Topic: Parents on childs savings bank accounts are waste of time if not saving on BTC - page 2. (Read 910 times)
July 05, 2024, 07:46:18 PM
Another issue as well that parents fail to recognise is that opening a bank account for a child, any interest earnt on that savings accounts will actually be taxed at the highest rate. In most countries children under the legal working age of 14 are taxed at the highest tax bracket (think 45% or more). The reason for this is to present adults using their children as tax havens. It's way better to put your money in crypto, you might not receive passive income from holding BTC through the form of an interest payment, but the capital appreciation will be significant.
July 05, 2024, 07:41:00 PM
As much I'd love to argue that you're right and that the parents are wrong for not hedging their child's future to bitcoin, we have to look at the perspective of the parent, they don't want an unstable and volatile investment for something that they've worked hard to save up and then it will suddenly end up losing all of their money or half of it because bitcoin suddenly dropped in prices. If I was in their position, I'd probably do both but the problem is that there might only be a limited amount of money that if I do it, I might not even be able to completely provide for my daily needs, there's a lot of things that needs to be looked out for when you're a parent and sometimes those things to look out for are only apparent once you're already a parent yourself.
The financial capabilities of each parent are not evenly distributed, maybe you can save bitcoin regularly for your children but are other parents able to do that, even to eat they have to work hard, so I think it is the government's job to educate its citizens about the benefits of investing for the future and also what are the best ways to profit from investingIf governments in many countries start to also invest in Bitcoin to support the future of their citizens, then I am sure that the future of young people will not be difficult in the future
July 05, 2024, 06:05:02 PM
As much I'd love to argue that you're right and that the parents are wrong for not hedging their child's future to bitcoin, we have to look at the perspective of the parent, they don't want an unstable and volatile investment for something that they've worked hard to save up and then it will suddenly end up losing all of their money or half of it because bitcoin suddenly dropped in prices. If I was in their position, I'd probably do both but the problem is that there might only be a limited amount of money that if I do it, I might not even be able to completely provide for my daily needs, there's a lot of things that needs to be looked out for when you're a parent and sometimes those things to look out for are only apparent once you're already a parent yourself.
Good point and this is how the actual middle-class parents stuck but due to their ignorance they save money as fiat which is completely wrong, they can choose the best possible options like gold if they are not willing to take risk with volatile assets such as crypto or even stocks because gold is proven to be the best that holds it's value and they can set a target of having this much amount of gold and then they can set another asset which can be different than just storage of value.
As much I'd love to argue that you're right and that the parents are wrong for not hedging their child's future to bitcoin, we have to look at the perspective of the parent, they don't want an unstable and volatile investment for something that they've worked hard to save up and then it will suddenly end up losing all of their money or half of it because bitcoin suddenly dropped in prices. If I was in their position, I'd probably do both but the problem is that there might only be a limited amount of money that if I do it, I might not even be able to completely provide for my daily needs, there's a lot of things that needs to be looked out for when you're a parent and sometimes those things to look out for are only apparent once you're already a parent yourself.
The financial capabilities of each parent are not evenly distributed, maybe you can save bitcoin regularly for your children but are other parents able to do that, even to eat they have to work hard, so I think it is the government's job to educate its citizens about the benefits of investing for the future and also what are the best ways to profit from investingIf governments in many countries start to also invest in Bitcoin to support the future of their citizens, then I am sure that the future of young people will not be difficult in the future
July 05, 2024, 06:03:59 PM
As much I'd love to argue that you're right and that the parents are wrong for not hedging their child's future to bitcoin, we have to look at the perspective of the parent, they don't want an unstable and volatile investment for something that they've worked hard to save up and then it will suddenly end up losing all of their money or half of it because bitcoin suddenly dropped in prices. If I was in their position, I'd probably do both but the problem is that there might only be a limited amount of money that if I do it, I might not even be able to completely provide for my daily needs, there's a lot of things that needs to be looked out for when you're a parent and sometimes those things to look out for are only apparent once you're already a parent yourself.
