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Is it wrong to want to make more money? (lemmygrad.ml)

submitted 3 months ago by znsh@lemmygrad.ml to c/asklemmygrad@lemmygrad.ml

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Not in the sense that I want to start a business and exploit people. I am probably misinterpreting a lot of the ideas of socialism/communism as I feel that if I think about making more money (investments, switching jobs, vying for a promotion) that I'm going against the core ideas and values of communism/socialism. I've mostly read/listened that to be a communist/socialist you are putting your community first and thinking of other people while trying to make more money is, to me, inherently individualistic.

The only reason I'd like to make more money is to live a more comfortable life and build upon it.

I hope this makes sense.

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[–] znsh@lemmygrad.ml 5 points 3 months ago (1 children)

I'm glad to see that most of my assumptions were confirmed and that the answer to this isn't so black and white, but very much gray.

Build a 3-6 months wage rainy day fund, if possible, and then budget how you spend the rest of your money including a monthly contribution to the party or something.

I do this now, I have OCD and have issue with spending money anyway so I save most of it lol

I’d rather invest in ETFs myself

Never heard of ETFs before now, it actually sounds way better than the stock market.

[–] CriticalResist8@lemmygrad.ml 7 points 3 months ago

ETFs are much more comfortable for most people because it's a "set and forget" type of thing. A company can even trade them for you and manage your portfolio, but of course it remains the market and some risk is associated with it. The typical plan is to save 3-6 months of wages, budget your monthly expenses, and then set 10-20% of your remaining wage into the market. It's something you do for the long haul, like when you'll need it in 10-15 years for a big purchase (as if we can still afford those lol).