Zelle Scams, and When to Sell Investments

Sean Pyles

The investment information provided on this page is for educational purposes only. NerdWallet does not provide advisory or brokerage services, nor does it recommend or advise investors to buy or sell any specific stock, security or other investment.

Welcome to NerdWallet’s Smart Money Podcast where we answer your real world money questions.

This week’s episode begins with a discussion on fraud protection in honor of Cybersecurity Awareness Month.

Then we turn to this week’s money question from Michael who wrote this email: “Hello nerds, thanks for your helpful and entertaining advice. My question is, I’ve been a buy-and-hold investor for many, many years. So you could say I’m a buy-and-hold-and-hold-and-hold investor. Over the years the portfolio has performed relatively well and therefore if I were to make any changes that would be prudent at this time the portfolio would be subject to very significant tax events. This scares me because it could be a good long-term strategy, but I may not have long. So I just moved on and got old. Not bad but what would you suggest? Many Thanks.”

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Our attitude towards peer-to-peer payment apps

Fraud has become increasingly common on peer-to-peer payment apps like cell. And since these apps lack the fraud protection that comes with credit and debit cards, it’s harder to recover lost money. If you believe you are a victim of fraud, you should file a complaint with the Consumer Financial Protection Bureau and your state Attorney General.

Restrict sending money via payment apps to people and companies you trust and secure your accounts by increasing your password strength. Cybersecurity experts recommend using different passwords for each account. Consider investing in a password management system that will securely store all your passwords so you don’t have to remember them.

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Our attitude towards selling stock

A decision to sell stocks should consider several factors, including investment account type, tax implications, and retirement goals. In general, it is not advisable to sell stocks in response to a market downturn, as the market will eventually recover. However, for people approaching retirement, it may be wise to sell stocks and buy more stable assets like bonds.

You may have to pay taxes when you sell stocks, but not always. If you made a profit on the stock, you’ll likely have to pay capital gains tax, while a loss can be used to reduce your taxable income by up to $3,000. Taxes can potentially be avoided if you pass shares on to your heirs.

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Our tips

  1. Know your strategy: Buy and hold is usually a better strategy than day trading, but you still need an exit plan.
  2. Consider your account options: Different accounts have different tax implications, so research the account you’re investing from as carefully as you do your actual investments.
  3. Develop as needed: It’s okay to adjust your strategy as you get closer to your investment goal. If you need help, speak to a financial advisor.

Do you have a money question? Text us or call us at 901-730-6373. Or email us at [email protected] To hear previous episodes, visit the podcast homepage.

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