![]() ![]() ![]() ![]() "You can't lose money taking profits," says LaBreque.īut the rest of your portfolio should be stable, long-term investments. See what happens to the remaining investment. If you buy into Clover Health, or another meme stock of the day, and it starts doing well, he suggests selling half. You can check all balances and create transactions yourself. Investors should allocate no more than 2% to 5% of their total portfolio to speculative investments, including crypto and art, Wright suggests.Īnd if you do buy one of these speculative assets, have an exit strategy, says Leon LaBrecque, a Michigan-based certified financial planner. Running a node ( Dogecoin Core Wallet) is great, because you have a copy of the public ledger. DogeLand is a Dogecoin mining indexed cryptocurrency investment game that started in 2021. "You need to be OK with the possibility that you may lose your entire investment," he says. Buy a virtual miner and get income in tokens every day. While investors may see the headlines about the prices climbing and climbing, many are unprepared for the eventual fall, says Wright. It's crucial to understand the risks of investing in crypto or a meme stock. It's enticing to see the prices of meme stocks and, at certain times, cryptos soar. This gives them less money month to month to set aside in an index fund.Ī get-rich-quick scheme that requires a one-time cash deposit is alluring when you feel the deck is stacked against you, Haakons says. Though millennials, on average, face larger student debt loads and higher costs of living than Gen X or baby boomers, they've also seen wages stagnate and full-time jobs replaced with part-time gigs. The interest in these investments can be partially attributed to younger generations feeling locked out of traditional forms of wealth building, says Leanna Haakons, founder of Black Hawk Financial. While these alternative investment strategies have captured the millennial and Gen Z investor imagination, financial planners urge young investors to remember that they shouldn't be a substitute for a more standard, some might say boring, foundation. Cryptos and meme stocks are extremely volatile, and research shows that you're much more likely to lose money day trading long term than you are profiting. Very few asked whether or not they should invest in crypto at all it seemed a given that they should.īut cryptocurrencies alone are not a sound investment, investing experts say nor are other currently popular investment trends including holding meme stocks like GameStop, or day trading generally (GameStop did not immediately respond to request for comment). ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |