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Writer's picture Treavor Dodsworth CFP®, CPA, CKA®

#75 - Get Rich Quick?


Get Rich Quick?

This past week GameStop stock has spiked up as retail investors take on the short bets made by some Wall Street investors. It is a fascinating story to monitor.


As I was reading how this story was unfolding, I was reminded of a couple things - the popular saying “Beware of get rich quick schemes” and FOMO - Fear of Missing Out.


I am not saying this is what is driving all those purchasing Gamestop’s stock. For many, this was a calculated bet or done out of principal.


For those on the outside looking in though, it is easy to slip into greed or fear of missing out. That is where we need to exercise caution and think twice.


This is not to say you don’t ever have to make decisions quickly but just exercise caution when you suspect your emotions could be driving your decisions.


Personally, although it is boring, I believe in slowly building investments by maintaining a diversified portfolio that I hold for the long term. That said, primarily out of curiosity, I plan to continue monitoring what happens with Gamestop stock to see how this unfolds.

 

Interesting Article(s) or Video(s)

  • This is a fascinating story and could have many implications for the investment landscape moving forward. Be cautious to not let greed or fear of missing out creep in as you read.

 

Thank you for reading! (Please see disclosure. Not a recommendation to buy or sell.)

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