The CRAZIEST guitar gear collection on the internet?

[crushingpetal]

This is the only equation that matters:

Spend less than you make.

That ain't gonna make retirment tho. Or, rather, a good retirement.

 

[narad]

Heck even Apple these days will give you ~4.4% for their savings account. I keep a few grand there for convenience. What's nice is the Apple credit card rewards go into that account and gain interest as well.

For cash I don't currently need, I use Vanguard (Vanguard Cash Plus, ~4.7% interest. FDIC insured.) and VUSXX (Vanguard Treasury Money Market Fund, 5.41% compounded yield. You can also avoid state income taxes on the gainz with this type of market fund.). There are other places you can get a bit more, but Vanguard is pretty reputable and is not some fly by night company. They handle billions of dollars of assets.

Seriously yall either keep your cash in Mark IIc+ hoards or in something like I described. You are losing so much purchasing power right now if you leave it in cash in your retail bank.

Man you guys. If there's any way for me to do this without converting all my money to USD, let me know! I' m throwing away a couple high end amps every year with my bank's 0.01% interest.

 

[complex-barb.0t]

Man you guys. If there's any way for me to do this without converting all my money to USD, let me know! I' m throwing away a couple high end amps every year with my bank's 0.01% interest.

Especially considering how the Yen is tanking vs the USD. I watch prices on stuff drop almost every single day from Japan. Half the reason I’m interested in buying stuff from there. Seems like the BOJ is finally ending zero interest rates now though right?

It seems to me though in Japan prices have been pretty stable. The buying power of the USD in the US has sank tremendously. Easily lost 40% of its buying power and I would argue for buying/renting housing it has lost twice that in some regions. The fast food dollar menu is a distant memory….

Unless you got into real estate it’s pretty hard to preserve the buying power of your earned income. Everyone is forced to throw their money into the market or into another 8-9 Mesa Cabs.

 

[jaxadam]

Another thing I would like to add is that it is important not to think too much about your finances and pay someone else a percentage to do that thinking for you.

 

[budda]

I think a few sso guys dont have a few grand they can just lock up, too.

I had a GIC for two years - didnt have much i could put in, and the interest i gained wasnt worth not having access to the money.

Since we’re talking finance: the bank isnt your friend. They use your money to make a lot more money.

 

[Shask]

Another thing I would like to add is that it is important not to think too much about your finances and pay someone else a percentage to do that thinking for you.

I would disagree with this. That is one reason why you see broke athletes. They trusted thier finances to someone else who screwed them.

 

[budda]

I would disagree with this. That is one reason why you see broke athletes. They trusted thier finances to someone else who screwed them.

Heavy vetting and contracts (though you need the lawyer money to pursue the broken contract)

 

[Shask]

I think a few sso guys dont have a few grand they can just lock up, too.

I had a GIC for two years - didnt have much i could put in, and the interest i gained wasnt worth not having access to the money.

Since we’re talking finance: the bank isnt your friend. They use your money to make a lot more money.

A lot of this is a long term game. 2 years is nothing. If you did 30 years, you would see more.

 

[budda]

A lot of this is a long term game. 2 years is nothing. If you did 30 years, you would see more.

Most people under 40 dont have long term money.

 

[Shask]

Most people under 40 dont have long term money.

And they never will if they don't make changes today.

 

[budda]

And they never will if they don't make changes today.

Health care in North America already saw to it that they cant, no? Dont want to wander far down that topic but yes the two are intertwined. Its easy enough to say “just smake smart money decisions” but the reality is that for a lot of people, they were screwed from the start.

 

[jaxadam]

I would disagree with this. That is one reason why you see broke athletes. They trusted thier finances to someone else who screwed them.

I disagree. They should have been paying their* credit cards off daily!

 

[Shask]

Health care in North America already saw to it that they cant, no? Dont want to wander far down that topic but yes the two are intertwined. Its easy enough to say “just smake smart money decisions” but the reality is that for a lot of people, they were screwed from the start.

I think regardless of everything else, everyone can find an extra $10 or whatever to add to thier 401k or IRA. It isn't much, but will improve thier long term life. We could always buy one less pack of strings, or one less cheeseburger, or whatever. Most people just don't understand their needs vs. Thier wants.

People just need to understand that if they have $100, they really don't. They have $85 today, and $15 is for thier future self. If they can't do this, then they need to cut out wants.

I don't believe the screwed from the start. Many people come from very poor places, and learn to overcome it. I fall into this group.

 

[MaxOfMetal]

 

[jaxadam]

I think this thread should be renamed to “The CRAZIEST financial advice on the internet?”.

 

[Shask]

I think this thread should be renamed to “The CRAZIEST financial advice on the internet?”.

That is already taken by TikTok

 

[jaxadam]

That is already taken by TikTok

A long time ago my father gave me this piece of financial advice:

“Money isn’t everything, but it’s far ahead of whatever’s in second place”.