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Reasons why most people seek info on what to invest in?
1187 sats \ 6 comments \ @muteness11 4 Nov 2023 bitcoin
despite working hard to earn money, most people still seek advice from family/friends in order to invest in stocks, real estate, Bitcoin etc... why do they rely on others?
It can be any of the following: 1- Too lazy to do the work (research) and make their OWN choice (accountability) 2- Ignorance: lacking technical abilities so they feel they have a mountain to climb and they need to make an action quickly 3- Family/friends: "oh we are the same tribe so surely s/he wants the best for me" "my friend is a CFO so surely he knows about investing" etc... such takes are dumb but unfortunately very relevant 4- Appearances: people believe in them, once they see BLING BLING they assume this person is successful so he knows a lot more than I do so let me ask for advice! ......
I can go on and on but it will be too long of a list
when people ask me "is it a good time to buy Bitcoin?" my response is always "Its a great time to study Bitcoin!" ..... if they are curious enough then ill just guide on best resources
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30 sats \ 1 reply \ @jennann 4 Nov 2023
When it comes to seeking advice on investments, people often gravitate towards their social circle, reaching out to family and friends. This tendency is rooted in a sense of trust and the comfort that comes from familiarity. It's not just a matter of laziness; many find the financial world daunting, with its complex terms and the perceived high stakes involved in investment decisions. There's a certain overwhelm that accompanies the prospect of sifting through endless data and jargon, especially for those not steeped in financial knowledge. Meanwhile, the perceived expertise of a friend who's a CFO or a family member who's dabbled in real estate can be incredibly persuasive. It's a cognitive shortcut that eases the decision-making process, with the assumption that such individuals must possess a deeper insight into the world of investments. Additionally, the allure of success, often gauged by outward signs of wealth, can lead people to conflate financial appearances with acumen. It's a case of success by association, where the trappings of affluence are mistaken for a secret knowledge of fiscal matters. It's in these moments, such as when someone asks whether it's a good time to buy Bitcoin, that guiding them towards self-education can be particularly empowering. Rather than giving a straightforward answer, pointing them towards resources to understand Bitcoin encourages them to build their own informed perspective.
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3 sats \ 0 replies \ @muteness11 OP 4 Nov 2023
well said, I like how you think!
I guide them for self-education knowing this can be provocative for their brain as most people demand absolute clarity for their investment question (yes/no answer, good/bad time to invest)
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10 sats \ 1 reply \ @cryotosensei 4 Nov 2023
What a coincidence. I am reading “The Tao of Warren Buffett” right now. It talks about how Warren Buffett has an independent mind, refusing to follow the herd mentality. I think most people feel the need to consult with their friends and family about their investing practices because they think that “there is safety in numbers”. After all, as the Japanese saying goes, “the nail that sticks out gets hammered down.”
Of course we all know that Warren Buffett made his riches by being greedy when others are fearful and being fearful when others are greedy. The importance of formulating a plan that is tailored to your needs and singing your own tune!
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10 sats \ 0 replies \ @muteness11 OP 4 Nov 2023
Absolutely!! we all learn from trial & error (some dont) and its even better to learn from others (like W Baffet) so you dont have to go through the pain yourself
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0 sats \ 0 replies \ @southside263 5 Nov 2023
time.
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0 sats \ 0 replies \ @adexmakai4211 4 Nov 2023
Well your listed reasons are okay but I think the major reason is just fear of the unknown.
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