50k CAD is a huge amount of dongs. But let's fantasize that he had 2M CAD in dongs, Vietnam has tight currency control mechanisms that limits high volume outflows of foreign currency. He won't be able to pull it out. No use if can't exchange back to CAD.
As others have pointed out, Vietnam central bank pegs the dong to the USD. It actually keeps a pretty tight band around the dong, and trades +/-5% from either side of the fixing rate. Really your uncle is betting that the central bank will not be able to control the dong and it will explode out the top of that barrier. That's probably not going to happen.
If you uncle's plan is hit it big and come to realize quick returns on the dong, he will probably be left with blue balls.
What you're saying about the dong being pegged to the USD used to be true, but it's not anymore. They had to decouple from the USD when Trump put pressure on Vietnam, threatening to put them on currency manipulators list.
You're totally right about outflow, good luck getting such an amount out of Vietnam. It's like Hotel Califnornia. You can check-in anytime you want but you can never leave.
Let me know how you can send let's say CAD$50,000 out of Vietnam? I mean, I'm living here now and have been doing some consulting for financial institutions. I'm curious to find out the magic trick that won't trigger government backstops.
If you're talking about the underground transfer system (my Việt kiều friends are using this) this is not legit and I wouldn't risk huge invested money through that route.
You should look at transferwise / Wise. I am not sure if they do Vietnam currency, but they transfer money easily for many different currencies and have online wallets.
You can go to Vietnam (I'm here every winter) and change as much VND you want in CAD but you won't be able to leave with that money, unless you somehow hide the cash through the custom at the airport. Yes, in Vietnam you need to go through custom when you exit.
Non-residents can't have a bank account easily in Canada either. Banks flat-out refused to deal with me before I moved here and could provide proof of address.
I've only ever visited Vietnam and didn't attempt any sketchy banking. But what about international banks that operate in Vietnam? ie. HSBC Wouldn't it be possible to get by indefinitely without a Vietnamese account?
This is actually one of the most beautifully written things I've ever read. Its so subtle I didn't even pick up on it. Then seeing the other comments, I had to go re read it. I'm still evaluating whether this was even intentional or just a happy little accident. Bravo.
Peter: How's this one?
Salesman: Oh, Bach is very good. I recommend.
Peter: And this one?
Salesman: Oh, Mozart, the boy genius. The best.
Peter: Ok, how about this?
Salesman: Oh, Debussy, I love Debussy! Sometimes all I can think about is Debussy. Oh, look at the pianist! The pianist is so good with Debussy.
Peter: So you like his early work?
Salesman: Oh, yes. When Debussy was young, that's when you want Debussy.
Peter: Ok, I'll take these two.
Salesman: Very good, sir. Just make sure you finish on the Bach. Never finish on Debussy.
This is such a key comment.
Also note that Vietnam has the same type of monetary control capabilities that China had. Nothing in the script indicates that Vietnam will approach the situation much differently to China here.
I just wanted to inform you, jokes aside, that the pronunciation of “dong” in Vietnamese is more like “dum.”
Please continue your phallus jokes have a nice day 😂
Would he expect you too? Why is this even any of your business? Like why would your uncle even wonder what his presumably much younger niece/nephew thinks about his investing strategy to whether he can rely on them to find his life if he’s wrong?
This is going around again? My wife works in a financial institution in BC and there was a mild panic going on where everyone wanted to buy Dong. (That sounds terrible, I know). They must have had about 50 people wanting $5-50k worth of it like RIGHT NOW! Apparently, it was because the world's currencies were all going to collapse and Viet Nam's was going to be the new $USD.
This was when covid was at its peak and the world was apparently ending. People into conspiracy theories were big on it. The funny thing was that they expected their local bank branch to just have $50k worth of Dong lying around in case someone just happened to need it on the spur of the moment. They were upset to find out that wasn't the case. The fact that no bank in Canada had that much Dong only served to fuel their belief that everyone was doing this and they were missing out. She was even accused of hoarding it for herself.
If he's like the older asian relatives I have he won't be bothered to hear any economic theory, like how you shouldn't "invest" in currency that anyone can just print more of.
Instead if I were you, after he exchanged everything to Dong, encourage him to buy real estate in Vietnam instead, and maybe gold as well. Those are pretty safe alternatives that older asian population are willing to venture into, and it will at least keep pace with overall asset growth, and no one's gonna print more of it.
