Hey all,
I am Indian and my parents are very old school and keep tabs about my financials like crazy. (Screen share
Fidelity brokerage account etc). They generally do not trust stock market and crypto and want me to invest in bonds and other tools with a low 2 to 3% interest rate as they are safe. I am no finance expert but I think DCA is the best way to go about in stock market. I also took little from my income and put it in crypto (which they do not know and will completely flip out). I have done a lot of research in crypto markets and want to invest some sizable amount in some of the Defi projects I believe in but cannot as they will know if a large sum disappears from my bank account. They are telling me to put it in housing market and have an investment property.
I am a grown ass man (30) and want to tell them that I want to chart my own financial path and not to interfere. I am ok losing some money but it will be my mistake to make. However cannot tell this directly as this will strain my relationship which is otherwise very good.
I am trying hard to walk a tight line and trying to convince my parents to allow me to invest large amounts (100k) in crypto and DCA on stock but not working.
Anyone in the same situation? Any advise?
8yoe TC:310k after the spectacular meta crash
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comments
Maybe give them high level updates monthly or so on some things youโre investing in to keep them happy. But you need to set boundaries.
Plus what the guy above said. Tell them itโs none of their business
1) Crypto might have passed its time as value store. There are some values in block chain as utilities. So, please research carefully before you invest.
2) Wait the stock market until further drops due to Ukraine, March rate high etc before investing in cheap stocks.
3) Diversify your eggs (not more than 20% on any single stock etc..)
4) Please cut-off information slowly but still support your parents.
Good luck!!