised by how quickly it can make a big difference.

[deleted]
0 points · 6 days ago

[removed]

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Moderator of r/personalfinance, speaking officially4 points · 6 days ago

Removed - no politics - rule 6.

How the hell did that happen? You're right to remove it but I'm on the app, was commenting in a political sub on a political news article? Not even a top level comment either. I think the app is bugged.

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Moderator of r/personalfinance, speaking officially8 points · 6 days ago

Ha - it happens. I don’t use the app (desktop view on mobile currently) but I know it can be buggy sometimes. Wish I could offer something more concrete.

[deleted]
1 point · 8 days ago

[removed]

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Moderator of r/personalfinance, speaking officially7 points · 8 days ago

No - we require all comments to be posted publicly. This helps cut down in scams, advertising schemes, and other forms of sneaky tricks.

Obviously we can’t stop people from sending PMs, but we don’t allow discussion of them/requests/invitations for the reasons above.

Moderator of r/personalfinance, speaking officially1 point · 8 days ago

Removed - this needs major changes so it doesn’t sound like “clickbait”. Message the mod team if you want to discuss this in more detail.

[deleted]
-1 points · 9 days ago

[removed]

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Moderator of r/personalfinance, speaking officially1 point · 9 days ago

Removed. We don’t do crazy conspiracy theories here. You’re required to file and pay your taxes. We’re not interested in debating this.

Just open an online savings account. Easier to do than a money market account and will get you about the same return (about $5 difference on a $2800 account).

Don't worry about setting it up in their name or anything (you wouldn't be able to do that without them knowing/granting permission). Just do it under yours and send them the money when you want. Not any different than giving them cash. If you give them more than $15K each in a year, you need to report that to the IRS (but you do not have to pay taxes on it). You will, however, have to pay taxes on the interest earned in any case (which again would be like $12 on the year for a balance of $2800).

Also note that mortgage lenders may not consider gifts to count towards the down payment of a house, depending on what type of mortgage you are getting (it would reduce payments and equity and all that once approved, but not towards eligibility/approval).

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Moderator of r/personalfinance, speaking officially2 points · 9 days ago

To whoever reported this post saying “10k” - u/BasicBrewing is 99% correct. The current annual gift exclusion is 15k per recipient.

I would add that both brother-in-law and sister-in-law can receive a gift, so by gifting to each, 30k could be given before filing any IRS paperwork.

Further, if there BasicBrewing is married, “gift splitting” can be used to do the same for Mr/Mrs BasicBrewing meaning the limit is effectively 60k per year.

But all around, this is a great response that explains how they frequently misunderstood gift tax actually works.

[deleted]
1 point · 11 days ago

[removed]

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Moderator of r/personalfinance, speaking officially1 point · 11 days ago

Your comment has been removed because relationship advice is off-topic here and better suited for /r/relationships (rule 9).

[deleted]
1 point · 11 days ago

[removed]

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Moderator of r/personalfinance, speaking officially1 point · 11 days ago

Your comment has been removed because we don't allow political discussions, political baiting, or soapboxing (rule 6).

[deleted]
1 point · 11 days ago

[removed]

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Moderator of r/personalfinance, speaking officially1 point · 11 days ago

Removed - no politics.

[deleted]
1 point · 11 days ago

[removed]

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Moderator of r/personalfinance, speaking officially1 point · 11 days ago

Your comment has been removed because we don't allow political discussions, political baiting, or soapboxing (rule 6).

[deleted]
1 point · 11 days ago

[removed]

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Moderator of r/personalfinance, speaking officially0 points · 11 days ago

Your comment has been removed because we don't allow political discussions, political baiting, or soapboxing (rule 6).

any of those are good choices.

I lean towards Fidelity, because their website is way better IMHO. and from what I could see they have more funds that match or beat the S&P 500.

these funds tend to have higher fees. but if you run the numbers through a calculator that includes fees, high returns + higher fees will make you more wealthy than lower fees + low returns.

I think there's a lot of misinformation and panic about fees. all things being equal, you obviously want the lower fees. but I'm baffled why anyone would invest in something like Vangaurd's VTSAX that averages only ~6.5%/year growth ... the low fees don't make up for under performing the S&P 500 that averages 11% or so.

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Moderator of r/personalfinance, speaking officially1 point · 11 days ago

To whoever reported this - a report is not a “super downvote”. Someone can be wrong without breaking the rules.

