Savings

How to Become Filthy Rich

 

Saving money is about a number of other things than just negotiating at the top of your voice. You must check out your attitude towards saving money. You may certainly be one of those people who doesn’t fit into the category of filthy rich. Apart from money, personal finance has something to do with your traits. Frugal ways have already been adopted by a number of millionaires, few of who’re celebrities. Understanding the ways in which your financial situation gets affected by your personal traits is your key to accumulating wealth.

Check Out a Few Important Traits:

Discipline

You must prove to be a disciplined investor if you really wish to save money for meeting your end objectives. Personal finance has to be studied in details if you really wish to turn rich in the long run. Actually, it’s all about executing the life plans in a disciplined manner.

Patience

When it comes to saving money, you must have more patience. Exercising a bit of patience holds you from landing into debt and helps you save more. You’ll achieve the cornerstone of great finances once you have the much-needed patience of identifying a great deal.

Risk-Taking Ability

You’ll need to take certain risks if you really wish to acquire wealth. However, you shouldn’t take uncalculated risks. You must consider all the options that you may fall back on and take risks after doing your homework.
The risk element is there to be dealt with by those that participate in the stock market. But if you invest your savings in a wise manner, you’re bound to catch up with great returns in the long run. If you’re among those that fear the overall risk, you may end up saving money in accounts that are bound to be affected by inflation.

Creativity

All of our expectations aren’t matched by our income and our economy. Our financial plans are often disrupted by certain unexpected developments. You must prepare yourself to deal with fresh circumstances. A lot of creativity is needed to ensure financial stability instead of procuring things in haste.

Result-Oriented Action

It’s truly important for you to set a goal and work towards it. It’s truly difficult for you to reach your destination when you aren’t aware of where you’re heading to. For those of you that have financial goals, you may achieve an immense personal finance boost. It will even help you stay motivated and achieve all the goals that you’ve set on your own. It won’t be possible for you to reach your financial destinations very easily if you lack goals and lack a vivid roadmap.



Combining Smart work with hard work

A lot of hard work gets in stake when you’re attempting to steer clear of debt and generate wealth. Some of you may simply start believing that by acquiring a lottery, you might get rid of some financial problems. However, the right path to accumulating wealth is through working hard and acquiring advanced skill sets.

Your knowledge is likely to get reflected in your growth and success. You may not possess some of the traits that the others do, but you must adapt to changes. Once you nurture a few inherent qualities, you’ll soon find out ways to identify your areas of opportunity and acquire all necessary skills that aren’t present in you. Most of the skill sets that you acquire will assist you in managing your finances more efficiently and also acquire more wealth.


Warning To Business Leaders: Bad Habits You Need To Avoid 100 Percent

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Business Leaders

We all suffer from bad habits; some of which are caused by a lack of self-awareness. Sometimes, feedback is key, enabling us to pick up on the habits that are harming us. This is especially true in business, where some bad habits could lead to problems in your operations. Now, we aren’t talking about picking your nose in front of customers (though you should probably avoid that), but there are other habits that need to be brought to your awareness.

Consider the following:

Bad Habit #1: Failing to delegate to others

You aren’t a master at everything, no matter how much control you try to retain. Delegating to others gives you a break, and it also shifts some of your work over to other staff matters who may be better at a specific task than you are. Your team will probably appreciate the added responsibility too, and will be grateful for the trust you have bestowed.

Bad Habit #2: Spending too much money

This is something we can be guilty of in our personal lives, but it also spills over into our professional lives too. Whether it’s those unnecessary expenses, such as office lunches or spending way over the odds on tech that you don’t particularly need, you do need to curb the temptation to spend if you ever want to see the fruit of your profits.

Bad Habit #3: Not taking time out to learn

You may have been to business school, and taken courses such as an msc in management. Does that mean your learning is over? Of course not. It pays to brush up on your skills, especially when it comes to sorting out your weaknesses. You should also remember that in business nothing stays the same, so focus on your learning to keep up with industry and consumer demands. After all, you don’t want to be left in the dust by your nearest competitors.

Bad Habit #4: Not listening to complaining customers

Okay, so you probably nod your head and appease your customers whenever they have a complaint. However, you need to REALLY listen to them, as their feedback is invaluable. Good customer care will skyrocket your business, so make them the center of everything you are doing, and if action is needed after you have listened to yet another grumble, get on it straight away. Word of mouth is everything in business, and your reputation will plummet if your customers grumble about you elsewhere.

