I've turned 20 and decided to stop being a mooch and pay for 100% of all my things as part of my plan to get my shit together. But all this stuff I now have to care about is all so complicated, and I feel like I need to make a phonecall or ask for help with every new term I find.
What is a GIC? What is a RRSP? Why is my credit card balance still 250 even though I've added that amount to my credit account before the payment due date? Available credit is $7 shy of my credit limit so what the fuck is going on? Why am I getting statements for a savings account worth 20k when I thought I just have a chequing account? Why can't I access that from my banks website? Etc etc etc for another paragraph or so.
It's all so overwhelming.
All you need to know is
1. Take in more than you spend
2. NEVER EVER GET A FUCKING CREDIT CARD YOU STUPID FUCK HOLY SHIT
>>25017403
What are you talking about with your credit card? Did you submit a payment? The payments won't go through instantly because the banks want to be sure your check won't bounce. So that's why there's a delay.
>>25017606
There's literally nothing wrong with having a credit card if you're disciplined and pay it off in full every month. In fact there are a lot of good reasons to do it that way.
>>25017671
I guess so, I'm just a very anti-debt person.
Savings are best with money in some nice stocks instead of sitting idly in your low-interest savings account.
Maybe some gold stashed away somewhere.
>>25017606
>>25017671
This. Having a credit card is good if you don't just spend it all on normie shit because HUR HURR FREE MONEY
You can have a sick credit rating if you participate more in stuff like credit cards, but without playing into their hands like they want you to. Greater risk, greater reward.
>>25017403
>It's all so overwhelming.
Start browsing Investopedia. It's a good place to start if you want an intro to the basics
>>25017722
If you pay a cc off in full every month you do not owe any interest. So it's a easy way to generate credit history without owing more than you buy.
That positive history will lead to a favorable mortgage for instance. Which is a good kind of debt because of interest being tax deductible (at least in the u.s.)
Also laws about fraud and disputing transactions are much more favorable with credit cards than with a debit card linked to a checking account. Not even getting into the rewards good ccs give for using them.
>>25017772
Neato. I'll look it up.
>Why is my credit card balance still 250 even though I've added that amount to my credit account before the payment due date?
Takes a while to see it change. Dont worry about that one. And dont be affraid to call some guys working at your bank, you're a customer, they're here to help. I always do this, its their job. Be courteous and they will be clear.
>>25017606
>>25017722
You obviously have no idea what you're talking about. Don't listen to this anon OP. There are a lot of reasons to have lines of credit available. My advice you you would be to not ask this shitty place for any kind of real life advice like this.
>>25017403
Being completely self sufficient is almost impossible nowadays. Almost all "successful people" get at least some help from their parents and/or have debts.
>>25019601
It still feels wrong to have someone pay for your phone/car insurance/education for you. I'll accept help for that last bit given that post-secondary fees are basically robbery, but I should pay for everything else myself.
Just remember that EVERYONE starts off like this. But it's your responsibility to learn the basics because ignorance in this area will hurt you more than any other type of ignorance.
Is /adv/ useful as a board or is the advice usually shit?
I know people here hate Reddit with a passion, but the sub /r/personalfinance is really helpful for questions like that.
>>25021712
adv is relationship advice from underage feminist teenagers
do not use
