Source
r/CryptoCurrency•
Cheesebaron

Financial advice from your family

DISCUSSION

Discussing crypto with family is an often discussed topic in this sub.

Today, however I want to turn things around! I don't want to discuss how you talekd about crypto with your family but rather what advice or 'wisdom' your family gave you.

My personal favorite my parents used to say was: "Money doesn't grow on trees."

I like it because it is almost true since Dollar notes are made from cotton which grows on shrubs and most other currency is made from paper, originating from trees itself.

What wisdom or anecdote was shared in your family and did you follow it?

Posted Mar 29, 2023, 8:53 AM UTC

532
Mjrket•

My personal favorite my parents used to say was: "Money doesn't grow on trees."

Fed printing machine says otherwise

4
mesutdmnPlatinum | QC: CC 109•

gif

2
OneThatNoseOnePlatinum | QC: CC 40•

"Inflation transitory. We shall print"

Seems to have worked out well. /s

1
jibbond7 - 8 years account age. 200 - 400 comment karma.•

"If you can't buy it outright, you can't buy it."

Meaning that you should never take out a loan (of course apart from mortgage or student loan)

4
BlindestofMonks•

Got this advice too and I actually tend to agree, never asked for a loan and I'm pretty sure I never will

1
unitys2011Platinum | QC: CC 35•

My personal favorite my parents used to say was:

Shitposting will make you rich some day

3
CheesebaronOPPlatinum | QC: XMR 76, BTC 46, CC 20 | r/AMD 126•

You have some very progressive parents 🤣

2
jhung713Tin•

We take your parents' words seriously here.

1
JBreganDaerthe•

are your parents in here too?

1
rootplMoonwalker•

Are you my son?

1
Calm-Cartographer677 Cryptonaut•

My grandma always used to say to me

"buy cheap buy twice"

2
CheesebaronOPPlatinum | QC: XMR 76, BTC 46, CC 20 | r/AMD 126•

Buying the bottom at the supermarket!

Smart.

1
HoutopHoutPlatinum | QC: CC 127•

Dont sit on your money, live life go explore the world

2
SteveWundRBaumSilver | QC: CC 178 | BANANO 34•

How nice they assumed you would have money and not sitting on 2 economic disaster, inflation, a pandemic, and ww3.

2
[deleted]•

[deleted]

1
PlusFall5285Permabanned•

My parent told me from the day I could talk practically that you SHOULDNT borrow money from no one.

True to this day, 0 debt and going just fine.

1
CheesebaronOPPlatinum | QC: XMR 76, BTC 46, CC 20 | r/AMD 126•

Wise words. Can't go wrong with not having debt. Way less stressful.

1
mighty-tune•

I like "you should save money with the bank for the future" how times have changed

1
EdgeLord19941•

Buying a house over renting, although I'm not so sure the math holds up compared to investing

1
Tasigur1Tin•

Buying a house is in most cases a liability and not an asset. Especially nowadays with insane house prices and high interest rates. There are always exceptions of course.

2
Jumpman_08Tin•

You’re on the money. It’s a simple cost analysis. Saying either is better is a daft platitude without running the numbers through one’s personal situation.

1
vongutomTin•

Better not have children if you’re not ready. It’s painful to see your kids starving.

1
90DayFWood | QC: CC 420 | ETH 69•

My dad always told us - "Dont gamble kid", while himself gambling away all his lifetime savings on options trading lmao

1
fleshlyLoath•

My parents would say: Stop putting money in that crypto stuff (or they would reffer to it as gambling). Buy yourself stuff and have fun with the money you are young (i guess that is my fun now)

1
Roberto9410Platinum | QC: CC 831•

Diversify! Don’t do anything risky! My dad sure loves his index funds. It’s like he thinks as soon as I put any money into crypto it’s whooosh and gone forever

1
TowryaalaiPermabanned•

My father giving me pocket money only once a week and consequently learning to spend responsibly is the best lesson my father taught me.

1
Al-SadderPlatinum | QC: CC 65•

My parents taught me to generate “fuck you! money”. That is enough savings to be able to say fuck you to anyone or anything (mostly employers) giving you enough freedom in your mind to say I quit my job, I’m gonna do something else I enjoy much more and have sufficient money available to survive a few months. This takes away so much financial stress.

1
ZelWinters1981Tin•

What advice? I had to find shit out the hard way, go bankrupt once, and now I'm sitting here in a credit hole while the world economy races out of control around me and my wages haven't moved an inch. My parents didn't teach me a thing, except how poor they always seemed to be.

1
BlindestofMonks•

It doesn't matter that I've been invested in crypto for almost a decade now, that I've taken profits out (I know I know) a few times and that other friends of mine that my mother knows also own/trade crypto, whenever the topic comes up:

"Son, are you sure that is legal? Beware, you can go to jail!"

Every. Damn. Time.

1
SceptzPlatinum | QC: CC 28•

"Don't get caught".

Wait... I mean... something legal.

1
Mr_Bob_FergusonPlatinum | QC: CC 445•

"You don't become wealthy from a salary".

(you need to invest and create your own revenue streams)

0
CheesebaronOPPlatinum | QC: XMR 76, BTC 46, CC 20 | r/AMD 126•

I agree! If only investing was discussed in my family... It was all about saving but not investing.

I had to learn it all by myself in my mid 20s.

1
Mr_Bob_FergusonPlatinum | QC: CC 445•

Mid 20s still means you have plenty of life left to implement it.

Having your own revenue streams also means less reliance on salary every year, providing more flexibility and choice when it comes time to make work-related decisions.

0