Chat with a old timer at the coffee shop changed how I look at dividend stocks

I was waiting for my order last Saturday and this retired guy starts talking to me about his portfolio. He told me he's been with the same brokerage firm since 1987 and never once moved money to a bank savings account. Said he watched his dad get burned by bank CDs in the 70s when inflation ate up all the gains. That hit different because I've been sitting on $12,000 in a savings account earning basically nothing. He showed me his dividend statements on his phone and the numbers were pretty decent for just letting stocks sit. Now I'm wondering if I am missing out by being too scared of broker fees and market dips. Has anyone else had a older person talk them into moving cash from a bank to a brokerage?

2 comments

2 Comments

patricia421d ago

Oh man, that story hits close to home... my dad was the same way with CDs back then, swore by them and got burned too. It's wild how one chat with someone who's been through it can just flip your whole mindset on money.

nina_butler22h ago

Honestly, "flip your whole mindset on money" is a great way to put it, but I think with CDs the real lesson is about locking your cash up too long, not the CD itself. @patricia42, your dad's mistake was probably the early withdrawal penalty, not the concept of saving. That one chat can definitely save you from repeating those same expensive lessons.