I've never been a fan of options trading, especially if you're a young and inexperienced trader. Position trading is the farthest I'll go. You don't earn as much if you hit, but your losses are capped at what's funded. Shorting is a terrible idea unless you're a hedge fund and using other people's money.
The fact that Robinhood mistakenly sent a demand email, might give the family a case.
I wondered about the letter. I was thinking if I were counsel I’d like to have that letter back.
Sadly this type of thing is nothing new. I’ve read stories about young people taking their lives over credit card debt. Absolutely tragic.
Do these parents have a case?
Not sure. Not my area, but wrongful death really does require some fault, and "I didn't know what I was doing" coupled with letting him do it ... eh. Maybe.
It's not like letting a 10 year old drive on the highway. Is the hazard you created so reckless as to make a death reasonable foreseeable?
One of the other attorneys who actually try cases should answer.
I don’t get it. Is it that you don’t see a clear legal case you can stick RH with in court? or, you philosophically don’t think RH “should” be sued?
My .02 from afar without reading the article yet.
I’m sorry you took your life. I wish I could have been there for you as your leveraged dream was melting. I think I could have helped you and you’d be alive today, a little wiser and better prepared to make another run... when you’re ready... Next time.
Sadly this type of thing is nothing new. I’ve read stories about young people taking their lives over credit card debt. Absolutely tragic.
Do these parents have a case?
Not sure. Not my area, but wrongful death really does require some fault, and "I didn't know what I was doing" coupled with letting him do it ... eh. Maybe.
It's not like letting a 10 year old drive on the highway. Is the hazard you created so reckless as to make a death reasonable foreseeable?
One of the other attorneys who actually try cases should answer.
I don’t get it. Is it that you don’t see a clear legal case you can stick RH with in court? or, you philosophically don’t think RH “should” be sued?
My .02 from afar without reading the article yet.
I’m sorry you took your life. I wish I could have been there for you as your leveraged dream was melting. I think I could have helped you and you’d be alive today, a little wiser and better prepared to make another run... when you’re ready... Next time.
I’m sorry.
The case. Wrongful death is a tort and there has to be some foreseeability. I don't want to be the court that sets the precedent that providing a forum for people of age to gamble on (Yes, Wall Street is a casino) foreseeably leads to suicide such that the provision of that platform is reckless on the provider's part. Maybe you don't need recklessness, but mere negligence. Not sure.
Like I said, it would be a helluva precedent. But maybe not.
I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).
So yeah, people aren’t always wise when it comes to their money.
I had no idea that was a phenomenon. It's cliche to say at this point, but we as a country are remarkably financially illiterate. It's also cliche to say once again that we should include more financial literacy courses in high school.
In the meantime, it sounds like we need some babysitting.
Yes. I would take things a step further and destigmatize talking about money. I see a lot of positive momentum in that area, but if a child hears messages like “we can’t afford this”, etc. early on it makes them frightened to ask questions - and that sense of curiosity is needed for any financial literacy program to work.
To take it a step further, we as a society need to stop shaming people who fucked up. Not only financial literacy, but financial resiliency is needed. I swear people are more sometimes more forgiving of drug problems, infidelity, criminal records, etc. than a bankruptcy or low FICO score.
RE: babysitting - I struggle of where that line in the sand is for me. People should be held accountable for their choices, but are also human. That’s also a pretty far reaching topic beyond finance that you can’t separate from politics, so I’d move that discussion to the Tug.
Never talked about money when I was a kid. It wasn't an issue. Never heard of a mortgage or why we were living in a house. Food appeared on the table
We weren't rich but comfortable as it was called. New clothes for school and a summer vacation.
The only advice was to save half of what you earn. Ooops.
Anyway that's how I've lived. If we need it, it will be there.
As for babysitting I'm 81 percent sure if we were smart and efficient we could take care of those who failed far cheaper than we do now. I don't think that's too controversial
As a country we simply aren't going to put folks on an ice flow
Sad
Agreed. I tend to think that when you get right down to it, even the most hardened libertarian knows that in real practical life none of us are interested in stepping over starving corpses and seeing what we're seeing with the opioid epidemic x 10 or worse. We're all gonna pay some to be our brother's (and sister's! @Doog_de_Jour ) keepers to some extent.
I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).
So yeah, people aren’t always wise when it comes to their money.
I had no idea that was a phenomenon. It's cliche to say at this point, but we as a country are remarkably financially illiterate. It's also cliche to say once again that we should include more financial literacy courses in high school.
In the meantime, it sounds like we need some babysitting.
Yes. I would take things a step further and destigmatize talking about money. I see a lot of positive momentum in that area, but if a child hears messages like “we can’t afford this”, etc. early on it makes them frightened to ask questions - and that sense of curiosity is needed for any financial literacy program to work.
To take it a step further, we as a society need to stop shaming people who fucked up. Not only financial literacy, but financial resiliency is needed. I swear people are more sometimes more forgiving of drug problems, infidelity, criminal records, etc. than a bankruptcy or low FICO score.
RE: babysitting - I struggle of where that line in the sand is for me. People should be held accountable for their choices, but are also human. That’s also a pretty far reaching topic beyond finance that you can’t separate from politics, so I’d move that discussion to the Tug.
Never talked about money when I was a kid. It wasn't an issue. Never heard of a mortgage or why we were living in a house. Food appeared on the table
We weren't rich but comfortable as it was called. New clothes for school and a summer vacation.
The only advice was to save half of what you earn. Ooops.
Anyway that's how I've lived. If we need it, it will be there.
As for babysitting I'm 81 percent sure if we were smart and efficient we could take care of those who failed far cheaper than we do now. I don't think that's too controversial
As a country we simply aren't going to put folks on an ice flow
Sad
I could be Race Bannon.
Only I'm way younger and smarter.
But this is how my life went growing up, too, and I'm not really sure why. I guess we were just expected to figure it the fuck out. I didn't do a fantastic job of that, but then again, I have a nice house, a nice wife and kids, I don't miss meals, I go on vacation and I pay my bills without anyone's help. So I guess our folks weren't clueless - they just could have done a bit better job with giving financial advice.
The bad part is, I'm a lot like they were. My kids seem to have it pretty well figured out, and I'm not the kind of parent to tell them how to lead the life I wanted - they can figure that shit out themselves.
Hopefully they won't be moving back in with me because I didn't fill them in like I should have.
“...then pushed them to engage in risky trading practices. And when those investors needed help — as Alex did the day he died — Robinhood provided no "meaningful customer support," the suit says.”
We’ve* joked for years in this forum about the risks of retail trading platforms for rookies with Big Dicks who want to #SaveOnCommision$” because they’re smarter than everyone else(tm)
Hondo got crushed in a couple of those discussions as one example.
...
Look, Mom, Dad, I don’t know you and you do whatcha gotta do. But, ... Wall Street and Casinos and Lotteries and Assets on Your Balance Sheet have all been around for a very long time.
You both seem like highly educated people. Your son was 20...
Michael Douglass? Greed is Good? Ring a bell?
hmm?... 🤔
Anyway, I am Sorry for your loss. My heart aches for you.
I am sorry to say this but in my opinion, as a message board dufus named doogie who Never gives investment advice.
Ever.
the Robinhood Trading platform on that day, gave your Son everything I expected it to give him or any other User on a volatile dynamic trading day.
Lastly and I’ll leave you folks alone,
When your 20 year old Son without a college education racked up what he believed to be $750,000 in trading losses in money he did not have... ... um.. exactly... What did You tell him?
“...then pushed them to engage in risky trading practices. And when those investors needed help — as Alex did the day he died — Robinhood provided no "meaningful customer support," the suit says.”
We’ve* joked for years in this forum about the risks of retail trading platforms for rookies with Big Dicks who want to #SaveOnCommision$” because they’re smarter than everyone else(tm)
Hondo got crushed in a couple of those discussions as one example.
...
Look, Mom, Dad, I don’t know you and you do whatcha gotta do. But, ... Wall Street and Casinos and Lotteries and Assets on Your Balance Sheet have all been around for a very long time.
You both seem like highly educated people. Your son was 20...
Michael Douglass? Greed is Good? Ring a bell?
hmm?... 🤔
Anyway, I am Sorry for your loss. My heart aches for you.
I am sorry to say this but in my opinion, as a message board dufus named doogie who Never gives investment advice.
Ever.
the Robinhood Trading platform on that day, gave your Son everything I expected it to give him or any other User on a volatile dynamic trading day.
Lastly and I’ll leave you folks alone,
When your 20 year old Son without a college education racked up what he believed to be $750,000 in trading losses in money he did not have... ... um.. exactly... What did You tell him?
I’m pretty much there with you myself.
But Fuck, I also say this. Both parties are free to contract in Rand Paul’s America damn it. If Robin of the Hood lets, say, a 20 year old kid who has demonstrated no credit to trade on their platform and it turns out he’s not good for it, then fuck them if they can’t collect. Don’t ask the parents. They didn’t contract with you.
I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).
So yeah, people aren’t always wise when it comes to their money.
I had no idea that was a phenomenon. It's cliche to say at this point, but we as a country are remarkably financially illiterate. It's also cliche to say once again that we should include more financial literacy courses in high school.
In the meantime, it sounds like we need some babysitting.
I raise.
I think financial literacy should start in the 4th grade, when kids still care and are impressionable.
HS is too late, especially when credit companies target that demographic early and often.
Would you like a 80" teevee, a super special gaming chair? Would you like 400hp under the hood in a tricked out ride? Have you thought about going to college? Just pay later!
“...then pushed them to engage in risky trading practices. And when those investors needed help — as Alex did the day he died — Robinhood provided no "meaningful customer support," the suit says.”
We’ve* joked for years in this forum about the risks of retail trading platforms for rookies with Big Dicks who want to #SaveOnCommision$” because they’re smarter than everyone else(tm)
Hondo got crushed in a couple of those discussions as one example.
...
Look, Mom, Dad, I don’t know you and you do whatcha gotta do. But, ... Wall Street and Casinos and Lotteries and Assets on Your Balance Sheet have all been around for a very long time.
You both seem like highly educated people. Your son was 20...
Michael Douglass? Greed is Good? Ring a bell?
hmm?... 🤔
Anyway, I am Sorry for your loss. My heart aches for you.
I am sorry to say this but in my opinion, as a message board dufus named doogie who Never gives investment advice.
Ever.
the Robinhood Trading platform on that day, gave your Son everything I expected it to give him or any other User on a volatile dynamic trading day.
Lastly and I’ll leave you folks alone,
When your 20 year old Son without a college education racked up what he believed to be $750,000 in trading losses in money he did not have... ... um.. exactly... What did You tell him?
I’m pretty much there with you myself.
But Fuck, I also say this. Both parties are free to contract in Rand Paul’s America damn it. If Robin of the Hood let’s, say, a 20 year old kid who has demonstrated no credit to trade on their platform and it turns out he’s not good for it, then fuck them if they can’t collect. Don’t ask the parents. They didn’t contract with you.
Ima take this one a step further too. You think it's a good idea to give an 18yo with no credit history $150k - to go to college - then you should own that risk too. Fuck you.
I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).
So yeah, people aren’t always wise when it comes to their money.
I had no idea that was a phenomenon. It's cliche to say at this point, but we as a country are remarkably financially illiterate. It's also cliche to say once again that we should include more financial literacy courses in high school.
In the meantime, it sounds like we need some babysitting.
I never had one class that had anything to do with financial literacy until college. It’s absolutely ridiculous it’s not taught. It’s unfathomable to think parabolas and compound chemistry are more important to be learned than financial literacy.
I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).
So yeah, people aren’t always wise when it comes to their money.
I had no idea that was a phenomenon. It's cliche to say at this point, but we as a country are remarkably financially illiterate. It's also cliche to say once again that we should include more financial literacy courses in high school.
In the meantime, it sounds like we need some babysitting.
I never had one class that had anything to do with financial literacy until college. It’s absolutely ridiculous it’s not taught. It’s unfathomable to think parabolas and compound chemistry are more important to be learned than financial literacy.
Agreed. We're talking the uber basics. The magic of compounding interest. The basic idea of the time value of money. Risk and reward capital. The difference between debt and equity ... fuck, even, what is, debt and what is, equity. How a free market works vs. a planned economis.
