Hired a day trader friend for $300 and it backfired hard

I thought I was being smart by paying my buddy Dave $300 to manage a small chunk of my savings through his brokerage account. He talked a big game about quick flips and beating the bank rates. Four months later, I lost almost $200 of that and he stopped returning my texts. Should I just stick to my credit union's CDs and stop trying to get fancy with stocks?

2 comments

2 Comments

wood.noah2d ago

Is it just me or does this whole "get rich quick through somebody else's promises" thing show up EVERYWHERE these days? I see it with people hiring these social media gurus for $500, buying crypto courses from randos, or even paying a neighbor's kid $100 to "fix" their phone. Everybody wants a shortcut so bad they'll hand their money to the first person who sounds confident. Your buddy Dave probably believed his own hype for a minute, but real skill takes years, not a couple YouTube videos. CDs are boring because they actually WORK the way they're supposed to. Boring is underrated man.

jamie_clark2d ago

Ha! So you paid Dave the tuition for his "school of hard knocks" and still ended up with a D-. Look on the bright side though, at least you learned that lesson for $200 instead of $2,000. Sounds like Dave's big game was mostly just hot air and borrowed confidence from a YouTube video he watched the night before. CDs might be boring as watching paint dry, but at least you'll actually have your money when you wake up the next morning. You thinking about just parking it in a high yield savings account instead?