Should you take money advice from a stranger on the internet? In Reddit’s personal finance channel, anonymous users exchange tips on buying homes, choosing insurance plans and managing very personal, nuanced money situations. (Think: “How do I handle my dying dad’s debts?”)
“It is like crowdsourcing financial advice,” says Dana Eble, a public relations specialist, who regularly browses the "r/personalfinance" community.
If you are not a “Redditor” like Ms Eble, think of the site as an old-school online forum. After signing up for free, you can share text, links and photos with an anonymous username. You can also like, disapprove of or reply to other people’s content. Posts and replies with the most likes rise to the top.
Seeing peers move on with their finances may encourage you to do the same. It can get the wheels turning
Logan Murray,
certified financial planner
Reddit is organised by communities, called subreddits, based on interest. The r/personalfinance subreddit is home to 14.6 million members. Here is what to consider if you are one of those millions.
How Reddit can motivate and encourage
Being active and intentional with money helps you make the most of it. But for many, money is confusing to manage and uncomfortable to discuss.
Scrolling through other people’s questions, problems and advice can make the topic feel more normal and less scary.
The subreddit can even be motivating, particularly for those who have started to think about financial decisions, says Logan Murray, a certified financial planner.
“Seeing peers move on with their finances may encourage you to do the same,” he says. “It can get the wheels turning.”
Mr Murray also likes the r/personalfinance subreddit for exchanging ideas, such as brainstorming passive-income opportunities. With this strategy, he says, “people can choose what resonates with them”.
Millions of people sharing their money experiences may also help you feel less alone. After all, Ms Eble says, the r/personalfinance subreddit is a positive community with “no shaming”.
She remembers the post of a distraught and embarrassed 20-something who had accumulated tonnes of debt and had to file for bankruptcy. The top reply was from someone saying how they had to do the same in their 20s and that it will be OK.
The advice is a "mixed bag"
The r/personalfinance “Wiki” page is on Reddit but separate from the forum. It is stuffed with useful, sound guidance on topics such as how to budget and much more. Ms Eble consulted it as she began to build her emergency fund.
As for the posts and replies, the quality of advice is a “mixed bag”, says Jeff Ledford. He frequently browses and replies to r/personalfinance posts and is also a certified government financial manager.
Some posters must be professionals because their tips are “spot on”, Mr Ledford says. However, “there’s also a lot of advice out there that’s better off ignored”.
Curtis Bailey, a financial planner, has also seen solid advice on the r/personalfinance subreddit, particularly when it comes to basics such as managing debt and cash flow. But he has also seen misinformation.
So, it is hard to tell which advice is worth following, and which is, well, rubbish. Preston Cherry, another financial planner, describes the r/personalfinance subreddit as an unfiltered “data dump” with “a lot of unverified information”.
Should you follow advice from the r/personalfinance subreddit?
Aim to use the r/personalfinance subreddit more as a source of motivation than concrete advice. In addition to the fact that much of the channel’s advice is unverified, Mr Cherry points out that “personal finances are, in fact, personal”.
There is also a lot of advice out there that is better off ignored
Jeff Ledford,
financial manager
What works for one Redditor will not necessarily work for you, given that your circumstances and experiences are different.
“You are responsible for your own decisions and to do your own research,” says Mr Murray.
If you are considering taking advice from Reddit, first try to verify it elsewhere. Start with a Google search and look for web pages that cite the source of the information or advice, Mr Bailey says. For example, the page may describe a study supporting the advice, show a calculation or quote an expert or organisation.
To learn more about personal finance, Mr Bailey recommends taking your reading offline. Rather than skimming one-off bits of advice, read personal finance books, which Mr Bailey says may help you get “much more nuance and depth of understanding”. (Try The Geometry of Wealth, Mr Bailey says.)
With a deeper understanding, you may feel more comfortable with money and be better equipped to spot shoddy advice – on Reddit or elsewhere.
The specs
Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
COMPANY%20PROFILE
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BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Borussia Dortmund v Paderborn (11.30pm)
Saturday
Bayer Leverkusen v SC Freiburg (6.30pm)
Werder Bremen v Schalke (6.30pm)
Union Berlin v Borussia Monchengladbach (6.30pm)
Eintracht Frankfurt v Wolfsburg (6.30pm)
Fortuna Dusseldof v Bayern Munich (6.30pm)
RB Leipzig v Cologne (9.30pm)
Sunday
Augsburg v Hertha Berlin (6.30pm)
Hoffenheim v Mainz (9pm)
The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
The nine articles of the 50-Year Charter
1. Dubai silk road
2. A geo-economic map for Dubai
3. First virtual commercial city
4. A central education file for every citizen
5. A doctor to every citizen
6. Free economic and creative zones in universities
7. Self-sufficiency in Dubai homes
8. Co-operative companies in various sectors
9: Annual growth in philanthropy
Ashes 2019 schedule
August 1-5: First Test, Edgbaston
August 14-18: Second Test, Lord's
August 22-26: Third Test, Headingley
September 4-8: Fourth Test, Old Trafford
September 12-16: Fifth Test, Oval
Killing of Qassem Suleimani
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
More on Quran memorisation:
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
FA Cup fifth round draw
Sheffield Wednesday v Manchester City
Reading/Cardiff City v Sheffield United
Chelsea v Shrewsbury Town/Liverpool
West Bromwich Albion v Newcastle United/Oxford United
Leicester City v Coventry City/Birmingham City
Northampton Town/Derby County v Manchester United
Southampton/Tottenham Hotspur v Norwich City
Portsmouth v Arsenal
Star%20Wars%3A%20Episode%20I%20%E2%80%93%20The%20Phantom%20Menace
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Big%20Ape%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20LucasArts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20PlayStation%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Cracks in the Wall
Ben White, Pluto Press
Killing of Qassem Suleimani
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
heading
Iran has sent five planeloads of food to Qatar, which is suffering shortages amid a regional blockade.
A number of nations, including Iran's major rival Saudi Arabia, last week cut ties with Qatar, accusing it of funding terrorism, charges it denies.
The land border with Saudi Arabia, through which 40% of Qatar's food comes, has been closed.
Meanwhile, mediators Kuwait said that Qatar was ready to listen to the "qualms" of its neighbours.
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
UAE currency: the story behind the money in your pockets
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EQureos%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E33%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ESoftware%20and%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%243%20million%0D%3Cbr%3E%3C%2Fp%3E%0A
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
McIlroy's struggles in 2016/17
European Tour: 6 events, 16 rounds, 5 cuts, 0 wins, 3 top-10s, 4 top-25s, 72,5567 points, ranked 16th
PGA Tour: 8 events, 26 rounds, 6 cuts, 0 wins, 4 top-10s, 5 top-25s, 526 points, ranked 71st
