by Pradeep M
As soon as you think of buying of house, you immediately start thinking of various available options to get finance from. Today, you will find so many banks and other home loan providers. The first step in getting home loan or home equity is to analyze your budget first then considering different alternatives. Choosing a home loan largely depends on your personal requirements. However, there are certain key factors that can be taken into account to buy the best home loan. For ex. - how long you want to stay in the home, the mortgage rate, the risks in terms of your interest rate, payment flexibility, and the budget. Luckily, you can find many avenues when it comes to acquiring a home loan. People have a option to go to their local bank in order to secure a home loan or mortgage. For mortgage, you have to ascertain the mortgage rates. If you’re not too keen on getting a home loan from your bank, there are other ways to get the home loan you need quickly and easily. Apart from home loans, you also have an alternative of home equity. Home equity loans and lines of credit are usually for a shorter term than first mortgages.
In the United States, it is sometimes possible to deduct home equity loan interest on one's personal income tax. Major advantages of a home equity loan are: the interest rate or the mortgage rate is low, it is much easier than home loan to qualify for home equity loans, payments made on a home equity loan can be considered as tax deductible and borrowers have an additional benefit of taking a large amount of loan with this type of loan. In home equity loans, the owner of the home can borrow by vowing the house as guarantee. Home equity loan largely attracts those borrowers who want to borrow huge amount of money by guarantying their house. Moneylenders also find it much safer option to lend money. However, if you are going for a home loan, you should keep certain factors in mind: Analyze many options – Don’t rush to purchase a home loan without understanding it thoroughly and properly. Know about its benefits and repayments procedure. You will find many financing institutions offering home loans. Therefore, shopping around nicely prior to finalizing one option is certainly a great idea. Read your home loan documents properly – these legal documents are not much difficult to understand.
Therefore, have a good understanding of some common words mentioned in almost all home loan agreements. It will also help you in considering the best possible alternative for you. Read between the clauses as they include everything you need to know about terms and conditions of your home loan. Deciding the kind of mortgage and mortgage rate – it will depend upon many personal factors. Get a good understanding of mortgage rates. The most important thing in case if you are a first time home buyer, always ascertain your price range and the amount you can afford to borrow. There are many websites of almost all banks and financial institutions which feature calculators that can give you a fair idea regarding your price range, based on your income, assets, as well as expenses. It will give you a free checking option. You may also use these calculators to narrow on the home loan types you require to finance your new home.
Article from Amazines.com
Monday, April 7, 2008
Currency Trading Basics - 10 Tips to Trade like a Pro Quickly
by Kelly Price
Here are some currency trading basics in the form of tips which if you follow them, will get you on the road to forex trading profits quickly and can help you enter the elite 5% of traders, who make the really big profits.
The tips below are in no particular order of importance - but there all important, if you want to enjoy currency trading success!
1. Your On Your Own
Forex trading is not easy and not the walk in the park many vendors would have you believe it is. Don't look to someone else for forex trading success take responsibility for your actions.
Success is on your shoulders and no one else's accept this fact and you're ahead of the majority of losers.
2. Get The Right Forex Education
You don't have to pay for it you can get most of it free on the internet. There are no secrets to successful forex trading it's a combination of a simple robust forex trading strategy and having the discipline to apply it.
3. A Forex Trading System For Profit
To get started you can either long term trend follow or swing trade the choice is yours ( never day trade it doesn't work see our other articles for why) - but you need to educate yourself how to use support and resistance, breakouts and learn some momentum indicators to time your trades. If you do this, you will have a forex trading strategy together very quickly that works.
Always remember this - simple systems work best and always have as they are robust make a trading system to complicated and it will have too many elements to break.
Base your forex trading strategy on forex charts - the reason for this is all you need to do is spot repetitive price trends and lock into them for profit.
You don't need to watch the news or listen to experts; you simply trade the reality of what you see on the charts. Its simple but very effective and time efficient.
4. Confidence and Discipline
If you build your own forex trading strategy chances are you will acquire confidence in it and this will give you the discipline to follow it through losing periods. If you try and follow someone else's system, you won't acquire these traits and throw in the towel, as soon as you have a few losses.
