2
My dad's broker advice from 2018 cost me about $4k
Back in 2018 my dad told me to put all my savings into a brokerage account with a big online broker instead of keeping it in my bank's savings account. He said the bank was just giving me 0.5% and I could do way better in the market. So I moved about $12k over to Fidelity and bought what he suggested a mix of index funds. Then 2020 hit and I panicked sold when everything dropped, missing the recovery completely. The bank account would have just sat there and I'd have the same $12k plus some interest. Now I keep most of my emergency fund in a high yield savings account at a different online bank and only invest money I can afford to lose. Has anyone else gotten burned by family advice about where to park their cash?
2 comments
Log in to join the discussion
Log In2 Comments
piper_lopez13d ago
Bro @webb.victor I was the exact same way honestly. I used to think my dad knew everything about money and then 2020 happened and I learned the hard way lol. Now I'm with you HYSA all the way for the stuff I actually need.
7
Used to be the same way about trusting family financial advice but watching that 2020 dip vaporize my cash changed my mind. Now I keep my emergency fund in HYSA too and only gamble with money I'm ready to lose.
3