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December 2020
I’ve Downloaded an Investment App Should I Start Buying Penny Stocks? This year, many financial experts, including me, began seeing a new trend in the investment market: using apps to buy penny stocks.
Investing in the stock market has never been more accessible. Apps like Robinhood make it easy to purchase stocks — especially penny stocks — on your phone. You might be tempted to dip into the market yourself, since these apps are advertised all over Facebook and other social media sites. But do those investments actually pay off? And just how risky are they? A penny stock is a company share worth somewhere between $0.01 to $2. These stocks may be attractive for those who want to begin investing, but buying them is more like using a Vegas slot machine than building an investment portfolio. Penny stocks are very high risk and their value fluctuates wildly. Many companies with penny stocks are either deep in debt (or headed toward bankruptcy) or virtually unknown. Even if a share rises from $0.05 to $1.50 within a couple weeks, which would theoretically make you 30 times your investment, chances are good that you won’t be able to sell those shares. Not many investors buy stocks that have a reputation for fluctuating so quickly. Some “stock gurus” will encourage you to trust their penny stock advice because, hey, Monster energy drinks were once sold at 25 cents a share in 2003. These “gurus” are often scammers who use misleading facts to influence people to pour thousands of dollars into penny stocks, a huge investing mistake. This isn’t to say penny stocks will never swing in your favor, but you should know all the risks and never, ever invest more than you can afford to lose. Keep in mind that penny stocks are often so risky that most reputable brokers won’t even sell them to their clients. Just do plenty of research before you invest in a stock. This is key to making any good investment decision, but it’s especially true for penny stocks. IF I BUY, WHAT’S THE BEST APP TO USE? There are a ton of investment apps, but the best way to start with mobile investing is to deal directly with a major financial company. Although the interface might not be as sleek and youthful as apps you’ll see advertised on YouTube or Instagram, major financial companies often offer more benefits and comprehensive services.
Charles Schwab has one of the best mobile investing apps you can download right now. J.D. Power ranked its mobile app No. 1 out of 13 brokerages in 2019. You’ll have access to trade penny stocks through multiple exchanges, including over-the-counter (OTC) markets (OTCQX/OTCQB), pink sheet stocks, and other stocks outside of the major exchanges. You can access the app on a mobile device or desktop computer, and you pay no recurring fees to invest with Charles Schwab and no required minimums to open an account. There are also no commissions for stock trades, so you pay no fees to trade. If you’re just starting to invest or want to take a more casual approach, you may enjoy a TD Ameritrade account. Like Charles Schwab, the TD Ameritrade app is available for mobile or desktop and has no recurring fees or minimums. There are also no commissions for non-OTC stock trades. However, you will have to pay a $6.95 fee for trading OTC stocks. This can drive up the cost of trading for ambitious investors, but it’s a great experience for beginning or passive investors. Although these apps aren’t necessarily as flashy as the latest investing apps, nor do they have the same snappy marketing, they can help you invest in the smartest way possible. Buying penny stocks on Robinhood might be the trend for young investors at the moment, but you don’t have to follow the crowd. Making the right economic decision is always in style.
— Jeffrey Campbell
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Holiday Hacks for the Busy Professional 4 Tips for a Less Exhausting Holiday Season
Delegate — at home! You delegate assignments at work, so why not do the same at home? Start with your immediate family and work your way out. Give everyone a task: Someone does the grocery shopping. Someone is in charge of a main course dish. Another is on side-dish duty. Others get dessert. Don’t forget to assign a clean-up crew. Save yourself for the tasks you REALLY want to do. Take frequent breaks. When you have a lot going on, frequent 5–10 minute minibreaks can go a long way in easing the mental pressure. Don’t hesitate to take brain breaks throughout the day. Go for a quick walk around the building or neighborhood. Read a chapter of your book. Play a quick game on your phone. Say no to the kitchen . When your time is precious, why spend a lot of time in the kitchen? While some find cooking a joy, others find it burdensome. If you’re in the latter group, it’s okay to go the boxed or prepared meal route when time is short. Boxed meals can still be prepared with love, and you can get high-quality frozen dishes or freshly prepared meals from your favorite grocery store. The time and energy you save is worth the investment. In 2020, we have more options than ever to make life easier. So, enjoy the holidays a little more by doing the things you love and using these tips to make the most of your time and energy this season.
