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Family member asking for financial advice

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by COINS NEWS 31 Views

So one of my cousins called me today and said that my parents told him about how I'm into crypto and have been recently investing in the crypto space. He asked me how long I've been into crypto, and I told him that it's been 8 years now. Naturally he followed up with asking if I'm in profit and I told him yes and now he wants me to give him financial advice.

The problem is that we live in a third-world country and this cousin of mine is not that well off. Additionally, he's also older than me and way more risk averse given that he has a wife and a kid to provide for while I'm still in college. I know for a fact that I only invest in crypto what I can afford to lose, even if it's everything I've got to my name. I haven't even graduated and started a career so I can lose it all and still be fine while my cousin is looking at crypto as something that will get him out of poverty and solve all of his financial problems.

I was very hesitant to give him any sort of advice because I don't want him to invest without understanding the risks associated with crypto trading. The only advice I gave him rn was to stay away from gurus/scams and start doing his own research to understand the market.

However, I'm also glad my family has started taking crypto seriously and don't think I'm just yapping about some magic internet currency like they did in 2016. I want them to learn more about this space and invest wisely. I told my cousin that I'll tell him more when I visit home and until then I can send him some YouTube videos so he can educate himself.

Now I need advice from the wider crypto community, have you ever had to deal with a situation like this? What do you guys recommend I do? Also I'd greatly appreciate if you can drop some beginner friendly YouTube resources to get started on crypto. Thank you in advance!

Tldr: cousin wants me to give him financial advice and teach him how to trade crypto so he can get out of poverty. However I'm hesitant as I don't want him to invest more than what he can afford to lose. Need advice.

submitted by /u/dvge
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