Mike, Ryan Herbert, Gamestop discussed on The Savvy Investor Radio


Many are saying that your retirement accounts are on Congress's crosshairs. How do you avoid a big hit like that? And we're gonna learn from NFL Great Marshal Falk about teamwork. Planning for retirement. Great conversation for you here today. Mike and Ryan are here. Help you grow keeping? Distribute your wealth in the most tax efficient manner Possible. My name is also Mike. Mike. Annette. Ryan Herbert. How are you guys? Welcome to the weekend. You're doing excellent. It's always great to be here. Always great to share wealth, and Mike and I are are back together again after a couple weeks apart, I guess. Hey, it enjoying this wonderful, balmy weather. We're having up here in Maryland and very much looking forward to the game this weekend. Absolutely. It is a big game this weekend, and we hoped that that your team Wins, but we got to get to the headlines. First. We've been seeing Ah lot of news lately about games stop, and it's in making headlines, people or don't know really know what's happening here, Guys, can you give us a 30,000 ft explanation on what it is? Is it easy way for retirement savers to make some easy money? Or is it the case of it Seems too good to be true. Well, is it a good idea for return mint investors to use it as a great way to make money? My response would be no. Is the answer. Can you make money too? Wanted absolutely and the real issue or the real concern that we have. Is that the spike in it the run up on it. It could come down Justus quickly, And there's nothing wrong with retirees taking a portion of their money and like swinging for the fences, But for advisors like writing myself, our team We have a fiduciary duty to be looking out for the best interest of our clients and taking client money and swinging for the fences typically is not part of the planning process. Having said that, and we have clients that you know they like to Cryptocurrency. They like that the whole idea of Bitcoins they like the idea of, you know the silver being run up or whatever it is Reddit readers. And users are gossiping about to push up the price of a particular stock. I get it. I mean, it's an attractive way toe, maybe make a boatload of money. I mean, you could, you could lose it just as quickly. So from our perspective, Look, if somebody wants to take a small portion of their portfolio of a little bit of their money and go do something like that Feel free. It's there's nothing wrong with taking a portion of your portfolio. That's not going to impact your ability to retire or stay retired are not gonna force you to hand out smiley faces at Wal Mart. Right s so this one should not having to do that. By taking the risk that you take by, you know, following read it and making investments recommendations. Have none of these 20 and 25 year olds taken that recommendations. Absolutely. You know, if you want to go blow $1000 and turned it into a million or lose 1000. I don't know that there's anything wrong with that, right. Ryan's looking at me like that again. Nuts, You know, I think that just like just like Mike said, you know if you want to have A small portion, your portfolio or or an account that has a few $1000 in it. That's your play money. Yeah. You could go ahead and buy something like that. You know, Personally, I did participate in some of the games stop in the A, M. C. And then the Nokia But what I did was I said, all right, this is the maximum number I'm willing to lose what I'm doing this and I set in place. What are called trailing stop losses That said, I'm only gonna lose 10% of my money. And as this investment goes up in value that 10% number goes up as well. I mean, because if you think about Gamestop what happened was the price of it on January, 22nd was right around $40 a share. It peaked at $476 a share, and then it just kind of crashed. It fell all the way down to like 115, and it came back up to 3 20. Then it's back to 2 30. Then it's down to $100. So it is all over the place. But if you want to have some of your money that you're not relying upon To create income in retirement. If you want to have some of that money, just have fun to buy a few stocks to try and day trade because you you've seen the wolf of Wall Street. You've seen the boiler room or or any of those movies. There's absolutely nothing wrong with it. But you don't want to bet your retirement on these wild, wild, volatile swings. You don't want to bet your retirement on a social media. Platform and what people are talking about on that platform. Who may or may not have any idea what they're doing you. You know, you can see those those threads on that form where the one gentleman turned $50,000. Into $44 million in this, but for every one of those, Yeah, there's millions of them who wasted their money Who lost that $50,000 investment, So you want to be careful with what you're doing? With investments like that when you're speculating in the market, and you don't want to put your retirement at risk, just because you wanna have some fun in the market. I think that's really the bottom line. It's okay to have fun, but you want to be safe with what you're doing. And if you want to learn more about what was actually going on with Gamestop and how you can try toe, find this type of value and try to find this type of growth. Mike and I are more than happy to have those conversations with their clients because as your questions that we get all the time, but all of it really starts by giving us a call 866597 10 48 66597 10 40 putting that secure retirement plan in place so that you know no matter what happens in the market might income a secure in retirement? My retirement Is secure, No matter what. So now I can peel awesome on my money, and I can have that fun account that play account. But not sacrificing retirement. And that all starts by giving us a call. 866597 10 48 66597 10 40 had this client. She came to us back in 2008 when the markets were just getting clobbered right, and she had an allocation that she wasn't real comfortable with it and quite honestly didn't quite fit. What she was trying to accomplish the list, which she told us she was trying to accomplish. And And so as we sat down with her, we created this portfolio for her. And it was getting a steady 678% when the markets did really well, she did a little bit better. But when the markets were going to crash, we wouldn't have seen those losses and it suited her needs all through 8 4009..

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