I’m Going to KILL him

Scott,

My husband of 12 years finally fessed up. He has been trading crypto coins and has lost $57,000! This was money our family of five was relying on to upgrade from our tiny three-bedroom home. We have always had separate accounts but vaguely knew what each of us was doing. At least I thought I did. I thought he had his money in shares but, unbeknownst to me, he sold them last year and started trading crypto. I cannot believe he’d be so stupid, I just want to KILL him. He thinks the market will come back and wants to hold on. What say you?

Sally

Hi Sally,

A few years ago, I walked into the lounge and noticed red crayon scrawled all over a wall.

“Who did this?” I thundered.

My three-year-old nervously put up her hand and said, “Daddy, I made an ‘uh-oh’.”

At that point I had a choice: I could yell and scream, or I could thank her for being honest and suggest we work together to clean up the mess.

Sally, you are in the same position. Your husband has admitted to making a big mistake playing with the crypto crayons. It’s over, done-ski. The only way to win from here is for you two to clean up the mess together.

(This is one reason I’m not in favour of happily married couples keeping their money separate: you need to be a team.)

My tip?

Don’t invest your short-term savings in the share market or a digital beanie baby – keep it in your savings account.

Finally, if you’re asking me where the crypto market is going, I have absolutely no idea in the short term. Yet I do have a rough yardstick on when we’ll see the bottom:

When Dogecoin is valued at zero.

Woof!

Scott.