Smart Lessons from "Dumb Money"
Morgan Newman, CFP?
Financial Advisor | The Newman Group of Oppenheimer & Co. Inc. | Women in Finance | Women at Work Speaker
On a recent flight, I had the chance to watch Dumb Money – the movie that documents the GameStop craze from a few years ago and the impact it had on everyone from hedge funds to everyday investors. In addition to being entertaining and having a great cast, there is a lot we can learn from the movie and apply to our investment portfolios and mindsets today. Here are a few smart lessons from Dumb Money…
1.????? Be careful who you take advice from
Whether it is someone on Reddit, a Facebook group or on CNBC, regardless of how smart, convincing and confident they sound, no one can predict what a stock or the overall market will do. To do so accurately on an ongoing basis would require a crystal ball to see the future and unfortunately that doesn’t exist.
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2.????? Everyone makes mistakes
Whether in life or in investing, mistakes are made. Since we can’t predict the future, we have to make the best decisions we can with the information we have available. However, rarely do we proudly announce our mistakes. You are more likely to hear someone bragging about all the winners someone has in their portfolio but just so happen to forget to mention their losers.
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If you have made an investing error or want to try avoid doing so, shoot me a message and we can review your portfolio together.
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3.????? Date your investments, don’t marry them
When stocks go up, it is easy to get attached to them, but you aren’t committed to your investments forever. It’s ok to take a step back and evaluate whether something is or isn’t working to see if you want to continue to hold it.
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