Friends and Family members want me to invest for them, help! - page 2.

goldkingcoiner

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Quote from: Crypt0Gore on November 06, 2022, 08:00:36 AM

In my country up to 7 people I knew very well ( friends and family ) want me to help them invest money in crypto, after telling them the risk involved and how it will be better if they learn themselves they turn the idea down..

Now they want me to invest their own money on coins and they aren't ready to choose the coins they will like themselves.

After thinking this through and through I started feeling like they are doing this to hold me responsible if something goes wrong.

Is my thoughts right? If you are in my shoes what will you do?

I am not a lawyer nor do I offer investment advice but it seems to me that you are heading towards dangerous territory....

STAY AWAY from investing FOR others! If something goes wrong and somebody loses money, you will be made responsible and you will regret it. Investing in Bitcoin or cryptocurrencies is not hard, its the easiest thing in the world which even a trained monkey could do without help. Show them a youtube tutorial or something.

Worst case scenario, you might even be legally responsible and you could be seen as a financial advisor or be blamed with some other job description else which requires you to have a license from the government.

isaac_clarke22

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Quote from: Woodie on December 18, 2022, 10:35:43 AM

This isn't just about friends and family, this is business... and business entails that your dont mix it with friends and family as the discipline and seriousness of the relationship it deserves will become casual. For me I would request you decline this offer to avoid headaches , but the best you could do is to guide them on how to go on with the whole process and help them choose the right coin and not forgetting to highlight the risks involved with such an investment, GL.

Yeah I recall those saying to never include your closest ones in your circle in business. If you're going to include one in your business, it should be at least outside of who you know in life. Family members are even pain in the ass if they're truly just depending on you solely and what is worse is including money. The only benefits I could think of on having a family and friends is that you would have the same grounds plus possibly supporting each other in the future investments, but I highly doubt that it will even come to that.

Cling18

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Quote from: Woodie on December 18, 2022, 10:35:43 AM

This isn't just about friends and family, this is business... and business entails that your dont mix it with friends and family as the discipline and seriousness of the relationship it deserves will become casual. For me I would request you decline this offer to avoid headaches , but the best you could do is to guide them on how to go on with the whole process and help them choose the right coin and not forget to highlight the risks involved with such an investment, GL.

It will surely cause a conflict later on. You should not be involvedved in the investment of your family and friends. Let them take the responsibility of handling their money and invest them invest on where they're comfortable investing with. You can advise them and give them ideas but you should not invest in them if you don't want it to be the reason for conflicts in the future.

Woodie

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This isn't just about friends and family, this is business... and business entails that your dont mix it with friends and family as the discipline and seriousness of the relationship it deserves will become casual. For me I would request you decline this offer to avoid headaches , but the best you could do is to guide them on how to go on with the whole process and help them choose the right coin and not forgetting to highlight the risks involved with such an investment, GL.

xSkylarx

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Quote from: yohananaomi on December 17, 2022, 06:20:23 PM

Quote from: so98nn on December 08, 2022, 12:54:50 PM

Whether such thought should come or not is different story however I would suggest you should stay away from such work. You can teach them about crypto and opportunities available in the space but you should also mention the risks present and let them do it on their own. I think that’s the best thing you can do. Even if they are not happy with your decision then also it’s entirely fine because it could be terrifying later if somehow there is loss in their trade or investment.

indeed sometimes to refuse from close relatives is very difficult to do because it will create a wrong perception, but I totally agree with you friends, it's better to tell more details about crypto, especially about the risks that will occur. it could be that they previously got the wrong information and only knew the benefits without looking at the other influences.
with the risk information that occurs, you can at least avoid the intention to be able to accept it without offending it, without having to reject it.

Refusing your relative is the best idea than accepting it, and later on, you will be saying to them that you've lost their money in a trade (and they will say something bad to you). To prevent this, refuse and try to ask them if they want to learn so that you can teach them but if not, then you have nothing to do with it. Your decision may seem bad for them, but still, in the long run, it will benefit you and them as they will not be losing money, and your self will not be stressing about it.

Falconer

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Interesting to know the reason how the OP didn't respond to a single reply after 139 replies (mine included) made to his thread, my guess is the OP isn't interested in discussing after over a month of keeping this thread open.

