I have always been an investor. I don't know much about markets but I believe am too young to keep money in a bank.
Plus I know savings don't make you rich. It only helps your kids go to college :D
I have read it somewhere that it's about being right more often than not and if you do this regularly, you can make a fortune out of a small sum.
On the contrary, I don't like gambling because even if you make money, you'll lose it all if you're a regular.
I share a lot of things with my gf and I have told her I invest in various asset classes. My explanations for them were like this :
Stocks - It's like partnership of a company
NCDs - It's like a fixed deposit with a company
Debt funds- They give loans to companies which find banks expensive
Gold - You don't say
Poker - Gambling with maths and lies
CryptoCurrencies - This is roughly how it went :D
Me - It's like currency
She - But who controls it.
Me - It's a currency no one controls
She - Who wants it then?
Me -There are people
She - Why can't they take dollars?
Me - Because that has high fees - (I am already confused myself)
She - So, this has no fees
Me - It has very less fees
She - OK! then why are there so many of them?
Me -Ummm... They have differences at a technical level
She - Ok! Like computer languages ?
Me - Yes, kind of. And one day, they maybe used on amazon or something to buy stuff
She - We can already do that using dollars, no?
Me - But this can increase in value over time and we can buy more stuff then
She - That I heard in news about teenage millionaires and about the crashes too. I can't imagine keeping 100 $ in my account to see it decrease to 60 $ the day after.
Me - Ok, let's get this straight. I'm just gambling but since I spend so much time studying it, I think I know something. But I understand it less than stocks but I know people earlier made money through bitcoin and ether but now people can make money through ICOs!
She - ICOs?
Me- No, Nothing. It's just another way of gambling.
She - You shared a post about some Useless Token on FB. I read it. The guy must have put money in himself for the publicity and media attention.
Me - Errr... I think those were real people.
She - What? Can we get just 20000 dollars for a vacation too, then?
Me - Lend me 200 dollars to gamble then :D
Also, this nice video when people ask you to dumb down something that can't be.
Do share your experiences explaining it to others. Funny/ Weird/ Rhetorical, whatever it was :)
Don't explain it. Seriously.
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