Joe Mimran gives his two cents on how to make a buck in the investment world
The Dragon weighs in on where to put your money when the market is constantly in flux
We all enter to investments with the goal of making money. But if your eyes glaze over when it comes time to do your research into where you should actually be putting your money, you're not alone. Settling on stocks in a world of ever-changing, fast-pace markets can be overwhelming and downright headache-inducing. So since the world of investing moves so quickly, we turned to a Dragon for his advice. Lucky for us, Joe Mimran stopped by The Goods to share his tips, tricks and advice on investing for everyday life.
People are saying that "Water is the new oil." What does that really mean?
When you invest you look for trends. Trends are becoming more and more powerful, and are really shaping investment choices. Because there will be a scarcity of water moving forward, and because wellness is such a hot topic, investing in water might actually be a good idea. He says the key is to do your research — as always — and perhaps invest in an ETF so that you don't put all your eggs in one basket. ETF stands for exchange-traded fund, which is a basket of stocks covering a certain area of business, such as wellness or renewable energy. This will allow you to invest in your area of interest without the risk of one single large investment.
Should we be selling or hanging on to luxury hand-me-downs?
The whole vintage piece of the fashion industry is the fastest growing segment within the luxury market. Vintage stores used to be known for being a place where you could maybe find something cool, but it wouldn't necessarily be the name brand item you were searching for, and they were intended for people who either didn't want to pay the huge sticker price or for fashion nerds looking for inspiration. But now it has become a huge fashion trend for anyone looking to find that vintage gem. If you have an old luxury item, it might even sell for more than you paid for it, especially if it's no longer available, adding to its cache and value. Take the item in to be appraised and it might pay off.
Grocery delivery, food kits, and prepared meal delivery services are everywhere. Is this market too saturated?
This space is very crowded, especially when you see the stock of big food kit companies like Blue Apron and Hello Fresh, struggling to maintain the value of their shares. If you're going to invest in one of those businesses, Joe suggests that instead you invest in the larger facilitators of these businesses, such as a supplier or retailer like Amazon or Kroger. this strategy may end up paying off because one of these larger companies is likely to eventually buy these smaller meal services, and you as an investor can take greater advantage of this drive to consolidate.
Many of us still use cash and cheques, but so many retailers are introducing new methods of online payment. What should I know about Cryptocurrency?
Cryptocurrency is a currency that's transacted in a very secure way. You can buy something, and everything is peer-to-peer, computer to computer, with no ability for anything or anyone to interfere with that transaction. It runs on a program called Blockchain, which is at the heart of what Cryptocurrency is all about. It will be used for many security-sensitive activities. But its future is still uncertain because it's so secure that governments can't see the transactions, which could be problematic. If you had invested $500 in 2010, it would be worth $325 million dollars today. Some say this is a bubble waiting to pop, and that it's like gambling — you'll never truly know where you're going to land.