Reddit, Facebook, and other forums are great places to have a conversation about personal finance.
- Andy Panko’s Retirement Taxes is a rapidly growing community for those who are retired or close to retirement with tax questions and more.
- Reddit’s r/PersonalFinance is a subreddit with tens of millions of members talking about everything from insurance to jobs.
- The Bogleheads forum is a close-knit group with a healthy bent for investing.
If you can imagine it, you can probably find it online. So it should come as no surprise that millions of people around the world are turning to the internet to find groups of like-minded personal finance enthusiasts. Which of these communities is right for you? Keep reading to find out.
1. Taxes in retirement
The Retirement Taxes community has taken up residence on Facebook. Originally founded in March 2020, the group now has over 32,000 members. What is the reason for this rapid success?
The group’s mission is simply to be a place for learning and sharing knowledge about tax-efficient retirement planning. The forum allows users to tell their own stories and seek advice from an understanding community. Many of the group’s posts begin with the words, “I’m X-age,” before describing their situation and asking for advice. The group has a lot of personality, which is probably the cause of its explosive growth.
Another factor that can contribute to the success of the group is the excellent moderation team. Andy Panko, CFP®, RICP®, EA, is the big boss of the group and often intervenes in group discussions. His expertise as a financial planner and owner of Tenon Financial makes him a valuable resource for those looking for advice as they approach retirement.
2. r/Personal finance
Reddit is famous for having subreddits of nearly every variety, and personal finance is no different. The largest personal finance community is r/PersonalFinance, with over 16 million members.
The subreddit is home to a wide range of discussion topics, including debt repayment, credit, budgeting, insurance, taxes, retirement, and more. Users can filter these topics to find posts most relevant to them. Additionally, the subreddit has an extensive wiki with detailed information on the above topics and many more.
Still can not find what you are looking for ? Ask a question on the forum and watch the Reddit machine do its magic. The community is very active, with posts garnering thousands of upvotes and hundreds of comments within hours.
3. The Bogleheads
Inspired by the late financial trailblazer John Bogle, the Bogleheads are a group that preaches long-term investing (usually in low-cost index funds). The Bogleheads Forum continues Bogle’s legacy with over six million posts covering nearly half a million topics.
The forum may have started as a place to discuss investments, but it has grown into a place for all things personal finance. Messages are grouped daily into one of three categories. Personal investments encompass transactions made by members of the forum, while the Investment category covers theories, news, and more. Additionally, the Personal Finance category includes all topics not related to investing, but related to finance, such as insurance, credit, real estate, taxes, and legal matters.
But the community isn’t the only thing that attracts new Bogleheads. The forum includes links to a comprehensive wiki, covering everything from asset classes to indexing. The wiki stays true to John Bogle’s philosophy of saving early and often, diversifying, and really understanding your investments. Additionally, the Bogleheads blog provides access to videos, podcasts, and webinars explaining key financial concepts.
A word of warning
Online forums can be a great way to build financial literacy, but may not be the best for specific advice. As always, some comments are helpful and informative while others may be less so. Be skeptical and always find another source of information before acting on advice given in an online community.
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