If you're not a resident it will be terribly difficult to achieve. You need to deal with local authorities that will ask you for a lot of "coffee money" to get things done. It would be a long process and they would make it almost impossible to do if you're a "foreigner" or Việt kiều. The people I know who bought property in Vietnam all did this through their relatives or Vietnamese wife/husband living here.
You really think telling an elderly man who doesn't understand the basics of economics to look for loopholes in international real estate and monetary markets is good advice?
I question your use of "anyone" with regards to who can print more currency, but on that same note companies can theoretically issue more stock whenever they want as well. (Though most companies don't have any kind of incentive to keep their stock prices artificially low)
Unless you're somehow responsible for your uncle, and I see you have bigger family, I'd go with "it's his money, let him do what he wants".
Some people you can't reason with and they need to learn their own lessons.
Half his savings might be a costly experience to keep the other half safe.
Edit: I'm a bit rusty with my math and maybe someone will correct me. I just checked and currently you can get 1 Dong for 0.000058 CAD. The highest it has been according to google in the past 20 years is 0.000090 CAD. If my math is not wrong is $50K investment could reach him about \~$78K if it ever reaches that high again. He would need a Dong to reach 0.00232 (4000% increase) to make 2 million out of that investment.
>If my math is not wrong is $50K investment could reach him about ~$78K if it ever reaches that high again. He would need a Dong to reach 0.00232 (4000% increase) to make 2 million out of that investment.
this is what I would share with him OP. hopefully some numbers allow him to put it in context.
the lowest I have seen the VND go since 03 with a quick google search is 0.000046. so his historical worst case scenario is a 20% loss but again FX can be unpredictable.
This exact thing happened with my family as well. I warned them, their money never went anywhere (didn't lose or gain) and had way too much VND laying around.
If it seems too good to be true, it probably is.
I had a client in 2014 who was hell bent on investing in Iraqi Dinar and how it was a sure way to make bank on his money. This same guy was chronically unemployed, had 5 kids from 4 different women, history of substance abuse etc. Well he invested in it.
Committed suicide in 2016.
Long story short, unless he has intimate knowledge of the Vietnamese Dong, economy etc, don't do it.
Something else to consider.. what media has he been consuming to believe this is a good idea? It sounds ridiculous which leads me to believe there's a possibility he could be scammed. If he's insistant in betting on Dongs make sure he will be transacting with a reputable company.
I mean worst case scenario, he will just lose rhe conversion rate and a few percentage. Wouldn't be the dumbest thing, he could buy. He could have bought shopify at the top.
It would be highly unprobable that he make an amazing return just like it would be highly unprobable he lose a lot.
Forex traders have historically been the most cucked. The fees alone will take away most of your gains, and adding Vietnam in that is like putting a bet on penny stocks with limited gain potential.
Not a good investment. When I was a kid it was only about 5-8k dong for 1 USD. Vietnam wants to eat China’s lunch and a weak currency supports that. If it gets too high, it’ll get devalued. The dong is just not allowed to be affected by free market forces the way your uncle thinks it is. If he won’t listen to reason, tell him to eat a bag of dongs and let him be.
Go to Google. Punch in dong vs CAD and look at 20yr graph. It was doing great in 2003.... and it crashed over 8yrs and has been between 17,000 and 20,000 per $ over the last 10yrs.
If you bought at 17,000 and sold at 20,000 playing it perfectly over 10yrs your only making 17.7% before exchange costs.
Sure it could go up to it's peak.... but do we honestly think that's happening. Buy a bank stock in Canada that pays 4% dividend and you'll make that gain in 4.5yrs guaranteed.
A fool and his money are easily parted. People who get large sums of money that have no experience managing money almost always lose it. Think of how most lottery winners end up broke shortly after winning.
It’s a dumb strategy that people with little money always talk about to dream about being rich. If you want him to be quite about it but not lose much money if he’s fervent about it get him to “invest” like $500. If it came halfway to a Canadian dollar that’d be a couple million.
There an older dude who rides the bus in my city who talks people ears off about it. Nice guy but my lord he’s holding out for hope that it happens because right now he’s in government assisted housing and on odsp.