Dunno but I think the OP has got the right advice for his question. Some of the responses on the first and second pages seem good enough to consider. However I really find it strange the attitude of someone ignoring all replies since the thread was created. This is an absolute no-no if you want to have a good discussion after asking a question. One friendly reminder for OP, if you want to have a good discussion after asking a question, then respond to some other user's questions too, or close your thread after getting the reply you want.

Quote from: YOSHIE on December 18, 2022, 05:32:59 AM

I think let them weigh all the advantages and risks if they want to trade & invest, you can only show them how to play, even if its your closest family and friends.

The first step is to guide them properly and show them which coin is better to invest in long term. This method is more expected to be done when someone is interested in investing in crypto but doesn't know how it works.

YOSHIE

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Quote from: Crypt0Gore on November 06, 2022, 08:00:36 AM

Is my thoughts right? If you are in my shoes what will you do?

The situation you are facing is internal, you cannot force someone to get involved in investing & trading crypto, if they do not take it seriously and do not want to accept the possible risks and lose their money.

Crypto trading & investment has good analytical and scientific methods, crypto price movements are very sensitive, you can only suggest the best trading & investment methods, then they will consider for themselves whether they want to continue or not, we certainly don't want to be blamed for this, all considerations are on their own good & bad.

I think let them weigh all the advantages and risks if they want to trade & invest, you can only show them how to play, even if its your closest family and friends.

yohananaomi

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Quote from: so98nn on December 08, 2022, 12:54:50 PM

Whether such thought should come or not is different story however I would suggest you should stay away from such work. You can teach them about crypto and opportunities available in the space but you should also mention the risks present and let them do it on their own. I think that’s the best thing you can do. Even if they are not happy with your decision then also it’s entirely fine because it could be terrifying later if somehow there is loss in their trade or investment.

indeed sometimes to refuse from close relatives is very difficult to do because it will create a wrong perception, but I totally agree with you friends, it's better to tell more details about crypto, especially about the risks that will occur. it could be that they previously got the wrong information and only knew the benefits without looking at the other influences.
with the risk information that occurs, you can at least avoid the intention to be able to accept it without offending it, without having to reject it.

kamvreto

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If OP is always pressured to become an investor for them, of course, OP must say beforehand that this is a very risky investment and will not be responsible when something unexpected happens, such as a loss or even losing all the money. it is indeed a risk that can occur and cannot blame the OP because the early warning has been notified.

Quote from: virasisog on December 08, 2022, 05:29:32 PM

~snip~ If I were you, you better teach them how to do it themselves and let them do their own research so they will also be able to choose the best coin. You shouldn't decide for them because you have already done your part in teaching them. You don't have to own all the responsibility as long as you're guiding and teaching them enough.

Teaching them from the beginning how to do the right investment in crypto and choose potential coins will certainly be the best solution. But OP said that they or their family don't want to go it alone, because it might leave OP to be blamed when the investment fails. I myself would not take the risk if they did not understand the risks, but if they understood and agreed with the risks that could occur, then it would not be a problem. Profits will provide multiple returns as well as bonuses for OP, but the loss will do nothing for all.

virasisog

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Quote from: Crypt0Gore on November 06, 2022, 08:00:36 AM

In my country up to 7 people I knew very well ( friends and family ) want me to help them invest money in crypto, after telling them the risk involved and how it will be better if they learn themselves they turn the idea down..

Now they want me to invest their own money on coins and they aren't ready to choose the coins they will like themselves.

After thinking this through and through I started feeling like they are doing this to hold me responsible if something goes wrong.

Is my thoughts right? If you are in my shoes what will you do?

Despite telling them the risks involved in crypto investment, you can't disregard the fact that they will blame you in the end in case the investment fail. You will surely take responsibility for everything. If I were you, you better teach them how to do it themselves and let them do their own research so they will also be able to choose the best coin. You shouldn't decide for them because you have already done your part in teaching them. You don't have to own all the responsibility as long as you're guiding and teaching them enough.

Oilacris

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Quote from: so98nn on December 08, 2022, 12:54:50 PM

Whether such thought should come or not is different story however I would suggest you should stay away from such work. You can teach them about crypto and opportunities available in the space but you should also mention the risks present and let them do it on their own. I think that’s the best thing you can do. Even if they are not happy with your decision then also it’s entirely fine because it could be terrifying later if somehow there is loss in their trade or investment.

