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/biz/ - Business & Finance


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14926091 No.14926091 [Reply] [Original]

>Dad put $500 into a low interest rate savings account when I as born (Back in 1993) for a college fund
>Low IQ dad tries to teach me about finance
>tfw when I get older and actually realize my dad is an idiot because inflation outpaced the interest rate in the savings account
>tfw the $500 would have been better used to buy an index fund in the S&P500
>tfw dad is now a debtslave and won't be able to retire until he is dead

>> No.14926345
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14926345

>parents were retards

woooow bro holy crap this is so unique to just you!

>> No.14926432

>>14926091
lol, your father is above 50% of the population.
Most don't even invest a cent and spend everything on food, alcohol, tv's, and consumerist shit in general.

>> No.14926482

>>14926432
He doesn't have any savings after he got justed from his engineering job, spent like 6 years unemployed and he liquidated all his investments.

>> No.14926502

>>14926482
Hey I've been unemployed for 6 years and I think it was a great idea. Your dad's smart and will live longer than everyone elsem

>> No.14926540

Tbh you're probably retarded too just better fed and more educated.

>> No.14926544

>>14926432
Debt slaves at least will have physical objects to pawn on the day cash is worth only paper

>> No.14926679
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14926679

>>14926091
>Dad invests in tech companies like microsoft and makes money off that
>2013 comes rolling around and he hears about crypto
>dad buys about 300 bitcoin but half of them got stolen off Cryptsy and the rest were on paper wallets
>Dad mines LTC,ETH and DOGE in 2015 with miners in the garage that I helped him set up when I was 15 years old
>I remember going to FRY's and buying tons of gpus with him
>My dad knows more about the future than me
>Dad tells me to invest in ETH and it's a massive success, He makes over a million and I make 300 grand
>2018 I start browzing /biz/ and hear about this thing called chainlink and buy some
>Fast forward it's 2019 and I'm 20yo still living with my dad at home since he knows both of us will be mega millionaires in the future
>Tell him about this chain link and all the coincidences and symbolism
>He buy $20,000 worth at .60 and tells me it's the future
>me and my dad are both going to make it together

>> No.14926700

>>14926679
based family

>> No.14926704

My parents made $200-400k/year for the past 30 years but still have <7 figure net worth due to retarded financial decisions.

>> No.14926786

My dad died a few years ago and left both me, my mother, my step-mother and her kids a large debt, wasteful expenses, and an empty chequeings account that put our entire family on both sides in jeopardy. Its been almost a year and finally both sides of the family have finished paying it off and trimmed most of the fat. As far as I am concerned, it put me into a fight-or-flight situation that resulted me into living a frugal, pauper lifestyle.

I will never forget how hypocritical my dad was when he tried to teach me about finance. Everything I once knew was a complete fucking sham out of his mouth.

>> No.14926791

>>14926091
>dad owns a very small construction business
>good reputation, I'm sure brings home100k+
>no significant savings
>no retirement in sight at age 50
>gambling addict literally dropping 1000s at casinos every other weekend
>mother is useless stay at home.
>I comment on one of my cousins facebook posts about how I plan on getting into real estate investing for some passive income
>a couple weeks later my dad is planning on buying 3 properties

Its absolutely infuriating to me. Not that hes buying the properties, but that he didnt start thinking of a way to set himself up for retirement 30 years ago. During the height of the early 2000s economy my parents could have put themselves in a situation to have been millionaires if they weren't so fucking ignorant. I guess having kids isnt a bad investment if you dont have a retirement plan, because then they will be forced to take care of you

>> No.14926825

>>14926704
How in the fuck is that possible

>> No.14926867
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14926867

>>14926091
It's OK, you still have time to go all-in on Chainlink.

>> No.14926914
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14926914

I don't even have a family, it's been so many years since I talked to anyone irl. At least I own link, right guys?

>> No.14926919

>>14926679
Holy fuck. Your dad might not be a genius but he has extremely good sense. What did he do for work before he retired?

>> No.14926925

>>14926091
Your 500 is more than my 0. At least your dad tried a little. But anyway, it is kind of sad when you realize you have surpassed your parents. My parents are in debt too.

