Comment on one step closer to 100%'ing life!!
TrickDacy@lemmy.world 8 hours agoMy parents did a lot to model being smart with money and only one of their kids (me) picked up on it. Kids often love being the opposite of what they’re taught, no matter how much it hurts them.
The thing about people who buy NFTs is that they think they are being smart with their money.
They look at what happened with Apple, Microsoft, Google stocks way back in the day and think “huhuhu, I’m not going to be one of those idiots who misses out on an opportunity like that!”
It’s FOMO and “high risk - high reward” gambler mentality, wrapped up in the illusion of being a savvy investor.
No, I think with NFTs people were just looking at the bitcoin train they had missed out on, and thought NFTs would be the next big crypto thing.
Mostly they thought it was just the next big thing.
I think this unique. Not really FOMO and certainly not investing.
Sure, that’s true. I think in mine and many cases, wrapped up in the “being smart with money” lesson is saving, mitigating risk, and decreasing spending where possible. I at least hope most parents are defining what being smart actually looks like.
Yes but some financial advisors will literally tell you that money in savings is slowly decaying and that (besides an emergency fund) you should invest it.
The type of investments they’ll recommend will depend on your risk tolerance and financial goals of course, and probably isn’t likely to include NFTs. But I could see some 19-20 year old reading a post on instagram that says you should invest instead of saving, and with a very superficial understanding of what that actually means, might easily fall for the very next post or sponsored ad that says “Hey you! Yeah, you. The dumbass who hasn’t bought [inset memecoin here] yet. Why don’t you have any [memecoin]?!? Anyone who’s smart has some already, and look how rich they’re getting! Don’t miss out by being a coward. Own your future. Grindset. Yadda yadda.”
I’m not saying that makes them intelligent, but simply telling them to be “smarter with money” isn’t going to solve the problem, and might actually exacerbate it.
Just telling them to be smart with money is not what I’m talking about though. What I’m talking about is actually modelling and teaching some amount of knowledge about how to save.
I was raised pretty middle-upper class. Only child. My dad made 6 figures. I had a lot of privilege growing up and I knew I did. I was well informed on family finances, investments, etc. We were also frugal(ish) in spending. We went camping every year which I loved, but very few things like vacations, new cars, etc. We had a modest house in a small town. My parents would always just have a shit ton of money saved in savings accounts or investments.
Fast forward to today, they helped my partner and I buy a small farm halfway across the country. We’re a single income house (my partner has disabilities that prevents them from working). We live paycheque to paycheque because I like spending money. Local farmers market, buying things for the farm, and I get a little money spendy because my parents never really did that. I learned all the tips and tricks growing up and once let loose I didn’t really care. Never did.
We’re financially perfectly okay. We have debt like everyone else, but it’s manageable. But we don’t save anything. We’re trying to now this past year but it’s slow because I work in town and my partner will want me to pick up this thing from Canadian Tire, or this from Home Hardware, and always needing new things, or upgrading things on the century old house and homestead.
Basically, I was raised with money and my parents didn’t spend a lot of it. They’re very well off now. I do the opposite. I don’t really care much about the future, as hopefully we can break even on the farm. But we are trying to live more in the now than my parents ever did. Financially, I am very different from my parents.
im_fine_sandy@nord.pub 10 minutes ago
IDK how much parents “modelling” things really helps.
My parents fell for every scheme they encountered their entire lives.
Watching them taught me to be very critical of that kind of thing. I guess they did model what not to do.