Money·6 min read

Skimm Money: Investing in a Bear Market, Finding "Lost Money," and Bracing for Crypto Winter

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Jul 1, 2022

It’s almost the Fourth of July, which might make you want a hot dog real bad. But it won’t come cheap (thanks, inflation). Hot dog prices are up about 10% from last year. Along with beer prices, which are roughly 5% higher. Even condiments reportedly cost more $$$. Got us feeling less like a firework and more like a plastic bag… 

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News to Wallet

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Spoiler: Stocks aren’t doing too hot right now. Yesterday, the S&P 500 closed out its worst first half of the year since 1970. What a time to be alive. And what a time to start investing.If you’ve never put money into the market before, it might seem like a terrible time to start. But that’s not necessarily true. If you’re investing for the long term, it might even work to your benefit. We Skimm’d what you need to know about investing during a bear market, including the three key signs that you’re ready to take the plunge. (Psst…there are fewer requirements than you might think.) 

Make Good (Money) Choices

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If you feel like you’re missing some cash…

Claim it. You might not think you’d forget about a check with your name on it. But you’d be surprised. Between forgotten 401(k)s, neglected tax refunds, and unreturned security deposits, there are multiple ways you may have “lost” money over the years. A 2021 study found that about 24 million 401(k)s are considered forgotten. And that number’s growing. Here’s how to find your missing dollars — and go get them.

Crypto, Decoded

Winter is coming…and not just in Westeros. It might be coming for crypto, too. Prices of coins — including major ones like Bitcoin, Ether, and Solana — have been falling over the past few weeks. Several crypto-centric businesses are citing a so-called crypto winter (aka a market slowdown) as they lay off employees, institute hiring freezes, and scale back on marketing. And some crypto-related stocks are also feeling the impact. Here’s what you can do to help protect yourself and your finances: 

  • Diversify your portfolio. A good place to start: Make sure you’re not too heavily invested in cryptocurrency. If you feel like you are, consider reallocating some of your money to other investments like bonds. 

  • Prep your investments for the long run. Because holding on to your investments for an extended period of time could give them a chance to recover.

  • Build up your emergency fund. Just like in a bear market, anything can happen. Having some extra cash set aside could help you feel more secure, and help you cover any costs that life may unexpectedly throw at you. 

Even if you’re not invested in crypto, we Skimm’d what you need to know about a potential crypto winter and how it could impact your money.

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