The holidays are an incredibly busy time of year. Between work and home, it can feel like there isn’t enough daylight to get everything done. We have projects to complete, emails to answer, dinners to plan, gifts to buy — and family is coming in from out of town. Is it possible to take care of everything and not be completely exhausted by the end of it? While we can’t answer that definitively, we can share a few “holiday hacks” to help you get more out of your time. Put work aside . Give yourself blocks of time to focus on one thing at a time. You may be tempted to multitask, but for your mental health, don’t do it. Focusing on one thing at a time produces better results (this applies equally to cooking as it does to client work) and you’ll feel better through the process.
3 Gift-Giving Tips That Won’t Kill Your Savings
Ah, the holidays. It’s a time of sweet treats, family, and giving back — and sometimes giving a little too much. When it comes to the perfect holiday gift, many people spend too much money. The average American spends nearly $1,000 on gifts during the December holidays alone!
talents as a clue to what you should give. If you’re a great crafter, create something unique for the people on your list. If you can offer the gift of time, provide a free night of babysitting for your friends with kids or an experience at the local theater. These gifts have a bonus factor: Recipients love the gift when they open it, and they love it when they get to use it! Set a budget — and stick to it. Setting a holiday budget ensures you only spend what you can afford. It also narrows down your search. If you choose to buy your neighbor something, but they aren’t your top priority, set their budget at a lower level, like $25–$50. If you have a sibling who has had a rough year and you’d like to make their holidays a little brighter, bump
It’s possible to cut back and make it to January without major debt. Here’s how.
Check your list — twice! The list is going to be your secret weapon to tackling the holidays with your savings still intact. Start by writing down the name of every person you’d like to get a gift for. Now, with the exception of your immediate family members, narrow the names down to your top five — top 10 if you’re really popular. Now, place the names of the people who didn’t make the cut into a second list. If you still feel the need to do something for them, send homemade cookies or a handwritten note instead of purchasing something. This limits how much you actually have to spend!
their budget up. This narrows the focus of what you’re looking for so you don’t stumble into something you can’t afford.
Ultimately, it’s the spirit of giving during the holidays that makes
them so rewarding. With a little ingenuity, you can be generous and avoid the stress of excess debt come January.
Think beyond store-bought or expensive items. Sure, everyone wants this holiday season’s “it” item, but sometimes the best gifts don’t even come wrapped under the tree. Instead, look to your own
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TAKE A BREAK
Snowed In for Christmas? It’s Board Game Time! 3 New Games to Entertain You Through the Holidays
“Oh, the weather outside is frightful, but the games are so delightful …”
Those might not be the exact lyrics from the famous Christmas carol, but it’s true that decks of cards and various board games get many families through the holiday season. You can only rewatch “It’s a Wonderful Life” and “National Lampoon’s Christmas Vacation” so many times before the jokes grow stale. While new movie releases can be fun, many have been stalled this year because of the pandemic. Luckily, board games are still coming out on schedule. If you’re on the hunt for alternatives to Monopoly, Clue, and Scrabble, check out these fresh 2020 games, which all come recommended by the experts at Thrillist. 1. THE ALPHA: A NATURE LOVER’S DREAM GAME If your childhood dream was joining a wolf pack like Mowgli in “The Jungle Book,” this is the board game for you! The Alpha is a beautifully illustrated strategic game where players act as pack leaders and compete with other players to acquire territory and snag the best food. Gameplay is done in rounds that include four stages: stalk, chase, resolve, and advance. The game is rated for 3–6 players ages 10 and up. 2. HALF TRUTH: BRILLIANT MINDS MEET HERE If you’re a fan of Trivial Pursuit, you’ll love Half Truth. At its heart, it’s a trivia game, but it ups the stakes by giving players the opportunity to bet on how many correct answers they’ll get. Really though, there’s only one thing you need to know about this game, and Thrillist said it best: “It’s the brainchild of legendary Magic: The Gathering creator Richard Garfield and 74-time Jeopardy! winner Ken Jennings.” What a pedigree! Everyone 12 and over will want a seat at the table. 3. GETCREWD: A PLAYGROUND FOR MOVIE BUFFS getCrewd is a card game that comes in a retro-style film can, and that single trait speaks volumes. In this PG-13-rated game, you play a film producer in search of the perfect actor, director, and crew to make your movie happen. However, the deck will keep throwing obstacles in your way, including everything from flash floods to writers’ strikes. If you have a competitive side, you’ll love this mad scramble to the finish line.