Bad Habit #5: Working too hard

There is so much to do in the day, so it’s unsurprising if you fall into the trap of pushing yourself to your limits at times. However, life is about more than work, and you will only make yourself ill if you continue to spend all your days working. Again, this is where delegation comes in, as do time-management skills. Get out of the office more, enjoy your family and leisure activities, and better organize your time at work.

Closing

Did any of those bad habits ring true to you? If so, take your finger out of your nose and concentrate on overcoming them. Both you and your business will benefit if you do.


Tax write offs for Sellers

last minute taxing filing tips

Happy end of tax season, everyone! We get it, you’re probably just about ready to wave goodbye to anything related to taxes. While this is fine for most Americans out there, quite a few should wait before they forget about taxes. People who are planning on selling their homes in the next several months, or have just recently sold their homes, should start preparing their tax plans now since there are several write offs in place that can save them quite a lot of money if they go about the process properly. For those who are planning on selling your homes soon, follow these tax tips so that you can maximize your 2019 return.

Understand exclusions

There is a major tax exclusion in place that benefits just about anyone who sells a house with only a few caveats. The first is that you must have lived in the house for two or more years within five years before you sell it. Second, you can’t have used this same exclusion on another property you sold within the past two years. Easy enough, right? Now here’s the exclusion.

Sellers don’t have to pay taxes on the first $250,000 of the sale if they’re filing as single, and don’t have to pay taxes on the first $500,000 of the sale if they file jointly. This is a fairly major tax break given the fact that the median cost of a home in the United States lies at around $200,000.

What if you don’t meet the requirements?

Luckily, the exclusion isn’t all-or-nothing in the regard that if you lived in the house for under two years, you may still be eligible for a portion of it. If you have a legitimate reason for why you had to sell the home so quickly, like job loss, deployment, or illness, then you may only have to pay taxes proportionate to how long you’ve lived there. For instance, if you’ve lived there for a year, and you’re filing as single, then you’d have to pay taxes on anything over $125,000 (half of $250,000), since one year is half of two years.

 

Other write offs to look out for

In addition to this exclusion, which is already pretty substantial, there are several tax write offs for sellers that can work in your favor!

 

  • Real estate agent commission: Real estate agents make money off of the commision from the sale, which you can normally write off when filing!
  • Closing costs: If you hired a titling company to assist with the closing, the associated costs count as a write-off.
  • Advertising: If you paid money to advertise that your home was on the market, you can write those expenses off!

 

In the rare case that you decided to go the seller financing route, or directly lending to the person who is purchasing your house, you may be eligible for several more tax benefits, so be sure to consult with a financial advisor if you go this route.

Finance Wand exists to help you understand finances and benefit from this knowledge! Whether you’re selling your home or not, we suggest you stay on top off all things tax related. It’ll only help you in the long run.


Plan A Dream Wedding On A Budget

Dream Wedding Budget

A wedding is the most important day in many people’s lives, and because of this people will often save up for years and years in order to make the day as perfect as they can.

Weddings however are incredibly expensive when you consider the event planning, food, venue, photographer, clothes and everything else that goes into this one day. If you don’t have a lot of money to spend and still want to enjoy that perfect wedding day, there are ways you can save yourself some money and still have the best day ever.

Choose flowers in season

One great way to reduce the cost of your wedding decorations and the bouquet is to choose flowers which are in season at the time or your wedding. For example in the spring you could make use of soft colour with peonies, and in the summer you can make the most of roses.when flowers are in season they are cheaper because they don’t take as much time and effort to grow- this means you don’t have to pay through the nose for these sweet decorations. It can also add a lovely touch to the wedding because you will be getting flowers that fit your theme.

Place name favours

Wedding favours are usually a small token which you will offer to your guests as a thank you for them attending your wedding. They will often include things like a small goody bag full of things or even a gift like a photo frame or vase. If you want to save yourself a little bit of money and time for the wedding you can make favours which are also used as place names on the wedding breakfast table. For example a mug with your guest’s name on, it even a wine glass with their name engraved on the side which they can use throughout the evening. It only has to be a small favour and will make a cheap addition to your table decoration.

A potluck dessert table

If you want to save yourself a lot of money on fancy cakes and other desserts for the wedding party, you can ask some of your baking family members and friends to make something to add to the table. So many people are getting more involved in baking these days so it will be a good opportunity to take advantage of their skills. It can also be a nice way for your guests to feel involved in the wedding proceedings.

