I started the $5 challenge in July. This is my result in just 5 months...

forgot pic

Interest rates are a joke. Put money in index funds to grow it. Banks are safer than Ziploc bags but no one ever got rich off .17% interest.

poorfag strategy.

its only for retards who cant stop spending their entire paycheck every week.

yeah in America that's true, this went global though due to Unilad or a similar page sharing it. In NZ the bank will give you about 2.5-3% on a savings account at the moment. Term deposits (called CD in america I think) are hitting 4%.

obviously

They're too dumb to think critically about their own spending habits. They literally cannot understand that they are the reason they are poor. It's not the banks, it's not the economy, it's not the government. Of course the aforementioned make it harder to save and grow rich, but one will never have financial security if one doesn't understand the fundamentals of money and how to make it grow (investing, risk/reward, putting aside a percentage of your paycheck irregardless etc.)

>CASHBACK CREDIT CARD

hows that 0.00025% for the first 6 months treating you?

It's quite a phenomenon to watch these people eagerly make terrible decisions, which they truly believe to be brilliant

tbf, you're the biggest retard on that pic you posted.

1% per year thank you very much. It's literally free money since I don't pay an account fee and I always pay it off.

Hello fellow newzealander
>Tfw you missed out the 8% BANK INTEREST in the early 2000's

yeah our economy has had a wild ride...
Did you know the interest rates in the 80s (before the crash) were up around 15-20%? No wonder the boomers had it so easy.

>boomers had it easy
More or less if you were well off (already owned property with extra money), not so lucky for people on mortages though, rates were literally as high as interest so it was 0 netted.

Is there anything worth investing in nz btw, this country seems pretty useless desu senpai

I dunno really, everyone loves property so many look into REIT's? I have made some gains putting money into smartshares (only ETF provider in NZ). You only have to pay brokerage on your initial investment and then you can buy into the ETF monthly.

>Smartshares / FONZ ticker
Tbh I think this is pretty much a meme, also when I "Actually" started reading into finance and studying in my free time I have come to realize that the myth of "The stock market always trends upwards" isn't necessarily true and is practically survival bias.

>Property
Isnt this a literal repeat of 2006/7 ? Looking at how low mortgage rates are they are LITERALLY giving away subprime mortgages, literally everyone I know in the working class has 1mil mortgage on houses (possibly more because they think housing is going even higher). I don't understand how people think this is "investment"

Idk reading security analysis has taught me a lot about the concept of investment.

>Tfw at the point where you read so much and ponder you no longer know whats real anymore

ZERO TAXES KEK

so glad this Boomer mentality will die out in my lifetime

There is nothing worse than idiots acting smug and still being wrong.

You guys are retarded. There's nothing wrong with cashback cards if you pay them off month to month. You also build your credit, and have better fraud protection vs. a debit card or losing your cash.

At my company I pay everything with my personal credit card and they reimburse me for all my expenses. I've paid for a vacation with this reward money.

Veeky Forums is about just as bad as taking financial advice from FB memes

There's nuggets here but overall you are right. Half the things these idiots spew out are wrong and need nothing more than a minute of research here to debunk.

well if you dollar cost average over a long enough time frame you should see growth of around 7-10% per year. Of course diversification is always a good thing too.

>There's nothing wrong with cashback cards if you pay them off month to month.

if

> You also build your credit

jew brownie points

>better fraud protection vs. a debit card or losing your cash.

fraud protection is socialized losses

>At my company I pay everything with my personal credit card and they reimburse me for all my expenses.

sounds like youre stealing from the company

>I've paid for a vacation with this reward money.

congratulations

t. a guy doing the $5 challenge

>>if

Apart of being financially literate adult is paying your bills. It's not hard.

>>jew brownie points

Oh so you are retarded and never plan on owning a home. Gotcha.

>>fraud protection is socialized losses

The credit card eats the loss and pays for it with the interest retards like you pay. It doesn't keep me up at night.

>>sounds like youre stealing from the company

I've okayed it with them.

You don't belong on any business or finance forum, go neck yourself and do the world a favor.

>having savings like a normal person is a "challenge" now.
The only thing that's challenged here is you OP

that's a bit disgusting, looks so dirty

of course it is, but normies just see a stack of paper and get all excited like chimps in a zoo. Hell, I could take 10k out of my savings account and it'd make a fine stack of notes, but there's no point unless I'm just a narcissistic asshole like the majority of instagram users.

as a financially literate adult, i take FULL responsibility for my own finances. That is why i have not needed credit or paid any interest to purchase a home (got a nice discount for it too). Your archaic system is dying grandpa

Oh look he's role-playing.

Grandpa didn't get cashback cards you fucking moron.

But no I'm the idiot for paying less than everyone else, you sure got me.

>Oh so you are retarded and never plan on owning a home. Gotcha.

Have a mortgage, pay Jew interest.
Pay rent, pay Jew landlord.

Anyone that doesn't pay cash or borrow from family is a cuck.

>not paying the smallest deposit you can and leveraging the value of the property to put another deposit on another house increasing your rent revenue and eventually building a multi-million dollar real estate empire that is supported by rent revenue from good family tenants who will rent from you for a decade or more

>losing 2% per year at least on your cash due to inflation whilst living as a parasite, leeching from your poor parents who are fed up with having you around.

You don't deserve to live

>tfw i paid 4.25% (high) mortgage

>tfw housing pricing going up 10-15% a year in Austin TX

sorry you don't know how to use leverage. I guess you just can help poor fags

The Jews aren't why you are retarded.

Debt can be leveraged but you aren't financially literate enough to handle the responsibilities. A good credit rating can get out interest rates that are under or near inflation.

Go back to /pol/ and leave the financial advice to people who know what the fuck they are talking about.

>losing 2% a year for a few years
>lose 4% a year for 30 years

Chose wisely...

>>implying it's impossible to pay it off early
>>implying you know anything

uhg

>dealing with nigger tenants

>not realizing an S&P 500 index fund is more liquid and better

What is property management?

>ever allowing niggers to step foot on your property
Jesus Christ have mercy on this man

>gaining 10%+ per year on a properly diversified portfolio of shares, property, and bonds.
oh no better not do that cause "MUH CASH MONEE DURrRrRRRr"

>still using cash

nice meme

don't bother. people on this website are so fucking retarded it's crazy. ive opened up a few credit cards just to take advantage of the sign-up bonuses and their respective cash-back programs. people have all these things available to them and all they have to do is exercise some responsibility, but nope thats too difficult for them.

>zero taxes

Lmao what the actual fuck are normies really this dumb?

remember inflation. don't save too much cash