Friends and Family members want me to invest for them, help! - page 6.

Mahanton

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Quote from: TheUltraElite on November 10, 2022, 10:59:47 AM

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

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

I would not be comfortable with this. Encouraging people to invest in crypto is one thing but becoming their money handler is another thing.

You are correct with your gut feeling, of course you become responsible for their money and if you lose (
So my suggestion to avoid familial problems is that you steer clear of your previous ideas and allow them to learn how bitcoin and crypto works, they can take the decision to invest on their own. Deny any requests they might make and if they already sent you money, return it back.

It is all warm and fuzzy in the beginning, but it soon turns messy and you will get overwhelmed.

Relations would really be that be greatly be affected if money do really get involved even if we do talk about your relatives or family member or something in relation or even on your friends then its never been that
good on you do make yourself on being a money handler or investment decision maker which is something that really bares up a huge responsibility.If you dont like on something getting blamed when it comes to
their investment then it would really be that ideal on just to make not doing such thing.You could make out some recommendations but never ever consider on making some guarantees because
if someone do expect that they could bring up some assured profits then it would really be a potential big problem later on.

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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 almost have the same situation as you but in my case, I let them invest and unfortunately their investment were on a lost and guess what? They just blamed me for their investment after I explained everything I can about the points of risk about the investment. Sometimes we are trying to help people but the return is just an absolute nightmare. After that situation I never helped anyone that is asking me to teach them how to invest without my personal test to them if they know what kind of risk they are entering and if the money they have is an extra. I suggest not to guide them to invest, instead guide them to watch tutorials so at least you will not be guilty if anything happened to their money.

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If you invest someone's money, it may create problematic situation for you in future. Many have run into major problems with such ideas as I have seen myself. I have not told my relatives that I am involved in the crypto market, because if they know that I am involved in the market then they might have given me such an offer like you.

I think you should distance yourself from this idea, because you know very well about the crypto market situation where anything bad can happen to your trade at any time. And if for any reason their funds are damaged by you. Then they will make you responsible for that damage

TheUltraElite

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

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

I would not be comfortable with this. Encouraging people to invest in crypto is one thing but becoming their money handler is another thing.

You are correct with your gut feeling, of course you become responsible for their money and if you lose (
So my suggestion to avoid familial problems is that you steer clear of your previous ideas and allow them to learn how bitcoin and crypto works, they can take the decision to invest on their own. Deny any requests they might make and if they already sent you money, return it back.

It is all warm and fuzzy in the beginning, but it soon turns messy and you will get overwhelmed.

RealMalatesta

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Quote from: maydna on November 08, 2022, 08:14:58 AM

I stick to my previous advice by saying that I will help them invest, but they will keep the BTC in their wallet. I will always emphasize never being influenced by price fluctuations because it can cause them to panic and sell their BTC immediately.

You can also get them to learn together about investing in crypto so they can understand and start trying to buy coins and keep them for a while. My advice is don't keep the coins in your wallet because you can be burdened if the price drops drastically. Make sure they fully understand the risks of investing in crypto and stay with them while studying.

Yeah true. I am all for people investing into crypto and I will even personally show them how they could get it, and how they could cash it out, so they would know what to do, and if possible I will be there with them if they need any help as well doing something.

But it is 100% impossible for me to hold it for them, I will not be responsible for anything when a crash happens, they should see it on their own portfolio and not when I have it. That’s why it would be smarter to invest all by yourself to see it and I will force them to do it. If they won't, and only want me to do it, then I will decline, because I won't take that risk at all, impossible.

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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?

Never do this, because even if it is not their intention to hold you responsible for any losses they may incur, this is exactly what it is going to happen if they lose money with their investment, show them the charts and what it is happening with bitcoin now and the drop from 69k to 16k, show them other crashes we have experimented as well and tell them that they will never be able to endure something like that, try to convince them that it is a bad idea, and if after all of your efforts they still refuse to change their mind then you will have to refuse them, even if this strains your relationship with them.

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Quote from: sulendra12 on November 09, 2022, 04:32:45 PM

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?

It's understandable that people could blame you on their literally own fault. But, in my experience when people asking me for an advice on Bitcoin, I'm usually have to say that "I'm not responsible for any losses that you will face when you are trying to step into invest on cryptocurrency" if they agree with this, then I will try to teach them everything I know but otherwise I don't bother if they say no. I don't care with that.

Thing here is that you shouldn't really give out assurances that they could really indeed make money or profits because if you do then you are really finding out some problem and they would be mainly

be suing you out with their investments which is really just a normal thing that they would really be doing.Just make it sure that you do mind them about those risks.Market is volatile
and moving into random manner which means that the coins that they are investing arent something that could have one way upward.