Simple table decorations

A great way to decorate your wedding table without spending too much money is to simply buy some small plastic crystals and in the centre you simply need a vase with a set of battery operated fairy lights. It is a very simple design which is effective and will look magical as the evening draws in and the lights are dimmed in the venue.

Photograph table centres

If you want to add a more personal touch to your wedding tables and you don’t want to spend too much money on them: you can print off some photographs of places you have loved over the years and use these as your table names and centerpieces. They are cheap, colourful and personal.

Use family jewellery

Rather than going out to buy a ton of new items for you wedding day, why not see if you can borrow some jewellery from your Mum or grandma. It will save you having to find your something old, and it have much more sentimental meaning to you and your family than a brand new set.

End of season wedding dress

Arguably one of the most important purchases you could make for your wedding day is the dress you will walk down the aisle wearing. It is an item of clothing which women dream of their entire lives, but it can cost a huge amount if you buy it in new. To avoid having to do so, you can wait until the end of the season and but your dress at a reduced price. The dress will still be great quality, but you won’t need to fork out the same money for it.

Create your own photo booth

Wedding photo booths can cost a huge sum for the night and it is often not worth the cost. However, if you still want the feel of a photo booth you can get a family member to lend your their camera: set it up on a tripod in the corner of the room and then make your own unique booth. Using a white sheet, some metal poles and some random costume props; you can create your own background and let people take hoots throughout the night!

Do your own makeup and hair

Although the idea of having your hair and makeup done on your wedding day is nice: it is expensive and often doesn’t turn out exactly how you want. If you are fussy with your hair and your makeup it would be better for you to do it yourself. You’ll have full control over the way you look and you won’t have to deal with too much contour or an aching head all day. Even if you don’t currently know how to do your makeup- you can spend time watching YouTube tutorials and practice.

Take your own car

A wedding car can cost a lot of money on the day of your wedding and it is something which you don’t necessarily even need. To save yourself some money it would be much easier to take your own car and ask a family member to drive you.

Use disposable cameras

If you cannot afford to hire a professional photographer for the whole day of your wedding, you can save yourself some money by using disposable camera during the evening reception. Place a few cameras on every table and allow your guests to take fun, active and candid shots throughout the night. It will be much more personal and give you some amazing memories to hold on to after the day is over.


3 Ways College Students Can Live Like Kings on a Fixed Income

If you’re like most college students, you’re living on a fixed income from student loans – a very small fixed income.

The good news is that this doesn’t have to mean you spend these years just barely getting by. In fact, you can actually live quite comfortably if you know what you’re doing.

3 Ways to Make the Most of a Fixed Income in College

Even though your student loans do cover living expenses, the following will show you how to spend your college years living like in a king.

1. Live with Your Best Friends and Split the Costs of Your Essentials

After college, you’ll find it becomes harder and harder to see your close friends on a regular basis. So, spend as much time as you can with them during right now.

One way of doing this is by rooming together. The more of your close friends you can get under one roof, the less it’s going to cost you.If you get four or more people together, you can even rent your own home instead of just an apartment.

Your savings don’t have to stop there, though.

Split the price for a Costco or Sam’s Club membership and then buy the things you all need in bulk for even more savings. Get everyone to agree on staying in three or four nights a week and making dinner together and you’ll enjoy a great meal fit for a king without breaking your budget.

2. Never Buy Your Books at the Bookstore

It’s no secret that college textbooks cost a fortune.However, you don’t actually have to buy them at your school’s bookstore, where they are sold at full price.

Instead, once you find out what classes you’re going to take next semester, offer to buy a current student’s textbook for more than the tiny amount they’ll get for selling it back to the bookstore. Then you can put the money you save toward living expenses.

Of course, there are a number ofsites that sell college textbooks, too. If you can’t find a fellow student who’s willing to offer you a bargain, someone online probably will.

 

3. Consider a Side-Income

You may not have enough time in your schedule to add more hours at your job or to even take on a part-time job to begin with.

Fortunately, that doesn’t mean you have to spend your college years living like a pauper. These days, there are countless ways to make money on the side when it fits your schedule best.

Some popular examples include:

  • Drive for Uber
  • Take Up Freelance Work
  • Tutor Other Students

The best part about those last two options is that they will most likely look great on your resume after graduation.

