Parents meddling too much into financials

Meta
VhcK84

Go to company page Meta

VhcK84
Feb 19 19 Comments

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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TOP 19 Comments
  • Google
    burn_out

    Go to company page Google

    burn_out
    Imagine thinking bonds are a good investment post-2008 ๐Ÿ˜‚๐Ÿคฃ๐Ÿคฃ
    Feb 19 3
    • Google
      burn_out

      Go to company page Google

      burn_out
      Why do you feel the need to get permission from your parents as a 30 year old? You are legally an adult, you can manage money however you like

      Maybe give them high level updates monthly or so on some things youโ€™re investing in to keep them happy. But you need to set boundaries.
      Feb 19
    • Meta
      VhcK84

      Go to company page Meta

      VhcK84
      OP
      Unfortunately it is the bane of Indian culture. No matter what your age is, parents feel the right to give permission on big decisions in life
      Feb 19
  • Amazon
    misapuku

    Go to company page Amazon

    misapuku
    I had similar issues too (when I was in mid 20s and indian). I started cutting down information - pay, role, future plans, financial commitments, everything. In 6 months they were blind to my financials and we have still had good relationship. Start curtailing information
    Feb 19 2
  • You donโ€™t want to tell them because you donโ€™t want to strain your relationship? Give me their cell number, Iโ€™ll tell them for you๐ŸŽŠ
    Feb 19 1
  • Walmart
    ~itachi

    Go to company page Walmart

    ~itachi
    You will just need to openly rebel against them. Will cause short term frictions (6m-1y) but eventually they will learn to leave you and your affairs alone.

    Plus what the guy above said. Tell them itโ€™s none of their business
    Feb 19 2
  • DTCC
    d576

    Go to company page DTCC

    d576
    My honest opinions about investing are:
    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!!
    Feb 22 0