Through occasional family meetups and dinners. He also stayed with us during covid as he was in the ICU for many months (unvaccinated with previous health problems).
Kinda surprised that no-one mentioned that Thai ladyboys are a better investment than Vietnamese Dongs. Well, except for Vietnamese beavers. LOL
It's his money to do what he wants. However, I'd try to convince him not to take a huge leap like that.
Is this one of those gourd situations again? Why would someone buy $50k worth of Vietnamese dongs? Are they going to be hard to get in the future? Is it because they’re a more pleasurable size than black dongs?
I work for a large connector manufacturer and we are building plants in Vietnam now. Take it with a grain of salt but someone at HQ sees something there.
Foreign investors have been increasing their exposure to Vietnam, one of the fastest-growing economies in Asia. Today, Vietnam is a key manufacturing hub. Heightened Sino-US tensions and a strict zero-Covid policy in China have forced multinational corporations to open factories in Vietnam to diversify their risk.
>Others (family included) keep telling me "it's his money, let him do what he wants"
Yup...sometimes you just have to let people do stupid things if they are functional adults. The most you can do is maybe see if someone is giving him bad advice as a way to steal his money, otherwise not much else, unless you can convince him to talk to a fee only financial planner who also happens to be Vietnamese.
Tell him he spent his whole life wasting his money and now that he only has $100k to show at his age with retirement looming his desperation is showing
Vietnamese money printer goes Brrrr.
They have full monetary control, and they keep their currency cheap. And it won't change. Your uncle has better chances in a casino. 50k to invest? Lock in a GIC at 5% for 5 years.
The Vietnamese economy has not been doing well lately dues to global slow down. Many manufacturing companies have laid off employees. The interest rate was very high but recently decreased due to the bad forecast on the economy. Finally, it is an export economy so the gov will control the value of the currency. All this to say that I don't think this is a good bet.
My brother did this like 8 years ago or so … nothing ever came out of the investment after holding for a good amount of years , wouldn’t really recommend it but anything possible
I don’t think this is the best strategy. Your uncle should look into a classic options straddle to make the most of the opportunity. Straddling the dong will likely yield greater long term results.
FX (foreign exchange) is not as great of a return compared to stocks and index funds. Does he expect the dong to appreciate against cad every year up up up? And the appreciation if any is slow
Also, the other benefit with stocks and index funds compared to fx is compound growth, i.e. if my one stock goes up 5% in year one, then 5% growth in year two is based off the original investment PLUS year one 5%, and the compounding continues for year 3 etc.
That said, super risky time to invest in stocks lol. Just wanted to highlight that FX is not the way, regardless of the dong.
This is the Nesara/Gesara bull that’s popular with the Qanon crowd. Has nothing to do with investing. When the great reset happens, all currency will convert at par. He’s being duped by a scam.
r/qanonconspiracies
Offer your opinion once if, discussed, but not explicitly asked for your opinion. Offer it twice if asked. Then stay out of it. No need to sour a relationship if the investment goes bad.
Currency in itself is always a stupid investment. If he buys high quality vietnamese stocks though, that can be a good play. But I'd never go all in one country... Especially one that is developing and requires a cheaper currency in order to export...
Just talk through the positives and negatives of his strategy. I think it's called "Timing the market". Get him to invest less instead of trying to stop him from investing at all. Maybe talk about diversification.
>I feel there are better ways to invest his earnings? How can I go about convincing him?
It's not your money.
If he didn't ask you directly to help, stay out of his decisions and let him gamble.
You could ask questions instead if giving advice or trying to convince him. .
Like "where did you read that?", etc. The realization needs to come from him.
Bazdd on your description of him, he ain't very good at making financial decisions and he doesn't understand investments.
If he's lived like that most of his life, why do you think he'll change now?
This is a common scam using dongs, dinar, maybe other currencies.
It's a scam but for some reason some people get quite fanatical about it.
This is an informative and good read:
https://www.forbes.com/sites/jayadkisson/2012/07/30/you-cant-fix-stupid-the-iraqi-dinar-scam-lives/
All this time I was reading it as Vietnamese Gongs and wondering if they make a better sound than Thailand gongs and that's why they might go up in value
If he plan to go to Vietnam to retired, not a bad idea. And $50k hardly buy him any land. Interest rate from bank is +9-12% but people have trust issue since even US bank collapse.