You Don’t Have to “Live Like a College Student”

There are plenty of reasons people miss their college years, but the miniscule budgets definitely isn’t one of them. Fortunately, you now know that just getting by isn’t some mandatory credit you have to complete.


What to Do When Your Business Needs Money Fast

It’s not just in your personal life when you might suddenly need some money. If you’re running low on funds and you need cash fast, it can be tough to think of ethical ways your business can get what you need. Fortunately, there are plenty of options for you if you need to give your cash flow a boost. Whether you need to try and get the money you need within a couple of days or you have a few weeks or months to gather the funds, you can find a method of raising the money that will work for you.

Get a Cash Advance

A cash advance could be one possibility that’s available from some merchant account companies and payment solution providers. If you use a company to handle your credit card sales, you might be able to borrow some money that would then be paid back by future credit card sales. It was once a rather expensive method to use, but your options today could be much more flexible and easier to repay. It might sometimes be called a line of credit or known as another term, but you can often find this option and apply for the money you need in no time. Just remember to compare the fee to other possibilities to decide if it’s worth it or if there’s a better way to raise your money.

Get a Cash Advance

From Pixabay

Borrow Your Own Money

If you personally have money, but your business doesn’t, one option you might consider is lending your money to your business. Your business can then pay you back as the funds become available. There are several ways you might put your own money into your business, from using your savings to taking out a personal loan. However, if you’re considering using personal assets to bolster your business, remember that it doesn’t come without risks. If your business doesn’t make that money back, you’re now personally worse off, and your business isn’t doing any better either. Loaning the money to your business might work if you’re sure you can pay it back soon, but it’s important to be cautious.

Sell Your Equipment

Sometimes, your business might be asset rich but cash poor. If you need to change that, selling some of your equipment could be a good place to start. Maybe you’re looking for money for new equipment anyway, or perhaps you’re scaling back your business and don’t really need what you currently own. If you want to sell your equipment, there are a few ways you might do it. A lot of business owners will browse auctions if they want to save money on their equipment, so it can be a good place to start if you want a quick sale. You could also seek a second-hand equipment dealer to see if they want to buy from you.

Consider Crowdfunding

Crowdfunding can sometimes be a useful method for raising funds for your business. However, it’s not always best suited to anyone who wants to raise money quickly. You also have to be very smart about promoting your campaign to get it the attention it needs. It is possible to crowdfund and reach a goal in a short amount of time, but you already need to have the audience on various channels, such as social media and your mailing list. You also need to have an incentive to encourage people to invest their money. What do they get in return? It needs to be more than a good feeling for supporting your business.

Crowdfunding

From Pixnio

Look at Microloans

A microloan is a loan under a certain amount, such as $50,000, which is often easier to apply for than larger loans. Find a lender that specializes in smaller loans, and you could find that your business has an easier time getting the money you need. Some of them have loans that are intended for specific types of business, particularly those that might struggle to find funding from elsewhere. Try someone like Accion or take a look at the approved microloan lenders that work with the Small Business Administration. You might be able to secure a loan through your local SBA office if you have one.

Try Factoring Invoices

Factoring invoices is the practice of getting an advance on unpaid invoices. This can be useful if you’re waiting for payments, and you don’t want to hurry your customers along. You’ll get the amount on the invoice, minus the fee that factor will charge you, and when your client pays it will clear off your debt. Fees can sometimes be fairly high, so not all businesses will want to use this method of raising cash. Be cautious about using it because it might not be the best choice for you.

Provide Incentives to Pay Invoices

If you don’t mind giving your customers a bit of a push to pay their invoices early, that can be an easy way to make some money too. Instead of having to wait another month or two, you can encourage them to pay sooner so you can get the cash you need. Provide an incentive or two for early payment, such as offering a discount, cashback, credit, free delivery or anything else you can think of that they might want.

Encourage Some Quick Sales

Another way to quickly raise some cash for your business might be to encourage some quick sales from customers. If you can put on a special offer or create a discount for a short period, you might be able to drive some higher sales for a while. It might be enough to give your cash flow a boost and get you the funds you need. You could create a special discount code, give away a free gift or have a flash sale to get people interested in spending some money. Even offering free delivery can be enough to get people to make a purchase.


