Maretus
@maretus
Gonna spitball with some of yall about an idea I’ve been rolling around. Does anyone think it would be a good idea to start a crypto investment/advisory business to serve old technologically inept boomers? I live in the retirement capital of the world. There is no shortage of old people with money looking to invest. I feel like this could be a good idea for a local business - especially with the moves we’re seeing from Robinhood and others. Crypto is going mainstream and I think I could sell this as a service. Charge a flat fee for advice or a percentage of profits for investments? Has anyone ever tried anything like this? I have been advising my boss about crypto trades for awhile now and he’s doing pretty well based on that advice. I know it’s really easy during a bull and damn near impossible during a bear, but what if supercycle? 😂
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Herbert Kwan
@genghiskwan
LOL here’s my take and you probably won’t like it. I tell my dad to buy a tiny bit of crypto ETFs, not crypto directly. He’s invested his whole life, and now he’s retired and living off those investments. Crypto is way too volatile, and he’s in his 70s. If it crashes, who knows how long it’ll take to recover, and does he even have time to wait it out? Also there is a high change he falls for a phishing scam and loses his wallet. A young person can afford to go heavy on crypto because they’ve got time to ride the dips. But if a retiree is living off their portfolio, I wouldn’t want them putting more than 10% into crypto. And if I’m just telling him to do 10%, then honestly, just keep buying SPY and QQQ.
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