SoFi Vice President John Foley: Real Risk in Losing Money in Crypto
Cryptocurrencies are on a rollercoaster ride. This week Bitcoin and Ethereum trading near their all time highs. SoFi Vice President and Certified Financial Planner John Foley warns investors to be careful with how much money they invest in this marketplace.
Foley advises clients to not invest more money in cryptocurrency than they can afford to lose. Foley cautions people to make investments in cryptocurrency part of a balanced portfolio.
"Fear of missing out should be fighting with a fear of losing money, " says Foley. Foley also recommends to diversity investments with several types of cryptocurrency.
Brian Vendig, president of MJP Wealth Advisors, joined Cheddar News to discuss the market ahead of the Federal Reserve's meeting on Wednesday and as investors digest JPMorgan's takeover of First Republic Bank, which was recently seized by regulators. A slew of earnings are also slated to be released this week as well.
The saga of Adidas' high-profile break-up with Ye, formerly known as Kanye West, continues. Investors have filed a class action lawsuit alleging that executives were aware of Ye's behavioral issues well before Adidas ended its relationship with him last October.
The top financial concern for Americans in 2023 is inflation. Sudha Chandrasekharan, SVP, of Global E-Commerce at Auctane, joins Cheddar News to discuss how this outlook will change consumer spending habits, and why e-commerce is playing a vital role in the economy.
Charlie Munger, vice chairman of Berkshire Hathaway, told the Financial Times that the U.S. commercial property market is in trouble. “It’s not nearly as bad as it was in 2008,” he said. “But trouble happens to banking just like trouble happens everywhere else.”
Labor strife is coming to a head in the entertainment industry, as the Writers Guild of America (WGA) said it's prepared to strike at midnight Tuesday if it doesn't come to terms with the Alliance of Motion Picture and Television Producers (AMPTP).
