AIBU to think my husband shouldn't YOLO his bonu on Crypto?

[IndieR22]

Basically what it says in the title. My husband will get his work bonus at the end of November. He says that he will be YOLOing it all into his Crypto account.

For anyone who doesn't know what YOLO is, he wants to blast all his bonus into his Crypto account. For anyone who doesn't know what Crypto is, it's a decentralised currency (a currency not controlled by a single governing body).

Interested to hear other people's opinions.

The real question is how you organise your finances. Do you have an equivalent amount that you have sole control over?
Will his use of his bonus for his own gratification affect the household finances? Will you have to use your money to fill any gaps?

It’s high, high risk.

There’s money to be made, but as Elon said the other day - don’t bet the farm on it.

@Chippymunks I think OK but I understand very little. Slightly more of stocks and jack of Crypto. I think his stocks now are long term keepers.

I will not have 'fuck it' money.

It won't affect our household finances as we both pay our halves, but I have found it difficult only being on statutory.

Is he going to hodl some bitcoin or throw it all into futures at a ridiculous leverage? Can you spare the money? Ultimately it's gambling at the moment, none of it it stable enough to consider it an investment.

I think it's not unreasonable as longs as it's not more than a few percentage points of your investible assets and you have cash for a nice Christmas.

Warren Buffet, the legendary American investor referred to crypto as "rat poison squared". The shine is coming off for lots of other investors as well:

Crypto is a religion not an investment, global investor Mark Mobius says

I'm an investor myself, and a fairly knowledgable one. Crypto is only attractive if you subscribe to the greater fool theory, i.e. I may be a fool to pay 30k for a bitcoin, but there will surely be a greater fool who will pay more. Which works until it doesn't. Google the Dutch tulip mania for another example.

[quote IndieR22]@Chippymunks I think OK but I understand very little. Slightly more of stocks and jack of Crypto. I think his stocks now are long term keepers.

I will not have 'fuck it' money.

It won't affect our household finances as we both pay our halves, but I have found it difficult only being on statutory.[/quote]
You're going halves on mat leave? Yeah, he's a wanker.

It won't affect our household finances as we both pay our halves, but I have found it difficult only being on statutory. Wait? You are on statutory and he expects you, his wife, to keep on paying 50% of the household bills?

And even when working he has more disposable cash than you do?

Have you discussed who will pay for the day to day needs of your child yet? Or will that come out of your pockets too, seeing as you will be the one actually spending it?

You may have bigger problems...

If he actually used the sentence ‘ YOLOing it all into his Crypto’ and you’re not just being tongue in cheek then LTB - yolo is not a verb.

What a selfish arse, paying only half whilst you're on statutory maternity pay and then planning on how to use his bonus with no consideration for you and also your child . 😒

@MrsTerryPratchett Well I didn't expect that 🤣 that's made me laugh!

How the heck is crypto environmentally unfriendly when it is all digital???
Paper money is environmentally unfriendly as it cuts trees down to make it!

Seeing the environmental impact of cryptocurrency, I would refuse to have anything to do with them tbh.

It won't affect our household finances as we both pay our halves, but I have found it difficult only being on statutory
Jesus that depresses me. Why are you struggling while he is all YOLO? You're on statutory pay because you've birthed your child.
Wouldn't it be great if instead of YOLO'ing he used his bonus to make your life easier.

Just a thought

@Sunshine4you

How the heck is crypto environmentally unfriendly when it is all digital??? Paper money is environmentally unfriendly as it cuts trees down to make it!

Because it takes an extortionate amount of energy for computers to mine it.

Although most miners are moving to green energy in the US. So they say anyway.

Although most miners are moving to green energy in the US. So they say anyway.

Many of them are, but most crypto is mined elsewhere and there is only a finite amount of green electricity available, so what is used for crypto mining isn't available for normal uses.

Other things will hold crypto back as well. It takes 5-10 minutes for a crypto transaction to settle, so that means that you can't use it in retail settings and it will be an inconvenience when shopping online. Also, regulators will start to regulate it eventually, which will take much of the shine off. Finally, there's "no there there". No underlying assets, no dividends or interest payments. It's purely speculative and demand driven.

@Sunshine4you

How the heck is crypto environmentally unfriendly when it is all digital??? Paper money is environmentally unfriendly as it cuts trees down to make it!

'Virtual' and 'digital' invariably mean giant server farms in Texas.

@Sunshine4you

How the heck is crypto environmentally unfriendly when it is all digital??? Paper money is environmentally unfriendly as it cuts trees down to make it!

Google it.

@MrsTerryPratchett is right. You should not be paying half whilst on maternity leave whilst he has money to waste. He should be covering half of childcare cost, at the moment child care costs are you so he should be supporting you rather than speculating in Crypto.

Depends on what he's planning to buy but generally speaking YOLOing implies he won't be doing any research or due diligence, so for that reason it's probably a bad idea.

@IndieR22

Basically what it says in the title. My husband will get his work bonus at the end of November. He says that he will be YOLOing it all into his Crypto account.

For anyone who doesn't know what YOLO is, he wants to blast all his bonus into his Crypto account. For anyone who doesn't know what Crypto is, it's a decentralised currency (a currency not controlled by a single governing body).

Interested to hear other people's opinions.

Not sure what to advise op, if you can spare the capital , it could help ?

Mmm maybe he's seeing it as a thing of nothing ventured nothing gained. In his eyes as it's a bonus it wasn't money that has been factored in to be going towards anything so even a small profit will be a profit and a loss won't be so bad in his eyes as it was "bonus" money anyway and not a normal pay check.

Going halves while on mat leave though...hm not sure about that one. Your earnings are being reduced but you're still expected to contribute the same as him?

Think about the fact that being on mat leave is saving him money as he doesn't have to pay childcare fees.. yet you're still expected to contribute as normal.

We did this a while ago. Paid for our holiday cashed out and off we went. Happy days.

FCA advice is effectively only put money into crypto that you are happy to never see again. Personally I’d put it into something a bit safer.

Oh, their exact wording was “if you invest in cryptoassets, you should be prepared to lose all your money”
www.fca.org.uk/consumers/cryptoassets

Asking you to pay half when you are on ML whilst he happily takes the risk of loosing all his bonus is just not on.

Sorry but you are married right? You are taking time off for YOUR TOGETHER child? He should be stepping up financially much more than he is atm.
And it includes nit pissing money up the wall just for the fun of it.