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Not Financial Advice

As a person who writes about personal finance on the internet (Jim here), I’m always wary about offering any kind of advice. Whether it’s a company to invest in, an asset type to pick, or just a strategy to use – I always make sure the reader knows that these are not suggestions in the traditional sense. I’m not suggesting you invest in a particular fund, even if it’s index funds, but that I am suggesting you consider them and where they fit in your plan.

Not everyone is like that. A lot of people grew up watching the Jim Cramers of the world giving out stock tips and think that’s the way. It’s not the way.

I would feel terrible if I said “buy this company” and it tanked. And so I don’t say anything like that. On Wallet Hacks, I just share what I’m doing and looking at.

Which ties into the first post today by Jack Raines – I fully agree with the message.

Not Financial Advice. [Young Money by Jack Raines] – “There is nothing dishonest or “wrong” with buying bitcoin, NFTs, individual stocks, or any other asset that you like. It would be a slap in the face of free markets to prevent anyone from buying any of these things. There is nothing wrong with us having polar opposite ideas about an asset; that is a necessary feature of markets. What is wrong is spending your time and energy trying to convince as many people as possible to act in a way that will be financially beneficial to you, regardless of whether it will benefit them. What is wrong is giving “financial advice” that directly benefits the advisor more than the advisee.” 💯💯💯

To Enjoy Life More, Embrace Anticipation [The New York Times] – “The accumulation of these mini-thrills means you’ll still reap the benefits of looking forward to something, even if it’s not a big-ticket reward, said Christian E. Waugh, a psychology professor at Wake Forest University who studies anticipation. “Plus, with the nearer stuff, there’s more of a sense it’s going to happen for sure,” he said. “You’ve got more control over a small gathering this evening than a vacation in six months.””

Reports show scammers cashing in on crypto craze [FTC] – “From Super Bowl ads to Bitcoin ATMs, cryptocurrency seems to be everywhere lately. Although it’s yet to become a mainstream payment method, reports to the FTC show it’s an alarmingly common method for scammers to get peoples’ money. Since the start of 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams[1] – that’s about one out of every four dollars reported lost,[2] more than any other payment method. The median individual reported loss? A whopping $2,600. The top cryptocurrencies people said they used to pay scammers were Bitcoin (70%), Tether (10%), and Ether (9%).”

Last one is a video on juggling – specifically, how to juggle three balls. I’ve never been able to juggle three objects and I chalk it up to never practicing. This video explains how to do it and I’m going to learn: