I gave investment advice to my grandfather. - page 5.

Nrcewker

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

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??

Not only Bitcoins, but in all types of investments, there is risk. It’s good to know that you advised your grandfather to not invest in Bitcoins. As Bitcoins don’t give instant returns, rather Bitcoins are for long term investments. It would be even great if you can advise your grandfather to not invest in anywhere. As let him enjoy his retirement life with no tension and with his wealth and pensions. If your grandfather is happy with what he has achieved and can live the rest of his life without any suffering or pain, then it’s best for your grandfather to chill and enjoy. That will be more than sufficient.

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Quote from: Viscore on February 24, 2023, 02:56:19 PM

With risks from bitcoin investment, I guess your grandfather will have a hard time managing bitcoin especially when the market is showing some recession or when there is sudden decline in bitcoin price. So I would agree more if he will just enjoy his wealth while he is still alive or share some of his wealth into his children so they can start investing if they want. Investments are not for golden age people, it will only make their remaining days stressful and become deprived from the possibility of enjoying their life.

Yeah that's the point, it's better for these elderly to just avoid any possible stress sources such an investment, especially on some volatile and short-time-unpredictable thing like crypto. They have spend most of their age to work and they deserve to take a long break in their retirement. Sharing some of the wealth to their descendants would be a good option too, and just let these younger people to invest. The grandpa happy to share his wealth to his grandchild, and the grandchild happy to accept it. I see absolute win-win situation here.

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Quote from: coinerer on February 24, 2023, 11:42:36 PM

Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

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??

I don't know how old you are but if I estimate your age in your 20's then your grandfather is around 60 to 70 years old so it's really plausible that your grandfather is interested in Bitcoin at this age. But always advise your grandfather and explain how risky it is to invest in Bitcoin and that he should take that risk and invest and follow DCA instead of investing all his money at once or he will be heartbroken if he loses big at this age. Can die from an heart attack Sad

OP said he explained to his grandfather about the risks but I really doubt that his great grandfather didn't fully understand what he was saying. He is also a newbie in the market, he has not experienced the feeling of loss how can he pass all the risk on to others? A person who has never experienced a bear season with extreme volatility and knows only about the risks from other people's accounts will not have enough experience to give investment advice to others.

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

-snip-
My only question to all, was I able to give my grandfather the right advice??

Add this piece to the list of advice, bitcoin in general is a long-term investment for a real visible profit. However, it is actually worrying to see that your grandpa is too old to expect to enjoy the return on his investment. I would especially like to reassure him for what purpose he is investing in his old age.

coinerer

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

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??

I don't know how old you are but if I estimate your age in your 20's then your grandfather is around 60 to 70 years old so it's really plausible that your grandfather is interested in Bitcoin at this age. But always advise your grandfather and explain how risky it is to invest in Bitcoin and that he should take that risk and invest and follow DCA instead of investing all his money at once or he will be heartbroken if he loses big at this age. Can die from an heart attack Sad

AllYourBitcoinRBelong2Us

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

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??

Sounds like a horror story from r/wallstreetbets waiting to happen. Never put money that you can't afford to lose into something. I'm not sure how much money your grandfather put into bitcoin but by the words of your post, it seems like a crazy amount of money. Hopefully, all goes well but good luck.

Mr.corol

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Quote from: crunck on February 24, 2023, 08:43:02 PM

My question is, how old is your grandfather? Why don't you let your grandfather enjoy his last days? Why invest in old age? Instead of advising my grandfather to invest, I will try to give him a fulfilling life at the end of his life. We invest also to find a comfortable life in old age, so treat your grandfather well. Because when you have a lot of money, you can't take it with you when you die.

Grandfather will be about 70 years old. I love and care for my grandfather very much. Grandfather understandably wants to invest in Bitcoin. The value of 1 rupee today and 1 rupee in the future is very different. This is what we call inflation. Since Bitcoin is a volatile digital cryptocurrency currency. So my grandfather got interested in investing in Bitcoin. I fully explained to my grandfather that Bitcoin has both profit and loss.

xSkylarx

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That word "You will sit in the street if your investment is a loss" will really woke him up. We are almost the same approach if i am giving someone advice at first I'll discuss the information and how to earn profit then I'll slap them with hard truth about lossing it so that only those who are really eager to learn and try to prevent the losses will invest in because most of us are just telling the good stuff not the bad stuff

GreatArkansas

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

(.....)
My only question to all, was I able to give my grandfather the right advice??