The financial capabilities of each parent are not evenly distributed, maybe you can save bitcoin regularly for your children but are other parents able to do that, even to eat they have to work hard, so I think it is the government's job to educate its citizens about the benefits of investing for the future and also what are the best ways to profit from investingIf governments in many countries start to also invest in Bitcoin to support the future of their citizens, then I am sure that the future of young people will not be difficult in the future
July 05, 2024, 05:40:45 PM
In the dumping situation that sometimes occurs in Bitcoin, it is much safer to keep bank money instead of Bitcoin. A few months ago, Bitcoin was above $70,000, but now it is back down to $50,000. Those who invested time of 70 thousand dollars are currently losing the fuse amount. If the money is kept in the bank, there will be no dumping of such huge amounts and thus there is no possibility of facing large losses.
I agree with you but those who are experienced in investing never keep their money in bank. Instead of keeping it in the bank, they will invest in bitcoins because the price of bitcoins will rise to a higher level someday. We have recently seen big dumping in the market which was unimaginable to us. All investors had a milestone that Bitcoin would touch $100k but may be going in the opposite direction.The price of Bitcoin has fallen so low in just a few days that investors now have no choice but to be patient. If they sell Bitcoin right now they might get hurt instead if they hold on patiently they might get success later on.
So, it is not appropriate according to you that if we keep banks money instead of investing in Bitcoin, then we do not lose. The strategy for losing depends on you. If your plan is strong, then you cannot lose even in Bitcion, and if you are weak in your strategy, there is no doubt that you can lose in your Bitcion investment.
July 05, 2024, 03:59:00 PM
All this discussion can honestly just be boiled down to one solution: Diversification.
Good but in crypto only bitcoin should be the asset to be considered, not altcoins. When the forum members here become parents they would likely want to keep much of their child's savings in diverse assets, including bitcoin.I at least know one such proud dad who have kept bitcoin for their daughter @BitcoinGirl.Club and then there is also @TheBeardedBaby
Bank deposits are important, we have to be logical here and not cultish. In that way diversification is a key word here.
July 05, 2024, 01:20:52 PM
Parents investing for their children with fiat Bank bank account because most of them are not bitcoin enthusiasts and Banks have fixed deposit and I don't think bitcoin wallet has that feature of fixed deposit in which you can deposit some amount of bitcoin for specific years and within these years you can't withdraw anything from the wallet. But in bitcoin, you can make a fixed deposit and that is what people are using fiat Banks for depositing the fixed years.
And I don't think it is a waste because your will not lost anything from the Bank and according to enquiry there is an interest or some gains added to the fixed deposit at the end of the fixed years.
And I don't think it is a waste because your will not lost anything from the Bank and according to enquiry there is an interest or some gains added to the fixed deposit at the end of the fixed years.
July 05, 2024, 12:18:58 PM
I don't say it's waste rather it's something beneficial for their future if they use it right and no matter what kinds of savings you prepared for your children when they don't know how rightfully to spend it, it won't benefit them whether it's bitcoins or fiat.
It depends on what countries because some other parents prepared lands to give to their children once they are gone. Since we have bitcoins nowadays, it's best to save them for them along with those properties because of the consistent price increase which will drastically help them achieve their future goals.
It depends on what countries because some other parents prepared lands to give to their children once they are gone. Since we have bitcoins nowadays, it's best to save them for them along with those properties because of the consistent price increase which will drastically help them achieve their future goals.
July 05, 2024, 11:53:30 AM
In the dumping situation that sometimes occurs in Bitcoin, it is much safer to keep bank money instead of Bitcoin. A few months ago, Bitcoin was above $70,000, but now it is back down to $50,000. Those who invested time of 70 thousand dollars are currently losing the fuse amount. If the money is kept in the bank, there will be no dumping of such huge amounts and thus there is no possibility of facing large losses.