Make themselves aware and learn up gradually on whats the market reality aspect.Invest on what they can afford to lose as always.

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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 understand, of course you must be very worried about the relationship with them if you refuse their request,
but you are also worried that if you accept and there are mistakes in the future it will definitely affect the relationship with them too.
What you need to do is act decisively if you really can then accept it, if not then refuse.
If I were in your position and in such conditions, I would refuse. I will convey so that they can be responsible with their own money.
I will state emphatically that I do not like it if I am responsible for their investment money.
Of course I prefer it if they want to learn on their own and I will make the most of my time to accompany them to learn.
I would prefer and appreciate it if they want to take the time to start learning to invest on their own.

sulendra12

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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?

It's understandable that people could blame you on their literally own fault. But, in my experience when people asking me for an advice on Bitcoin, I'm usually have to say that "I'm not responsible for any losses that you will face when you are trying to step into invest on cryptocurrency" if they agree with this, then I will try to teach them everything I know but otherwise I don't bother if they say no. I don't care with that.

rby

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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?

they actually may not want to hold you responsible if anything goes wrong. They also might not have any bad intention towards you, it is just that they are being lazy. They don't want to take responsibility. It is this kind of people that patronises Ponzi schemes and they are the reasons that scammers are still flourishing in the cryptocurrency industry.
If they are your friends and relatives as you said, sit up and make them take the challenge, tell them it is not all about the money but the knowledge. if finally they don't want knowledge don't bring them close and don't discuss cryptocurrency with them anymore

milewilda

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Quote from: TheGreatPython on November 09, 2022, 02:28:22 PM

Quote from: Peanutswar on November 07, 2022, 07:25:48 AM

For sure there's a possibility that they've saw something on the internet that's related into cryptocurrency and your are the one they know who have background on it, try to wait if they really want to know until a few days because sometimes getting too much excited with these large earnings makes the people get greedy and want to invest without a proper plan and also another thing it is good to teach them about those fundamentals if they really need to do so there's nothing to blame with the possible market price movement unexpectedly.

Same to what happened with my neighbour. He found out that his cousin from a far is involved in crypto and is earning good. Now he is also eager to do the same. He know that I was into crypto so he also seek advice to me but he didn't know that I am not that good at investing or trading.

I just gave him some tips instead on how to avoid potential scams and I said that it would be better if he can just invest on bitcoin and other safer cryptos but guess what? He still ended up joining scam groups and then he invest on the shitcoins provided by those groups. I was like, what the fck? He only lose all of his money but he deserve it because he can't follow simple advices.

When you do let your greed control or overcome yourself then you would really be ending up on a mess which you shouldnt have done on the first place.People who are far more experienced than you then you should
really be that listening on what the words coming out from their mouths.Its just normal to have that very common newbie greed which we cant really deny nor ignore that we are once like those people who do
really believe with easy money does exist but once reality slap into your face then you would definitely be realizing on what things you should really do or what should be done.
Sharing up some earning opportunity is something that good to be done specially into our relatives or not but there are people which arent comfortable on doing so.

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Quote from: inthelongrun on November 08, 2022, 08:37:58 AM

Many of us probably experienced this kind of situation. The most serious one is a close friend of mine who kept persuading me to handle his crypto investment. He even lowered the amount to $2000 as a test so I won't feel much of the burden if I ever lose a big portion of it. Profit sharing was 50/50 and I am also not responsible if ever the portfolio losses. In the end, I still refused. I understand that some people are busy and they just want someone to handle their funds. Personally, I feel more comfortable managing and risking my own money without thinking about other people.

I think you are doing the right thing by refusing to invest their money. The burden will definitely be different if we invest using other people's money. Even though they trust us 100% to manage their money in investments and they won't blame us if something untoward happens to their money, still we as money managers will feel uncomfortable because they lost their money.
Investing doesn't always give us profit, using personal money sometimes we still feel emotional if something unwanted happens, let alone using other people's money which will certainly give a double burden on our mentality.
And if we invest in a state of burden it will greatly affect the results of our analysis, doubt will always exist and that is not good in this investment world.
I better teach them knowledge about investing and what things might be detrimental. If they understand what we have explained, it will be their decision whether to go straight into this cryptocurrency space or not. In my opinion, if so, we have disclaimed the responsibility because they decided it personally.

TheGreatPython

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Quote from: Peanutswar on November 07, 2022, 07:25:48 AM

For sure there's a possibility that they've saw something on the internet that's related into cryptocurrency and your are the one they know who have background on it, try to wait if they really want to know until a few days because sometimes getting too much excited with these large earnings makes the people get greedy and want to invest without a proper plan and also another thing it is good to teach them about those fundamentals if they really need to do so there's nothing to blame with the possible market price movement unexpectedly.