Discipline is the key to trading success - if you don't have the discipline to follow your trading system, you don't have one!
5. Don't Work Hard Work Smart
You don't get paid for effort in forex trading - you make money for being right with your trading signal and that's it. It doesn't matter if it took you 5 minutes, or 5 hours to decide - it's the result that counts.
Many people think the more effort they put in the more they get out - Rubbish!
You can learn a simple system in around 2 weeks and you can then spend just 30 minutes day trading - you don't need to do more.
If your system is soundly based - for the effort you put in, your potential rewards are in some instances life changing.
6. Know Yourself and Your Edge.
Perhaps the most important currency trading basic to learn that finishes off your education is - to know what your trading edge is and it's simply defined as:
Why you are confident you will succeed, when 95% of traders fail?
If you have read and understood the previous 4 points, you will soon have an edge and have confidence in it, to bring you forex trading success.
I hope you enjoyed the currency basics for success above and that you find them useful when learning forex trading online.
Article from Amazines.com
Here are some currency trading basics in the form of tips which if you follow them, will get you on the road to forex trading profits quickly and can help you enter the elite 5% of traders, who make the really big profits.
The tips below are in no particular order of importance - but there all important, if you want to enjoy currency trading success!
1. Your On Your Own
Forex trading is not easy and not the walk in the park many vendors would have you believe it is. Don't look to someone else for forex trading success take responsibility for your actions.
Success is on your shoulders and no one else's accept this fact and you're ahead of the majority of losers.
2. Get The Right Forex Education
You don't have to pay for it you can get most of it free on the internet. There are no secrets to successful forex trading it's a combination of a simple robust forex trading strategy and having the discipline to apply it.
3. A Forex Trading System For Profit
To get started you can either long term trend follow or swing trade the choice is yours ( never day trade it doesn't work see our other articles for why) - but you need to educate yourself how to use support and resistance, breakouts and learn some momentum indicators to time your trades. If you do this, you will have a forex trading strategy together very quickly that works.
Always remember this - simple systems work best and always have as they are robust make a trading system to complicated and it will have too many elements to break.
Base your forex trading strategy on forex charts - the reason for this is all you need to do is spot repetitive price trends and lock into them for profit.
You don't need to watch the news or listen to experts; you simply trade the reality of what you see on the charts. Its simple but very effective and time efficient.
4. Confidence and Discipline
If you build your own forex trading strategy chances are you will acquire confidence in it and this will give you the discipline to follow it through losing periods. If you try and follow someone else's system, you won't acquire these traits and throw in the towel, as soon as you have a few losses.
Discipline is the key to trading success - if you don't have the discipline to follow your trading system, you don't have one!
5. Don't Work Hard Work Smart
You don't get paid for effort in forex trading - you make money for being right with your trading signal and that's it. It doesn't matter if it took you 5 minutes, or 5 hours to decide - it's the result that counts.
Many people think the more effort they put in the more they get out - Rubbish!
You can learn a simple system in around 2 weeks and you can then spend just 30 minutes day trading - you don't need to do more.
If your system is soundly based - for the effort you put in, your potential rewards are in some instances life changing.
6. Know Yourself and Your Edge.
Perhaps the most important currency trading basic to learn that finishes off your education is - to know what your trading edge is and it's simply defined as:
Why you are confident you will succeed, when 95% of traders fail?
If you have read and understood the previous 4 points, you will soon have an edge and have confidence in it, to bring you forex trading success.
I hope you enjoyed the currency basics for success above and that you find them useful when learning forex trading online.
Article from Amazines.com
Sunday, January 27, 2008
Why Investing In The Gold Market Will Guarantee Your Financial Security
Joe Harris | Published 01/27/2007 | ValuableContent.Com
Ok, let’s face it. People love gold. For thousands of years kings and conquerors and adventurers alike have sought tirelessly after it. Wars were fought over it, empires forged with it, and great kings remembered for it.
And guess what? I’m going to show you how it’s SO easy to build a little empire of your own by getting into the gold market. You’ll be no King Tut? but I can bet that you’ll be pretty impressed if you follow through on what I tell you.