[deleted]
1 point · 11 days ago

[removed]

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Moderator of r/personalfinance, speaking officially3 points · 11 days ago

Removed. It’s not that you’re wrong (you make some good points), it’s just that we don’t allow that tone aimed at anyone.

Moderator of r/personalfinance, speaking officially0 points · 13 days ago

Removed - see submission guidelines.

[deleted]
-3 points · 13 days ago

[removed]

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Moderator of r/personalfinance, speaking officially1 point · 13 days ago

Don’t give illegal advice here. This is tax fraud/evasion.

[deleted]
1 point · 13 days ago

[removed]

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Moderator of r/personalfinance, speaking officially1 point · 13 days ago

You would have gotten the same message if you had said “join move on.org and donate the rest to the DNC”. It really doesn’t matter to us - no politics here.

Moderator of r/povertyfinance, speaking officiallyScore hidden · 14 days ago · Stickied comment · edited 10 days ago

We are going to discuss this and come to a conclusion, please continue to give insight, commentary, and up/downvotes in this discussion.

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28 points · 13 days ago

I'll give my experience based on helping mod personalfinance. An absolute 0 tolerance policy is what I think is the best way to go. This is for three reasons:

  • It avoids conflicts of interest. If the purpose of a thread is helping people out, you want unbiased opinions. Adding a monetary incentive distorts honesty, even if it is subtle/unconscious.

  • It cuts down on spam. And "clever" spam - spam that tries to hide as "native content" or other bs.

  • It is objective. Otherwise, where/how do you draw the line? How do you tell if the purpose of a post is just referral link dropping? Can people post personal blogs if they are disclosed? What about MLM links/invites (aren't these just a special case of referral links?)

Anyway, people can be sneaky. For instance, look at someone I just banned this morning - http://goedhartvoordieren.nl/?page=user/kellymb5/. Clearly the centsai links are prominent, but maybe they just like that site. But Kellymb sounds like someone named Kelly...so search around on the Centsai website. What do you find? https://centsai.com/author/kelly-brown/ . Looks pretty clear that Kellymb is really Kelly Meehan Brown, an employee of Centsai.

My point is that as much as possible, 0 tolerance for this stuff helps keep it away from the sub. Otherwise, you start to wonder who is posting and what their incentives really are.

Moderator of r/personalfinance, speaking officiallyScore hidden · 13 days ago · Stickied comment

Your submission has been removed because it is primarily a legal question or discussion which is off-topic for /r/personalfinance. Some other subreddits allow legal questions and discussions:

  • /r/legaladvice can help you determine if you need to contact a lawyer and you may get some basic advice.

  • /r/asklaw may be able to further help you with legal questions.

While those subreddits can sometimes offer basic advice, talking to a local attorney is the best way to answer any legal questions.

Moderator of r/personalfinance, speaking officiallyScore hidden · 13 days ago · Stickied comment

Congratulations on your success, but success stories need to be posted in the Weekend Discussion thread. Here is the most recent Weekend Discussion thread (or you can wait until next week's thread).

Please feel free to repost any questions about your finances without any prominent mention of the success (especially in the title or beginning of your post). Be sure to include enough information about your situation or the specific questions you have so that you will get helpful answers.

This is discussed more in our submission guidelines (rule 1).

You may also find our wiki helpful:

[deleted]
1 point · 14 days ago

[removed]

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Moderator of r/personalfinance, speaking officially1 point · 13 days ago

Your comment has been removed because we don't allow political discussions, political baiting, or soapboxing (rule 6).

[deleted]
1 point · 14 days ago

[removed]

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Moderator of r/personalfinance, speaking officially1 point · 13 days ago

Your comment has been removed because we don't allow political discussions, political baiting, or soapboxing (rule 6).

[deleted]
1 point · 14 days ago

[removed]

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Moderator of r/personalfinance, speaking officially1 point · 13 days ago

Your comment has been removed because we don't allow political discussions, political baiting, or soapboxing (rule 6).

[deleted]
1 point · 13 days ago

[removed]

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Moderator of r/personalfinance, speaking officially3 points · 13 days ago

Please note that in order to keep this subreddit a high-quality place to discuss personal finance, off-topic or low-quality comments are removed (rule 3).

We look forward to higher quality posts from your account in the future. Thank you.

u/Mrme487
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