Such work indeed and you would really be finding yourself to be that stressful because you are trying out your best to make those investment earn or grow because you dont really like for your relatives or family to be disappointed into you or towards of their investment.If you dont like that kind of hassle then its better to ignore and reject it out while its early.
Just like the rest been suggesting that it would be ideal if you do just let them know about the basics and tell them to make more research and make out their own choices on what
are investment that they would be putting into, whether they would be buying purely with bitcoin or would consider out some altcoins.

so98nn

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Whether such thought should come or not is different story however I would suggest you should stay away from such work. You can teach them about crypto and opportunities available in the space but you should also mention the risks present and let them do it on their own. I think that’s the best thing you can do. Even if they are not happy with your decision then also it’s entirely fine because it could be terrifying later if somehow there is loss in their trade or investment.

Alpha Marine

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Quote from: Crypt0Gore on November 06, 2022, 08:00:36 AM

In my country up to 7 people I knew very well ( friends and family ) want me to help them invest money in crypto, after telling them the risk involved and how it will be better if they learn themselves they turn the idea down..

Now they want me to invest their own money on coins and they aren't ready to choose the coins they will like themselves.

After thinking this through and through I started feeling like they are doing this to hold me responsible if something goes wrong.

Is my thoughts right? If you are in my shoes what will you do?

If at all you will take their money and invest for them, there has to be a written contract. This gives you security in case of any negatives. If you don't a have contract, should anything happen to their money you'll be held responsible and by then they might not remember that you are friend or family.

If involving a contract will deteriorate your relationship with them, or if they refuse to go into contract, or you just don't want to go the contract road then don't accept their money to invest for them.

Bobrox

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Quote from: Kelvinid on December 08, 2022, 04:18:14 AM

If I'm in that position and the one who put capital and carries the 100% risk, I won't agree with the 65/35 sharing. I'd rather go for the commission basis like giving him 5-10% of the total profit. That I think it was fair for both parties as the person who manages my fund will not lose any to whatever happens to my investment.

Before talking about commission 65/35 sharing need think again about risk when investing in cryptocurrency, many expert trader in Bitcoin never allowed open investment money with other because they know trading in Bitcoin can't guarantee with profit every time. Better talk to your friend or family about Bitcoin risk and give them basic knowledge with Bitcoin until they will understand how Bitcoin investment working.

I will never use other money for investing in Bitcoin although have moment when Bitcoin price drop drastically, I can't take profit every time with Bitcoin because many people take care only with their profit but when loss we have return back their money and not care with how much ROI received.

oprahwindfury

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likelihood that something will turn out badly is high, and that will unquestionably make you be accused and eventually terrible relations all things considered. prescribe a portion of the trades to them, let them be your references and that's it in a nutshell. This is equivalent to betting, in light of the fact that there is no question that a few undertakings will take care of, yet a lot more will flop rapidly.

Kelvinid

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Quote from: Obari on December 07, 2022, 09:22:08 PM

Quote from: Crypt0Gore on November 06, 2022, 08:00:36 AM

Is my thoughts right? If you are in my shoes what will you do?

...

Maybe you should also propose a motion for them that , you'll do the investment for them, but they will bear 100% of the risk while you split the profit 65/35 and watch their response.

If I'm in that position and the one who put capital and carries the 100% risk, I won't agree with the 65/35 sharing. I'd rather go for the commission basis like giving him 5-10% of the total profit. That I think it was fair for both parties as the person who manages my fund will not lose any to whatever happens to my investment.

But for me, I'd rather not use their money but to encourage them to learn themselves as well so they will know how this investment works and the risks. So, they can't put blame you OP if they will their money.

xSkylarx

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Quote from: Insanity on December 01, 2022, 08:20:34 AM

Quote from: AnonBitCoiner on November 29, 2022, 11:15:52 AM

Cryptocurrency is not a field of surety there will be not exact information about any coin and i think that make investment for someone other is a foolish idea because he will not understand the situations but will blame you. Also trading requires patience and is a work full of difficulties so i just thing that investing for others does not sound good.

After investing, if you can't stay in the bearish price, then you can never make a profit by investing. Before investing, the most important thing is to be bearish. Before investing, think carefully and then invest. If you want, you have to keep a cool head and invest after that. Then you can make a profit by investing.

