It’s the most wonderful time of the year… The kids are out of school, the weather is warmer, the days are longer and we’re finally getting to go on vacation. But what about your finances? (WOW, buzz kill, we know.) Although finances are probably the last thing on your mind this summer, we’ll try and make it fun. Believe it or not, the best practices of investing have a lot in common with grilling. So throw on that apron and pull up those accounts…
Grilling (Trading) vs. Barbecuing (Investing)
Do you know the difference between trading and investing? It’s a lot like grilling vs. barbecuing and the amount of risk and patience is the main difference. Trading can be a thrilling way to earn quick cash (or cook food fast). High temperature, a minute making the difference, the end result could turn out lucrative and quick. However, like with gambling, trading can also quickly lead to big losses (or a burnt filet). On the flip side, investing usually means smaller short-term wins, but also fewer severe losses. Coming from KC, we would compare it to barbecuing, cooking it all low and slow. Even though investing takes up more time than trading, the result can be more reliable and worth the patience in the long run.
You wouldn’t use a fork to grill steaks, so why do you only rely on yourself to manage your investments? We all know there are much better tools for the job in both scenarios. If you are not in the finance industry, no one expects you to handle all of your investments on your own. No other industry is like that. There is zero shame in exploring and learning more about all of the finance tools that are readily available to you at an affordable price (hello FinTech industry and blooom!).
It’s 2021, take advantage of the technology and tools at your disposal. It will only benefit you in the long run.
The Finished Product
At last, you marinated it, smoked it, flipped it, traded it, sold it, and whatever else you could do. You learned that a “one size fits all recipe” doesn’t work and adjusted your actions to meet your long term goals. Your hard work, dedication and patience has hopefully paid off rewarding you in the end with a relaxing retirement (meal) to enjoy. Not only are you happy, but everyone around you is.
So now kick back, relax and soak it up. You deserve it, you grill (investment) master.
Ready to set yourself up for success?
Analyze your accounts for free to see what you’re doing right at blooom.com
The information is provided for discussion purposes only and should not be considered as advice for your investments. Investing involves risk. Your investments are subject to loss of principal and are not guaranteed. Please consult an investment advisor before you invest.
Published on June 24, 2021