Quote from: Mpamaegbu on Today at 12:51:57 PM

Quote from: Agbe on August 16, 2024, 11:37:51 AM

Your input can help this man through me.

There are lots of holes I picked in the whole clergy situation as you narrated. Let me dwell on just three of them for didactic purposes.

First, I like the part you posited that you didn't want to hodl the investment for him but that he should get a trusted child of his to hodl and monitor it on his behalf. That's what I also do. This has helped keep me out of trouble with people. Once I set it up for them, I let them keep it. I only get involved when they want to sell or transfer if they can't do it on their own. Nobody likes to see their investment depleted and if that begins to happen they want to quickly blame it on someone if they aren't seeing it go down themselves.

Second, I would never suggest crypto investment for someone going into retirement. It's too dangerous, whether it's on a short term or long. What if wallets get hacked? What if passwords get misplaced? What if coins dip at a time they're in dire need to sell off and attend to their financial needs? There are so many "ifs" to it.

Third, I don't understand the part where people have to wait until their retirement to start up something that can get them passive income. Your clergy's situation cuts across many civil servants I know. Most of them find it difficult having investments by the side while in active service and that's lack of financial wisdom.

All your points are good. And mostly the second point. Forum has thought me a lot of lessons so when I am involved in cryptocurrency with anyone I have to be very sensitive and be careful with the person. I will not invest and monitor someone investment. I can only direct the person to buy and invest for the first two to three times. And when the person can buy by him or herself then I left everything for them to do. And as you said, can only answer questions from them I'd they don't understand anything either they want to sell and they don't know whe to do. When you involved in another person investment and if anything happens then you are to blame and to avoid such. I have to tell them everything both the advantages and disadvantages so that when it happens I will not be blamed again. But their errors or impatient. As for the second point, I think it is not bad to tell someone to invest in bitcoin if the time before the person will retire is still far. And before then as I said, tell the person both the pros and cons so that you not be held responsible when there is any downfall. And it is very wrong for someone to start planning to invest when he about to stop working. There is no need for that unless the person has another business running to fetch him coolly money.