Red days or green days, it doesn't matter; the most important thing is that you have knowledge. Anyone of us can't stay at bearish, which is why they keep learning to prevent losing money. We trade for profit, and we want to minimize our losses. Strategize before hitting the trade. Plan out everything so that you will not lose much and also have a target profit to prevent greed. Knowledge is really the key to trading; without it, you will not be getting any profit.

Obari

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Quote from: Crypt0Gore on November 06, 2022, 08:00:36 AM

Is my thoughts right? If you are in my shoes what will you do?

Your thoughts are right mate and you should never have a second thought of doing an investment on cryptocurrency for anyone especially when you've told them the risk involved and also why and how they need to get involved themselves but they had to turn it down.
Why on earth will they turn such great opportunity down or have they forgotten the saying of not giving fish but teach how to fish?
In my opinion, I think they all feel you have a special luck charm you use in this field and they're not ready to take the risk but rather they jus want to seat and let you do all the risk taking while they wait for an agreed date to just receive the reward from the investment and if anything goes wrong, they will have someone to fall back to with the entire blame.

Maybe you should also propose a motion for them that , you'll do the investment for them, but they will bear 100% of the risk while you split the profit 65/35 and watch their response.

dunfida

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Quote from: LUCKMCFLY on December 05, 2022, 10:13:43 PM

Quote from: Awwal08 on November 22, 2022, 03:00:22 AM

Quote from: Crypt0Gore on November 06, 2022, 08:00:36 AM

In my country up to 7 people I knew very well ( friends and family ) want me to help them invest money in crypto, after telling them the risk involved and how it will be better if they learn themselves they turn the idea down..

Now they want me to invest their own money on coins and they aren't ready to choose the coins they will like themselves.

After thinking this through and through I started feeling like they are doing this to hold me responsible if something goes wrong.

Is my thoughts right? If you are in my shoes what will you do?

To the best of my knowledge they are trying to avoid the risk, if any goes wrong they will hold you responsible. So guy for me no try the thing it very dangerous. Ask if they are interested they should do it themselves, convince them that if they do by themselves it leads to more profit and also keep things secret, that is your personal information away from any body.

Well I had thought of a solution, that the money they invest you tell them that they can lose it, that you are not responsible, it is the only way, because they want to have their money and multiply it without doing anything, so things like this easy are not so free or if you take responsibility that you demand a monthly payment or a salary because the responsibility of having other people's money is not easy at all, that is something very delicate, money always causes many problems when people do not know As it is a certain activity, they only want to win and now they do not care about the effort and work that may be required.

Better to clean your hands off and never intend to handle out their money so that you would be able to avoid possible conflicts in near future just because on not being able to handle the risk specially in dealing with

volatility.Even if you do make out some explanation from the start but since you are the ones who do handle out those funds or investment then you are the ones who would really be gonna blamed.

Better to make yourself get out for possible trouble and just tell them about the basics and the risks on dealing with Bitcoin or crypto as general.Its not something
and easy money which it is the main thing that do have into their minds.

LUCKMCFLY

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Quote from: Awwal08 on November 22, 2022, 03:00:22 AM

Quote from: Crypt0Gore on November 06, 2022, 08:00:36 AM

In my country up to 7 people I knew very well ( friends and family ) want me to help them invest money in crypto, after telling them the risk involved and how it will be better if they learn themselves they turn the idea down..

Now they want me to invest their own money on coins and they aren't ready to choose the coins they will like themselves.

After thinking this through and through I started feeling like they are doing this to hold me responsible if something goes wrong.

Is my thoughts right? If you are in my shoes what will you do?

To the best of my knowledge they are trying to avoid the risk, if any goes wrong they will hold you responsible. So guy for me no try the thing it very dangerous. Ask if they are interested they should do it themselves, convince them that if they do by themselves it leads to more profit and also keep things secret, that is your personal information away from any body.

Well I had thought of a solution, that the money they invest you tell them that they can lose it, that you are not responsible, it is the only way, because they want to have their money and multiply it without doing anything, so things like this easy are not so free or if you take responsibility that you demand a monthly payment or a salary because the responsibility of having other people's money is not easy at all, that is something very delicate, money always causes many problems when people do not know As it is a certain activity, they only want to win and now they do not care about the effort and work that may be required.

Topic: Friends and Family members want me to invest for them, help! - page 2. (Read 5864 times)