If you're an investor looking to reach financial freedom, you might find the weekends to be a vexing time due to markets being closed. Sure, you can put buys in that will register on the next business day, but it isn't quite the same thing. Still, though, there are other cards to play. The market isn't the only area where you can make progress towards the goal. On the contrary, you have a myriad of options that can be used to both move the needle and hopefully help scratch that itch until you can make stock buys again. Given that we are in the midst of a weekend, I thought it would be appropriate to rundown some of these options for your consideration.
1. Crypto
Now, I don't do crypto...yet. I have been giving serious consideration to dipping my toe in that water. Whether I use it as a way to kick things up a notch next year or get started sooner is really the only thing I'm unsure of at this point, but that's neither here nor there. Unlike "stonks", crypto can be traded all day every day. You can nab yourself some Bitcoin, Ethereum, Doge, or any other coin you can think of. It might not be a passive income generator, but it does seem to get results.
2. Debt
While building assets is good, there's nothing wrong with attacking liabilities as well. Doing both is a great way to strengthen your balance sheet, as you see growth with less baggage. Deploying some capital to help pay off a high interest credit card balance is certainly an option but aiming your money at a debt that you can eliminate altogether, thus removing a payment from your monthly budget might be more beneficial in the long term. Something like your car or student loan, heck even the mortgage. I know some don't sweat debt because they feel like market returns are higher than the burden of loan interest, but it really is a "can't miss" money move regardless of what the market is doing. It is a step towards a much less stressful life, which is really its own kind of dividend. Plus, with inflation being what it is, this could soak up those excess dollars floating around and help achieve that "soft landing". OK, that's conjecture on my part (though I think it makes sense,) but the "can't miss money move" part is totally true regardless.
3. IRA's
The market may be closed, but you can still move capital into your retirement account(s) to fund future stock buys. These have the added perk of tax benefits. Throw some money into a traditional IRA and you've created some "pre-tax" dollars even before you've used them. Funding a Roth is also a solid play, especially in the long term, though in the short term it might not create the same rush. Still, pumping money into either one should satisfy that desire to make a money move, or at the very least, help hold you over until Monday.
4. Savings accounts
If there is one perk to this fiscal fiasco, it's that savings accounts are actually somewhat useful again. True, the rates on high yield savings accounts are still losing to inflation, but they've increased enough where I didn't feel the need to put the term "high yield" in quotes...like I just did there. You know what I mean. Capital One is paying 1.9%, which is comparable to some dividend stock yields and a huge leap up from the 0.4% it was paying earlier this year. Of course, Current is also an option with its 4% rate. That's not to say that you should abandon stocks, but you can bolster your emergency fund or even build up savings for more general day to day things. Having a little extra liquid capital does, like clearing debt, provide a certain degree of peace of mind that transcends mere numbers on a spreadsheet.
5. Fundrise
I've been using this real estate investing/crowdfunding platform for a few months, and I like it. It's a fun addition that is not only outperforming the market, but also provides diversification as well as another stream of income.
So, there you have it. If you feel restless waiting for the market to open. Consider making a move on one of these fronts. It'll help get you to your goal and help take the edge off. There's no reason why you have to twiddle your thumbs and wait for the opening bell when there is still progress to be made in the meantime.
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