Topic: Dad's retirement money is invested in Bitcoin! - page 9. (Read 1390 times)

For me, there's nothing wrong with investing retirement money in Bitcoin, what's wrong is the investor is not aware of the consequences or good and bad.
Proper education to the owner of the money is a must so just in case something will happen to the money, the owner of the money is aware, aware that it will not give you 100%.
You should always carefully weigh the risks and potential rewards.

That's what I appreciate about a father's nature, his desire to create a warmer life for his family by pursuing the dream of owning a home. However, the exorbitant prices of building materials nowadays pose a real challenge. Moreover, we also have to consider the expenses for construction workers and other associated costs, which further inflate the budget.

It is highly unwise to gamble with someone else's money on Bitcoin, even if that person is a family member. The substantial retirement funds in question represent the government's final gesture of appreciation for your father's 25 years of hard work. I would prefer your father to enjoy that money according to his initial dream of building a home.

Another solution, considering the current issue of expensive building materials, would be to recommend purchasing a pre-owned house within your father's budget. It doesn't have to be extravagant, but rather suitable in terms of location and building type. Then, with the remaining budget from your father's retirement funds, you can use it for renovations or minor modifications to align the house with his personal preferences.

Considering Bitcoin's highly volatile nature, deviating from the planned outcomes can have catastrophic consequences. Never let your father's 25 years of hard work go to waste in regret. Stay focused on his initial dream of owning or building a house. If you still find yourself puzzled, seek advice from property experts to guide you through the process.

We're all bullish in bitcoin but sometimes plans that we think of doing easily won't come and if it comes, it goes with the least expectation that we've got.

But before that, he needs to inform his father that investing in bitcoin is not that what he's thinking as if no downfalls will come while waiting for the right time to sell.

@OP how old is your father? Is he okay with taking high risk - high reward investments like Bitcoin?

Ask your father about your plan because this is a really delicate situation and you're definitely going to be risking your father's pension in a really volatile investment, try to find other a venues of investment before going with bitcoin. Or better yet ask a financial advisor about what to do with this, asking an advice about a life changing financial decision in a forum isn't really the best course of action.

As you said, his father should make the final decision, based on the advice of the son. If he allows the son to invest the retirement money in Bitcoin, I think it's fine, since he will be aware about the risks, but also about the potential advantages when doing so. I don't think it's a crazy plan, because Bitcoin has proved to be a decent and profitable investment on long term, especially when the investment is made during a bearish market like the one we are currently in.

He has just to be careful when storing the coins in order to prevent future issues with hackers and scams.

I don't know if it's just me, but people who served for their own country are highly respectable, so I give respect to your father.

It depends on what type of house your father wants. Is it a bungalow? A 2-story building?
Well, I agree with what you said that housing materials are very expensive because of what happened last year, but there's always a way to build a house with the retirement money that your father has. On the other hand, if you have a house to live in then better wait for the prices to go down I guess - if it will goes down. As for putting money in a bank, I don't see any reason for your father to put it there aside from it being an emergency funds.

Half of your father's retirement money into Bitcoin? I don't know if you're just insane, or like you said you can't think properly when it comes to investing, but that's too much of a risk for your father to handle. I'd say if you really want your father to invest into Bitcoin, don't invest a huge amount.

It's not your money, but your father's. For sure your father wants to enjoy the money that he got from his retirement, so obviously he will spend some of it to buy anything he wants. Anyway, if I'm your father I will not risk half of my money just to invest into something that's very risky. I'd suggest to let him decide what he wants to do with his money, but on the other hand, ask him some question that is related not only with Bitcoin, but investing in general, but I doubt that your father will risk half of his hard-earned money, and invest it into Bitcoin unless you will force him to do it.

Totally agree with you, we should not make an investment from money that is not in idle position, i mean if your family are dependent on that pension, that money will be used to cover your family necessary. Except, after you calculate how much you and your family needs, installment (if any), tuition, and emergency fund, then you found a spare money after calculated those things, you have an option to do an investment including invest in bitcoin or gold or etc.

Good decision, but you should understand well as well as make your dad understand the reality of the market. Never assure of big profit out of the investment with deadline. This is wrong, give him the advice to have patience, which is how it is possible to make best profit out of the investment. The retirement fund is the earning for his dad to the rest of his life. The son have taken the right decision. Partial investment is good, and he should plan for his regular pension spending in a much calculated way. In most countries military persons have got more subsidiaries, so leading life out of the pension paid is not a big thing.

If he chooses to do so then that would be fine. Personally, I won't be making use of my parents' pension as long as they are alive and for me, it is for them to enjoy and to buy the things they want. We all have short lives and the money they have worked on should be enjoyed by them before that 'time' come. Also with the reason that their children has jobs to suffice themselves. Engaging with investments would be a good idea ofcourse but if it would be too risky for their money, then I won't be suggesting it. I'd rather invest my own 'coz it is me who can manage the risk more and to have other set of plans in a worse case tendency.

I'm a licensed financial advisor, and one of the biggest mistakes I see people make is taking advice from those whom aren't qualified to do so.  If you truly want help with his financial plan, in-box me.

You mention a pension, is it truly a pension ..which is a lifetime payout, typically where you get an automatic increase called COLA, cost of living adjustment, which is set up to help keep up with inflation.  

The short and simple answer is NO, this is likely not a good idea.  However I'd have to know his full financial situation to give proper guidance.