Ok so how do I get started?
The great part about this is that it’s so incredibly easy. You get to amass your own private little (or amazingly large) gold treasure. Yup. Physical, tangible, luxurious gold coins and bars. Something clicks in the back of your mind when you handle your first bit of gold that makes you see why so many people have been searching for it for so long.
Why should I care about the gold market?
Ok so here’s the scoop. Over the past few years gold has begun to shoot up in price after hitting a bit of a low in early 2004. And the gold market’s only going to get better. What’s happening is that the world digs up roughly 2500 metric tones of the yellow stuff each year. Problem? The world also ends up wanting to buy around twice that. You don’t have to be a math wiz to see the shortage problem.
This little deficit has been going on for over a decade now, but National Banks around the world, which are basically the equivalent of our Federal Reserve, have been selling enough to the gold market to more than compensate for the lack of renewed supply. The gold flowing from these banks has kept the price from skyrocketing to the heavens.
BUT!! As you may recall I told you that the price of gold has been rising unremittingly. It began to perk up around 2001, and gave a little “jump” in ‘04, opening a lot of eyes, and showing us all that the gold market is up and ready to explode. The foreign National Banks are no longer selling enough gold to quell the deficit.
This is where we come in.
Ok so how exactly do you buy gold?
The gold market is a lot closer than you’d think. First of all if you live in a town with over 15,000 people, bust out the old yellow pages and look up “Coin Dealer”. You’ll be surprised how many listings turn up. Just walk in, write a check, and skip away with glee. Welcome to the gold market!
If you’d prefer a more technological transaction, you can place orders over the phone or the internet. Just follow the easy directions, put in a credit card number over a secure form and you’re done. You can have gold on your doorstep the next morning!
But wait a second, isn’t investing in the gold market supposed to be with stock?
Glad you asked. And your answer is HELL no. Seeing that you would be investing in a COMPANY, that business? stock always has the potential to plunge down to zero, no matter how mighty it may seem today. Physical gold on the other hand will always hold most of its value. Always. That’s the beauty of the gold market. Look back in time, research it if you have to, but can you think of a timeframe in which gold was actually worthless?
Didn’t think so.
As the NASDAQ bust taught us all, every stock unfortunately has the threat of crashing. That won’t happen with the gold market. It has a timeless, self-intrinsic value that doesn’t rely on someone’s promise to pay. Gold you buy today will have, at the very least, the same value if your great grandchildren turned it in for retirement money.
Ok, let’s face it. People love gold. For thousands of years kings and conquerors and adventurers alike have sought tirelessly after it. Wars were fought over it, empires forged with it, and great kings remembered for it.
And guess what? I’m going to show you how it’s SO easy to build a little empire of your own by getting into the gold market. You’ll be no King Tut? but I can bet that you’ll be pretty impressed if you follow through on what I tell you.
Ok so how do I get started?
The great part about this is that it’s so incredibly easy. You get to amass your own private little (or amazingly large) gold treasure. Yup. Physical, tangible, luxurious gold coins and bars. Something clicks in the back of your mind when you handle your first bit of gold that makes you see why so many people have been searching for it for so long.
Why should I care about the gold market?
Ok so here’s the scoop. Over the past few years gold has begun to shoot up in price after hitting a bit of a low in early 2004. And the gold market’s only going to get better. What’s happening is that the world digs up roughly 2500 metric tones of the yellow stuff each year. Problem? The world also ends up wanting to buy around twice that. You don’t have to be a math wiz to see the shortage problem.
This little deficit has been going on for over a decade now, but National Banks around the world, which are basically the equivalent of our Federal Reserve, have been selling enough to the gold market to more than compensate for the lack of renewed supply. The gold flowing from these banks has kept the price from skyrocketing to the heavens.
BUT!! As you may recall I told you that the price of gold has been rising unremittingly. It began to perk up around 2001, and gave a little “jump” in ‘04, opening a lot of eyes, and showing us all that the gold market is up and ready to explode. The foreign National Banks are no longer selling enough gold to quell the deficit.
This is where we come in.
