01/18/2022: Weekly Briefing
Thank you to everyone who participated in the survey. I have exciting things planned for 2022!
Last week I talked about the ‘7 sins of investing’ according to the book “The Winning Investment Habits of Warren Buffett and George Soros” by Mark Tier. A few of the rules highlighted what I like to call the ‘diet’ approach to money.
In our current culture we are bombarded with fad diets, influencers, experts, and programs that claim to have the ‘magic solution’ to weight loss. But these approaches can be extreme and difficult to sustain long term. And in fact, frequently it’s the unsexy advice that has the healthiest effect—drinking lots of water, staying active, and eating lots of fruits and vegetables. Doing this consistently over a long time seems to have the best results. (I learned this the hard way after trying once to attempt the Whole 30 diet that I think I lasted 3 days on…haha)
I’ve grown to see saving money in the same way. There is rarely a ‘quick magical fix’ that will solve everything. It’s more about years of consistency, spending less than you save, little by little.
These sins in the book I referenced also speak to this ‘fad diet’ mentality.
“#2. The “Guru” belief: If I can’t predict the market, there’s someone, somewhere who can – and all I need to do is find him [or her].
#3 Believing that “inside information” is the way to make really big money.
#6 The “System” belief: Somebody, somewhere has developed a system…that will guarantee investment profits.”
Some people may think that if they just find the right person or thing that this will be a winning lotto ticket or shortcut to reaching money goals. But quick diets rarely work in the long term. And just like trading using insider information (also it’s illegal!) or hoping that one special person out there has the ability to predict the investing future, magically having a bunch of savings doesn’t happen overnight either.
What are your thoughts on saving money? (or fad diets, if you have opinions on that too lol)
Money & Crypto
Inflation in 7 charts (WSJ)
Even Netflix increased their prices (Bloomberg)
The big IPOs of 2021 (Visual Capitalist)
A visualization of different careers in finance (Visual Capitalist)
3 crypto scams and how to avoid (Money)
Spain’s financial regulator says social media influecers with over 100K follers who post about crypto need to include this phrase "Investments in crypto-assets are not regulated. They may not be appropriate for retail investors and the full amount invested may be lost." (The Block Crypto)
Crypto.com halts withdrawals because of unauthorized activity (LA Times)
Etc.
If you’re catching on to the recent Wordle craze (shout out to my good friend who knew this would absolutely be up my alley), here are some helpful strategies and how not to fall into this scam of downloading the Wordle app (it’s not an app! only on a website)
Novak Djokovic leaves Australia after visa issue
Disclaimer: All opinions are my own. The content on this site and on the podcast does not constitute financial, legal, accounting, tax, or investment advice.
