Go B.I.G. or Go Home

Speaker 1 I live in LA now, but lately I have been craving the seasons. Snow, hot cocoa, the whole thing.

Speaker 1 I don't even ski, but I have been daydreaming about working remotely from somewhere really cozy on the East Coast, like a cute little ski town for a little bit.

Speaker 1 And whenever I know I'm going to be gone for a while, I always remind myself that my home can actually be working for me while I'm away because I host my space on Airbnb.

Speaker 1 It is one of the easiest ways to earn passive income from something you already have, and that extra income feels particularly helpful this time of year as we approach the holidays.

Speaker 1 A lot of my friends say that sounds amazing, but where do you find the time to manage guests and bookings? And that's when I tell them about Airbnb's co-host network.

Speaker 1 Through Airbnb, you can find a local co-host who can help you set up your listing, handle reservations, communicate with guests, provide on-site support, even help with design and styling.

Speaker 1 I like to give a personal touch when I'm hosting on Airbnb. So I make a list of my favorite restaurants in the area and I hand write a note welcoming my guests to the property.

Speaker 1 My guests love it, but I also know that some of those little personal touches can take a lot of extra time. So this is the exact kind of thing that you would want your co-host to help you with.

Speaker 1 Whether you're traveling for work or chasing the snow or escaping it, or you've got a second place that just sits there empty more often than you'd like, your home doesn't have to just sit there.

Speaker 1 You can make extra money from it without taking on extra work. Find a co-host at Airbnb.com slash host.

Speaker 2 Here's one piece of advice that I've given for years. Build an emergency fund.
Aim to stash away enough to cover at least three months of expenses in case your income suddenly drops.

Speaker 2 Sounds simple, right? But let's be honest, it's not. Saving even one month's worth of living costs can feel impossible.

Speaker 2 Just when you're making progress, that check engine light blinks on and derails your plans. Life already throws enough curveballs.
You don't need your bank adding to the chaos.

Speaker 2 That's why it's so important to choose one that makes savings easy and doesn't nibble away at your hard-earned money with ridiculous fees. Chime understands that every dollar counts.

Speaker 2 That's why when you set up direct deposit through QIIME, you get access to fee-free features like free overdraft coverage, getting paid up to two days early with direct deposit, and more.

Speaker 2 With qualifying direct deposits, you're eligible for free overdraft up to $200 on debit card purchases and cash withdrawals. To date, QIIME has spotted members over $30 billion.

Speaker 2 Work on your financial goals through QIIME today. Open an account in just two minutes at chime.com slash MNN.
That's chime.com slash MNN.

Speaker 2 chime feels like progress chime is a financial technology company not a bank banking services and debit card provided by the bank core bank n a or stripe bank n a members of the ic spot me eligibility requirements and overdraft limits apply timing depends on submission payment file fees apply it out of network atms bank ranking and number of atms according to u.s news and world report 2023 chime checking account required here's one piece of advice that i've given for years build an emergency fund aim to stash away enough to cover at least three months of expenses in case your income suddenly drops sounds simple right but let's be honest it's not saving even one month's worth of living costs can feel impossible.

Speaker 2 Just when you're making progress, that check engine light blinks on and derails your plans. Life already throws enough curveballs.
You don't need your bank adding to the chaos.

Speaker 2 That's why it's so important to choose one that makes savings easy and doesn't nibble away at your hard-earned money with ridiculous fees. QIIME understands that every dollar counts.

Speaker 2 That's why when you set up direct deposit through QIIME, you get access to fee-free features like free overdraft coverage, getting paid up to two days early with direct deposit, and more.

Speaker 2 With qualifying direct deposits, you're eligible for free overdraft up to $200 on debit card purchases and cash withdrawals. To date, QIIME has spotted members over $30 billion.

Speaker 2 Work on your financial goals through QIIME today. Open an account in just two minutes at chime.com/slash MNN.
That's chime.com slash MNN. Chime feels like progress.

Speaker 3 Chime is a financial technology company, not a bank. Banking services and debit card provided by the Bancorp Bank NA or Stripe Bank NA.
Members, FDIC.

Speaker 3 Spot me eligibility requirements and overdraft limits apply. Timing depends on submission of payment file.
Fees apply at of network ATMs, bank ranking, and number of ATMs, according to U.S.

Speaker 3 News and World Report 2023. Chime checking account required.

Speaker 4 Hey guys, are you ready for some money rehab?

Speaker 4 Wall Street has been completely upended by an unlikely player. GameStop.

Speaker 4 Should I have a 401k? Because can I do it? No, I never.

Speaker 4 Charge for wasting our time.

