TIL my uncle's "invest in gold" advice cost me $200

Back in 2020, my uncle Bob kept pushing me to put $500 into gold coins. He said it was the only safe bet during the pandemic. I followed his advice and bought a small bar at a shop in Denver. Two years later, I sold it for $300 and missed out on the stock market boom. Has anyone else gotten bad advice from a family member who meant well?

3 comments

3 Comments

oscarw831mo ago

Figure out how much Cramer would have cost you if you'd followed his stock picks instead.

bettys511mo ago

Oh man, that's rough. I mean, it's like everyone's got that one relative who thinks they've cracked the code on money, right? It's almost like they latch onto one piece of advice they heard somewhere and then push it on everyone else without really checking the facts. I bet half the bad financial advice out there comes from people who mean well but just don't understand how the world works now. Maybe it's just me, but I've noticed it's almost like a pattern with older folks especially - they think because something worked for them back in the 80s or 90s, it'll work today. But the economy changes so fast, even experts can't keep up. So yeah, your uncle probably thought he was doing you a solid, but it's a good reminder to always double-check any advice with current info before you commit your money.

tyler_wilson1mo ago

Tbh I used to be one of those people who swore by gold too. My dad was all about it and I thought he was a genius for buying in 2008. But seeing how fast tech stocks took off during the pandemic really opened my eyes. My cousin threw $2,000 into some random solar company and turned it into almost $18,000 while my little gold bar sat there collecting dust. Honestly it made me realize that "safe" advice from family can actually be the riskiest move because you're not thinking critically about it. Now I actually look at current market trends before making any move, even if my mom or uncle swears by something.