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This week, we saw GameStop explode while the S&P 500 significantly diminished in value. As the overall sell-off continues, a good question is knowing when to sell to reap your stock investment reward. Here’s the general formula:
If your stock diminishes by 20+% over a sudden period (30 days), then sell half of the asset. If it happens again, sell another half, rinse, and repeat. This mathematical logic statement makes sure you reap the reward while staying in the market in case anything should turn around. There are certain exceptions to this rule so be sure to do your research on when to sell. Leaving the market is just as important as entering.
This week, I wanted to provide resources and apps that will help you on your personal finance journey. If someone asks me if Acorns is a good app one more time, I’m going to lose it! For my Android mobile users, I’ll try to include the best resources that I’m aware of.
As always, I’m not a financial advisor.
Great Apps for Your Bucks
I’m not a fan of phone apps because I’m hesitant to track everything down on my phone. I either forget or avoid the situation altogether. For others, this is how a majority of people track their spending. It’s easier than ever to tie your bank account to an app and track what’s going on with your budget.
Last night, I downloaded MoneyCoach. This app’s interface makes it easy to use and linking your accounts has never been easier. I’m aware of all my spending in one app from bills to impulse buys. One great feature about this app is that you can track your savings goals and make sure you’re putting money towards a long-term life goal like a wedding or a downpayment on a house. Budgeting isn’t easy but this app makes it easy!
Rakuten/Ibotta/Honey (the browser extension crew) is an essential MUST for your online shopping experience. You can be saving money for online shopping and what’s not to love. These apps are designed to provide you rebates or scour the Internet for the lowest offer on the product.
Lolli is an app I’ve been using lately. This app gives you a bit of a Bitcoin back on every purchase you make. For example, if I bought a mattress, I can receive up to 45% back of that purchase in Bitcoin! This app has the highest return rate of anything I’ve ever seen. Definitely recommend this one.
Apps to Avoid
I have a love/hate relationship with Acorns. So many people have asked me whether or not this app is good. My opinion of the app is that it’s something you should stay away from. There are hidden fees baked into the savings app and you should actively seek to avoid fees at all times. Acorns is a great starter app but don’t base your entire fortune off this one.
YNAB (You Need A Budget) is a popular software program from 2013. Many personal finance gurus recommend this one, however, I dissent and recommend staying away. I do not endorse that charges to save money. The thought of it is completely backward if you think about it. Don’t spend money to save money!
Honeydue is a budgeting app designed for couples. Imagine your significant other tracking your every expense. This app seems like it would cause arguments in the relationship. Discussing finances as part of your relationship is important but it’s important to communicate big picture goals. This app could cause rifts based on too much food from Postmates! This app seems great in a rational world but people are far from rational (they teach you this in Economics 101).
I hope you have a great week!
P.S. Did you know you can recommend topics by replying to this email? I’d love to hear your feedback on ways to make this blog work for you.
-Jordan