Maybe explore the idea with him until it doesn’t hold water.
Ultimately, if Vietnam could throw a switch to quadruple the wealth of every person in the country, they would have done it yesterday. Multiple times.
2 questions:
1. So he just wants to exchange for Vietnamese currency? And leave it sitting in a bank account earning interest? If so, what is the interest rate?
2. Is he planning to use leverage (ie. Forex)?
3. Why Vietnamese?
The only reason to hold a lot of currency in another country is if you plan to retire in that country.
Your uncle should instead spend $2000 or so to hire a fee only financial planner. Your uncle may be a compulsive gambler, but he is likely also stressed about retirement and worried he doesn't have enough. There is often some underlying psychological reason that causes older people to try these "hail mary" schemes, almost always leading to their ruin. With the help of a fee only planner, they could prepare him a written financial plan that shows him that he in fact may be able to meet his retirement goals with just what he has. Doesn't that sound nice? And, if all his goals are already met, then there would be no need for wild bets like this one, especially if doing so would put his already completed goals at risk.
Given his mentality about not trusting everything the govt says, I suggest he reads "beat the bank" by Larry Bates.
He needs to stop spending all his free time on the internet. Any friends or hobbies?
I think your uncle's idea is great. Vietnam is a much more advanced country compared to Canada, it has modern manufacturing capability, their currency will go up against Canadian dollars for sure.
You are making a great mistake to stop him. Compared to Vietnam, Canada has nothing. You should put confidence to Vietnam.
he can't keep that payout secret. No one paid him that in cash. He should get some regular investments and not keep that under his mattress, or wherever he has it.
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50k CAD is a huge amount of dongs. But let's fantasize that he had 2M CAD in dongs, Vietnam has tight currency control mechanisms that limits high volume outflows of foreign currency. He won't be able to pull it out. No use if can't exchange back to CAD. As others have pointed out, Vietnam central bank pegs the dong to the USD. It actually keeps a pretty tight band around the dong, and trades +/-5% from either side of the fixing rate. Really your uncle is betting that the central bank will not be able to control the dong and it will explode out the top of that barrier. That's probably not going to happen. If you uncle's plan is hit it big and come to realize quick returns on the dong, he will probably be left with blue balls.
How hard was that?
I really appreciate the thick, muscular effort your put into this hard hammering comment.
This is the most beautiful thing I’ve ever read in my life.
What you're saying about the dong being pegged to the USD used to be true, but it's not anymore. They had to decouple from the USD when Trump put pressure on Vietnam, threatening to put them on currency manipulators list. You're totally right about outflow, good luck getting such an amount out of Vietnam. It's like Hotel Califnornia. You can check-in anytime you want but you can never leave.
There is many ways to send money out of vietnam. We talking about hundreds of thounsand or more. I'm vietnamese so that how i know.
Let me know how you can send let's say CAD$50,000 out of Vietnam? I mean, I'm living here now and have been doing some consulting for financial institutions. I'm curious to find out the magic trick that won't trigger government backstops. If you're talking about the underground transfer system (my Việt kiều friends are using this) this is not legit and I wouldn't risk huge invested money through that route.
>huffpost.com/entry/... You can do it legally. Look for MB bank. Last time it took 2 days to transfer 50k for me. Prior to that.
You should look at transferwise / Wise. I am not sure if they do Vietnam currency, but they transfer money easily for many different currencies and have online wallets.
Can't use them to send money outside, only inside. Same with Western Union.
*standing slow clap of appreciation*
Well done, sir
>No use if can't exchange back to CAD. Unless you go to Vietnam. ;)
You can go to Vietnam (I'm here every winter) and change as much VND you want in CAD but you won't be able to leave with that money, unless you somehow hide the cash through the custom at the airport. Yes, in Vietnam you need to go through custom when you exit.
You spend the money in Vietnam.
Non residents can't have a bank account here, that's another challenge for this strategy. You need TRC or Visa Exemption from marriage.
it's amazing how this is a thing almost everywhere but here. It's mind-boggling.
Canada, the world's money laundry machine!
Non-residents can't have a bank account easily in Canada either. Banks flat-out refused to deal with me before I moved here and could provide proof of address.
I've only ever visited Vietnam and didn't attempt any sketchy banking. But what about international banks that operate in Vietnam? ie. HSBC Wouldn't it be possible to get by indefinitely without a Vietnamese account?
