Are You a Good Trader, or Are You Just Lucky?

Elizabeth O'Brien is a senior writer at Money

Morningstar’s personal finance expert, Christine Benz, tweeted recently that she doesn’t recommend young people invest in individual stocks: “If a 19 year-old loses the better part of the $200 he put in, there's a risk that he'll conclude that investing is a crapshoot and not come back for another decade.” That’s a smart warning. That young person might equate investing with gambling and forgo saving for retirement, when the real gamble would be failing to prepare for the future and hoping things will work out anyway. Once you’ve laid a solid investing foundation and are consistently contributing to low-cost funds, you may want to dabble in individual stocks — or Bitcoin — with a small part of your portfolio. In today’s edition, learn when to hold ‘em and when to ‘fold ‘em.

Best wishes,
Elizabeth

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TIMELY RETIREMENT NEWS, INSIGHTS, AND ADVICE

Bitcoin, Meme Stocks and the Psychological Toll of Figuring out When to Sell

Beware FOMO (fear of missing out).

Tax Scammers Are Getting Sneakier

Here's how to spot the latest cons.

7 States Allow Tax Breaks for Working From Home

If you’re a resident of one of them, here’s how to claim.

RETIRE WITH MONEY COMMUNITY INSIGHTS

Many thanks to those who expressed interest in being a Reader of the Week! I’m still looking for volunteers, so please respond to this email if you want to learn more.

This week in our Retire with Money Facebook group, a member posted this interesting survey about how much financial advisors charge. The article is geared toward advisors, but consumers can use it as well to see if what they’re paying is in line with the norm. For example, the median hourly rate for a planner was $250 in 2020. Members then discussed their approach to investing. We have many DIY investors in the group, but also some who use planners. “I love my advisory service — risk reward has been favorable,” one wrote. “To each their own.” Indeed!

RETIREMENT NEWS FROM AROUND THE WEB

Electronic Health Records May Be Delaying COVID-19 Vaccinations

The country’s patchwork system is hindering proper communication. NPR

There Are No Plans to Extend Tax-Filing Deadline Beyond April 15

Tax filing season will start late but end on time, the IRS announced Thursday. CNBC

Choir Singing Can Improve Cognitive Functioning Among the Elderly

A new study suggests singing in a choir can confer similar benefits to playing an instrument. NEUROSCIENCE NEWS

Money and Your Honey: How to Schedule Personal Finance Dates

Pick the right time, and other tips for a productive and non-confrontational money talk. NEXT AVENUE

Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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Are You a Good Trader, or Are You Just Lucky?

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