I agree with you but those who are experienced in investing never keep their money in bank. Instead of keeping it in the bank, they will invest in bitcoins because the price of bitcoins will rise to a higher level someday. We have recently seen big dumping in the market which was unimaginable to us. All investors had a milestone that Bitcoin would touch $100k but may be going in the opposite direction.The price of Bitcoin has fallen so low in just a few days that investors now have no choice but to be patient. If they sell Bitcoin right now they might get hurt instead if they hold on patiently they might get success later on.
July 05, 2024, 10:36:11 AM
In the dumping situation that sometimes occurs in Bitcoin, it is much safer to keep bank money instead of Bitcoin. A few months ago, Bitcoin was above $70,000, but now it is back down to $50,000. Those who invested time of 70 thousand dollars are currently losing the fuse amount. If the money is kept in the bank, there will be no dumping of such huge amounts and thus there is no possibility of facing large losses.
July 05, 2024, 10:24:32 AM
All this discussion can honestly just be boiled down to one solution: Diversification.
Good but in crypto only bitcoin should be the asset to be considered, not altcoins. When the forum members here become parents they would likely want to keep much of their child's savings in diverse assets, including bitcoin.Bank deposits are important, we have to be logical here and not cultish. In that way diversification is a key word here.
Having all your assets converted to crypto or investing all of them in real estate is, to me, a very risky move, as you might be able to get your hands on things you need at some emergency point in time.
July 05, 2024, 09:56:27 AM
Good point and this is how the actual middle-class parents stuck but due to their ignorance they save money as fiat which is completely wrong, they can choose the best possible options like gold if they are not willing to take risk with volatile assets such as crypto or even stocks because gold is proven to be the best that holds it's value and they can set a target of having this much amount of gold and then they can set another asset which can be different than just storage of value.
All this discussion can honestly just be boiled down to one solution: Diversification.I think parents should allocate money both for savings and investments. Save money in fiat but also invest in assets whether it is crypto or gold or real estate. I think both can be very helpful to their children when the time comes.
July 05, 2024, 09:36:17 AM
Its advisable to invest as more as you save,but let's also normalize to Work with a financial professional with the expertise and experience to keep you on track.
Seeking financial professional or manager is when you have a lot money and you don't have any time to think about investment anymore, since most people aren't multi millionaires or billionaires, it's not worth to seek their help.I will not be too fanatical about any investment because banks are still needed, including their parents choosing banks because they have been understood since decades even though the world of investment has now changed a little, there is no need to save in the bank, but with parents saving in the bank they can easily withdraw anytime.
Or you can hold gold in IOU version, whenever you're need money in hurry, you can just sell your gold since it's liquid and the price relatively stable. 
July 05, 2024, 07:59:35 AM
Actually, most parents do invest their money instead of save it in banks.
But, they choose the safe investment that the gain can't hedge against school and medical inflation, usually a country has 4% inflation rate, but the school and medical inflation rate are around 10%-15%.
These parents choose to invest their money in time deposit (5% APY), ETFs (7% APY), gold (8%) or stock (depend on the stock). The thing is, most stock didn't bring a good amount return for long term, moreover these parents mostly choose investment that can't hedge against inflation, that's why the poor stay poor.
Currently,the depreciation of faits currency is relatively inevitable.But, they choose the safe investment that the gain can't hedge against school and medical inflation, usually a country has 4% inflation rate, but the school and medical inflation rate are around 10%-15%.
These parents choose to invest their money in time deposit (5% APY), ETFs (7% APY), gold (8%) or stock (depend on the stock). The thing is, most stock didn't bring a good amount return for long term, moreover these parents mostly choose investment that can't hedge against inflation, that's why the poor stay poor.
Most parents are likely aware of this change and some of them no longer store their money in the bank,but they'll rather invest in bitcoin,real estates,stocks exchanges,e.t.cThe feeling the economy is giving is that we should invest for the future as much as possible,you can save as well too.
