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Don't Buy Stocks One Day Then Sell Them at Close the Next Day



By Michelle McKinnon, Financial Advisor

Michelle McKinnon, Financial Advisor at PCM and host of the company-produced podcast $mart Women, shared during a recent segment, “This show was created to help empower women by providing some financial tools and support so we can get smart with our money. Remember, we are long-term investors. We shouldn’t be buying stocks one day and selling them at close the next day, then trying to buy another one and selling it same day. I can tell you right now, you’re not going to beat the market. You may get lucky, but most times you’re not. Even people on Wall Street who get paid millions often don’t beat the market. So just remind yourself that you’re in it for the long haul, pick a couple of funds and stick with them.”


Three Keys:

Calculate your average expenses per month

The only cash you should generally have is a three- to five-month “emergency fund”

Beyond that the stock market could be a better alternative than a money market account


Michelle then took the following question from a listener: “I’m saving into my money market account, but what is the right amount to have in cash?” She responded, “That’s a great question, and actually I was just sitting down with a woman earlier today who had a reasonable amount of cash in a money market fund. So I asked her, ‘What are you getting out of that money market?’ She looked at me and said, ‘Pennies.’ Well remind yourself ladies, since you’re getting nothing from those money market accounts, maybe it’s time to start putting that cash into the stock market.” But how much is too much in cash? The first step is to calculate your average expenses per month, then multiply by three, four, or perhaps five.







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