profile

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

πŸ—‘οΈ What's your edge?

Published 3 days agoΒ β€’Β 1 min read

Greetings Reader,

You can win at gambling if you have an edge. The same is true for day trading. You can do it if you have an edge.

Prime example: the casino always wins because there's a house edge built into every game being played there.

The reality is that the only edge you have when it comes to investing is your time horizon. You have to wait long enough for the market to go up. Sometimes that happens quickly. Sometimes it takes a few years or more.

Unless you're that trader who made $70 million in 60 seconds with the (likely) help of some insider information, contributing early and often into index funds is the best way.

Use your edge.

Oh - and if someone is promising to "teach" you a special no-lose method to invest just ask yourself this - why aren't they using that method for themselves or at a hedge fund? (because that's where the folks with a real edge are trading at)

Something to remember as we navigate these volatile times, as they always bring out the charlatans.

​(View this email as a webpage)​

πŸ¦‰ Why do people pay expensive financial advisors?

Mathematically, we know that paying someone a 1% assets under management fee will severely eat into your investment returns.

Yet many people still do it.

Why? I sought to try to understand.

β€‹πŸ‘‰ Why do people pay for expensive financial advisors?​

​

πŸ—ΊοΈ Do you have a financial map?

One of the most useful tools we have in our financial toolkit is our financial map. It's a drawing of all of our accounts and how they're linked.

I've used it to simplify our finances. I've used it to know how to move my money around at a glance.

It's super simple to make and everyone should have one.

β€‹πŸ‘‰ Draw your a financial map​

​

πŸ’° Answers to 15 Tariff Questions

Tariffs have been in the news a lot.

Maybe you're not 100% sure what it actually means.

My internet friend Jesse Cramer answers 15 tariff questions:

β€‹πŸ‘‰ The 15 Tariff Questions I’ve Heard Most​
​

​

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

​

Talk to you soon!

Jim

PS. Vicki Robin's Your Money or Your Life is available on the Kindle for only $1.99 - Oprah said "This is a wonderful book. It can really change your life."

​

​(see our archive of previous emails)​

You signed up for this newsletter via wallethacks.com​

We respect you and your attention. If you no longer wish to get emails from us, you can unsubscribe and we will still be friends.​

If you like sending gifts, we like getting them here - P.O Box 323, Fulton, MD 20759

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.

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

Greetings Reader, It's Spring Break for us this week and we spent it with our good college friends and their kids at Great Wolf Lodge in Williamsburg and then Colonial Williamsburg. I've been to Williamsburg a few times (mostly golf trips) and visiting Colonial Williamsburg was a lot of fun. It was amazing to walk through so much history, some of the same buildings are our Founding Fathers. If you've never been, you should consider it. It's a lot of fun! (View this email as a webpage) πŸ“‰ Don't...

10 days agoΒ β€’Β 1 min read

Greetings Reader, The stock market and tariffs. It has dominated all financial stories last week, with good reason, as the stock market lost 10%+ of its value in just a handful of days. There are a lot of opinions as to what President Trump is trying to do. One theory is he's trying to trigger a recession to force the Fed to cut interest rates, which would make it cheaper for the U.S. to "refinance" the massive debt. Personally, I think he is using the purchasing power of the United States to...

17 days agoΒ β€’Β 2 min read

Greetings Reader, This CNN story about a the scam industry in Myanmar changed my thinking about scams. In the past, I thought the scammers were the ones getting the money. In many cases, they are forced to work (both economic and physical) for criminal gangs. I used to think it was funny that you had people baiting these scammers but I'm not so sure anymore... just something to think about. So often, the ones who deserve the blame are not the "front line" workers that face people... seems to...

24 days agoΒ β€’Β 1 min read