What would you do?
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Replies (45)
Hodl harder.
Any small help you offer now is like a bandaid.
I'm in the boat as well.
Simply Hodl. We have delayed our gratification and we can't save everyone. Focus on stacking more and maybe just maybe we can alleviate the burden later on. I look at it this way, if they don't have the basic principles of financial literacy then no amount of money will ever change that... it's just a sad reality and ends up being money perpetually burned in a furnace.
I tell them it’s going to 100x by 2045, but they will have to make some changes.
Agreed.
I got my mom to put 10% of her IRA in Bitcoin. I didn’t think she’d have enough $$ to make it through retirement and thus it would be on my to support her. That made her portfolio a subset of my portfolio. So some had to be allocated to BTC. Luckily we have a good relationship and she read the Bitcoin Standard, Bitcoin is Venice, and trusted my advice. If she hadn’t done this, I’d be feeling the same as this guy.
Just tell them it's not too late. Start saving
Yea changes can be made hopefully they find a solution. I feel for that person tough spot to be in.
Agreed, a lot of people do not have financial literacy. I definitely would have a sit-down with them and try to figure out a way to make some life changes and delay gratification so they are all better off in the future.
Twas life man. STUGGLE WITH THE SAME. Everyone around me ignored me at $3500 to buy and mine bitcoin.
Not my problem anymore.
I served the food, Michelin star, and they refused to eat.
Keep it moving.
I agree about the bandaid part, but I'd definitely have a sit-down with them. It's clear that the poster is the financially savvy person in the family. Got to sit down with the parents and explain the Bitcoin standard and how to make some life and sacrifice changes so they can all win in the future.
I have a feeling there are a lot of Bitcoiners in a similar position
Yea tough situation. Some people just live beyond their means sometimes. I feel a conversation and some changes could be a solution for many. I stack for family members on the side they just dont know it.
I agree, my parents sacrificed everything for me. They are in an okay position. I have stacked on the side for them for a long time; they don't even know it. If they are ever in a bad situation, the corn is there. I do agree with some of the comments - if you have parents who are not financially savvy, helping always is just a band-aid situation. Got to solve the bigger issue.
It seems like it. I am glad I do not have this burden but I do recommend people stack for loved ones on the side if they have the means. Hodling is never easy. Do not let them tell you that you got lucky lol. Go
* God Bless the Hodlers
78% of Americans now live check to check.
I'd say it's about everyone that lives up to what their income allows them to have, not thinking of how they will have to keep slaving away to maintain such.
Yep
A real dilemma. There is no right answer, love is important, but it’s unlikely any amount of money will make all the problems of people you care about go away - so hodling until the price in dollars is higher will make smoothing the problems after that much closer to a real solution than just a feel-good gesture. Many share your pain . . .
Possibly try to help with your available free cash flow and not what you have to sell. It's a tough spot.
Bitcoin... Money for nothing
Definitely a tough spot
It’s a real problem and it’s one I think a lot about. There is a fine/ blurry line between leaving an inheritance and helping with the day to day grind.
My grandparents were wealthy, my parents not so much. For years I watched my parents struggle to raise four kids- they had to sell their home, drive shit cars, and work extra jobs to give us everything we wanted. I could never understand how my grand parents could sit by and let their kids and grand kids struggle.
Now, I think I kind of see their wisdom. My grandparents came from nothing and built their fortune with hard work and a shit ton of sacrifice.Nothing was given to them- a lesson everybody needs to learn.
The grandparents have passed, and now my parents are retired and living the good life. Maybe my grandparents always knew their kids would be alright in the end and they were just teaching them to be adults.
If you give people something for free, they will never respect it, or have problems asking for more.
All very easy to say over a conversation, totally different when your little brother or sisters calls you in a panic.
Been telling people I love to hold bitcoin for the past 7 years, they didn’t and are now wondering why they’re poor.
His greed is crazy.
Can't sell some of an asset to help out your own parents if they are struggling?
He's gonna hate riding his gains back down even more.
I do the same. I have tried so hard to get them to understand but they just switch off when I bring it up. Hopefully they won’t need it but I guess off shit hits the fan I’m not going to leave the family behind.
"Before" we go parabolic.
Charts are about to gut these worshippers understanding of markets.
It's mind blowing. $100k is a strong psychological level, but I've never seen fomo and hopium as strong as it has been over the past few weeks.
That alone is reason enough for me to be cautious.
Nailed it man. That's all we care about.
FOMO - Fear Of Missing Out
GMOH - Get Me Outta Here
We sell FOMO. We buy GMOH. Asset agnostic.
I agree, it's not an easy decision though. I would probably sell a little, enough to get them through a year, and HODL the rest. I'd also have a sit-down and remind them that now they have a runway to fix underlying issues and get the house in order, so they can sustain themselves better.
Damn, that is harsh. I do not know, my family sacrificed everything for me. I could never leave them behind. I have stacked on the side for them. I guess everyone has a different relationship with their family.
I guess it's contextual. What's a small fortune? It could be 1 BTC or he could have a bunch of them, millions potentially.
The people I know who got into BTC very early on regularly sell some and then put it to use, and when opportunities arise again, they buy some more and hold again.
People seem to have this all or nothing attitude, and I think it could eventually humble them.
Buying an asset when everyone is telling you it's a bad idea is hard, but selling an asset when you have made 3, 4, or 10 times your annual salary is way harder.
If I was an OG whale, I would def. settle their debts. But I’m not 😭
Also what’s the relationship like. Not all parent/child relationships are good. He might have always been the adult.
Sit tight. If they made it this long they can probably wait a little longer.
Very true, lots of factors involved. But if they have a target in mind while already sitting on a sizeable sum, there's no guarantee it will work out.
No guarantees ever.
Yea depends what bag of BTC he has for if to sell some or not.
It could be too late, for what purpose do you HODL wealth if it is not helping out your family?
I got good advice at a bitcoin conference in 2013 that applies here: if bitcoin made you rich, that doesn’t mean you owe anyone your bitcoin. But your time? Your time has been paid for and you can donate that to those in need.
Hodl on. Do well by doing well. Buying beef that gets cheaper every year in sats terms? Have a big BBQ once or twice a year and invite over those sturggling. Dinner with neighbors is always good. Keeping a fiat job enough to flaot your OpEx is good, bonus points if you have left over fiat to stack sats. But within that OpEx calculation, you can factor in good meals for others. Or donate time, doing yard work or similar for others you see struggling.
If someone you love needs money, loan them double the amount with the requirement that half going to bitcoin and they must 1) payback the amount they wanted to borrow originally and 2) repay the additional amount in 4 years or whatever using the bitcoin profits and 3) split the remaining bitcoin.
This will give you at least ¼ of the bitcoin you might otherwise would have had and will make them either a bitcoiner or a liar if they can’t help themselves and sell the bitcoin against your will…either way they won’t ask for money again.
I feel this. I'm not sitting on much, but my focus is to make o don't lose so that when family actually does need help I will be able to provide. right now, I'm not there.
Keep hodling.
Tought dilemma - but you have to be careful. If you gift them financial freedom, then very likely it won't last.
(Think of some sports stars and lottery winners, who almost always are broke in a few years)
If people don't know how to manage money, and haven't learned those lessons, then gifting them a "solution" will likely only be temporary.
Best is to teach them now, and not provide a gift until you're comfortable they won't squander your generosity.
Make a loan