Hey Guys,
So my dad has 60k saved that he want's to invest. He's dead set on thinking that the stock market is the only place he's going to make money. Keep in mind he can't really afford to lose all 60k. I mean he can, it won't necessarily affect our financial position but it'll still mess with the budgeting.
Back story: He's basically fed up of living this mediocre life. He made some bad financial decision in the past which led to us being where we are today. He sees his friends making it big in different ways and feels the need to "catch-up" to them. I understand that feeling (been in that place), but trying to compete with money is a bad idea.
So, he's going after the "get rich quick" strategy which is obviously a horrible idea. I'm trying to convince him that as a beginner investor, he should stick to safe stuff like ETFs and Indicies. He's thinking more along the lines of low-mid cap companies and possibly penny stocks. He has these false ideas about the market and he's only thinking the most optimistic point of view. His ideas might work if he had the time to research and study the companies. He's only going off previous trends, article headlines and opinions. But as Warren Buffett said "If past history was all there was to the game, Librarians would be the richest people".
Anyways, I'm here asking you guys to help me come up with a convincing argument to steer his mind in the right direction. Any beginner tips, things to plan for etc. ANY advice is appreciated. Btw we're Canadian, so things like Robinhood don't work for us :(
Thanks!!!
Submitted July 19, 2017 at 11:05AM by glaedr7274 http://ift.tt/2uaTBIK
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