For me yes, but if I were you, you need your grandfather first to educate what Bitcoin is, not only for investment so he will understand what he is investing in. Because if it's just your will or you are the only one who understands it, it's useless.
So that he will also know what he is getting into it.

crunck

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crunck

Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

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 question is, how old is your grandfather? Why don't you let your grandfather enjoy his last days? Why invest in old age? Instead of advising my grandfather to invest, I will try to give him a fulfilling life at the end of his life. We invest also to find a comfortable life in old age, so treat your grandfather well. Because when you have a lot of money, you can't take it with you when you die.

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

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??

Rather confused if you asked him to invest all or invest a part. If it was the former then you should probably take it back and ask him to split his investments to other stuff he's able to, maybe less volatile ones compared to Bitcoin. If it was the latter then yea sure, but I'd probably teach him about Bitcoin instead and let him decide for himself. If he doesn't understand it then I sure as hell will not force him to invest in it, no matter how much I believe in Bitcoin and it's a possibility as a good investment. After all, it's only a "possibility" and additionally, it's not my money.

If I can take responsibility for the investment though then maybe I'd handle it myself.

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Quote from: ultrloa on February 24, 2023, 06:41:13 PM

Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

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??

Don't know where your grand father learn about bitcoin so you need to ask him about what he knows about it so that you can correct his wrong thoughts about bitcoin and you will placed him on correct place with right information.

About the advice you give to your grandfather well that's a good advice because it can save up your grand fathers wealth to a total loss because for sure he will face huge struggles especially bitcoin is so volatile and a bad market movement can drain all his hard earned money for so many years.

Probably or definitely his grandfather has an internet accessible phone and he reads blogs or social medias posts relating to bitcoin. It could also be that OP told him about bitcoin, then he researched and decided to give it a try. Picking the all in decision isn't a good idea for the old man, but if he sees it as a risk then it's worth the investment. Since he is old and wants to try cryptocurrency maybe the market would favor him and go bullish. Moreover his grandson can monitor the market for him and sell if it gets so bearish and the son think it could make his grandfather feel the pain. Investing half is good, but if the market goes higher in profits he might regret why he didn't invest all he wanted to invest.

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Would he be able to track the market price? Does he has the long term or short term vision? Given that there's this generation gap, and since you are the one to introduce it to him, maybe you should as well guide him withthe technicalities of tis industry. But that is a good thing to not advice investing all of his wealth. Risk is present so that's just right to emphasize as well the chances of losing profit. If he's not new in the world of investment, for sure he'd have a good grasp of it but if not, be his guide. You have the right intentions indeed but know that you'd be more accountable on his decision. Questions will be asked by him for sure if not on a daily basis, periodically, so be sure to clear it always.

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

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??

Don't know where your grand father learn about bitcoin so you need to ask him about what he knows about it so that you can correct his wrong thoughts about bitcoin and you will placed him on correct place with right information.

About the advice you give to your grandfather well that's a good advice because it can save up your grand fathers wealth to a total loss because for sure he will face huge struggles especially bitcoin is so volatile and a bad market movement can drain all his hard earned money for so many years.

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Quote from: serjent05 on February 24, 2023, 03:29:59 PM

Quote from: Stalker22 on February 24, 2023, 03:00:28 PM

I personally would hesitate to recommend investing in cryptocurrencies to my grandfather, as I would be concerned about the potential risks involved. He is getting up there in years, and he might not have the time or the stomach to weather the ups and downs of the crypto market. If he wants to invest his money, there are plenty of more traditional options that might be better suited to his goals and his comfort level.

I think your faith in the Bitcoin market isn't enough that you can recommend it to your grandfather. Anyway, we have different kind on how we see things so if you think that Bitcoin is not an advisable investment for older person then I think that is good enough reason to hesitate.

