Topic: I gave investment advice to my grandfather. (Read 834 times)
I think your advice is perfect about the investment in Bitcoin. Because Bitcoin is highly volatile and it has profits and loses also. So investing all of your funds it's a good idea at all. Better you should do DCA ( Dollar Cost Avarge). That will be more profitable.
My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.
My only question to all, was I able to give my grandfather the right advice??
My only question to all, was I able to give my grandfather the right advice??
And you are sure that you are telling us a true story? I have no idea how much wealth your grandpa has and whether he is forced to invest because it is his only way out of some problem, I don't know. But an older person saying that he is going to put all his wealth into Bitcoin are the words of either someone who is in trouble because that wealth is by no means sufficient to cover future expenses or that person is not sane anymore for age related reasons or that person is this guy
and lied to you about being your grandpa, but in fact is not older than you.
My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.
My only question to all, was I able to give my grandfather the right advice??
You have given the right advice, that for someone who is old and he just needs to enjoy his old age, investing in Bitcoin as a whole would be risky. More ideal is for him to invest in the enjoyment of life such as medical benefits and dream places. Because if he invests everything in Bitcoin and when there are no heirs to manage it. But apart from that it all comes back to your grandfather's decision.My only question to all, was I able to give my grandfather the right advice??
The awareness of bitcoin should be taught to everyone irrespective of their age, either the young or the old as long as they will give you a listening ear. I really appreciate your effort in teaching your grandfather about bitcoin,which he showed interest on investing.
You have done well to let him know that he shouldn't invest all his wealth in bitcoin due to its volatile nature. You should also let him know about how to keep his investment save and get a noncustodial wallet for him. I feel happy to see new investors in the cryptospace.
You have done well to let him know that he shouldn't invest all his wealth in bitcoin due to its volatile nature. You should also let him know about how to keep his investment save and get a noncustodial wallet for him. I feel happy to see new investors in the cryptospace.
maybe he experienced investing but to the extend of being a total investors that can risk or trust bitcoin that much , and the way i see it? he is an altcoin supporter more than bitcoin.
but giving this advise to his grandfa seems to be over thinking , he should let his old man learn the market first at least read here in forum and make research than just investing right away without complete knowledge , though this is safe to invest yet the time frame sometimes hinder people to make money.
I do agree that when you are going to make a substantial investment then it is better to let your investment speak for itself and you should be researching it well enough that you would know what you are putting your money into.but giving this advise to his grandfa seems to be over thinking , he should let his old man learn the market first at least read here in forum and make research than just investing right away without complete knowledge , though this is safe to invest yet the time frame sometimes hinder people to make money.
If you need to ask your grandchildren about investment advice, then you are not investing into something that you should, it would be a risky investment for sure. I would say only invest into things that you yourself personally can understand. I know that it is going to take a bit of a time for a grandfather to understand what crypto is all about, it is going to be hard to get down to that young age understanding, but if they can, that is when it would be valuable.
That's like gambling, how can you bet to a specific team and specific sport if you don't have that first-hand knowledge to know who got more chance in winning, I know that sometimes odds are tempting but that doesn't mean that they got more chances as there are also favorites by people and bookies. The same with investment, it is much better to know the field first before investing into it and I won't really advice that you will place your fate into somebody else's hand.
maybe he experienced investing but to the extend of being a total investors that can risk or trust bitcoin that much , and the way i see it? he is an altcoin supporter more than bitcoin.
but giving this advise to his grandfa seems to be over thinking , he should let his old man learn the market first at least read here in forum and make research than just investing right away without complete knowledge , though this is safe to invest yet the time frame sometimes hinder people to make money.
I do agree that when you are going to make a substantial investment then it is better to let your investment speak for itself and you should be researching it well enough that you would know what you are putting your money into.but giving this advise to his grandfa seems to be over thinking , he should let his old man learn the market first at least read here in forum and make research than just investing right away without complete knowledge , though this is safe to invest yet the time frame sometimes hinder people to make money.
If you need to ask your grandchildren about investment advice, then you are not investing into something that you should, it would be a risky investment for sure. I would say only invest into things that you yourself personally can understand. I know that it is going to take a bit of a time for a grandfather to understand what crypto is all about, it is going to be hard to get down to that young age understanding, but if they can, that is when it would be valuable.
@mr.corol Bitcoin is a coin suitable for investing. The mainstay of cryptocurrency is Bitcoin where very few people have experienced losses by investing. If someone's first investment in life is to invest in bitcoins like yours then there will be no chance of loss. But must invest for long term or trade with bitcoin updown. There is good Bitcoin future news that points to a Bitcoin halving around 2024 where Bitcoin is going to be at an all-time high. So investing in Bitcoin for the long term is a perfect investment.