If there would be no other income sources then most likely this would be the case on which it would really be having that heavily relying out of those retirement funds in speaking about daily expenses and needs.
Now that your father doesnt have any work at all then it would really be just that significant or normal that those funds that had been got into would really be used on that way but of course not all of those
money since it would really be that insensible if you do spend it up on a short period of time. Your father would really be definitely be minding about on buying something that he do wants
and its better not to make out some contradiction if you dont really like to have some argumentation about it.

Bitcoin have proven as a good investment according to the history of Bitcoin due to a lot of investors have make good profits from their  Bitcoin investments, but due to the volatility Bitcoin is hard to be predict and that is why we are always advised to invest only what we can afford to lose.so with is reason investing half your father's  retirement money may be risky because it may not be what you can afford to lose.in fact why should you even invest the money that did not belong you in bitcoin
or even convince someone to invest in Bitcoin that you are not guarantee of what will happen in future ? I will say that is a bad idea.my advice to you is to teach your father about bitcoin so it can decide on his own whether is half or quarter of retirement funds he can afford to invest in Bitcoin.



How certain are you that this will be the case for the price of Bitcoin by the conclusion of this year? Op things might not turn out how you had hoped.Only invest what you can afford to lose in order to hold your Bitcoin investment for a long period of time, ideally three to four years, so you can witness a bull run. The price of Bitcoin may even fall below the point at which you decide to withdraw your money from your Bitcoin investment at the end of the year.

Well, there are some people who make Bitcoin their retirement asset. However, what needs to be understood is whether there are other urgent needs for your father or your family in the future. Building a house is actually quite important however. but if indeed the pension money is still lacking, it is indeed quite difficult to make it happen. However, if his intention is to invest in Bitcoin for a period of time so that he can at least earn additional profits from his retirement fund then Bitcoin may be an alternative. However, also explain to him about the risks that might occur and how many periods you want. My advice, if you want to invest in Bitcoin, don't use all of your retirement money to invest, it would be better if you manage that money for some things that might be urgent and emergency.

I couldn't really do this to my dad. I mean its something he worked all his life and if there were anything bad ever happening he would lose it all and all of his life work would be going to waste. Obviously his life spent on earning enough to live and take care of us, so that won't go away, but all that he saved aside would have gone away. Not that he has anything anymore, he is a retired dude in Turkey, they don't make much, its minimum wage and then some, just a bit, so my mom and dad make 2 minimum wage salaries in return of working for over 40 years, 80 years combined, hence they are quite poor obviously. But they do have their own home, and they are 60+ years old, so they don't really need much anyway.

There's a lot of things that can go wrong.

Bitcoin can crash. No one knows what the price will be tomorrow or in 1 one month, all the "experts" and influencers are just making things up, often because they have an open position and because they don't have any responsibility - their words are "not a financial advice".

You can lose the coins. There are many dangers - malware, theft, errors, scams. If you will be managing your fathers coins, you will hold years of his work in your hands. Think about it carefully.

50% is a very high share for an asset that could be a bubble. Better put a conservative amount like 10-15% into Bitcoin and the rest into a diversified portfolio of safe traditional assets. Bitcoin shouldn't be viewed as an easy way to double your money.

Your intention is good but I don’t think it’s a good idea to invest in crypto half of his total amount of retirement money. Yes, you can actually invest but only with a small amount so that if your investment does not end up according to your plan, your father will not see it as an issue. Though investing will double or triple his money, but let’s also consider that crypto investment cannot guarantee profits all the time, so invest at your own risk and invest with high caution, especially that is a hard-earned money of your father.

Investing your pop's money is a good thing, but I won't really recommend bitcoin considering the flak it's been receiving these past few months, or maybe you can but you'll have to suffer through tons of rejections and stern reprimands from your father, especially since this is his money you're talking about. If in any case he doesn't agree with investing it over to bitcoin, let him know he can invest it on something else, perhaps gold, silver, even some stocks and bonds but those are a little more riskier in my opinion since the economy's a little down nowadays and there's little money to be made in that industry. All in all, your father has a plethora of choices he could choose from, just need ample research so you know what you guys are doing, and of course the cajones to boot since this is going to be a very crucial investment.

For sure he wont because its true that he had been working for it for 25 years on which he would really be something assuring on what are those things that he had on his mind. Making up some interference
on his plans would really be possibly be making out some conflict which is something that we must avoid at all cost. Better letting your father decide on what he would gonna do with his retirement funds.
Dont tend to touch up on his plans if you dont like for possible argumentation specially if we do speak or talk about money.

If you are really that indeed bullish about bitcoin then its better to deal on your own rather than on making yourself trying to convince your dad on investing his retirement funds.
On this way, you wouldnt really be making yourself getting stressed on whatever the market would be doing in terms of movement of its prices.Unlike if you do invest your dads retirement
fund and turns out to be negative. Then how you would be making out those explanations?

Even though we know it's good to invest in bitcoin if your father doesn't agree, it's not good either. But, if your father has his blessing, that's good anyway as long as you just hold for a few years the target you want.

      And it is better for him to also understand why bitcoin has become a good thing in terms of investment in this industry as well. At least a child like you shows concern for a parent too somehow. It's a good decision to do that, actually.

Isn’t it scary?! The kid’s asking strangers about the best place to risk his father’s funds for retirement. This sounds… terrible and terrifying. Imagine you retire and you find out your kid’s gambled away half of your retirement funds so now you have to work your ass off or live 50% of the life you thought you’ll have after retiring lol..