Millennial Money: Should you take money advice from Reddit?

Should you take money advice from a stranger on the internet? In Reddit’s r/personalfinance channel, anonymous users exchange tips on buying homes, choosing insurance plans and managing very personal, nuanced money situations. (Think: “How do I handle my dying dad’s debts?”)

“It’s like crowdsourcing financial advice,” says Dana Eble , a public relations specialist based in Detroit, who regularly browses r/personalfinance.

If you’re not a “Redditor” like Eble, think of the site like an old-school online forum. After signing up for free, you can share text, links and photos with an anonymous username. You can also upvote, downvote or reply to other people’s content. Posts and replies with the most upvotes rise to the top.

Reddit is organized by communities, called subreddits, based on interest. The r/personalfinance subreddit is home to 14.6 million members. Here’s what to consider if you’re one of those millions.

HOW REDDIT CAN MOTIVATE AND ENCOURAGE

Being active and intentional with money helps you make the most of it. But for many, money is confusing to manage and uncomfortable to discuss.

Scrolling through other people’s questions, problems and advice can make the topic feel more normal and less scary.

The subreddit can even be motivating, particularly for those just starting to think about financial decisions, says Logan Murray, a Tempe, Arizona-based certified financial planner.

“Seeing peers move on with their finances may encourage you to do the same,” he says. “It can get the wheels turning.”

Murray also likes r/personalfinance for exchanging ideas, like brainstorming passive-income opportunities. With this strategy, he says, “people can choose what resonates with them.”

Millions of people sharing their money...