Bitcoin is certainly the best form of money and an investment and to benefits from bitcoin investment one need to build quality knowledge to understand the ups and downs of the BTC and also having the patience to wait for the long term, one can only lose or gain through the DCA, but if you keep holding your bitcoin if BTC values never decrease.-bitcoin halving is no longer news, but a cycle that certainly happen any time bitcoin reaches that block sizes, and it is stated in the Bitcoin whitepaper, for all to see and when that will happen by calculating the current block size vs the halving block size.
My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.
My only question to all, was I able to give my grandfather the right advice??
You have given the right advice, that for someone who is old and he just needs to enjoy his old age, investing in Bitcoin as a whole would be risky. More ideal is for him to invest in the enjoyment of life such as medical benefits and dream places. Because if he invests everything in Bitcoin and when there are no heirs to manage it. But apart from that it all comes back to your grandfather's decision. My only question to all, was I able to give my grandfather the right advice??
that is very good advice. too risky to invest all the assets he has into bitcoins without understanding the risks involved. I think, your grandfather is too optimistic about bitcoin, and that may be caused by several factors, such as the reference where he read or found information about bitcoin, or he got that information from crypto users who provide information about bitcoin, but only provide part of the information.
In any case, just suggest investing as necessary. even though the potential of bitcoin is truly enormous, and many people are very optimistic about it. however, keeping some definite assets for future use is also very important. But, I really appreciate your grandfather who is still updating about new investments, especially crypto.
In any case, just suggest investing as necessary. even though the potential of bitcoin is truly enormous, and many people are very optimistic about it. however, keeping some definite assets for future use is also very important. But, I really appreciate your grandfather who is still updating about new investments, especially crypto.
@mr.corol Bitcoin is a coin suitable for investing. The mainstay of cryptocurrency is Bitcoin where very few people have experienced losses by investing. If someone's first investment in life is to invest in bitcoins like yours then there will be no chance of loss. But must invest for long term or trade with bitcoin updown. There is good Bitcoin future news that points to a Bitcoin halving around 2024 where Bitcoin is going to be at an all-time high. So investing in Bitcoin for long term is a perfect investment.
My thoughts as well. Felt the old man would be about enjoying what he has amassed to himself in course of his lifetime but, it seems his going to have his heart beating to the volatile nature of the bitcoin market. Perhaps the doctors needs to be kept on alert to nurse him back to health from HBP when it comes kicking.
Maybe his grandpa isn't that old as I like to start but again, it's a useful advice which I felt for someone that has acquired wealth to have already known. That his got to diversify other than having all his amassed wealth in a basket.
What is the use of wealth if it cannot be used or enjoyed throughout his life, regardless of the wealth obtained from investing in bitcoin or elsewhere, even this wealth will make heirs fight over which will ultimately break blood brotherhood, very tragic isn't it?Maybe his grandpa isn't that old as I like to start but again, it's a useful advice which I felt for someone that has acquired wealth to have already known. That his got to diversify other than having all his amassed wealth in a basket.
But whatever it is, I really appreciate the advice he tried to convey to his grandfather, because it will create several opportunities to diversify investment decisions, the most important thing is that access to investment can be known by those who are in control. When something happens, it will not make him lose access because there are people who know the investment process.
Difficult or not depends on how we can explain it to them. Must really explain in detail about bitcoin and how bitcoin can generate more profits in the long term. Using savings is quite risky, but if you have to use only half of it. Your friend probably didn't get the risk warning and panicked too much when the price dropped, so he sold it cheap. even though bitcoin is very good for long-term holding. It is better not to suggest any investment to other people, than you will be blamed. Let them come for themselves when you earn a lot from bitcoin.
Ordinary people won't be strong enough to face the price of bitcoin falling, usually they will panic and sell half of the price they bought and blame the one who gave the advice because it doesn't provide any profit even though it has been explained in detail but the minds of ordinary people will certainly keep thinking about the benefits not the risks.It is clear from us that bitcoin is indeed good to hold for the long term, even for years, but will beginners be strong for it? I don't think they have much to learn from failure to try and keep trying. From that experience, it would be better if the advice was not given, but to provide a basic understanding and also about how bitcoin works.
I think old people are very hard to convince in any of worldly issues. If I were you I would do same buddy. For example when my close friends asked me about Bitcoin I told them to buy but with money you saved. One of my friends sold his car for Bitcoin. He made huge mistake in my opinion. I didn't talk about Bitcoin with him anymore. He wasn't even old. But people are like that. Its best to teach them how to invest in Bitcoin in better ways. Like without hurting your wallet or family.