Everything You Wanted To Know About Bitcoin

invest in Bitcoin

Image by Flickr

You’re new to the world of investment and everything seems strange and perplexing. In most areas of life we struggle from too little information and guidance but in the world of investment, there’s way too much! Everywhere you turn there are people arguing vociferously and passionately for certain commodities, stocks and shares. You’ll also see different people arguing equally vociferously and passionately against them. One voice will laud it as the safest and wisest investment you could make while another decries it as not only a waste of your time and money but a global scam that will be rumbled at any moment. It can be difficult to know where to turn for advice and really more difficult to know where to put your money. After all, a bad investment could see you make a serious loss.

Most new investors are risk averse and are unlikely to be bullish or bearish on any given commodity due to sheer inexperience and a lack of understanding of the caprices of the markets. As such, while they’ve likely heard of Bitcoin, and other Cryptocurrencies like Etherium, Ripple and Monero and you’ve heard a lot of vociferous claims for and against them. There are few commodities as divisive as cryptocurrency. People in the financial services industry tend not to be fans while those who’ve been burned by the banks in the 2007-2008 recession and don’t trust the present financial infrastructure simply shrug “Well, of course they would say that!”. If you’ve heard of Bitcoin, you’ve probably already read some wildly contrasting rumors about the highest profile of the cryptocurrencies. As such, it’s likely that you’ll have a lot of questions. Here we’ll try to address any questions that you may have as a nascent investor, using real human words and trying to avoid technical jargon wherever possible (and at least explaining it if we do). Hopefully by the time you’re done reading you’ll have a firmer idea of what Bitcoin is and whether or not you want to invest. We’ll try not to be too partizan in our approach, sticking to the facts where possible without coloring your answers with bias.

Spell it out for me, what is Bitcoin?

Bitcoin is a cryptocurrency; this means that even though it is traded in units like any currency, it differs from the currencies of nations (fiat currencies) in several key ways. Firstly, it’s value is not determined by the value of precious metals as other currencies have been previously. It is also insulated from the economic success or misfortune of any given country or state’s economy. This makes it virtually recession proof and that is what makes it so popular with people who were burned in the 2007-2008 recession and have an inherent mistrust of the banks.

So what gives Bitcoin its value?

Many people struggle to wrap their heads around the notion of a cryptocurrency. If it’s not tied to the economy of a nation, and its insulated from inflation and other measures of economic growth, what gives it its value? The simple answer is that its value is determined by the people who trade it, just like any other commodity. Its value is determined by the pillars of economics which are supply, scarcity, demand, the regulations managing its sale and its own internal governance. This is why, despite the proliferate negativity surrounding Bitcoin’s longevity it looks like it’s here to stay since as long as people are trading it, it will continue to have value.

Lots of people say that Bitcoin is a bubble, is this true?

There are many voices within the financial services industry who insist that Bitcoin is a bubble that could burst at any moment. Since its value has increased exponentially since its invention by Satoshi Yakamoto (AKA Australian Entrepreneur, Craig Wright) in 2009, and has recently experienced a drop in value lots of people are practicing their “I told you so” faces. Bitcoin’s proponents, however, argue that the value of a cryptocurrency is just like any other stock, share, currency or tradeable commodity, it’s valued inevitably fluctuates due to a range of external circumstances. Like any investment, it is neither good nor bad and carries with it both risk and the potential for a substantial return. Many new investors are choosing to invest sparingly in Bitcoin just to be on the safe side.

How does one invest in Bitcoin?

There are lots of different ways in which one can acquire Bitcoin. Firstly, you can buy it securely from a site like XCoins. You can also become a Bitcoin miner although this does involve forking out a lot of money on sophisticated hardware (most of which can now be bought on Amazon).  There was a time when one could mine bitcoin with their home PC but the technology has now moved along so far that it now requires sophisticated custom processors specifically built for bitcoin mining. These processors need to be left to run for long stretches of time to solve the puzzles that unlock units of Bitcoin (yes, this is an oversimplification, but this is essentially what they do). It’s difficult to mine Bitcoin profitably on your own, especially if you’re a newcomer, but there are Bitcoin mining contractors who will do the hard work for you for a fee. If you’re interested in learning to mine Bitcoin, check out this guide which will give you everything you need to get started. There are even some websites that serve as Bitcoin faucets, distributing small amounts of Bitcoin to their visitors.  

Do criminals use Bitcoin?

