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When the client presents your idea as their own.
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Any thoughts on PwC private practice???
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Here we go again.
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Cons is he'll most certainly lose money. Pro is at least he'll be in the house!
Your husband is not smarter than the teams of people who run hedge funds. Nor can’t he compete against a bunch of sophisticated AI trading algorithms.
Rising Star
I think you need to understand the amount of money that is at risk. If he is day trading with $1000 or less a day (assuming he has another job for income), don't worry about. If he is gambling 50,000 a day, then I would bring it up and talk about what you want from him. There are ways to limit risk when day trading or options trading.
My husband uses his allowance and cannot touch any other joint fund. He is up 20% this year already.
Plus we are maxing every tax advantage account so he is not being reckless with his or our future.
I do not have an issue with it. I was showing how I have come to ignore his day trading since he only uses his allowance and he is also doing long term investment.
Is he doing it primarily to make money or as a hobby? I would say you two should come up with some kind of compromise—if he likes it, let him keep doing it, but with strict limits on the amount he can trade. However you used the word obsession which sounds like he could have a gambling addiction or the beginnings of one. If he’s getting serious adrenaline rushes from trading, you all need to have serious discussions now and he needs to get into therapy before he starts pouring more money into this and/or moves to even riskier gambling like sports betting etc.
Do you know any millionaires or billionaires who attribute day trading as the way they became wealthy?
Building on D2’s point - what edge does your husband have? The answer is overwhelmingly likely to be zero.
That said I have a small portion of money I like to invest for fun in companies that I think are interesting. This amount represents ~1% of my net worth, which is enough to make it fun but doesn’t keep me up at night.
Contain the risk. A friend lost everything and when he couldn’t stop borrowing to “make it back” up he lost his family.
What’s his background? How much at stake? Algo based? Is he staying in his lane (ie industries he understands well)?
If it’s a hobby where damage is contained within lunch money, not a big deal. Close monitoring in case he starts showing signs of gambling addictions should suffice.
Most likely will be losing on intraday unless he has the applicable background and an edge on the strategy side.
I come from a family that never invested in stocks. I’m learning how to myself. Any suggestions on where I should invest $3,000? I’m also 133k In debt Bc of school and need to invest regardless. I should be able to pay off my loans in 10yrs. I’m looking for serious suggestions. I’ve worked really hard to keep myself financially independent since high school.
Thank you!