Difficult or not depends on how we can explain it to them. Must really explain in detail about bitcoin and how bitcoin can generate more profits in the long term. Using savings is quite risky, but if you have to use only half of it. Your friend probably didn't get the risk warning and panicked too much when the price dropped, so he sold it cheap. even though bitcoin is very good for long-term holding. It is better not to suggest any investment to other people, than you will be blamed. Let them come for themselves when you earn a lot from bitcoin. My only question to all, was I able to give my grandfather the right advice??
Tension!Tension!!
Tension!!!
It is not possible to say what the bitcoin market will look like in the coming days. If the market goes well and the bitcoin invested by your grandfather bring profit to your grandfather then it will be a reason to be happy for your grandfather. And if your grandpa's investment in bitcoin you advised him to make is a loss instead of a profit, it is doubtful whether your grandpa will be able to overcome the grief of the loss. If your grandpa dies due to over-tension then you will be the number one culprit and your grandpa will remain at risk of death for your advice.
We all here experience what it takes to lose. It's hard at first but time heals so his grandpa can as well overcome his losses no matter how big it was. If his grandpa dies, Bitcoin isn't the one to be blame but if we are guilty then much better if won't introduce it to him at the first place.
My grandfather has some wealth. Now my grandfather will invest all his wealth in Bitcoin. I told my grandfather not to invest all your wealth in Bitcoin. I suggested to my grandfather that Bitcoin not only has the potential for profit, but also the potential for loss. So you invest some wealth in Bitcoin. You don't have to sit on the street if your investment suffers.
My only question to all, was I able to give my grandfather the right advice??
The good thing you have done by not just telling the benefits of investing in Bitcoin but also the risks and advising your grandfather not to put all the money in one basket, but if your grandfather is rich enough to advise him to invest in bitcoin is not too important because buying Bitcoin will be better to hold it in a long period so it could be that your grandfather will not enjoy the investment but his descendants will enjoy it My only question to all, was I able to give my grandfather the right advice??
if you are in good faith for this advise then I see no reason why you will need to ask these questions .
what I was thinking is that "Are you an Investor your own"? if not then this maybe a mistake because if ever this ends wrong then only your Grandfather is the loser here. and that will make you feel the guilt .
what I was thinking is that "Are you an Investor your own"? if not then this maybe a mistake because if ever this ends wrong then only your Grandfather is the loser here. and that will make you feel the guilt .
I don't see any reason why you should give advice to someone if you haven't experienced it or known it. You can't give advice if you are not an investor yourself because you don't know how it works. Once you tell the person, for sure, he will ask you more questions about it.
For sure, his grandfather will get curious about it and spend some money on it to try it. I just hope that he will not go all in on it as it is very risky and he is already old.
but giving this advise to his grandfa seems to be over thinking , he should let his old man learn the market first at least read here in forum and make research than just investing right away without complete knowledge , though this is safe to invest yet the time frame sometimes hinder people to make money.
Smh at some of the replies that you’ve gotten on this thread. First off, a lot of people in this thread aren’t very financially savvy, which is very easy to see. As a licensed financial advisor, I would absolutely not have placed all his wealth in bitcoin. Never put your eggs in the same basket, always diversify. As you noted bitcoin is volatile, so I would only invest in it what I'm willing to lose.
I would highly suggest he sell some of the bitcoin for some traditional asset like stocks and bonds.
I would highly suggest he sell some of the bitcoin for some traditional asset like stocks and bonds.
Well, every investment has a risk, what you can do for your grandfather is to try to reduce them as much as possible, whether on the subject of bitcoin or any other type of investment.
As other people have already mentioned in this topic, never invest more than you can afford to lose, never invest money you don't have, or take a risk of life, personal, financial for that, common sense always, I always say that.
As other people have already mentioned in this topic, never invest more than you can afford to lose, never invest money you don't have, or take a risk of life, personal, financial for that, common sense always, I always say that.
I wish I also could convince my grandparents to invest in bitcoin, but my grandfather doesn't understand it and my grandmother is fearful about investing. I think it's not only about they belonging to an older generation, but also about the culture and tradition they are used to which don't allow them to open their minds to innovations. In other places, especially first world countries, we know there are elders who have already adopted bitcoin, so age definitely isn't an inhibitor factor at all.
The advice you said to your grandfather was correct, you also explained that bitcoin also has risks. Investing in bitcoin 50% of your grandfather's wealth and 50% in the form of fiat or in the form of land and buildings, would be better. Putting eggs in one basket may not be good, there must be some backup for bitcoin when the price starts to drop to a price we don't predict. and tell your grandfather that bitcoin is a long-term investment that will provide more benefits and can be passed on to their children and grandchildren.
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