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Hi, I'm Jim Wang and I share my strategies and tactics for managing your money and enjoying more out of life.

⏳How to be a more patient investor

Published 3 months agoΒ β€’Β 2 min read

Good morning Reader!

The latest Bureau of Labor Statistics' jobs report came out last week and showed the labor market is better than ever. Employers added 254k+ more jobs (compared to 140k+ expected), plus they revised July and August figures up by 72k jobs.

What does this mean for us? It means the Federal Reserve won't be cutting rates as quickly as they probably would've otherwise. The markets still see an 88.7% chance of them lowering to 4.50%-4.75% in November, a 25 basis point drop.

As borrowers, I wouldn't make any decisions on refinancing loans just yet but it's important to know.

As investors, it shouldn't change anything. Make regular contributions and rebalance as necessary.

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⏳ How to become a more patient investor

We know that to be a successful investor, we need to make regular contributions and let compounding interest work its magic. Buy and hold.

But our lizard brains weren't built to just wait. Lions eat the gazelles that just wait. It has a bias for action, which is why it's hard to leave our investments alone when it feels like we should be doing something.

No one would ever accuse me of being patient (or, honestly, of just being able to sit still, just ask ummm anyone I know), but here are the strategies I use to be a more patient investor:

β€‹πŸ‘‰ How to be a more patient investor​

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πŸ†“ Free stocks?

There are several stock brokerages that will give you free stock when you open an account and fund it, sometimes with just a few hundred dollars.

They're competing heavily for your business and know that offering free trades isn't enough.

Here are some brokers with free stock promotions:

β€‹πŸ‘‰ Brokerages offering free stock for new accounts​

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⚽ Please don't gamble on sports

I used to play fantasy football (won the league a couple times too!) and when I was in an office, I’d fill out a March Madness bracket (never came close to winning). I’ll buy some squares for the Super Bowl, but avoided actual sports gambling.

I don’t think I experience the same thrill of winning that some others do when it comes to sports gambling.

It’s probably because I had zero hand in the outcome. β€œPicking” a winner isn’t enough for me, thankfully, so I largely avoid it.

That said, sports gambling is a HUGE industry and, as it turns out, one that’s really bad for us. The data supporting this belief is concrete.

β€‹πŸ‘‰ Legalizing Sports Gambling Was a Huge Mistake (from the Atlantic)

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What did you think of today's email?​
βœ… I Loved It! 🟨 It Was Okay ❌ Not My Favorite​

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Take care!

Jim

PS. I sent out a bank bonus on Monday for the ONE Financial app, $125 via Rakuten if you open an account and deposit $200. You also get $30 if you haven't already opened a Rakuten account yet.

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Hi, I'm Jim Wang and I share my strategies and tactics for managing your money and enjoying more out of life.

πŸ’΅ Founder of WalletHacks.com

I have been writing about money for nearly 20 years and believe that personal finance is one of those subjects that is made complicated because it benefits a select few. Our aim is to help make it easier to understand so that regular folks can use what we teach to take control of their money and build wealth.

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