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My parents want to buy SpaceX. How to talk them out of it? +
Investor summaryBearish
OP's parents want to sell farmland to buy SpaceX stock, but OP is panicking since it's not public and seeks advice to stop them.
Bear points
- SpaceX is not publicly traded, so any attempt to buy its stock is likely a scam or impossible.
- Selling productive agricultural land to invest in an unverified, illiquid private asset is a massive financial risk.
Post body
We live in a post-communist country and my parents received an agricultural land after the revolution. Once or twice a year, they receive a letter from an interested person who wants to but the land. They have never thought about selling the land, up until now.
A couple of minutes ago, my mother told me they are selling the land and buying the SpaceX stock. I couldn't believe what I have just heard. I almost got a heart attack.
Fortunately, they don't know how to buy stocks and asked me if I could help them open an investment account. How to talk them out of buying the stock without making them feel stupid/angry?
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