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/biz/ - Business & Finance

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19698817 No.19698817 [Reply] [Original]

>Dropped my parent's life savings into FAZ (bear 3X etf) without looking into it in more detail because futures were down thursday/friday
>look it up the next day
>it's only bear 3x against the chinese market
>literally scam central country that will stop at nothing to fudge the numbers
how fucked am i

>> No.19698862

FAZ is inverse banks

>> No.19698876

>>19698862
what the fuck? are you serious? that's the last thing i want to inverse in a bear market because they get bailed out right?

how does it differ from TZA?

>> No.19699367

>>19698876
bump someone please save my life

>> No.19700059

>>19699367
Put it in TQQQ retard

>> No.19700073

>>19698817
a board of mongoloids

>> No.19700076

Pump banks before anon wakes up on monday

>> No.19700202
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19700202

hence why I don't manage money for my parents or friends no matter how much they beg. It's not within the parameters of the relationship. Particularly since they don't really understand that just because you're managing their money doesn't mean you owe them shit. "Oh don't worry anon we don't expect you double our money, we know it's a risk." quickly becomes "well anon we trusted our money with you so you should give it back." The people you manage money for will always have eagle eye hindsight vision and when you make a bad call they'll hold you to that mistake no matter what, they don't care that you were operating off the limited information available at the time since when they view the situation they see all the cards that were in play at the same time. Mix this with the Dunning-Kruger effect and you're going to have a miserable time. Particularly if you're dealing with boomers who have a fucked up perspective on money in the first place.

How to fix this? Return all the money you're managing for friends and family. Best if you can do it at 1:1 if you care about the relationship. If you're looking at protecting your reputation you might have to dip into your own bankroll to do it. If you don't care about these people take their cash and tell them to kick rocks. I really recommend reading 'Winning Through Intimidation' by Robert Ringer. It's targeted towards Real Estate however there are several valuable lessons about the type of people you'll deal with whenever money is involved.

Remember it's just money, though it may seem like the end of the world, it seldom is. Real riches are in the troves of the mind and health of the body.

Hope shit goes well for you, my dude

>> No.19700541

>>19698817
>Dropped my parent's life savings into FAZ (bear 3X etf) without looking into it in more detail
Imagine having this cuntstain for a son. Takes parents 'life savings' and throws them into some dumb fuck ETF without even a 1 minute fucking google

>> No.19700652

>>19700541
Op is a faggot

>> No.19700662

>>19700202
Solid advice. I too learnt this a while ago. People want someone to blame when things go bad. "Here take my money!" Easy to blame when the money's out of their hands

>> No.19700686
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19700686

>>19698876
$TZA is 3x inverse $IWM, duh

>not buying $TNA

>> No.19700972

>>19700541
>>19700652
so are you just going to insult or will you be giving advice? i'm going to sell it all on monday at open