Same to what happened with my neighbour. He found out that his cousin from a far is involved in crypto and is earning good. Now he is also eager to do the same. He know that I was into crypto so he also seek advice to me but he didn't know that I am not that good at investing or trading.

I just gave him some tips instead on how to avoid potential scams and I said that it would be better if he can just invest on bitcoin and other safer cryptos but guess what? He still ended up joining scam groups and then he invest on the shitcoins provided by those groups. I was like, what the fck? He only lose all of his money but he deserve it because he can't follow simple advices.

inthelongrun

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Many of us probably experienced this kind of situation. The most serious one is a close friend of mine who kept persuading me to handle his crypto investment. He even lowered the amount to $2000 as a test so I won't feel much of the burden if I ever lose a big portion of it. Profit sharing was 50/50 and I am also not responsible if ever the portfolio losses. In the end, I still refused. I understand that some people are busy and they just want someone to handle their funds. Personally, I feel more comfortable managing and risking my own money without thinking about other people.

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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 stick to my previous advice by saying that I will help them invest, but they will keep the BTC in their wallet. I will always emphasize never being influenced by price fluctuations because it can cause them to panic and sell their BTC immediately.

You can also get them to learn together about investing in crypto so they can understand and start trying to buy coins and keep them for a while. My advice is don't keep the coins in your wallet because you can be burdened if the price drops drastically. Make sure they fully understand the risks of investing in crypto and stay with them while studying.

lienfaye

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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?

That is probably the case since they don't want to do it themselves. If you invest using their money and something went wrong, it's obvious that they will blame you for the unfortunate situation that happened. I've been in a similar situation before, though i'm not the one who invest on their behalf, just the one who introduce it to them but still, they held me responsible. It's very stressful and a lesson learned for me. Thus, if you don't want to go through such problem don't let them use you. Because if they really want to invest, then they need to exert an effort and not relying on other people.

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

(......)
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?

It's ok for me as long as they are aware of the risks, they must not hope that everything will go because we all know cryptocurrency is very risky or volatile.
Another problem here is some people don't understand this because they are greedy, they only think of easy money.
So if there will be something will happen in the future about their investments, like negative or losses, they can blame you, so you need to explain that also to them.

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

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?

It is very normal for you to think so because several times this has happened to shift the responsibility to you. indeed, they will certainly not hold you responsible and may as well assure you that they are prepared to take the risks. however, usually, they also have high expectations regarding the possible profits. And when the results do not match their expectations, and even if their investment actually declines, they will ask you and if they panic, they will blame you. Although not directly, there may be a difference in attitude after that.

I say this because I have experienced this several times and it makes me not want to do this again, it's better to still have them take the initiative themselves and also the responsibility itself.
Indeed, everyone is different, but what's wrong if we try to avoid these possibilities? It's okay to help, but help according to our ability, and don't force yourself to be responsible for it.

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

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

It is possible. Often times people wanted to have someone to take the blame when things went awry.

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?

Yes, it is highly possible and if I were in your shoes, I will directly reject them and will require them to learn things about cryptocurrency investment. I will encourage them to do it themselves and I will never advise any cryptocurrency to invest. The best I can do is to give them suggestions and a list of possible cryptocurrencies that can yield profit and tell them to check each cryptocurrency themselves. It is better to reject them if they don't want to do any hard work of learning than help them and get blamed if things go wrong.

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Quote from: stomachgrowls on November 07, 2022, 02:26:45 PM

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 would simply ignore on such manner or situation on which its never been a good feeling when you do know that you do get a hold of some funds that had been invested which isnt yours or simply you've been

entrusted up by their funds which means if ends up on negative then pretty sure you would really be get blamed of it which this is the thing where i dont really like specially when someone do really entrust their money.

Better to suggest that they should invest on their own and just simply provide with the basics of information in regarding crypto.If they insist then its up to you if you do let yourself
but its better that you would just simply reject or ignore.

I did experience one of my relatives or simply my cousin do really likes for me to invest his funds in behalf of him.I have told already about the risk that you could potentially lose money
and then he agreed but on the time where extreme bearish market had come then he starts on freaking out, asking if his investment were okay and not really suffering too much negative
or losses which i had told the truth where it had been going lower drastically and this is where things starts on being nasty where he had spoken up some
words which isnt something or should be spoken off and that time which relation been affected.

Topic: Friends and Family members want me to invest for them, help! - page 6. (Read 5864 times)