Ok so how exactly do you buy gold?
The gold market is a lot closer than you’d think. First of all if you live in a town with over 15,000 people, bust out the old yellow pages and look up “Coin Dealer”. You’ll be surprised how many listings turn up. Just walk in, write a check, and skip away with glee. Welcome to the gold market!
If you’d prefer a more technological transaction, you can place orders over the phone or the internet. Just follow the easy directions, put in a credit card number over a secure form and you’re done. You can have gold on your doorstep the next morning!
But wait a second, isn’t investing in the gold market supposed to be with stock?
Glad you asked. And your answer is HELL no. Seeing that you would be investing in a COMPANY, that business? stock always has the potential to plunge down to zero, no matter how mighty it may seem today. Physical gold on the other hand will always hold most of its value. Always. That’s the beauty of the gold market. Look back in time, research it if you have to, but can you think of a timeframe in which gold was actually worthless?
Didn’t think so.
As the NASDAQ bust taught us all, every stock unfortunately has the threat of crashing. That won’t happen with the gold market. It has a timeless, self-intrinsic value that doesn’t rely on someone’s promise to pay. Gold you buy today will have, at the very least, the same value if your great grandchildren turned it in for retirement money.
How To Simplify Your Living Expenses
A. Annika smith | Published 12/10/2006 | ValuableContent.Com
Here's the thing: I'm a New Yorker. And in New York, it is amazingly difficult NOT to spend a lot of money, just on the basics! As a student of Harv Eker, I am trying to limit my expenses to 50% of my after-tax income, and I have to tell you, that is really hard to do. Harv isn't the only one to suggest this either: almost every money-management guru gives the same advice. Simplify your expenses.
The fact is, if you want to become financially free, you must do two things: increase your passive income and decrease your expenses. Once your passive income is equal to or greater than your expenses, you are financially free. The concept is simple enough -- and in other articles I address creating passive income (the easiest and fastest way to do this would be by renting your rooms). But how do you simplify your expenses? Especially when you look around and you don't see a way HOW? Here are a variety of ways you can still live a decent life and be a bit more frugal at the same time.
Food & Toiletries
By far, making lunch at home was one of my biggest savings! I made lunch and snacks and bought them to work.
Instead of buying shower gel, go back to soap bars. They last longer and are much cheaper.
Don't wash your hair every day, and when you do wash your hair, only wash it once. That saves lots of shampoo.
I made my own coffee at home -- or cut it out altogether and put that money aside in your financial freedom jar. One guru calls that the "latte factor."
As a nation, we eat out a whole lot more and buy convenience foods to just heat in the microwave -- but these can be expensive. Cooking may take time, but it does save you lots of money.
Buy generic! I was so opposed to this, and one day I ate some potato chips that my boyfriend bought. Seriously? They didn't taste different from the name brand. Try it. Ok, some things may be non-negotiable, but you'd be surprised what is. Your grocery bill will go way down.
Take the effort to cut coupons, take advantage of sales, and go to discount warehouses, like Sam's Club or Costco.
Heat & Electricity
If you don't already have one, get an electric thermostat with a timer, so you can change the temperature automatically during specific times of the day. Lower the temperature when the family is out of the house.
Use space heaters and lower the heat in the rooms you use. Use an electric blanket at night.
There is plastic covering you can get at the hardware store and cover your windows. That keeps the heat in the house.
Make sure your boiler and hot water heater are maintained properly.
Wear layers of clothing and keep the heat lower.
Use kitchen and bathroom vents sparingly in the winter
Replace regular light bulbs with compact fluorescents
Wash laundry in cold or warm instead of hot
Use a clothesline instead of using the dryer
Use a ceiling fan instead of an air conditioner.
Cell Phones, Internet, and Communication Utilities
Avoid pre-paid cell phones, even if you just want the phone for emergencies, unless you are careful to use a plan with minutes that don't expire. You pay exorbitant rates per minute.
Never underestimate the minutes your teen may use. Be careful not to get the lowest plan. Constant overages are very expensive overall.