Its advisable to invest as more as you save,but let's also normalize to Work with a financial professional with the expertise and experience to keep you on track.
July 04, 2024, 07:49:41 AM
All this discussion can honestly just be boiled down to one solution: Diversification.
Good but in crypto only bitcoin should be the asset to be considered, not altcoins. When the forum members here become parents they would likely want to keep much of their child's savings in diverse assets, including bitcoin.I at least know one such proud dad who have kept bitcoin for their daughter @BitcoinGirl.Club and then there is also @TheBeardedBaby
Bank deposits are important, we have to be logical here and not cultish. In that way diversification is a key word here.
June 15, 2024, 09:52:12 AM
Not all parents understand about bitcoin, they are more likely to be afraid because the value that can fluctuate at any time is what parents want, especially lower middle class people have no experience with any investment, so the way they choose is to save money in the bank or make deposits with the APY they know.
That's a safe way for parents to save assets for their children even if they ignore the rising inflation.
Whereas we, the easy generation, understand enough about bitcoin to choose this path instead of saving money in the bank because we have learned a lot about bitcoin the meaning of financial freedom.
Bitcoin will be much better for children's funds for future education or pension funds prepared from now on.
No matter how we see it, traditional parents will only prefer saving money in the bank as the most safety and reliable investment. And for me, that won’t be considered a useless thing since saving money in the bank has already proven its positive effects throughout those early years. That's a safe way for parents to save assets for their children even if they ignore the rising inflation.
Whereas we, the easy generation, understand enough about bitcoin to choose this path instead of saving money in the bank because we have learned a lot about bitcoin the meaning of financial freedom.
Bitcoin will be much better for children's funds for future education or pension funds prepared from now on.
However, with this digital era, a lot of changes have taken place and part of it is crypto investment, particularly bitcoin. Investing in bitcoin has been highlighted more due to its high profitability and high sustainability in the long run, regardless of those parents who still chose the traditional way of saving their money in the bank which is never a bad thing also.
For now, including me, I have opened the eyes of the right choice, so the bank is only for necessary needs while for long-term investment it will choose bitcoin in the percentage that I do is 70% bitcoin while 30% fiat because fiat is still needed at any time.
June 15, 2024, 09:42:16 AM
Not all parents understand about bitcoin, they are more likely to be afraid because the value that can fluctuate at any time is what parents want, especially lower middle class people have no experience with any investment, so the way they choose is to save money in the bank or make deposits with the APY they know.
That's a safe way for parents to save assets for their children even if they ignore the rising inflation.
Whereas we, the easy generation, understand enough about bitcoin to choose this path instead of saving money in the bank because we have learned a lot about bitcoin the meaning of financial freedom.
Bitcoin will be much better for children's funds for future education or pension funds prepared from now on.
That's a safe way for parents to save assets for their children even if they ignore the rising inflation.
Whereas we, the easy generation, understand enough about bitcoin to choose this path instead of saving money in the bank because we have learned a lot about bitcoin the meaning of financial freedom.
Bitcoin will be much better for children's funds for future education or pension funds prepared from now on.
Parents must not only understand about bitcoin, or saving, or investing in general, but they must educate their kids about finances as well. What is the point of running a child savings account, if the kid withdraws and spends all of them when he turns 18. Also parents must be very confident in banks. For example my grandmother during Soviet times was saving money on "passbook" for many years, and with time redenomination has happened and 1000 turned into 1. Banks can go bankrupt. People must be very cautions with savings.
To be fair, banks could fail and our savings could become worthless if inflation gets too high in the future. But bitcoin is not safer because there is also no guarantee that bitcoin can exist by then and people will still need it. It can be said that everything has risks and anything can happen whether it is banking or bitcoin.
I am married with children and am also thinking of using bitcoin as an alternative to banks to save for my children. But I realize everything has risk so I think diversification is the best thing instead of just using bitcoin or banks. No one forbids us to diversify our assets, why do we stubbornly choose just one of them?