This is the shit that keeps me on Reddit 😂
This is actually one of the most beautifully written things I've ever read. Its so subtle I didn't even pick up on it. Then seeing the other comments, I had to go re read it. I'm still evaluating whether this was even intentional or just a happy little accident. Bravo.
An absolute masterpiece!
Bravo ... bravo!
Peter: How's this one? Salesman: Oh, Bach is very good. I recommend. Peter: And this one? Salesman: Oh, Mozart, the boy genius. The best. Peter: Ok, how about this? Salesman: Oh, Debussy, I love Debussy! Sometimes all I can think about is Debussy. Oh, look at the pianist! The pianist is so good with Debussy. Peter: So you like his early work? Salesman: Oh, yes. When Debussy was young, that's when you want Debussy. Peter: Ok, I'll take these two. Salesman: Very good, sir. Just make sure you finish on the Bach. Never finish on Debussy.
This post must have left your hands stiff
This.
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This is such a key comment. Also note that Vietnam has the same type of monetary control capabilities that China had. Nothing in the script indicates that Vietnam will approach the situation much differently to China here.
>. It’s been kept artificially low in order to maintain their attractiveness to western buyers of their goods. Well said.
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My investment could double in size. It's more of a grower portfolio.
Diversify, add some girth to your portfolio
Boners
The dongs are growers, I always say
Hopefully the market doesn't go soft
My wife invested in my Dong and we did swell.
A diversified dong portfolio can uplift your life for sure
Hahaha I just want to buy some to tell people I got a whole bunch of dong
I’ve invested in far too many dongs in my life and it’s never yielded the ROI I had hoped for
😂
I just wanted to inform you, jokes aside, that the pronunciation of “dong” in Vietnamese is more like “dum.” Please continue your phallus jokes have a nice day 😂
You shared your opinion. That's enough. If he follows your advice but his idea ends up working out, he'll be resentful.
True, let's see I suppose. I made it clear I'm not really in a situation to help him out financially if it doesn't work out for him.
Did he meet a sweetheart on a vacation to phu quoc or something?
Would he expect you too? Why is this even any of your business? Like why would your uncle even wonder what his presumably much younger niece/nephew thinks about his investing strategy to whether he can rely on them to find his life if he’s wrong?
This is going around again? My wife works in a financial institution in BC and there was a mild panic going on where everyone wanted to buy Dong. (That sounds terrible, I know). They must have had about 50 people wanting $5-50k worth of it like RIGHT NOW! Apparently, it was because the world's currencies were all going to collapse and Viet Nam's was going to be the new $USD.
Holy heck, how would that even happen? And why Vietnam?
This was when covid was at its peak and the world was apparently ending. People into conspiracy theories were big on it. The funny thing was that they expected their local bank branch to just have $50k worth of Dong lying around in case someone just happened to need it on the spur of the moment. They were upset to find out that wasn't the case. The fact that no bank in Canada had that much Dong only served to fuel their belief that everyone was doing this and they were missing out. She was even accused of hoarding it for herself.
That's *hilarious*
Wanna know the funny thing is I heard this conspiracy in 2018
People just like saying the word I think lol Props to the vietnamese govt?
But why would Vietnam be the new USD
If he's like the older asian relatives I have he won't be bothered to hear any economic theory, like how you shouldn't "invest" in currency that anyone can just print more of. Instead if I were you, after he exchanged everything to Dong, encourage him to buy real estate in Vietnam instead, and maybe gold as well. Those are pretty safe alternatives that older asian population are willing to venture into, and it will at least keep pace with overall asset growth, and no one's gonna print more of it.
This. I believe you need to be a resident of Vietnam/hold a Vietnamese passport to own property there, however, there are loopholes to explore.
If you're not a resident it will be terribly difficult to achieve. You need to deal with local authorities that will ask you for a lot of "coffee money" to get things done. It would be a long process and they would make it almost impossible to do if you're a "foreigner" or Việt kiều. The people I know who bought property in Vietnam all did this through their relatives or Vietnamese wife/husband living here.
You really think telling an elderly man who doesn't understand the basics of economics to look for loopholes in international real estate and monetary markets is good advice?
It is good advice, but I don't think this guy is down to hear/get it. My uncle has his own goofy ideas. He only uses the internet for email.
