Doing OK dad, poor dad

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#1 Sun, Jul 17, 2011 - 6:46pm
mdcromer
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Doing OK dad, poor dad

My father just turned 65 and would like to retire someday. I've been trying to talk him into buying some precious metals with his six figure retirement nest egg and he seems somewhat interested but hasn't actually bought any. I'm terrified for him. I bought PMs with the funds I have avaiable (a few thousand dollars) -- all my retirement money is locked up in a 401K with no ability to borrow for a couple months. So I can't really help him out financially in the event of a collapse.

Any suggestions on getting him to buy PMs?

Edited by: mdcromer on Nov 8, 2014 - 5:06am
Sun, Jul 17, 2011 - 9:23pm
pourty
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Well...

Other than a court order declaring him incompetent and giving you power of attorney, I think all you can do is encourage him to buy them.

My dad's fairly wealthy, I've been trying to get him to put even a little bit into PM's for two full years now, the response is always "My broker's take care of all the money"... which is all in stocks and mutual funds.

I'm heartened by the fact he owns some land, if nothing else, that will retain value, but I really think he's in for a surprise some day soon when his stock investments tank big time and he's got no PM's to fall back on. Normalcy bias. Doesn't matter how many gold and silver news articles and charts I send him.

Sun, Jul 17, 2011 - 11:08pm
tmosley
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Give him some as a present.

Give him some as a present. Birthday, Christmas, or Father's day are good. That tends to push them over the fence.

Sun, Jul 17, 2011 - 11:44pm
Jasper Puddlemaker
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Welcome to the club...

Parents don't listen to their adult kids (just like kids didn't listen to their adult parents). With my parents it would take someone from their peer group to get through to them in regards to metals. Despite me having been right about metals for the last decade, they still do not listen to me. Their favorite radio personalities and financial TV personalities have always told them "don't buy gold." They are programmed into the "buy and hold growth mutual funds" BS, and they have lived their entire adult lives in a world where the US$ is king. Hard to overcome those obstacles; only a small percentage of individuals will ever think outside the box. 

As Straus and Howe wrote in The Fourth Turning, "Americans have always been blind to the next turning until after it fully arrives." That is the way it always is.

Mon, Jul 18, 2011 - 10:30pm
Captain Benny
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mdcromer wrote: Any

mdcromer wrote:

Any suggestions on getting him to buy PMs?

Buy him some bullion and gift it to him. Or make a deal with him: If he spends $500 buying silver, you'll match it. Or something like that. The best way to get someone interested is to have them hold and own a little to begin with.

Mon, Aug 8, 2011 - 1:32am
mdcromer
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Yay!

I twisted his arm enough to get him to buy his first two ounces of gold. Just in time for the S&P downgrade!

I think I had success with 4-5 others at work. People are starting to smell the coffee. . .

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