What Christmas Trees Look Like Worldwide Whether it’s floating on the canal or pictured in lights on a mountainside, the tradition of the Christmas tree is beloved worldwide, and its reiterations might surprise you! For example, the Galeries Lafayette in Paris (not dissimilar to Macy’s in the U.S.) does a dazzling Christmas tree display in their main store. In 2019, they did an incredible upside-down Christmas tree that hung from the ceiling and had a light show every hour. In Rio de Janeiro, they have the world’s largest floating Christmas tree, which is over 85 meters tall and weighs 542 tons! It was revealed with a huge firework show and floated over the gorgeous Rodrigo de Freitas Lagoon. In Gubbio, Italy, they can see their city’s official “tree” from a hundred miles away — because it’s a massive light fixture along a mountainside. Every year, it’s switched on by a notable figure. In 2014, it was turned on by the Pope, and, last year, it was switched on from space!
With these games in your cabinet, you won’t even notice the snowbanks outside!
We hope you enjoyed discovering these international traditions as much as we did. Merry Christmas!
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INSIDE THIS ISSUE 6110 Mayfield Road Mayfield Heights, OH 44124 www.MayfieldHeightsCPA.com (440) 720-0959
Should I Buy Penny Stocks Through an App?
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What Christmas Trees Look Like Worldwide 3 New Board Games to Try This Winter Want to Make Your Holidays a Little Easier? 3 Fool-Proof Ways to Pay for the Holidays Without Going Broke
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Meet Kismet, a Dentist’s Toothless Therapy Dog
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Meet Kismet, a Dentist’s Toothless Therapy Dog
Courtesy of Debra Garrett
Therapy pets can have a powerful impact on dental patients, especially if those patients have anxiety. “The studies are very clear: People who sit and pet animals have lower blood pressure, and that’s what it’s all about,” Dr. Cameron Garrett told TODAY when the world found out about Kismet. Garret’s dental practice employs the adorable 13-year-old Chihuahua rescue as a therapy animal that patients can hold and pet while they get dental work done. Kismet’s life has not been easy. The Muttville Senior Dog Rescue has invested thousands of dollars into Kismet’s health — they diagnosed her with heart disease, removed a cancerous tumor, treated a hernia, and removed all of her teeth due to periodontal disease. Yet, Kismet remains a very sweet dog. She never barks and loves back scratches and being held.
It’s especially amazing that the toothless Kismet found such a perfect new home with dental professionals! This past July, Cameron Garrett and his wife, Debra Garrett (a hygienist), adopted Kismet into their home as well as their dental practice. The serene dog has provided a special experience for patients who come for exams, cleanings, and even root canals. Of course, some patients are scared of dogs. In those cases, Kismet relaxes behind a closed gate. But over 98% of patients happily take Kismet on their laps while they undergo their dental procedure. Cameron Garrett told CNN, “Quite honestly, as a dentist, I’m as much a psychiatrist or psychologist as anything else. Kismet has allowed us to have another tool in our toolbox.” They can even use the toothless pup’s story to teach patients about the effects of periodontal disease.
Getting love from patients also helps Kismet. “She just wants to be with us,” Debra Garrett explained. The new owners suspect that she was abused in the past and is still recovering from that trauma. “When she is on a patient’s lap, she’s providing them comfort, but she’s also getting comfort. It’s hard for me to describe how nice it is for me to be looking at her while I’m working. It’s just a win-win all the way around.” Our hearts are officially melted. It’s only fitting for a pet hero to have heroic owners, too!
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