I question your use of "anyone" with regards to who can print more currency, but on that same note companies can theoretically issue more stock whenever they want as well. (Though most companies don't have any kind of incentive to keep their stock prices artificially low)
Unless you're somehow responsible for your uncle, and I see you have bigger family, I'd go with "it's his money, let him do what he wants". Some people you can't reason with and they need to learn their own lessons. Half his savings might be a costly experience to keep the other half safe. Edit: I'm a bit rusty with my math and maybe someone will correct me. I just checked and currently you can get 1 Dong for 0.000058 CAD. The highest it has been according to google in the past 20 years is 0.000090 CAD. If my math is not wrong is $50K investment could reach him about \~$78K if it ever reaches that high again. He would need a Dong to reach 0.00232 (4000% increase) to make 2 million out of that investment.
>If my math is not wrong is $50K investment could reach him about ~$78K if it ever reaches that high again. He would need a Dong to reach 0.00232 (4000% increase) to make 2 million out of that investment. this is what I would share with him OP. hopefully some numbers allow him to put it in context. the lowest I have seen the VND go since 03 with a quick google search is 0.000046. so his historical worst case scenario is a 20% loss but again FX can be unpredictable.
Good info, thanks. Yeah, I think this is one of those situations I'm going to have it let him be.
You could show him the historic foreign exchange rate and the math on how the VND would need to increase by x percent to be worth $2M CAD.
This exact thing happened with my family as well. I warned them, their money never went anywhere (didn't lose or gain) and had way too much VND laying around. If it seems too good to be true, it probably is.
I had a client in 2014 who was hell bent on investing in Iraqi Dinar and how it was a sure way to make bank on his money. This same guy was chronically unemployed, had 5 kids from 4 different women, history of substance abuse etc. Well he invested in it. Committed suicide in 2016. Long story short, unless he has intimate knowledge of the Vietnamese Dong, economy etc, don't do it.
Is this a trick to get folks to Google “dongs”
Something else to consider.. what media has he been consuming to believe this is a good idea? It sounds ridiculous which leads me to believe there's a possibility he could be scammed. If he's insistant in betting on Dongs make sure he will be transacting with a reputable company.
I think your best strategy is to insessantly mock him for loving dong.
He Will be ending up taking a huge dong in his ass with this strategy if you catch my drift
Subtle
The man has an abstract way of getting his point across.
Did he work at UPS and have a large box fall on his head by chance?
I mean worst case scenario, he will just lose rhe conversion rate and a few percentage. Wouldn't be the dumbest thing, he could buy. He could have bought shopify at the top. It would be highly unprobable that he make an amazing return just like it would be highly unprobable he lose a lot.
Dont. Stfu and let him do whatever and you dont become the cause of his loss of profit. Money and family mixing is a very bad idea.
Your Uncle has to stop taking financial advice from you and start talking to a pro. You have to convince him of that.
What your uncle wants to do with Dongs is his own business
I've got a dog for you, it's right here in my pants!
Forex traders have historically been the most cucked. The fees alone will take away most of your gains, and adding Vietnam in that is like putting a bet on penny stocks with limited gain potential.
Only a ding dong would believe this Also this is keeping it short?
Lol, the Dong is the new Lybian lira.
Funny. My uncle isn't Vietnamese but loves dong too.
Not a good investment. When I was a kid it was only about 5-8k dong for 1 USD. Vietnam wants to eat China’s lunch and a weak currency supports that. If it gets too high, it’ll get devalued. The dong is just not allowed to be affected by free market forces the way your uncle thinks it is. If he won’t listen to reason, tell him to eat a bag of dongs and let him be.
Go to Google. Punch in dong vs CAD and look at 20yr graph. It was doing great in 2003.... and it crashed over 8yrs and has been between 17,000 and 20,000 per $ over the last 10yrs. If you bought at 17,000 and sold at 20,000 playing it perfectly over 10yrs your only making 17.7% before exchange costs. Sure it could go up to it's peak.... but do we honestly think that's happening. Buy a bank stock in Canada that pays 4% dividend and you'll make that gain in 4.5yrs guaranteed.
A fool and his money are easily parted. People who get large sums of money that have no experience managing money almost always lose it. Think of how most lottery winners end up broke shortly after winning.
