Let's talk about finance and banking here

[John Iverson]

What information you can give me here about finance because i will get my first salary in a month so i want to be wise to my financial. What am i going to do or what information i should know now before i open a bank account.  Or should i open a bank account? Is it wise?. Is it more wise if credit card or debit card? Or other thing i can do? Just for the sake of being wise. Tell me alot of information as you can

[Michael569]

Yes, you should open a bank account. I am surprised the company is even paying you without one  

Unless it is cash or pay as you go. Yes, if you are going to be receiving regular income, get a standard withdrawal account, ideally find a bank that does not charge standing fees, many of them still do which I think is a fucking ridiculous. 

If you are an American, you may benefit from getting a credit card to start accumulating credit score. In most European countries, debit card is sufficient for basic transactions. Some car rental companies, for example, do not accept debit cards but that's the only exception I've seen where DC was not accepted. 

If you want to be wise with your money, spend it strategically and don't waste it on bullshit. Invest in what matters such as education, books, healthy food and stuff like that. Accumulate some capital first before making any major commitments and while you are at it pick a good book on personal finances to learn more about it. 

Good luck. 

Edited October 19, 2022 by Michael569

[Yarco]

If you live in the Philippines, then things might be very different than in America and our advice might not apply to your situation.

In America, I can't imagine an adult being able to survive without a bank account. But in lots of countries it's normal for people to get paid cash at the end of every week and not have a bank account.

I'd start off by talking to your parents, family and friends, and coworkers and see if they have bank accounts, and how they get paid. If they have a bank account, ask them what bank they're with and then I'd probably just go with the most popular answer.

Based on the multilateral bank's Global Findex 2021 database, 51% of Filipinos now have bank accounts, up from 34% in 2017.

Why Filipinos Remain Unbanked: Addressing Banking Challenges In The Philippines

[Thought Art]

@John Iverson Yeah, open a bank account.

Also, make sure you know where to get your pay stubs and review them each pay period.

Consider creating an excel worksheet to record all your income and the source you get it from. It’s nice to have all that data in once place. Then, take care and pride in this excel workbook as you expand it to understand more and more about yourself financially.

Things to consider: 

1. Start saving 10% of everything you earn. DO NOT SPEND IT. Use it to earn you more money. 
2. Consider living off of only 70% of what you earn. 
3. The remaining 20% should be saved or used for paying off debt if you decide it’s worth taking it on. This 20% should be included in your decision making to take on debt. 
3. Try to avoid taking on debt. If you use a credit card only spend money you KNOW you can pay off each month. - Note: by knowing what your fixed Monthly expenses are each month you can easily calculate how much you put on the credit card. Try only using cash and debit for variable expenses. 
 

Each month you want to be worth more than the month before. Each month you have more money than the one before. You are growing and taking pride in your fat coin purse. 
 

Book recommendation: The Richest Man in Babylon. 
 

 

Edited October 19, 2022 by Thought Art

[Danioover9000]

@John Iverson

15 hours ago, John Iverson said:

What information you can give me here about finance because i will get my first salary in a month so i want to be wise to my financial. What am i going to do or what information i should know now before i open a bank account.  Or should i open a bank account? Is it wise?. Is it more wise if credit card or debit card? Or other thing i can do? Just for the sake of being wise. Tell me alot of information as you can

   I'd suggest you get yourself an investing for dummies book, and personal finance for dummies. It's a decent book that if you follow its advice strictly, you'll earn some decent returns on whatever you invest, be it stocks, real estate or small business.

[Clabber Girl]

Read rich dad poor dad

[universe]

Open a bank account.

• Don't let that account go below 0
• Spend less than you earn

[John Iverson]

I am taking considiration of your responses here Thank you guys Ilove you all.

Keep on sharing guys ? i will be happy to know what information you can give me

[Matt23]

I'm consider investing in gold at the moment. 

I've got like a bunch just sitting in savings and am thinking of taking a quarter of it to invest somewhere. 

Kinda fun and exciting lol.  Just like mixing things up a bit.  

Also is nice to learn more about new areas of life, and I've never fully understood investing and stuff.  What better way than to do it yourself and learn from experience?

Not saying you should.  Just my personal journey. 

[Thought Art]

Read 5-10 books on everything finance over the next 1-3 years