my dad gambled away a massive amount of money and sold all of the family's rental properties to pay it offguess I'm waging for life thanks dad what are your tragic stories of being denied generational wealth and early retirement by your parents?
>>62226210Not getting in early
my parents didn't buy doggie coin
>>62226210It could be worse, your dad could have lost more than 200 Bitcoins that were given as a gift for a partnership between brokers. Also my dad went millionaire and bankrupt several times in almost 40 years of his career in the stock market
>>62226571What did he retire at, millionaire or broke?
>>62226210I once had over 10k bitcoin but sold them in 2012 to pay for college. I am currently sitting at the work “smoke shack” taking my 30 minute lunch. Sigh. If I hadn’t listened to my parents I would’ve said fuck school all I want to do is grow weed, flip houses, mine bitcoin and make Minecraft YouTube redstone tutorials. In 2010.Fuck me man.
>>62226686Yea I got fucked over by my parents bad advice too (except they knew it was bad advice intentionally)and they blame me for it Okay I'm sorry for trusting the people in my life who were supposed to help me instead of stab me in the back and laugh at me after the fact
>>62226686Are you on suicide watch?
I conviced my father to put 100k into spy by telling him to zoom out on the chart. Pretty much conviced him. I am going to inherit that money someday. Thats how you roll with your parents, its that easy.
>>62226646He still didn't retire, founded a small investment broker which I'm currently working at. I'd say he's broken but the company is worth something enough to retire living frugally.
>>62226210My dad started working at age 14, became known as a "wizard" tuning porsche engines. By the time I was born he had his own workshop, bought burned out porsches and turned them into top 5 cup winning race porsches. Own tuning bench, the works. Built his own fucking cargotruck to transport his racecars to the race tracks. At one point we owned 3 race porsches and 2 regular ones for normal driving, a mercedes, van, ... Whatever. Celebs were driving our cars. People came from all over the world to get their engines tuned by dad. He got to travel to Dubai, Senegal, America, ... all to share his expertise.Someone gifted him a cruise as appreciation. On the ship there was a casino. He played one evening, won about 20k in cash from the cruisecasino. He never stopped gambling since, he has ZERO money on his name at age 80. He works from a tiny garage and people bring him an engine to check up on once in a while. He sold his entire old setup for peanuts. Every cent went to casinos. He asked me to sell stuff, said he was done with it, health wise he couldn't do it. I sold a bunch of his stuff online and helped get rid of it. One hour after people picked it up and paid him, he was bragging to a friend "it's gonna be all spent this evening haha".
>>62226210My parents told me investing was a scam and I didn't start educating myself on finance and economics until I was 24 and didn't start investing until 25.Dad also lives in a ranch-home (doublewide trailer with a basement) on 3.6 acres of land, but he doesn't maintain it and now there's mold, water damage and rat shit in the basement, it needs a new $15k - $20k roof, new flooring, both bathrooms are destroyed, etc.
>>62226210my mom spent my collage fund on $HAWK coin.guess im never going to uni
>>62226969That's so sad man...
>>62226981Every week he calls me up complaining about how the electricity bill is too high or that he wants firewood for the stove because he doesn't want to turn up the heat (gas). I call him out that if he hadn't gambled away is money he'd be living a lot more comfortably. To this day he denies ever gambling. Lying to my face, to my mother. To everyone. We all know it, he is in denial.
>>62226255Wasn't that like 55c last month?Why's it heading up?Think it'll hit $5 or $10?
>>62226475I wanted to, for funneh numbar memes in 2019. $3000, but I didn't have it and didn't feel like asking because what if it goes nowhere?March or April 2021, hits like 75 centsWould have been nice, now i have like $400 on RH trying to make up the difference.
>>62226994He's probably so ashamed that he has to convince himself he never gambled and screwed up. If he admitted it to himself he might go insane.
>>62226923I tried this with my dad and he still didn't believe me. He thinks you'll just lose 100% of your money in spy randomly one day
>>62226210My father blew literally millions of dollars on scammers who told him that the income tax and IRS were unconstitutional and that if he just handed them control of all his money in their special "trust fund" setup he wouldn't have to pay a dime to the government.Peter Schiff's father, Irwin Schiff, was one of the scumbags. At the federal income tax evasion trial of one of his followers, Irwin Schiff famously told the courtroom that anyone who believed his bullshit deserved whatever happened to them. Fucking kikes.Needless to say, this ended up in massive IRS fines -- just one of them that I knew of was $50,000 and I think there were a couple more over the years -- and then the scammers stole nearly every cent he ever made out of the "trust fund". The first scammer stole all the cash out of it, over $300,000, and then my father went to court to remove her as the trustee and he put a different scammer in charge of what remained. The second scammer never paid any of the property taxes out of the rental income on the properties my father had put into the trust, so the properties got seized and tax-auctioned by various governments.Even when I TOLD him that this special trust fund setup was a known scam, he started frothing at the mouth and screaming at me that he knows it doesn't work yet, but that they are going to force the government to recognize the special nature of this trust fund and get the Supreme Court to rule in his favor that it's untaxable, thereby saving everyone in the U.S. from ever having to pay taxes ever again.On top of all of that stupid shit, he kept finding convicted criminals to throw money at to "help" them. He'd give them money for their prison commissary accounts, or when they got released he'd throw money at them so they could start up their own businesses.(continued)
>>62226210>>62227442 (continued)Meanwhile, me? He refused to help me with my tuition on the grounds that I'd had enough help when I was growing up. Me not doing well was just because I wasn't enough of a go-getter, ignore the dot.com crash in 2000 that wiped out everything I'd saved except for my house equity, and forget about the 2008-2011 Second Great Depression that wiped out everything I'd managed to salvage out of my house equity.Anyway, he died with practically nothing, and he managed to pressure his wife into wasting most of her inheritance on propping up his no-longer-successful company, so now she's scraping by on just her social security.