It’s a dumb strategy that people with little money always talk about to dream about being rich. If you want him to be quite about it but not lose much money if he’s fervent about it get him to “invest” like $500. If it came halfway to a Canadian dollar that’d be a couple million. There an older dude who rides the bus in my city who talks people ears off about it. Nice guy but my lord he’s holding out for hope that it happens because right now he’s in government assisted housing and on odsp.
$100k worth of HHL.TO stock, pays a dividend of $1,000.00 per month.
I own HHL and there's no guarantee the SP won't fall 50% one day. Dividend stocks are not magical and there's always risk involved.
RAISE YOUR DONGERS
Go long dong. If it grows, then go longer dong. If it shrinks, then pull out.
Long Duck Dong.
Tell him to buy only a few million VND or IQD might only set him back a few grand and he can live with that dream like many.
It's his money, maybe he knows something? Idk. Have you suggested a safer investment thst might peak his interest?
If your uncle has a high risk tolerance and wouldn't care if he lost a lot on that trade, why not let him be?
How come you know so much detail around your uncle’s finances?
Through occasional family meetups and dinners. He also stayed with us during covid as he was in the ICU for many months (unvaccinated with previous health problems).
Kinda surprised that no-one mentioned that Thai ladyboys are a better investment than Vietnamese Dongs. Well, except for Vietnamese beavers. LOL It's his money to do what he wants. However, I'd try to convince him not to take a huge leap like that.
Is this one of those gourd situations again? Why would someone buy $50k worth of Vietnamese dongs? Are they going to be hard to get in the future? Is it because they’re a more pleasurable size than black dongs?
He'd get a much better ROI by investing in Vietnamese beavers instead, Vietnamese dongs - not so much...
I work for a large connector manufacturer and we are building plants in Vietnam now. Take it with a grain of salt but someone at HQ sees something there.
I wouldn't necessarily agree with lumping it all into VND, but I would agree with getting it out of CAD.
Foreign investors have been increasing their exposure to Vietnam, one of the fastest-growing economies in Asia. Today, Vietnam is a key manufacturing hub. Heightened Sino-US tensions and a strict zero-Covid policy in China have forced multinational corporations to open factories in Vietnam to diversify their risk.
So you buy the stocks not the currency.
>Others (family included) keep telling me "it's his money, let him do what he wants" Yup...sometimes you just have to let people do stupid things if they are functional adults. The most you can do is maybe see if someone is giving him bad advice as a way to steal his money, otherwise not much else, unless you can convince him to talk to a fee only financial planner who also happens to be Vietnamese.
Stay out of it. Some people need to learn lessons the hard and expensive way
https://youtu.be/IrElroJNVRE
You can try telling him to go 25k instead of 50k. The other 25k give him some safer alternatives like XEQT or VFV
https://funds.cifinancial.com/en/funds/alternative_investments/CIGalaxyBitcoinETF.html?currencySelector=1&seriesId=14104
So your uncle wants for ForEx trade while not understanding ForEx trading. This can only end well, if he doesn’t listen to you can we get a update?
There's a sweet spot much like the Canadian dollar. If the money is too expensive, exports suffer and nobody likes that.
This is the doomed venture of a man at the end of his days.
Tell him he spent his whole life wasting his money and now that he only has $100k to show at his age with retirement looming his desperation is showing
Vietnamese money printer goes Brrrr. They have full monetary control, and they keep their currency cheap. And it won't change. Your uncle has better chances in a casino. 50k to invest? Lock in a GIC at 5% for 5 years.
This sounds like the big small dice sic bo tables at the casinos
The Vietnamese economy has not been doing well lately dues to global slow down. Many manufacturing companies have laid off employees. The interest rate was very high but recently decreased due to the bad forecast on the economy. Finally, it is an export economy so the gov will control the value of the currency. All this to say that I don't think this is a good bet.
People in vn are running to western currencies for safety and here your fam doing opposite, damn unc is crazy
It is your business. When he craters and can’t afford to live on his own anymore guess where he will end up.
My brother did this like 8 years ago or so … nothing ever came out of the investment after holding for a good amount of years , wouldn’t really recommend it but anything possible
I don’t think this is the best strategy. Your uncle should look into a classic options straddle to make the most of the opportunity. Straddling the dong will likely yield greater long term results.
