Ways to convince friends to invest in the market and/or F.I.R.E?

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You can't. It's a problem as old as the Bible:

Then He added, "Truly I tell you, no prophet is accepted in his hometown." Luke 4:24
 
Aerides said:
if you want to stay friends with them, you never bring it up again.
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+100. I’d never try to convince someone else what to do with their money, even if they ask me to.

Ask yourself, if someone else tried to convince you where to invest or when to retire, how would you take it? I’d nip that conversation in the bud immediately…
 
jollystomper said:
You cannot convince them. They will have to convince themselves. When things are going well financially, most people think they are geniuses. When things go badly financially, few want to admit they have made mistakes. All you can do in the meantime (IMHO) is to be prepared to answer questions about your own situation when asked, and explain why you have chosen the path you have.
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+1

As the old saying goes "You can lead a horse to water, but you can't make it drink ..."

I remember years ago I had a sister who was going through a divorce. Spent several time with her during her divorce. One of them was investments as she we interested in how I did what I did. So, I talked about concepts like passive investing, DCA, LBYM. Even helped her set up accounts at Vanguard and shared the spreadsheets I use. Was fine til she remarried then her and new hubby pretty much raided her accounts and went the debt route. So much for that.

More recently, I have a niece who during graduation party asked me about investing. That she wondered what I did and if I could help her. This time around, I spoke generally again about passive investing, first paying off student loans. Then I recommended a book that and said, read the book. A lot of good concepts there. Afterwards, if questions, she can reach me. She said she bought the book, but haven't heard anything back. That was months ago.

When talking to others about my investing strategies, I usually say I really don't have a hot stock tip or anything. Just follow the indexes. They then seem disappointed. That's usually a conversation killer :LOL:.
 
With the market having had such a long run and hitting new highs, I have a hard to suggesting people put money in the market. Yes, I know the market is often at new highs. Since my kids are young, I still suggest to them buying the market.
 
I agree with everyone saying you're not likely to change anyone's mind. However, since that's not what you asked, I'll try to address what you did ask, how might you get them on board?

I'd say, since you said they discuss finances with you, put their numbers into FIREcalc, or if you just discuss generalities, just use your best guess! Seeing how saving from their 30s or even your 40s can compound is difficult for some people, especially if they aren't used to doing that kind of analysis. Put in that they work until 70 (to maximize SS, and so they'll be on Medicare when they retire, and assume a fairly simple two-fund portfolio. That might give them a decent chance of doing well, at which point they might take more of an interest. This would work best with those people who have read or heard about things like margin calls or annuities or whatever and felt overwhelmed, but it might help show them that the very basics are, well, very basic!
 
I don't advise anyone on saving/investing unless they are curious. It never works without their own motivation. Some people knowingly give up because they can't see light.

PS: And don't get me even started with the people who DO save and invest with a mindset of finding the next best thing. Sad to say but those people have the slowest growing portfolio. Rather than advise, I ask them simple questions like do you know your annualized rate of return? If not, can you please find out? They never come back with an answer but I hope it at least wakes them up from the dream world. I also tell them about FireCalc in hope of showing them the light.
 
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JDPascale said:
I think you could certainly suggest they watch a few videos on the subject. They may or may not follow thru but unlike others here I feel it's worth a try. I wish someone had tried to when I was younger. All I remember hearing was why bother were never gonna be able to afford to retire. Well retirement is going to happen for most of us and it's better to start planning for it now.
I especially like this video as it shows how important it is to start early. The more time you have to let things compound the less daunting it seems to reach a goal of a secure retirement.

https://youtu.be/iQbfLrVNd6I

Good luck and hope you can make a difference.
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Has anyone here even watched this Money Guys video? Seems everyone here just disregards videos for some reason. I find it way more useful to let people who do this for a living explain things than someone listening to little ol me.
If they don't have 10 to 15 minutes to watch a video like this then it's on them.
If the examples towards the end of this video don't inspire you......I don't know what would.
 
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JDPascale said:
... Seems everyone here just disregards videos for some reason. ...
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My reason is that I can read far more rapidly than anyone can speak. So I can learn the same thing in less time by reading it.
 
JDPascale said:
I think you could certainly suggest they watch a few videos on the subject. They may or may not follow thru but unlike others here I feel it's worth a try. I wish someone had tried to when I was younger. All I remember hearing was why bother were never gonna be able to afford to retire. Well retirement is going to happen for most of us and it's better to start planning for it now.
I especially like this video as it shows how important it is to start early. The more time you have to let things compound the less daunting it seems to reach a goal of a secure retirement.

https://youtu.be/iQbfLrVNd6I

Good luck and hope you can make a difference.
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Thanks for the video. Posted to my FB. Hopefully Nieces and Nephews watch. I gave up on older Siblings.
 
Gumby said:
My reason is that I can read far more rapidly than anyone can speak. So I can learn the same thing in less time by reading it.
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I guess some prefer to read but for me I prefer videos with the interaction of the speakers and graphics, charts and humor sometimes thrown in.
 
For those that like to read how about this? index-card-1200x899.jpg
 
It's much like religion and politics IMO- if you are not both on the same page, then don't discuss it because, I guarantee, nothing good whatsoever will come from it.

I think an important question to ask yourself is why you feel so compelled to try and force them to change? Don't be to quick to answer yourself, because I don't believe it's solely about altruism. Perhaps some ego has crept in as well? Worth pondering, again just my two cents and worth what you paid.
 
easysurfer said:
+1

When talking to others about my investing strategies, I usually say I really don't have a hot stock tip or anything. Just follow the indexes. They then seem disappointed. That's usually a conversation killer :LOL:.
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When I used to work on Wall Street, I always used to get a question about hot stock tips. I had to explain my job involved after the fact analysis and that was the end of those conversations.
 
Dtail said:
When I used to work on Wall Street, I always used to get a question about hot stock tips. I had to explain my job involved after the fact analysis and that was the end of those conversations.
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LOL...you win the Internet today!
 
Gumby said:
My reason is that I can read far more rapidly than anyone can speak. So I can learn the same thing in less time by reading it.
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+1

Combine that with all the introductory fluff - music, subscribe to my channel messages and general frippery, and the main points are easier to find in a well written article. Plus its easier to go back and check something you may or may not have understood correctly.
 
I'll throw out another don't bother unless asked. Unsolicited advice will generally not be appreciated. How much to invest is a lifestyle choice. Also, there is so much to fix, one conversation would not be anywhere enough even if they were completely open. If asked, I would first beg them to at least get their company match, if at least that minimum can be reached, begin with explaining how volatile crypto actually is, the basics of an asset allocation, and selecting a reasonable entry point (buy low/DCA).
 
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Lead by example. When they see your success, they may become interested and ask for your advice. Until then, just have fun and enjoy your friends.
 
F.I.R.E User said:
I have friends that don’t trust the stock market but are investing in Cryptocurrency only as well having no desire to pay off student loans/CC debt.

Some don’t want to F.I.R.E and want the traditional retirement and don’t invest in plans like 401k.

How can I get them on board?
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i wouldn't try. good way to lose friends.
 
Even if they ask for advice, don't tell them what you think they should do. Help them learn for themselves. Otherwise you'll be blamed when they follow your advice and the market inevitably hits a bad streak.
 
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