>>62226775No I’ve never had an inkling for that. My brother is tho I worry about him. Sometimes that’s the part the hurts the most. In my current situation I can’t do much to help his. If I had “made it” I genuinely think whatever troubles his soul would’ve been cured by gobs of cash and the freedom to live life however he wanted
>>62226969I’ve seen about every addiction and the hardcore gamblers can outclass speedball junkies in self destructiveness. It’s unreal. I guess as a recovering substance abuser I relate more to the junkies - when people say “ how can they do that” deep down I know exactly why/how.Not true with gamblers. I guess I’ve never won big (that I remember… I did wake up after getting black out drunk at a casino for a friends b day with $8k in winnings) but godamn.
>>62226210i fumbled away a massive amount of money and my children will be wagies for life
>>62226686That's double rough that you probably could have kept some if they had prepared a college fund too, yet still put so much emphasis on it
>>62226686I was actually in a similar situation but I did grow weed and I did know about btc early on but only used it for buying drugs. The weed business didn't work because I chose bad partners and didn't have the wherewithal to manage it on my own when they absconded/I fired them for inept behavior.I just ordered a $1.08 million usd car and have $14 million usdt liquid in a browser extension. I only focused on making it with investing and trading after the covid run-up and gained and lost alot of money in between then and now. I never quit trading even when people were making fun of me and I was watching accounts get liquidated. I was literally down to my last $144 (i remember it specifically because it's a fibonacci number) before I ran it up in what was like 3 months to $800k then another 6-8 months to $14 million. It doesn't even feel like I did something crazy because my strategy is so solid. I won't share it publicly. I did share it with another trader but for some reason he always tells me I'm just seeing patterns where there aren't any and it's just random. I still paid him $144k in usdt because something he taught me was instrumental in my run-up. I live with my parents btw because houses seem like such a bad deal rn.
>>62228179btw im actually a good weed grower im just not that interested in it since legalization kind of shrekked the market i was growing at a time when it was kind of half-legal half-not so the rewards were alot higheri still might get back into growing boutique weed. i dont even smoke it myself now. maybe ill grow tobacco instead.
>>62226969>>62228090Yeah. I have an uncle who was an anaesthesiologist during the golden age of American doctors-get-rich healthcare. He blew over ten million dollars in Las Vegas in the 1970s and 1980s. By the 1990s his wife had been forced to divorce him to salvage whatever could be salvaged out of his income and retirement. At that point he could only afford to throw away everything he had left on the stupid local "riverboat" casinos. Now he's living on half his pension (ex-wife got the other half) and is barely able to afford his mid-tier condominium with his live-in girlfriend sharing the expenses.Supposedly psilocybin therapy is very successful at curing gambling addiction. The gambling addict has to want to be cured, of course, since otherwise he'll just go back to reinforcing the dopamine-button-pushing behavior all over again. See Michael Pollan's book, "How To Change Your Mind".
>>62226686There's no point thinking about stuff you could have done differently in the past - there's an equal chance BTC goes to zero.I had 100 BTC at one point. Similar to you, sold during Uni years 2012. Doesn't bother me - I don't think I would have held this long, I'm too ADHD.
>>62226969I don´t understand how gambling is legal but cocaine isn´t.
my mother is born from a guy who inherited an art gallery in nyc and have some picasso monet etc drawingshe never recognized her so administratively she is not his daughter but during the last years i encouraged her to start the process as a refusal for him to provide dna would be a suspicion of guiltshe never made anything when i was ready to pay for the lawyer and my ex gf who is a lawyer was ready to do the things right he died last year, my mom did nothing
>>62227442Is this real? Did he have a mental illness, or just boomer brain rot?
>>62227442damn your father sounds so fucking dumb, im sorry you inherited nothing from him but his stupidnesslet me guess, you still have a chainlink bag?
My grandparents owned a beachside condo complex in Cocoa Beach Florida and sold it to waste the money on fuck-all around the time I was born. It would probably be worth a hundred million or so today. I'm typing this from bed three years into a brain tumor related disability case while rationing canned beans until EBT recharges.
When my gran died my parents got about 100k inheritance, then my dad died and left some life insurance and fully paid off house worth about 400k. My mum completely lost the plot and started drinking and wanting to move a lot so she went from house to house to house each time selling well under market price cos she wanted to move immediately, while drinking and spending £250 a day at the pub (drinks on her). She did that for about ten years timing it out perfectly so that she ran out of money just as she died leaving nothing behind but a funeral bill. Still love her though God bless her she just wasn’t equipped for dealing in the real world
I have like 530k in stocks across all accounts and 135k in home equity at 36 years oldAm I on my way to creating generational wealth? I can't even convince my loser fucking coworkers or family to put even 1000 dollars a year into a roth ira. They'd rather have a new truck because it's cool
>>62229307What's sad is that sometimes there are diamond hands people get super rich and then they keep holding on until it goes to zero. If I had enough in bitcoin to retire comfortably, I absolutely would. If it even it 1-2 million I'd probably buy a house and live off rental income, or keep working and let it sit in dividend stocks for another couple of years.
>>62226923Tried that with my dad but he is a commie, so it went down well
>>62229521what a stupid whore
>>62229510Sorry to hear about your situation sir.
>>62229539My last jobs ira and 401k stuff had horrible options like only 4% at best and there was no way to get them to reinvest so I just put in the bare minimum to get them to match my investment