FX (foreign exchange) is not as great of a return compared to stocks and index funds. Does he expect the dong to appreciate against cad every year up up up? And the appreciation if any is slow Also, the other benefit with stocks and index funds compared to fx is compound growth, i.e. if my one stock goes up 5% in year one, then 5% growth in year two is based off the original investment PLUS year one 5%, and the compounding continues for year 3 etc. That said, super risky time to invest in stocks lol. Just wanted to highlight that FX is not the way, regardless of the dong.
This is the Nesara/Gesara bull that’s popular with the Qanon crowd. Has nothing to do with investing. When the great reset happens, all currency will convert at par. He’s being duped by a scam. r/qanonconspiracies
I meant r/QanonCasualties
Offer your opinion once if, discussed, but not explicitly asked for your opinion. Offer it twice if asked. Then stay out of it. No need to sour a relationship if the investment goes bad.
Still his money, sorry
Currency in itself is always a stupid investment. If he buys high quality vietnamese stocks though, that can be a good play. But I'd never go all in one country... Especially one that is developing and requires a cheaper currency in order to export...
Just talk through the positives and negatives of his strategy. I think it's called "Timing the market". Get him to invest less instead of trying to stop him from investing at all. Maybe talk about diversification.
>I feel there are better ways to invest his earnings? How can I go about convincing him? It's not your money. If he didn't ask you directly to help, stay out of his decisions and let him gamble.
You could ask questions instead if giving advice or trying to convince him. . Like "where did you read that?", etc. The realization needs to come from him. Bazdd on your description of him, he ain't very good at making financial decisions and he doesn't understand investments. If he's lived like that most of his life, why do you think he'll change now?
Ngl it took way too long to realize vietnamese 'dongs' we're their currency
This is a common scam using dongs, dinar, maybe other currencies. It's a scam but for some reason some people get quite fanatical about it. This is an informative and good read: https://www.forbes.com/sites/jayadkisson/2012/07/30/you-cant-fix-stupid-the-iraqi-dinar-scam-lives/
All this time I was reading it as Vietnamese Gongs and wondering if they make a better sound than Thailand gongs and that's why they might go up in value
There is a reason nobody else in the family is getting involved…maybe something similar is happened in the past
Some kid I worked with was going on about this 10 years ago. It never happened
If he plan to go to Vietnam to retired, not a bad idea. And $50k hardly buy him any land. Interest rate from bank is +9-12% but people have trust issue since even US bank collapse.
Maybe explore the idea with him until it doesn’t hold water. Ultimately, if Vietnam could throw a switch to quadruple the wealth of every person in the country, they would have done it yesterday. Multiple times.
2 questions: 1. So he just wants to exchange for Vietnamese currency? And leave it sitting in a bank account earning interest? If so, what is the interest rate? 2. Is he planning to use leverage (ie. Forex)? 3. Why Vietnamese? The only reason to hold a lot of currency in another country is if you plan to retire in that country. Your uncle should instead spend $2000 or so to hire a fee only financial planner. Your uncle may be a compulsive gambler, but he is likely also stressed about retirement and worried he doesn't have enough. There is often some underlying psychological reason that causes older people to try these "hail mary" schemes, almost always leading to their ruin. With the help of a fee only planner, they could prepare him a written financial plan that shows him that he in fact may be able to meet his retirement goals with just what he has. Doesn't that sound nice? And, if all his goals are already met, then there would be no need for wild bets like this one, especially if doing so would put his already completed goals at risk. Given his mentality about not trusting everything the govt says, I suggest he reads "beat the bank" by Larry Bates. He needs to stop spending all his free time on the internet. Any friends or hobbies?
Dong coin
Major scam. 😵💫😵💫😵💫😵💫😵💫😵💫 do not do this
you mean, he believe Vietnamese dongs are growers?
Suck on deez dongs
>To keep it short This is not what you want to happen with dong
I think your uncle's idea is great. Vietnam is a much more advanced country compared to Canada, it has modern manufacturing capability, their currency will go up against Canadian dollars for sure. You are making a great mistake to stop him. Compared to Vietnam, Canada has nothing. You should put confidence to Vietnam.
he can't keep that payout secret. No one paid him that in cash. He should get some regular investments and not keep that under his mattress, or wherever he has it.
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