Daily Money - When’s the Best Time to Buy Bitcoin?

Why parents might want to turn down the child tax credit
June 15, 2021
Retire with Money
I’m not yet convinced that a diversified portfolio needs cryptocurrency, but as they say, YMMV (your mileage may vary). You may be curious about Bitcoin and wondering when to take the plunge. Today’s featured story suggests waiting until some of the hype has quieted down. A clever chart from the Personal Finance Club compares Bitcoin’s price in U.S. dollars to Google search volume for the phrase “buy Bitcoin.” As search interest spikes, so does the price. It shows that a good time to buy is when no one’s thinking (and searching) about Bitcoin. But if it's no longer top of mind, then how would you remember to invest? It’s a bit of a conundrum. My best advice? Don’t let FOMO (fear of missing out) push you onto the bandwagon, but if you’ve done your research and think a small investment in cryptocurrency makes sense, don’t sweat the timing too much.

As you might have noticed, the newsletter got a makeover! It's part of a rebranding of our site, Money.com. Please let me know what you think of our new look!

Best wishes,
Elizabeth
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Retire With Money Community Insights

This week in our Retire with Money Facebook group, a member posted an instructive illustration, courtesy of Dalbar and Morningstar, that supports the buy-and-hold investing strategy. From 1985 to 2014, the average stock fund returned 10.7%, but the average stock fund investor got just 3.8%. Why? They tried to time the market, jumping in and out and invariably getting it wrong. During the same period, the average bond fund returned 6.9%, but the average bond investor earned just 0.7%. As one member aptly put it, “Seems hard for people to just buy and hold for the long term. They get antsy and try to dance in and out of the market.” It may seem counterintuitive, but over the long term you really do make money sitting on your hands. 

Retirement News From Around The Web

This Is How You Write a Successful Health Insurance Appeal
A health insurance employee put her insider knowledge to work writing an appeal to challenge her son’s jumbo medical bill. See the successful letter here. AN ARM AND A LEG

The Time Is Right for After-tax 401(k) Contributions
For heavy savers, after-tax 401(k) contributions beat taxable brokerage contributions, a retirement specialist writes. MORNINGSTAR

The Importance of Mourning Losses, Even When They’re Small
A podcast explores “disenfranchised grief,” which happens when people don’t feel entitled to mourn small losses. NPR

Meet the 66-Year-Old Dancer in 'In the Heights'
Producers wanted dancers ages 20 to 65, but she’s the only one over 50 who answered the casting call. 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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