Conversations about money in person are often slippery slopes. But in some circumstances, talking about it is essential, healthy, and practical, given the context is appropriate.
That’s why we recommend you turn towards Reddit: an online forum where you get to be anonymous to get your fix on casual discussions about investment management and personal finance.
If you’re willing to share your experience or learn, you’ll most probably find solace in a virtual setting that is full of like-minded people.
Here are three active subreddits for personal finance that can help you get started.
1. r/financialindependence
As the name may suggest, this sub is perfect for anyone interested in learning about investment management and personal finance. Regardless of where you are in your financial independence journey, you’re never going to feel left out here.
Sure, you’ll find people on this thread who are in their early 20s and can save 55% of their income and have already accumulated substantial net worth. But, you’re going to find several people who are starting the journey just like you.
There’s also a fun tradition in which people tell a person to “go eff yourself” (playful acceptance of jealousy) once they’ve achieved financial independence. We hope one day we’ll come across your success story, and once we do, we promise to be nice!
2. r/leanfire
LeanFire focuses on taking a minimalist approach towards FIRE (Financial Independence Retire Early). Usually, people on this journey aim to reduce their expenses dramatically (they focus on surviving on less than $40,000 a year). This enables them to retire early with at least $1,000,000 in their bank account.
Frugality is a popular topic on this subreddit. But if you want our honest opinion, the lines between LeanFire and FinancialIndependence are starting to get fuzzy. Both subreddits focus on achieving financial independence but emphasize taking a different route to the destination. LeanFire just takes steps that are a bit more…drastic.
3. r/personalfinance
If you’re into discussions that focus on:
- Budgeting
- Paying off debt
- Investing
- Saving
- Retirement planning
- Credit building
Then you’ll enjoy your time on this subreddit. This is perhaps the most active subreddit on this list, and the resources you’ll find will be immensely helpful, particularly if you’re starting to take control of your finances.
The only downside here is that this subreddit is pretty US-centric. But that shouldn’t stop you if you’re not from the US. Sound advice is a universal blessing; it’s only the context that may be different.
Conclusion
If these subreddits for investment management and financial independence don’t satisfy your need, there are several others you can check out. We’d also like to give honourable mentions to r/forex, r/finance, r/stockmarket, and r/frugal.
Even though these subreddits do a good job of letting you know what’s right and wrong from the financial perspective, it all comes down to your choices at day’s end. Implement the tips you read into your lifestyle and start going up the ladder of financial independence.
Every step counts!
