How do I convince my brother to open a retirement account and start investing in his future? He seems to think that saving up cash from his minimum wage job in his savings account is good enough. When I try to convince him otherwise he gets offended and thinks I'm calling him poor, then goes on a big rant about how he's doing good and lots of people don't even have jobs, so his minimum wage cash savings are good enough for retirement. I can't convince him otherwise
tl;dr How do I convince my poor minimum wage brother with no career advancement in sight to open a retirement account and start investing so he doesn't end up on the streets? He thinks saving cash in his savings account is enough, and his argument is that "tons of people don't even do that, so I'm ahead of the game"
is he older or younger than you? i assume younger?
Zachary Roberts
He's younger and he has no education, and he won't ever because he doesn't think it's fun. I'm successful and rich (by my family's standards) and when I try to give him advice he just ignores it. He was kind of a Chad in school and I'm a loser incel so he thinks his coolness overrides my knowledge
Tyler Young
He is gonna end up living with you as a NEET while you earn his living.
Enjoy.
Noah Sullivan
im kind of in a similar situation but im the younger brother with no education but i have my crypto gains that makes more than my older brother with a good job. get your brother into crypto, if he doesn't have an education it's kind of the only way to make it. if he doesn't wanna get into crypto or doesnt have enough capital to start or can't afford to lose any, then tell him to get a job serving tables at a fine dining restaurant. that's pretty much the only way to make a good living without an education. i made 60k a year ( a lot for the area i live ) when i served tables at a 4 star restaurant
Jackson Hughes
also, if he wants to work minimum wage for the rest of his life that's his choice you can't force him to do what you want him to do. some people are okay with that.
Ryan Carter
I never said I'd try to force him to get a better job, just try to convince him to at least invest in a Roth IRA or something so he makes actual gains. He will NOT make gains by saving literal cash in a savings account like he's planning to do for the rest of his life
Jonathan Garcia
>incel forced meme
Luis Baker
get him to invest in crypto stocks are a joke
James Cook
Yeah, he's definitely going to understand how to set up a secure deep-frozen cold wallet for crypto investments /s
Oh, wait, you're one of those retards who either keeps his coins on an exchange or keeps them on unsecure machines.
Noah Cox
Set money aside for him in your ira. You'll be bailing him out later in life.
Thomas Brown
>Roth IRA >not crypto
nevermind, you shouldn't be giving him any advice, cause you clearly don't know how money works. if you think a solvent roth ira is going to be there by the time he's 59 you are a boomer in a young mans body. the dollar is going to crash by then and crypto will take over.
Camden Ward
A 401k is literally giving boomers free money, there won't be anything left by the time we retire.
Jacob Martinez
he can just buy EOS and not have to worry about it. he can setup a time delay for withdraws so if he gets hacked he can freeze the transaction and reverse it through arbitration.
Blake Gonzalez
Yeah no thanks, there are max contributions per year and those are all mind. He has money, he can put his own money into his own IRA
So the entire economy, every company, and every asset, is going to become worthless just because it becomes denominated in crypto? By the time this happens you will be able to allocate crypto in your IRA retard
Clearly you don't know what a 401k is. It's just an investment account you can contribute pre-tax income to. You can allocate it to anything you want - gold, index funds, TSLA, even BTC once we get crypto ETFs
Oliver Allen
Anyway this is a REAL investment thread not a crypto investment thread. I'm as big on crypto as all of you are but I'm not going to convince my brother to invest in crypto when he doesn't even know what it is, doesn't know how to store it, doesn't understand bear markets and volatility, and will blame me if anything goes wrong.
Brayden Nelson
then your brother is absolutely fucked because if you think a minimum wage job is going to cut it for saving fiat thats value inflates away over the years anyways. he has 2 choices: crypto or waiting tables, or both.
Logan Phillips
You're giving him bad advice. He should invest in his skills and his social capital. He can worry about saving for retirement once he's earning at least six figures.
Andrew Gomez
Yeah, saving USD fiat is definitely investing in his skills and social capital. I already said he refuses to go to school and wants to work in fast food forever. He just thinks saving fiat is good
Connor Brooks
It's simple. Show him how much he needs to truly retire. Show him articles which say a safe withdrawal rate is 4%. Then do some simple math and show him that if he wants to live off 25k a year (which is what 40k a year turns into after taxes), he needs a million dollars. Then show him that a million dollars divided by 40 years of saving means he needs to be saving 25k a year. Simple
John Nelson
He doesn't understand math unironically and he'll just think I'm insulting him and calling him poor
Nothing I say convinces him that fiat is shit
Henry Wright
Well then I'm sorry you have such a retarded brother that he can't understand the simplicity of what I just said.
Leave him be. The federal government will take care of him when he's old and destitute. The poor have it better than the middle class here in the US