Honestly, yes. Because Bitcoin is traded anonymously using blockchain technology transactions are almost (but not entirely) untraceable. This makes it very attractive to the criminal community, especially those trading in illegal goods and services on the notorious dark web. But criminals also use cash, drink beer, eat cheeseburgers and drive cars and you wouldn’t want to deprive yourself of any of those comforts simply because they’re also used occasionally by a few bad apples.

Am I taxed on Bitcoin?

Yes and no. While Bitcoin is a commodity it is subject to tax, yet it is not taxed at the same rate as other cash assets. This tax advantage is the reason why many people are using Bitcoin to supplement their IRA, allowing them to save for their retirement while making sure that their wealth is protected from the IRS. Many people are also currently reaping the tax benefits of making charitable contributions with Bitcoin. So, while Bitcoin is taxable, its rates are much more favorable than the tax rates on cash.

Can Bitcoin be shut down?

Many new investors are shy of investing in Bitcoin, especially those who aren’t particularly tech savvy because they worry that something will happen to “shut down” the Bitcoin system either robbing them of their investments or rendering them worthless. Fortunately, Bitcoin is designed to make this impossible. The whole point of Bitcoin is that it is an attempt to democratize currency and it is based upon Blockchain technology which means that it is duplicated thousands of times across thousands of different computers. Thus, it cannot be hacked or corrupted as the data is not stored in one central place. Its control is in the hands of those who use it. There is no central authority for Bitcoin, although there is a Bitcoin Foundation that provides oversight. However, even the Bitcoin Foundation has no authority over the cryptocurrency.  

Are there an infinite amount of Bitcoin units?

No, and this is why its scarcity is a contributing factor to its value. The way in which the Bitcoin system is designed to distribute units of the cryptocurrency slowly to the tune of 21 million units over the next century. This is why Bitcoin’s proponents call it digital gold. It’s worth noting however, that while the current system enables Bitcoin to stay finite there are at present no guarantees that this will change, nor can we accurately predict what will happen to Bitcoin’s value if an influx of units were to come into circulation. However, this is no different from fiat currencies. Banks and governments create money out of nowhere at all through quantitative easing.  

Is Bitcoin illegal?

That depends on where you live. There are many factors that make Bitcoin unpopular with governments, especially those of non-democratic countries. Countries such as the US and Canada, the UK, Australia and most countries within the European Union are permissive of Bitcoin, however there are some countries in which it is outright illegal. These include China, Russia and even Iceland. Click here for a more comprehensive list.

Is Bitcoin really anonymous

Bitcoin’s anonymity was one of its biggest selling points upon its release. In real terms, however, Bitcoin is more traceable than many were led to believe, especially if it has been used to fund criminal activity like drug dealing, people trafficking or money laundering. It turns out that authorities have ways of tracing Bitcoin transactions and web merchants routinely leak data without purchases. While Bitcoin has a veneer of anonymity, it can be cracked by anyone with the time, resources and a good enough reason. It’s no more anonymous than a bank transfer and certainly less anonymous than cash.


Understanding Penny Stocks for Day Traders

If you want to reach a state of financial freedom, you need to pick the right lane. Do you want to focus on the big time stocks that are stable and very unlikely to be volatile? Or do you want to trade in a space where the stocks are cheaper, but more likely to make moves to make you profitable? Penny stocks can provide that type of environment even for a new trader.

Penny stocks, as defined by day traders, generally fall into the category of $2 to $10 per share. They don’t actually cost pennies. They represent small cap companies that are trading with enough volume so that active traders can leverage enough shares to make a profit with their trades. It is a delicate balance and it can require trading on margin, which is basically trading on credit.

As an aspiring day trader, you need to be able to anticipate trends and pick hot stocks before they make their moves. It takes time to learn how to do that. That is where a day trading education site can come in handy. Finding a place where you can learn strategies and techniques from veteran traders through online video courses, where you can interact with other traders in a community of like-minded people, that can be a real asset for a newbie. It provides a place to learn valuable lessons before risking real money.

Penny stocks can make huge jumps during a particular day of trading. Being able to anticipate which stocks are about to make a jump is a skill that can be learned. You need to look for the right market conditions, the best historical data and technical indicators that precede a run on a particular stock. If you can jump in at the right bar at the right time, you can position yourself for a trade that makes 20-30% profit. Add up a bunch of those and you are in good shape for the day. Then string 4 or 5 good days together and you will have a profitable week. That is how you start.

