Thursday, 1 February 2018

18 year old son has over 600k in bitcoin(when they were worth 15k)


So had to make a throw away account because my son knows my real account. On the crapper right now and I have to go to work in an hour so I'll have to make this short. I'll probably go into more detail in the crypto sub tomorrow.Got a call a bit ago from a friend who does our taxes. He's really professional but also a close family friend that has been like an uncle to my son all his life. He called to tell me my son emailed him last night not sure what to do with the money he has made since he was 10.Back story to make things quick. When my son was little, I would always explain how money is handles and how trading works. Every month I would give him $50 to play with in the stock market. I would help him when he first started off only buying apple and dow stock and then let him trade on his own after he seemed to have a basic understanding. Rules were, if he makes any profit that month, he can keep it but the base amount has to be kept there until he's older. He would do an okay job, once got $300 from just the 50 I gave him that month in profit. I felt a bit disappointed at first as to how he would always take the money he earned out instead of reinvesting it but now I couldn't be more proud, and or worried.Looks like my son got into the bitcoin community early and had been buying bitcoin with his profits but looks like he was doing some other things to make money to buy more bit coin as well and I just hope it was legal.My friend said my son wanted to have a private conversation with him before telling me about the amount of money he has been saving. Looks like he made a good majority trading and starting early so I feel a bit better knowing that. I knew he had bitcoins but he o ly told me about it when it was starting to be all over the news and thought me how they work. He has physical coins with the keys and wallets on them so he's been saving them and not linking them to his identity.My friend explained how my son is intimidated of telling me and my wife about the money, mostly my wife. She likes to brag and her side of the family is a bunch of moochers. He's also afraid of how to report it now that he's going to do his taxes for the first time.How can I best help my son feel safe with his money and what would be the best tips to give him on what he should spend the money on to build credit and put downpaymets on anything should he decide to cash out. via /r/Parenting http://ift.tt/2GyGbdz

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