Millennial Money: Should You Take Reddit’s Money Advice? | Lifestyles

Millennial Money: Should You Take Reddit’s Money Advice?  |  Lifestyles

Curtis Bailey, a Cincinnati-based CFP , has also seen solid advice on the r/personalfinance subreddit, particularly when it comes to basics like managing debt and cash flow. But he’s also seen misinformation, about taxes, for example. Ledford says some posters must be professionals because their tips are “spot on.” But “there’s also a lot of advice out there that’s better off ignored.”

Cherry points out that the country has a low financial literacy rate, which is likely reflected in a community-based platform. So the community aspect of Reddit “lowers the quality of information,” he says.

So it’s hard to tell which advice is worth following, and which is, well, garbage. In fact, Preston Cherry , a Green Bay, Wisconsin-based CFP, describes Reddit’s r/personalfinance as an unfiltered “data dump” with “a lot of unverified information.”

SO SHOULD YOU FOLLOW ADVICE FROM R/PERSONALFINANCE?

Aim to use r/personalfinance more as a source of motivation than concrete advice. In addition to the fact that much of the channel’s advice is unverified, Cherry points out that “personal finances are in fact personal.”

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