I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).
So yeah, people aren’t always wise when it comes to their money.
I had no idea that was a phenomenon. It's cliche to say at this point, but we as a country are remarkably financially illiterate. It's also cliche to say once again that we should include more financial literacy courses in high school.
In the meantime, it sounds like we need some babysitting.
I never had one class that had anything to do with financial literacy until college. It’s absolutely ridiculous it’s not taught. It’s unfathomable to think parabolas and compound chemistry are more important to be learned than financial literacy.
Agreed. We're talking the uber basics. The magic of compounding interest. The basic idea of the time value of money. Risk and reward capital. The difference between debt and equity ... fuck, even, what is, debt and what is, equity. How a free market works vs. a planned economis.
If you just did that, we'd all be better off.
It’s also something that benefits essentially everyone instead of a very select few.
I won’t say History isn’t important, but knowing the ins and outs of the Battle of Stalingrad isn’t actually important and beneficially to your life. Financial literacy is.
I can't imagine there's an actual case here, though I'm sure they'll settle.
But the bigger picture is interesting. While at some point you can't protect adults from themselves, I do find it troubling that there's such a comically easy path to losing multiples of your own money through options trading. There needs to be at least some sort of meaningful barrier that prevents laymen from accessing those kinds of high stakes. And a dialogue box that asks "are you sure?" isn't a sufficient barrier.
This was my concern with privatizing SS. Should the masses of people who retire counting on SS as the mainstay of existence be investing?
Anyway, I'm a free market privateer who believes in some basic regulation ... a lying communist centrist. Does it make sense to turn these people loose into a sea of sharks against whom they have literally no chance? Their only hope being to get lucky once in a while?
I think there was a middle path on Social Security. They tell you how much you have paid and it always hurts. Then I like to say if I had invested that I'd be rich!
But as an old grasshopper the truth is I would have blown it on hookers and blow. But is that enough reason to not let the Ants have theirs? Philosophical question
The middle road would be for the US Gubmint to actually invest the money instead of blowing it on Hookers and Blow and pass the increased payments to the customer, us.
I forgot what the the exact percentage is, but a shockingly high number of 20 to 30 year olds cash out their 401ks when they switch jobs rather than roll them over (I wanna say close to half).
So yeah, people aren’t always wise when it comes to their money.
I had no idea that was a phenomenon. It's cliche to say at this point, but we as a country are remarkably financially illiterate. It's also cliche to say once again that we should include more financial literacy courses in high school.
In the meantime, it sounds like we need some babysitting.
I never had one class that had anything to do with financial literacy until college. It’s absolutely ridiculous it’s not taught. It’s unfathomable to think parabolas and compound chemistry are more important to be learned than financial literacy.
Agreed. We're talking the uber basics. The magic of compounding interest. The basic idea of the time value of money. Risk and reward capital. The difference between debt and equity ... fuck, even, what is, debt and what is, equity. How a free market works vs. a planned economis.
If you just did that, we'd all be better off.
It’s also something that benefits essentially everyone instead of a very select few.
I won’t say History isn’t important, but knowing the ins and outs of the Battle of Stalingrad isn’t actually important and beneficially to your life. Financial literacy is.
Hang on there, Roady: Anyone who bet the over on that battle, fucking cleaned up!
Jesus, if you can’t critically think by age 20 that something is wrong then maybe life was not for him.
Another hot take from our 20 year old friend @FireCohen
"The rational part of a teen’s brain isn’t fully developed and won’t be until age 25 or so.
In fact, recent research has found that adult and teen brains work differently. Adults think with the prefrontal cortex, the brain’s rational part. This is the part of the brain that responds to situations with good judgment and an awareness of long-term consequences."
Jesus, if you can’t critically think by age 20 that something is wrong then maybe life was not for him.
Another hot take from our 20 year old friend @FireCohen
"The rational part of a teen’s brain isn’t fully developed and won’t be until age 25 or so.
In fact, recent research has found that adult and teen brains work differently. Adults think with the prefrontal cortex, the brain’s rational part. This is the part of the brain that responds to situations with good judgment and an awareness of long-term consequences."