Actually, I have a lot of faith in Bitcoin and everything it represents. But, when it comes to the Bitcoin market, it is not always a smooth ride. Like any other market, it can be affected by factors like regulatory changes and global economic trends. So, I think it is important to be careful and consider all the angles before diving in, especially for older folks who might be more cautious about risks and looking for more stable options. Ultimately, everyone has to make their own decision on whether or not to invest in Bitcoin or any other asset, based on their own research. That is why I said that I would hesitate to recommend investing in cryptocurrencies, like Bitcoin, to my grandfather. As much as I believe in the potential of Bitcoin, it is important to be realistic about the risks involved.

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Quote from: blockman on February 24, 2023, 04:29:41 PM

Quote from: Stalker22 on February 24, 2023, 03:00:28 PM

I personally would hesitate to recommend investing in cryptocurrencies to my grandfather, as I would be concerned about the potential risks involved. He is getting up there in years, and he might not have the time or the stomach to weather the ups and downs of the crypto market. If he wants to invest his money, there are plenty of more traditional options that might be better suited to his goals and his comfort level.

Me too. Investing in bitcoin is high risk and the market is very volatile. We all know that our old grandpops would probably be wanting to see how it turns out but maybe it's not really for them. Because once they see the reality of it and make them aware of how the ups and downs of the market, they might just give it up and wouldn't like the wave of it. Most of our grandpas have grown up being traditional not just in life but also in investments.

well, if he really does want to invest. better secure tangible assets first like at least he has a home to live with, ample amount for retirement and other expenses. just let him start with small funds if he wants to try the bitcoin market. he will understand the risk as he goes thru his journey in this market.
most have different notion about this market, like gaining huge profits at a short period of time, hence, maybe his grandpa wants to be all in in this market. they will understand later on that gaining profits would take a lot of patience and hard work. it actually doesn't come easy.

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If your grandfather is well informed about bitcoin then it definitely means that there are lots of grandpa's out there who have knowledge about bitcoin and are wanting to do same just like your grandfather. No one is left behind in bitcoin as it is for all irrespective of your age and this says it all. OP you have done very well by educating your grandpa on investment in bitcoin and your grandfather seems cool with the idea. The smart move you made by letting him not to invest all his wealth into bitcoin is what I like most so as not to run at risk if it goes towards that direction and another thing you did which o commend you is letting him know how risky bitcoin market os, the ups and downs in the market so he would have knowledge about it and prepare himself for the unforseen.

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Quote from: Stalker22 on February 24, 2023, 03:00:28 PM

I personally would hesitate to recommend investing in cryptocurrencies to my grandfather, as I would be concerned about the potential risks involved. He is getting up there in years, and he might not have the time or the stomach to weather the ups and downs of the crypto market. If he wants to invest his money, there are plenty of more traditional options that might be better suited to his goals and his comfort level.

Me too. Investing in bitcoin is high risk and the market is very volatile. We all know that our old grandpops would probably be wanting to see how it turns out but maybe it's not really for them. Because once they see the reality of it and make them aware of how the ups and downs of the market, they might just give it up and wouldn't like the wave of it. Most of our grandpas have grown up being traditional not just in life but also in investments.

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

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??

I think that it is wise advice. Although we all know that Bitcoin's potential is very high, moreover for a long-term investment. But as you said, behind its high-profit probability, there is also a risk. That is why money management in the Bitcoin investment is very essential to make a proper decision. Bitcoin may probably give you very high profits, but it may also probably give high loss when you are not able to control yourself because of a panic situation. or even when suddenly something happened and your grandfather must cash out the money as soon as possible but in fact, the Bitcoin price is still at the low price. this will hurt so much. That is why I really agree with you to give advice like this. Investing in Bitcoin is worthy and valuable, but not for all. There must be money management and diversification for other investments to keep good things happening.

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Quote from: Mr.corol on February 24, 2023, 12:10:30 PM

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??

I guess so. But apart from that, is your grandfather have some other source of income like a pension aside from that wealth that you've mentioned?
The age of your grandfather is also a factor in his needs. I think he's got to cover all of his expenses and even if he wants to invest in bitcoin, at his age, he needs to be more conservative and delicate in spending his money. If it's me, even if I'm pro-bitcoin and want to let him invest on it, I'll be sensitive on how he's going to spend his wealth if it's all that he's got.

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