>> No.14926943

>>14926679
>Shitcoins
haha no anyone with a brain would stay away from it

>> No.14926951

>>14926825

They have the absolute worst market timing. They bought the peak of the real estate market TWICE. Second time they got stuck underwater in a 12% ARM somehow. They mortgage was like $8k/month. They did that for years before being able to sell the house for a $600k lose. Even just last december my dad tells me at christmas he called his broker and demanded to sell every stock he had at the absolute bottom. At 4th of july he was telling me he was thinking of buying back in. Christ. He also endlessly buys a ton of junk and shit he does need. He bought a 40ft sailboat and "sailed" it twice before wrecking it. He won't tell me how much it cost.

>> No.14926973

>>14926791
Better late than never.

>> No.14926982

>>14926943
ETH was a shitcoin once. Well, it still is but its a shitcoin that made a lot of people very rich

>> No.14926996

>>14926982
>>14926982
all internet money are shitcoins
It doesn't make anyone rich. You can cash out because the banks will freeze your account

>> No.14927021

>>14926679
Nice LARP

>>14926700
>>14926919
Retards

>> No.14927201

>>14926914
That's a hard yikes on the entire post my guy...

>> No.14927215
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14927215

>>14926091
>dad is low IQ
>you inherited his genes

>> No.14927229

>Boomer Dad panic sells his 401k at or near the bottom of the Great Recession
>Keeps all his money in like money market accounts or some shit
>Completely missed recovery
>Anxious about his funds now he's retired
>Is sniffing around my money

FML.

>> No.14927418

>>14926091
>stupid mistakes: savings accounts, bonds, inflation hedging
>smart decisions: hold risky high return investments for years

>> No.14927441

>>14927229
What money? Never tell your family what youve got kiddo

>> No.14927460

>>14927441
I dun goofed. It's my own fault for opening my mouth to my mother.

>> No.14927526

>>14927441
Imagine having a family so terrible that you need to lie to them or otherwise they'll suck you dry.

Thank god I'm not a anglo-saxon

>> No.14927576

>>14927021
None of that is LARP, That is my dad and he did invest into crypto. He always said that he would be a mega millionaire if Cryptsy never exit scammed and said it was one of the things he regrets the most.

>> No.14927595

>>14927229
Thats just sad.

>> No.14927622

>>14926919
He hasn't retired yet, He has worked at AT&T for the past 25 years and he is going to retire in the next 3 to get his retirement money or pension whatever its called. I don't plan to go to college or do any type of career. I just plan to enjoy life and value time when I get over 1 million from crypto.

>> No.14927650

>>14926943
He mined them a long with LTC and DOGE in the future, He has over 2 million DOGE and 1000 LTC. I remember we had miners in our garage with like 8 monitors and gpu racks.

>> No.14927696
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14927696

>>14927622

If this isn't a larp, learn about the concept of dharma and 'the way' so you spend a balanced natural life instead of going for pleasurable activities (like bare back blow jobs from thai hookers) because that will ruin you.

>> No.14927717
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14927717

I only made like 100k kangaroo buck in 2017 and now im treading water with only a 2x on the 28k I put back in the market, doesnt feel like im going to make it

>> No.14927727

>>14927595
I'm an only child so they're going to be my sole responsibility. I don't begrudge them, it just sucks.

>> No.14927750

>>14927696
I've learned some self restraint of pleasures before, I've done fasting to help with that and do yoga sometimes. I usually just play video games all day and browse /biz/. I'm not a very indulgent person as I'm not a drug addict or anything.

>> No.14927789

>>14927727
My father doesn't have much money but he does have iron hands. Unfortunately he didn't start buying into his 401k until his 30s. I told him I was thinking of selling LINK post-mainnet when the FUD was intense, he told me to quit being a bitch and hold on. He even said, "If I could hold through the recession you can hold through this." I thank him every day for it.

>> No.14927977

>>14926091
I'm leaving each a Ren darknode each, that should keep them out if the rat race to pursue their dreams

>> No.14928198

>>14926091
>TFW Anon's dad actually gave a shit and tried to save money instead of leaving to hang in the streets and do heroin when Anon was 5.
>TFW Anon should be more grateful of idiot dad

>> No.14928238

>>14927622
>. I just plan to enjoy life and value time when I get over 1 million from crypto.
hahaha holy god the delusion

>> No.14928239

>>14926679
Warm feels even tho it’s a larp.

>> No.14928249

>>14926679
Yet you buy that chink knock off pepe?