a 3x5 Card with Terrible Slowlane Advice

[DeletedUser2]

http://www.businessinsider.com/financial-advice-written-on-an-index-card-2013-9

Looking for financial advice? (slowlane)

Here you go!

Economist Sendhil Mullainathan tweeted out a photo of an index card that was made by professor Harold Pollack, which contains just about all of the financial advice you're ever going to need

Z

 

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[jon.a]

http://www.businessinsider.com/financial-advice-written-on-an-index-card-2013-9

Looking for financial advice? (slowlane)

Here you go!

Economist Sendhil Mullainathan tweeted out a photo of an index card that was made by professor Harold Pollack, which contains just about all of the financial advice you're ever going to need

Z

I guess I won't need Beer & Pancakes any more.

 

[MJ DeMarco]

Ha, we've been discussing this on my FB page...

Reads verbatim from the Slowlane script... a regurgitated hodge-podge of advice guaranteed to give you 40 years of mediocre living.

Here's the card:

Basically 2 of the 11 "tips" are relevant. The other 8 you can forget about because they aren't apart of a Fastlaner's lexicon. (Three if you include saving 20%, but I say, save 70% which isn't difficult if you're banking 5 or 6 figs monthly.)

 

[timmy]

There is still lots of that banter out there it seems. Our professors and key educators obviously have not figured out the weakness with that wealth creation System. Perhaps it suits them and their job security prospects to think this way! My laptop has become my personal professor and I wouldn't swap it for anything.

 

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[Atown512]

Like I tell everyone I know, saving money isn't half as important as increasing your earnings. Recently, I've been able to slash my spending immensely, but has that gotten me where I want it to? HELL NO! The point is to be able to blow money as if it were abundant. What you save should be paid forward to allow future spending until you reach a point where spending doesn't matter. That is why I will be risking what I manage to save on investments that can make money abundant. I'd rather die young jumping off a cliff or sailing around the world than old as F*ck in a bed never having done anything interesting...

 

[Get Right]

Thank god he didn't have an 8.5x11

 

[Enki]

I read some of the comments. A lot of the people were against that flashcard. This guy stepped up to defend it.

Guys - You're misunderstanding the advice. Utilize your 401(k) to take advantage of a company match. If you company matches your contribution, that's essentially free money. At the very least, contribute to your 401(k) up until your company match.

Capital gains in your 401(k) are tax free much like IRAs - A huge advantage compared to a taxable (i.e. brokerage account). Yes, withdrawals are taxed as ordinary income but hopefully you're able to grow your account significantly by the time you retire!

Also -I'm guessing we'll have bigger things to worry about if the US ever begins to dip into private retirement accounts.

Never invest in anything the flies, floats, or f*cks... They're all depreciating assets.

 

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[PopEmersen]

so basicall be a cheapskate and live off peanuts.....got it

 

[Mike Kavanagh]

It's called business INSIDERS not business owner for a reason lol.

And I'm just going to throw this out there.... Would you take financial advice from someone who has a liberal arts degree and no business experience whatsoever?

If you answered yes(even silently), I don't even...

 

[Paleo]

3 minutes of reading his tweets and googling him told the story

He's a professor of "health policy" with a degree in "public policy" from Havard's School of Government

No mention of him ever working in the private sector-looks like he's only been an academic

Big supporter of the welfare state, in particular a strong proponent of Obamacare-no doubt he supports eventual socialized, single payer government healthcare.

People like this hate individuality, freedom and entrepreneurship- they want everyone to be a compliant drone in their social engineering schemes

So he's going to tell you to buy into all these institutional and goverment controlled retirement programs.

And when the times comes, of course he's going to support the government taking of your 401k and IRA funds because its "for the public good"

 

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[Young-Gun]

It's not so much the fact that he's pretty much wrong about everything that bothers me..

I'm more bothered by how, almost by definition, Slowlaners think they "know it all" when it comes to money..
When they've probably spent almost no time at all thinking about where wealth really comes from.

This is one of my biggest pet peeves. I always try to know at least a tiny bit before I start giving advice.
Try to consider other angles before I just spout off what I've heard around me all my life.
I just can't stand it when people talk, without having invested the time "listening" to reality first.
Of course, like all pet peeves, I'm certainly a hypocrite about this from time to time.
Seriously though, why do people who have such distaste for/fear of/lack of understanding for wealth, love to talk about how to achieve it?
It's like a dumb jock spouting off in class not realizing what a fool he's making of himself.
This professor has no significant wealth. How can he not be rational enough to realize - he should not be giving advice about it?

But, that's perhaps a side effect of being stuck in academia. I'm glad I got out, and into the entrepreneurial world.

It's like being inside a fishbowl - no one in the slowlane understands they're underwater. It's "the whole world" to them.

I've been there. Scary. Wish I'd gotten out sooner, but, figuring it out in my 20s is probably preferable to figuring it out in my 50s.

 

[Kak]

Lol taking ficancial advice from a professor is like hiring a CPA that supports Obama.

 

[GravyBoat]

@Enki LOL at his reply. This is the definition of why the 99% complain, they don't understand. It's over their heads.

It's like being inside a fishbowl - no one in the slowlane understands they're underwater. It's "the whole world" to them.

It's the F*CKin Matrix!

 

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