Remember this time last year?

There was a lot of news out there about something called wallstreetbets. In this popular Reddit forum, like-minded consumers talk stock. They focused on GameStop stock, known as GME. The stock was nearly worthless in early January 2021, but the forum picked up on it and turned it into a ‘meme’.

Suddenly, there was a flood of social media posts referencing the stock and having ‘diamond hands.’

Laughter aside, this did wonders for the GME stock in early 2021, increasing the value by 134%. Later in the year, this trend spread to another stock, AMC (movie theater chain).

This ‘meme stock’ trend is just one of a few investment trends beginning to take over.

Another flitting trend has been the rise of cryptocurrency, including EFTs, which are digital ‘assets’, often in the form of unique digital art or music files. While these new investment products are exciting, their quick rise may lead to a fast downfall. In late 2022, deaths, scandals, and bankruptcies rocked several cryptocurrency exchange companies.

When investing in financial trends, there are a few things to do before you take the jump.

Research the product or company you plan to invest in. Is it easy to sell or trade the product? How long have they been in business? Are they backed by any other major company or known investors?

Read analysts’ reports about the company. Check financial news articles and see if you can get the positive and critical points. Talk with a financial advisor to ensure your investments are diverse before getting on board.

Let’s have a 15-minute consultation to review your financial goals and the health of your financial plan — on the house! Call (330) 836 7800 ext.1 or set up a convenient time in our online scheduler. We won’t judge if your portfolio contains GME or other meme stocks (promise).