Actually it could be risky having just one source for savings or storage of values but if we can digress on this, we are most interested on the resource reputations and their potentials so, having saving funds for your kids in the bank could lead to devaluation via economy inflation even without that, it can not multiply for increments while Bitcoin fo have its down of volatility which the funds value is reciprocating to but considering the profitability potentials of Bitcoin, there is no possibilities to count lost as long you engaged on a long term savings for your kids as that.
Hence, it does not just seem a savings for your kids but has become an investment because it could provide profits.
It's not just me, I believe anyone who invests in bitcoin and has children has thought about this, but because current life may not allow everyone to do that. Maybe in the future when the economy is more stable and people's lives are more comfortable, they will think about using bitcoin to save for their children's future instead of banks. As investors, I believe we all cannot ignore the potential and benefits that bitcoin brings. But like I said, I won't just focus on bitcoin, I will diversify into different assets to secure my children's future.
Frankly, bitcoin's volatility makes it suitable as an investment and not as a place to save money, I've never considered bitcoin as a place to save money, it's an investment. That means I'm investing for my children, not just saving money for them.
June 15, 2024, 08:57:18 AM
I think parents should allocate money both for savings and investments. Save money in fiat but also invest in assets whether it is crypto or gold or real estate. I think both can be very helpful to their children when the time comes.
But depends of the knowledge of the parents since if they don't know about bitcoin then much better for them not to invest anything yet until they fully learn how bitcoin investments works. Then focus to make their savings make happen.
We all know how good bitcoin for potentially giving returns for long term investment. But I think its not right to put the important funds of their children to bitcoin since we don't know on what will happen on it in future and what if by the time the parents need the money and the bitcoin market is in bearish condition then provably they cannot do anything but to sell even if they lose maybe a huge percentage of their invested amount.
That's why sometimes I'm not a fan for using the important funds for investment since there are uncontrolled situation happen and we don't want to lose our funds because of negative conditions that might occur in future.
Its not about luck, its about timing. It involves knowing when to buy, sell, and hold. There will be troughs. Big ones. I recommend starting small and diversifying. You win that way. So, study up, folks. Knowledge is power. Knowledge is protection. Knowledge helps you provide your kids a brighter future than you ever imagined.
June 15, 2024, 08:01:03 AM
I believe diversified portfolio would be much better, doesn't mean that you are going to be rich overnight, but you could exponentially grow with other stuff as well. Like it may take you 10 years to go from 100k to 400k, but then it would take 10 more years to be 1.6 million, so we are talking about having 1.6 million in 20 years that way, not going to be a bad idea, sure things will get more expensive, but it is not going to be that terrible, we should keep that up as much as we can.
Bitcoin alone isn't enough, you should have gold, stocks, ETF's and such, it would make it a lot better. I can't really see how these things will change, we need to make sure that we are going to end up with some good results one way or another, that is not going to be simple.
Bitcoin alone isn't enough, you should have gold, stocks, ETF's and such, it would make it a lot better. I can't really see how these things will change, we need to make sure that we are going to end up with some good results one way or another, that is not going to be simple.
June 15, 2024, 07:30:50 AM
Good point and this is how the actual middle-class parents stuck but due to their ignorance they save money as fiat which is completely wrong, they can choose the best possible options like gold if they are not willing to take risk with volatile assets such as crypto or even stocks because gold is proven to be the best that holds it's value and they can set a target of having this much amount of gold and then they can set another asset which can be different than just storage of value.
All this discussion can honestly just be boiled down to one solution: Diversification.I think parents should allocate money both for savings and investments. Save money in fiat but also invest in assets whether it is crypto or gold or real estate. I think both can be very helpful to their children when the time comes.
money and us being client , they are taking advantage of our trust in them, but I support your point here
because Diversification is always the best to treat this market/investments .
Have steady fiat in funds but majority must be in crypto investments for our children.
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