The key is to search for the medium sized wins, instead of going after huge scores. You are not going to find the next Apple or the next Facebook in penny stocks. That is looking for a lottery ticket. Playing the lottery is very bad odds. You want to look to be profitable 60% of the time and keep your profit/loss ratio at 2/1. That means that your losses are small enough that your profits are going to come through on top.

Being able to trade in a simulated market with virtual currency gives you a chance to make the wrong moves and still survive to trade another day. That makes the learning curve a lot shorter when you get into trading real money.


How to Make Your Foreign Financial Investments

Photo credit: Pxhere

start making investments

As you first start making investments, you’re likely to focus your efforts at home. Perhaps you’re thinking of buying an investment property in your hometown, or you’ve bought some stocks for some up-and-coming businesses based in your country. However, as you start to expand and diversify your investment property, it’s worth considering putting some of your money into more global investment options. Spreading your money, so some of it is invested overseas could be an excellent tactic to ensure you have a diverse portfolio and you don’t put too much stock into how well the economy at home is performing. There are various ways you can invest your money both at home and away.



Why Invest Your Money Abroad?

When you have so many investment options at home, you might wonder why you should bother investing overseas. However, don’t dismiss the idea of foreign investments too soon. They could be just what your investment portfolio needs to make it more balanced and less risky. There are often times when foreign stock markets will perform better than at home, which could make you regret not paying attention. Foreign investments could save you when your investments at home aren’t doing as well as you hoped they would. Having a global outlook can do you a lot of good.

Peer-to-peer Lending

If you want an interesting way to get involved with investing abroad that doesn’t have to cost you a lot, you could consider peer-to-peer lending. It can allow you to put very little money into an investment project, and you can slowly start building up some profits. You might be lending your money to individuals, businesses or even property developers. Some options will involve opening an account to put your money into, which will then go to whichever borrowers the P2P lending provider chooses. Others services will give you the option of deciding where your money goes.

Property Investment

Property is a popular choice for people who want to invest their money abroad. You can often find more affordable investment property if you look in other countries, instead of just sticking to what you can find at home. If you decide to invest in overseas property, you might rent it out long-term to local tenants, or you could decide to manage your property as accommodation for tourists and visitors. Looking overseas for properties gives you the opportunity to identify the very best markets. You can find the ones that are about to start growing but still offer excellent deals.

 

Exchange traded funds or mutual funds also give you a great option for investing in foreign markets. You can find international funds for broad investment across many countries or more focused regional funds for areas such as Asia or Europe. You can also focus on one country or on a specific sector if you want another way to diversify your investments. You’ll need to think about your investment goals to decide what’s best for you.


Questions That Money- Savvy People Ask Before Taking Out Credit

Debt can be tricky, even those who are usually smart and thoughtful can fall prey to borrowing too much, becoming over committed and ruining their credit score. Whether it’s due to unfortunate circumstances or simply not thinking things through properly, debt can sneak up on you and once it’s got you in it’s grip it can be very hard to get out of. To avoid getting yourself into this mess, before borrowing you should ask yourself the following questions.

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Do I Need Credit?

First and foremost, why are you taking out credit? If it’s because you can’t be bothered to save or want instant access to cash for luxuries, think twice. If you can save up and buy things up front you will save yourself money in the long run. Credit shouldn’t be used to buy things you can’t afford, since this is a quick way to end up in a pickle. Sometimes borrowing can be positive though, perhaps you want to borrow money to buy a house, a car which will open you up to better job opportunities or maybe you need money instantly for dental or medical reasons. Make sure you can justify taking out the money, and consider saving instead if you are able to.

What’s My Credit Score?

Knowing your credit score puts you in the best position when it comes to borrowing money. There are places you can check your report for free, so find out what you currently have stored on your file. If your credit score is poor with previous missed payments and CCJs, if you need to borrow money you will need to consider an unsecured loan by a company specialising in poor credit lending. That way you’re not applying for lots of credit and being rejected, since many searches and applications on your file will bring your score down even further. If your credit score is good, you know that you can apply with confidence with the main high street banks and lenders.

Am I Getting The Best Deal?

Once you know what kind of companies you’re likely to get accepted with based on your credit score, make sure you shop around for deals. Different rates mean the amount you pay back will vary significantly. Use a price comparison site to check, and if the company offers a ‘soft search’ to see if you’re likely to get accepted then go for it. These soft searches don’t show to lenders and won’t bring down your credit score. Look carefully at the interest rates, what your monthly payments will be (and whether you can afford them) and how much you will pay back overall.


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