As most kids would relate to, it is tough explaining new tech to your parents. They have just gotten ahold of Facebook and other social media. Do you really want to push them into something as technical and complicated as Bitcoins and cryptocurrencies?
Well, the answer is Yes!
As most teenagers and young adults would know, even though you have access to education through the internet, webinars, podcasts, and blogs, you are really not in a position to make an investment decision.
There are many teens and young adults who often write to us and ask us about how they should try convincing their parents to invest in crypto. They know the facts, have done the research, but need the money!
Thankfully, you are in luck. In this article, we are going to talk about explaining Bitcoin to your parents in five easy steps.
List of 5 Easy Steps to Explain Bitcoins to your Parents
Step 1: Establish your Maturity
Parents take their kids to be too immature, ignorant, and reckless to talk about money matters. Start by establishing your maturity. Discuss issues like taxes, investments, savings, and so on with your parents. The important thing at this step is to build trust and showcase responsibility.
Once you start talking about these issues, your parents will automatically start believing in your judgments, decisions, and advice. This step cannot be rushed at any cost. You need to invest some time to do this successfully.
Step 2: Discuss Financial Security, Independence, and the Future
Once you have been successful in establishing trust and maturity, it is time to move onto more complex areas of financial discussion. Ask them what are their plans for the future, how are they trying to secure the financial future of their families, and so on.
At some point, you will get a hint that even though they are trying, there is a major room for improvement. Slow growth in investments, lower rates, etc. are issues, which plague more American families than you would imagine.
Step 3: Invest a Little Pocket Money of your Own as a Beta Test-
We know you cannot have thousands of dollars to invest and that is alright. However, you can save up on some lunch money and carry out a small beta test. Trading platforms like latesthackingnews.com allow you to buy a few Satoshis (smallest denomination of One Bitcoin) for a few hundred dollars.
With the Bitcoin rising every single day, you will be able to make a case for your few hundred dollars very soon. This would be the real proof of the pudding, which you would need to present in front of your parents when the time comes.
Step 4: Show them the Results and give a Live Demo-
The way Bitcoin is growing now, within a few months, your few hundred dollars would easily become a few thousand. This is when you need to sit them down and start the explanation process. Be prepared with some credible literature from established news platforms. You can also cue up what some billion-dollar investors on Wall Street are saying about the same.
Tell them you want to show them something, and show them your trading platform dashboard. Explain to them how you started, the amount invested, and where you are at. If possible, cash out the money from the platform and into your bank account in front of their eyes.
Step 5- Ask them to Invest in Bitcoin-
Once you are able to establish maturity, show them live results, and back it up with real proof from the industry, there is no question that any reasonable human being would not agree with you. This is the point where you need to request them to start slow and invest a few thousand dollars.
Do not force them to go in all the way. Just a few thousand dollars to see how the investments go. You also need to understand that they need a specific time to wrap their heads around something, which is this new and advanced.
The Final Word
With the holiday season around the corner and Bitcoin showing signs of a string surge post the $20K mark, now would be a good time to start the steps. Parents want what is best for their families and kids. as someone who is much more aware and conscious than them, you need to start proving the same.