Your money questions, answered Real talk on credit, investing, and when to sell
We’ve been getting a lot of questions in our DMs…good ones…and instead of answering them privately and forgetting about it, we decided to bring them all here. This is our first Ask Me Anything, and I’m going in cold. Emily collected about 15 questions and I hadn’t seen a single one before we hit record. Here’s what came up.
In no particular order:
Is it better to close unused credit cards or leave them open?
Close them. Call and actually close them, don’t just cut up the card. An open, unused line of credit tells the algorithm you could go into a large amount of unsecured debt overnight. That’s a risk flag. Consolidate down to what you actually use, then use those cards and pay them off immediately.
What’s the fastest way to repair credit in under three months?
Two moves: First, clean up your balances and close unused cards (see above). Second, look into credit repair firms that send dispute letters to old creditors on your behalf. If the creditor doesn’t respond in time, that negative mark can be removed from your report…even if it was legitimate. These services run a few hundred dollars and they know exactly what they’re doing. Worth it.
I have $5,000–$10,000 to invest. Where do I start?
First, make sure that money is actually available to invest. High-interest credit card debt paid off? Retirement accounts set up? Properly insured? If yes to all three, now we’re talking. Then pick two or three stocks: one stable company that pays a dividend, one product you use and believe in, and one longer-shot play with bigger upside. Don’t put it all on one. Even small amounts should be spread across different risk levels.
How do you budget when your income changes every month?
Build your budget around your worst month, not your best one. When I was 100% commission, my base was around $2,000–$3,000 a month. I lived there. Everything above that was extra. People get into trouble when they build their life around their ceiling and then have a bad month. Know your floor. Live there. Let the good months feel like a bonus.
What is a HELOC and should I use one as an emergency fund?
A HELOC (home equity line of credit) is a revolving line of credit secured against the equity in your home. You don’t get a lump sum…you draw from it as needed, like a credit card. It’s a smart debt tool for consolidating high-interest debt or funding home improvements. As an emergency fund substitute? I’d rather you have actual cash. If using cash doesn’t drain your reserves completely, use the cash. HELOCs can become a slippery slope and erode your home equity fast if you’re not disciplined.
How much should I keep in my emergency fund?
It depends on how predictable your income and expenses are. If both are steady, two to three months is fine. If your income is variable or your job feels uncertain, you want more — six months minimum. For us, with multiple businesses and variable income, I like over a year in reserves. Put it in a money market account, not a regular savings account. You’ll earn 3–4% and still have instant access.
Should I do my own taxes or hire a CPA?
If you have a W-2, a mortgage, and standard deductions — just use TurboTax. It’s easy, it prompts you through everything, and it works. You don’t need a CPA until your situation gets complicated: LLCs, real estate, active trading, multiple income streams. Once you’re there, get one. It becomes a year-long project, not a once-a-year filing.
What financial accounts do you recommend for kids?
Greenlight. Start it early…there’s no too young. Our youngest kids were six. They have debit cards with their own photo on them, savings accounts, and small investment portfolios they actually watch. The lesson it teaches — this card is attached to your money, not mine…is worth more than almost any financial concept you can explain to a kid. One of our viewers also mentioned an app called Step, which is similar but without the fees. Worth looking into.
When should you sell a stock?
Three situations: when you’re up and want to lock in a gain (taking profits is never wrong), when the story around the company fundamentally changes, and when growth stalls or misses big. Also, set stop losses so the decision is automatic if things drop below a certain point. And don’t panic sell over market noise. If the company is still growing and nothing has actually changed, hold. Selling Shopify too early is one of my genuine regrets. Emily told me not to.
Stock Picks:
MicroStrategy (MSTR): 146.31/share
I’ve been buying MicroStrategy and I’m still buying it. My thesis is simple: I think Bitcoin has bottomed out. I’ve been saying it for a few weeks and I’m putting money behind it. MicroStrategy is essentially a leveraged bet on Bitcoin — the company holds massive amounts of it on their balance sheet, so when Bitcoin moves, MSTR moves harder in both directions. It’s been ripping. If you believe in the Bitcoin rebound story the way I do, this is one way to play it.
Grail (GRAL) 54.28/share
This one’s been a ride.
I’ve been recommending Grail since it was around $30. It’s a pharmaceutical company working on early cancer detection — genuinely important technology. It ran all the way up to $120. Then it missed a clinical study benchmark and dropped to $42 in about two days.
I didn’t sell.
Here’s why: the underlying FDA approval story hasn’t changed. One missed study result is painful, but it doesn’t kill the thesis for me. This has always been my speculative position — the one I’m swinging for outsized returns on, not the one I’m keeping safe dollars in. I actually added more at $42. It’s trading around $55 now, so that entry looks okay so far.
If FDA approval comes through, this could rebound significantly. If it doesn’t, I knew the risk going in. That’s the nature of pharmaceutical plays — they can move violently on a single headline.
The broader market
I think we’re close to or at the bottom of this recent selloff. The market has been getting beat up, and in my experience, that’s when you want to be buying the companies you’ve been watching — not sitting on the sidelines. The geopolitical noise is real, but it’s noise. The fundamentals on the companies I believe in haven’t changed.
Now is the time to be methodical, not emotional.
Disclaimer: I’m not a financial advisor. All opinions are my own based on personal experience. Always consult a qualified professional before making significant financial decisions.
