Hot take: That 'hold cash' advice from my uncle cost me real money

My uncle Bob told me back in January to sit on my cash because the market was due for a crash. I kept $12,000 in savings for 6 months while the S&P shot up 8%. Missed out on almost a grand because I listened to his doom talk. Has anyone else had family dish out advice that looked smart but actually burned you?

3 comments

3 Comments

wesley_adams14d ago

Uncle Bob giving financial advice is like a penguin giving flying lessons. He meant well but the execution was terrible. You missed out on almost a grand because he watches too much doom and gloom TV. Should've just thrown that cash in an index fund and set an alarm for six months later. Next time tell Uncle Bob you'll take his advice on what beer to buy, not on the stock market.

alicehernandez14d ago

Someone should ask Uncle Bob how his gold investments did last year before trusting him again.

uma_ellis14d ago

Wesley's penguin analogy is spot on but let me tell you about my own Uncle Bob moment. I once took his advice and dumped my savings into a penny stock he swore was "the next Amazon." It was actually "the next Enron" and I lost enough to buy a used Honda Civic. Now I just nod when he talks finance and quietly contribute to my 401k like a normal person.