Quote:
Originally Posted by Rain Man
I've got a younger relative who is prudent with his money, but he's keeping his savings in a savings account at 0.1 percent interest. I'm trying to talk the guy into getting into stocks, but he's not familiar with them and is wary. It's killing me.
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I'm not one to talk, I (up until I bought some land) had an uncomfortable amount of money in a savings account. But I was doing it for the aforementioned land purchase. I was close several times to putting it in SPY which would have been the move in hindsight, but I couldn't take the risk.
Can't you just knock out a compounding return spreadsheet in like 30 seconds comparing his return to even a conservative 5% return. I think the long term stock market return is 8. Or just convince him to open a brokerage account and put SPY in and see for himself?
I mean, you can get a little more intrusive since he's your relative.