Supposedly the stories of stock brokers jumping out of windows in 1929 were urban legends. Didn't happen
This story is a sad tale of loss but the parents suing is part of the problem little Timmy had accepting that he fucked up only not as bad as he thought
It isn't always someone else's fault
In the financial markets everyone doesn't get post game orange slices
Major Problem in this country as it has become someone else's fault and any tragedy has become a pay day for the victims families.
Jesus, if you can’t critically think by age 20 that something is wrong then maybe life was not for him.
Another hot take from our 20 year old friend @FireCohen
"The rational part of a teen’s brain isn’t fully developed and won’t be until age 25 or so.
In fact, recent research has found that adult and teen brains work differently. Adults think with the prefrontal cortex, the brain’s rational part. This is the part of the brain that responds to situations with good judgment and an awareness of long-term consequences."
Comments
People enjoyed my failure and rebound
My .02 from afar without reading the article yet.
I’m sorry you took your life. I wish I could have been there for you as your leveraged dream was melting. I think I could have helped you and you’d be alive today, a little wiser and better prepared to make another run... when you’re ready... Next time.
I’m sorry.
Like I said, it would be a helluva precedent. But maybe not.
Only I'm way younger and smarter.
But this is how my life went growing up, too, and I'm not really sure why. I guess we were just expected to figure it the fuck out. I didn't do a fantastic job of that, but then again, I have a nice house, a nice wife and kids, I don't miss meals, I go on vacation and I pay my bills without anyone's help. So I guess our folks weren't clueless - they just could have done a bit better job with giving financial advice.
The bad part is, I'm a lot like they were. My kids seem to have it pretty well figured out, and I'm not the kind of parent to tell them how to lead the life I wanted - they can figure that shit out themselves.
Hopefully they won't be moving back in with me because I didn't fill them in like I should have.
We’ve* joked for years in this forum about the risks of retail trading platforms for rookies with Big Dicks who want to #SaveOnCommision$” because they’re smarter than everyone else(tm)
Hondo got crushed in a couple of those discussions as one example.
...
Look, Mom, Dad, I don’t know you and you do whatcha gotta do. But, ... Wall Street and Casinos and Lotteries and Assets on Your Balance Sheet have all been around for a very long time.
You both seem like highly educated people. Your son was 20...
Michael Douglass? Greed is Good? Ring a bell?
hmm?... 🤔
Anyway, I am Sorry for your loss. My heart aches for you.
I am sorry to say this but in my opinion, as a message board dufus named doogie who Never gives investment advice.
Ever.
the Robinhood Trading platform on that day, gave your Son everything I expected it to give him or any other User on a volatile dynamic trading day.
Lastly and I’ll leave you folks alone,
When your 20 year old Son without a college education racked up what he believed to be $750,000 in trading losses in money he did not have... ... um.. exactly... What did You tell him?
But Fuck, I also say this. Both parties are free to contract in Rand Paul’s America damn it. If Robin of the Hood lets, say, a 20 year old kid who has demonstrated no credit to trade on their platform and it turns out he’s not good for it, then fuck them if they can’t collect. Don’t ask the parents. They didn’t contract with you.
I think financial literacy should start in the 4th grade, when kids still care and are impressionable.
HS is too late, especially when credit companies target that demographic early and often.
Would you like a 80" teevee, a super special gaming chair? Would you like 400hp under the hood in a tricked out ride? Have you thought about going to college? Just pay later!
If you just did that, we'd all be better off.
I won’t say History isn’t important, but knowing the ins and outs of the Battle of Stalingrad isn’t actually important and beneficially to your life. Financial literacy is.
"The rational part of a teen’s brain isn’t fully developed and won’t be until age 25 or so.
In fact, recent research has found that adult and teen brains work differently. Adults think with the prefrontal cortex, the brain’s rational part. This is the part of the brain that responds to situations with good judgment and an awareness of long-term consequences."
https://www.urmc.rochester.edu/encyclopedia/content.aspx?ContentTypeID=1&ContentID=3051#:~:text=The rational part of a,cortex, the brain's rational part.