Speaker 4 I will take a check for your old

Speaker 4 You recognize her from anchoring on CNN, CNBC, and Bloomberg. The only financial expert you don't need a dictionary to understand.
The cold lap-in.

Speaker 4 Last week, we talked a bit about technical analysis for evaluating which stocks are winners. But choosing investments isn't all about numbers.

Speaker 4 You'll also need to do a little soul searching in order to figure out which is the best investment strategy for you. You're going to need to ask yourself, self, what do you, I, we, want?

Speaker 4 Yes, these are the kind of existential questions investors need to ask themselves before jumping into the market. So, what do you want? Are you looking for a bigger nest egg for retirement?

Speaker 4 Are you looking to fund a project you foresee happening 10 years down the line to buy your first home? Are you looking to turn investing into an income stream?

Speaker 4 Your answers to these questions can and should impact your investment strategy.

Speaker 4 Specifically, how you decide to invest in companies known as value stocks versus companies known as growth stocks, or funds including value stocks or growth stocks.

Speaker 4 Growth stocks are companies that investors feel have a lot of promise to grow. Duh.
But because of that, growth companies may not be making a lot of money just yet.

Speaker 4 Typically, when a company is on a growth trajectory, it may not be earning a lot of money right now, this very second, but investors aren't investing in the company for what is in the now.

Speaker 4 Investors are investing in what they think the company will become. What that also means is that the company may not yet have proven itself to be super profitable.

Speaker 4 Because of that, growth stocks tend to be considered higher risk, but also higher reward. If investors are right and the company grows into a big player, they'll of course reap the rewards.

Speaker 4 If investors are wrong, though, and the company crumbles, they could lose it all. Growth stocks tend to be new companies and or in the tech sector.

Speaker 4 Value stocks are companies that do show consistent earnings and have shown themselves to be profitable.

Speaker 4 In contrast to growth stocks, value stocks tend to be older companies and/or companies that exist in really stable markets. But stability is a double-edged sword here.

Speaker 4 Although it means lower risk of dramatic losses, it also means lower chance of exciting dramatic gains.

Speaker 4 Whether you want to go for a slow and steady strategy or a higher risk, high reward strategy is totally up to you and your goals, and of course, your risk tolerance.

Speaker 4 There's another type of investment that you should know about that I'd argue falls under the value stock umbrella. And surprise, surprise, I have an embarrassing story about this investment.

Speaker 4 Once upon a time at a conference, I was eavesdropping on someone talking about, quote, blue chip companies. I thought to myself, self, are there really that many companies that sell blue chips?

Speaker 4 Why are we making such a big deal about it? Are blue chips even really that good?

Speaker 4 Later, of course, I learned that blue chip was a term used to describe a certain group of companies, not literally companies that make blue tortilla chips.

Speaker 4 There are three things you can tell about me from this story. One, I really did learn all of this stuff in the School of Hard Knocks.
Two, I am not a big poker player. And three,

Speaker 4 I love snacks. If I was a gambler, this term would probably have made more sense to me at the time.
What I'm told is that blue chips are the big bosses of the poker table.

Speaker 4 They're worth the most moolah. Same in the stock world, kind of.
Not only are blue chip companies considered high value, they also have a good reputation as a solid investment.

Speaker 4 I mean, as solid as any investment can be, with a history of high performance. Most stocks included in the DAO index, for instance, would be considered blue chip.
So like Microsoft, Walmart, Apple.

Speaker 4 That's why I argue that blue chip companies fall under that value stock umbrella. For today's tip, you can take straight to the bank.
When you do make your investment plan, think big.

Speaker 4 And when I say big, I mean BIG, which is my acronym cheat sheet for a good diversified portfolio. Blue chip companies being the B, index funds being the I, and growth stocks stocks being the G.

Speaker 4 Depending on your risk tolerance and your goals, you can decide what mix of these stocks and funds work best for you.

Speaker 4 But a combination of all three in some way or another is a mix that is sure to grant you the kind of diversified portfolio that protects you from big risk and moves you along the road to financial freedom.

Speaker 4 Money Rehab is a production of iHeartRadio. I'm your host, Nicole Lapin.
Our producers are Morgan Lavoie and Mike Coscarelli. Executive producers are Nikki etor and Will Pearson.

Speaker 4 Our mascots are Penny and Mimzy.

Speaker 4 Huge thanks to OG Money Rehab team Michelle Lance for her development work, Catherine Law for her production and writing magic, and Brandon Dicker for his editing, engineering, and sound design.

Speaker 4 And as always, thanks to you for finally investing in yourself so that you can get it together and get it all. You spend my money, money, money.