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What do you do that’s financially foolish—but you do it anyway?

"Buy more clothes and shoes than I need. Have gotten better over the last decade but still find myself buying more than I need."
- Edwin Belen
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How much emergency money should you hold?

"For many years, I didn’t make enough or had enough to keep an emergency fund. I was fortunate to make a good living and finally accumulated 6 months. As I’ve gotten older (51), I carry way too much cash but it seems to make me sleep better."
- Edwin Belen
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Does it ever make sense to carry a credit card balance?

"Only if you are highly-disciplined. It can serve as an emergency fund, but practically it's just a bad idea as it will be the gateway drug to over-spending and getting on the wrong side of compounding interest/returns. Why not just hold some cash or use home equity when cash is needed. Heck, even an HSA can serve as an emergency fund - keep receipts, then reimburse yourself when you are in a pinch and need cash."
- Mike Zaccardi
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If you inherited an unexpected $5 million, how would you use the money?

"I wish I could say that I would donate a lot to charity; however, the truth is I would invest it and keep it in the family."
- Richard Gore
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How has your financial thinking changed over the past year?

"Diversification (across equities) is overrated. When the stock market crashes there are few hiding places. Nevertheless, in spite of market crashes or perhaps because of them equities are the place to be. A good business is capable of adjusting to changing economic environments and therefore is most likely to be the best all weather investment."
- Richard Gore
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What purchase do you most regret?

"I bought a Hot Tub a couple of years ago and have only been it in a couple of times. The purchase is an embarrassment, I have to clean it all the time and spend money on expensive chemicals. I might make a flower planter out of it!"
- Mike Drak
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Is it okay not to leave a tip at a full-service restaurant?

"Maybe if your waiter is actively hostile or rude, but otherwise no. If you’re too cheap to tip, you probably shouldn’t eat in a restaurant. That’s my approach. 😁"
- Thomas
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When does it make sense to buy the extended warranty, if ever?

"Normally never, and of course just found the exception to the rule. Helped my daughter purchase a new car (new car purchases should be an entirely separate topic!), and on top of this a new car in its first production year. Although I was fully supportive of her choice, I think there was a greater-than-average risk that there could be something amiss beyond the normal expected interval. Icing on the cake was that the manufacturer was offering the extended warranty at a discount ($1000 off, it seemed a solid deal). Then if that weren't enough, I wrapped the cost into the 0%, 0 down financing, so all in all I think we'll all sleep better."
- medhat
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Is “die broke” a smart retirement strategy?

"Probably not a good strategy. The danger is that you may live longer than you anticipate and find yourself in dire financial straits. Isn’t the purpose of retirement planning to avoid financial struggle in retirement?"
- Philip Stein
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What aspect of Wall Street do you find most distasteful?

"Easily the near-institutional lack of legal accountability on the part of VC and private equity to leverage employee pensions and benefits as collateral to knowingly load up debt knowing that it's likely to cripple a company. Then to walk away having pocketed short term profits while leaving rank and file employees jobless and broken. I can't help but think there are legislative and regulatory means to significantly limit this from occurring, but suspect that these very very deep pockets have paid handsomely for elected officials to facilitate their practices."
- medhat
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Given a choice, should you take regular monthly pension payments or a lump sum?

"I had to make this decision recently, and went with monthly pension payments, starting soon. I like knowing that pension and social security, when I take it at 70, should cover my monthly bills. And very importantly to me, I have a family history of Alzheimer's and fear cognitive decline. I'd rather have money coming in each month from pension and SS, and going out each month to pay bills than have a much larger portfolio I might mismanage or be scammed out of. Finally, my former company tried to make the lump sum sound enticing, and said once I made a decision, I'd never have the lump-sum option again. Then they sold the pension plan to an insurance company They offered me the lump-sum option again. If the lump-sum was to their advantage, I figured the opposite, a pension, is better for me."
- Lynne
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Is it wise for everyday investors to buy individual stocks?

"I think it’s a personal question. My issue with owing stocks are when to sell, which I’ve never figured out so mutual funds for me."
- Edwin Belen
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