You don't necessarily need a home phone if you have a cell phone. With free nights, weekends and long distance, you may save considerably. Be careful with phone plans that have low rates, because the taxes add significantly to the bill.
For your Internet connection, you don't have to get the highest rate of connection speed. For the average user, you won't be able to tell the difference and that can save you $20 a month.
If you switch to broadband, don't keep your dialup (unless you travel often outside the country or in rural areas). Also, drop paying for AOL. All AOL features are free if you have broadband.
Entertainment
If you really wanted to be extreme about it, you could cut entertainment out altogether. But that's not really practical, so here are some ideas.
First, if you think FREE, you may not get free, but you do end up with "cheap." Cheap doesn't mean less fun, either. Sometimes you can have MORE fun.
If you live in a city, just try walking around. In New York, I have found impromptu concerts by street musicians or just sat in the park and people watched. You'd be amazed how much fun you can have!
Instead of eating out or going to bars with friends, host a potluck at home or just have friends over for drinks. It's much cheaper to buy liquor than to buy drinks at the bar.
For movies, go to matinees or the $2 movie (some communities have them). Yes, those movies are second-run, but hey, it's worth financial freedom to me. You can also always rent movies.
Cable. When times are tough, the cable needs to get going. It can get so expensive! If you do need it for the reception, get basic and then rent movies. Buying a great DVD player and renting movies is cheaper than cable in the long run. If you rent rooms in your home like I do, keep the cable -- it's a perk for your tenants that are worth paying for.
Take your kids to the bookstore and hang out.
Find free community shows, like Shakespeare in the park or fireworks.
Take the kids on the subway trip -- as far as you can and go explore. In New York, take the train to Coney Island.
In the summer, there is always a local food festival or street fair.
Get your kids involved in a community group, like a theatre. They develop skills, make friends and have fun.
Clothing
For kids, don't go over the top with the brand names, especially since the kids will grow out of them quickly.
For adults and older teens, don't buy really trendy clothes that will only last one season. Buy classical fashionable clothing that will last, and get trendy with accessories.
Buy shirts and ties or blouses and just one suit -- accessorizing is cheaper.
Buy a few pieces of quality clothing as opposed to lots of cheap clothing. They will last a lot longer.
This goes without saying, but buy clothing in the off-season and on sale. You will save a tone of money.
Transportation
A gas saving tip I just learned: put your car in cruise control whenever you can. It has cut my gas bill in HALF.
If you live in a metropolitan area, try walking around the city as opposed to taking a bus or a train. In New York, you can even get there faster sometimes! :-)
Maintain your car -- tire pressure, oil changes, everything. Preventative maintenance is way cheaper than repairs.
Never use cheap gas - use quality gas and the correct octane for your car. It may seem more expensive, but it's cheaper in car repairs in the long run.
Don't be afraid to walk, even in the winter. It's great exercise and it saves a ton of money. Bring a backpack with you for grocery shopping if you need only a couple of things.
The Change Jar
I have a change jar. Every time I pay for something, I always use bills and get the change. I put the change in the jar. You wouldn't believe how much money you can save! This money could be entertainment money, allowance for the kids, put it in a savings account or saved for emergencies. This change jar has saved my butt many times over the years, and is a great way to have "found" money at the end of the month.
Here's the thing: I'm a New Yorker. And in New York, it is amazingly difficult NOT to spend a lot of money, just on the basics! As a student of Harv Eker, I am trying to limit my expenses to 50% of my after-tax income, and I have to tell you, that is really hard to do. Harv isn't the only one to suggest this either: almost every money-management guru gives the same advice. Simplify your expenses.
The fact is, if you want to become financially free, you must do two things: increase your passive income and decrease your expenses. Once your passive income is equal to or greater than your expenses, you are financially free. The concept is simple enough -- and in other articles I address creating passive income (the easiest and fastest way to do this would be by renting your rooms). But how do you simplify your expenses? Especially when you look around and you don't see a way HOW? Here are a variety of ways you can still live a decent life and be a bit more frugal at the same time.
Food & Toiletries
By far, making lunch at home was one of my biggest savings! I made lunch and snacks and bought them to work.
Instead of buying shower gel, go back to soap bars. They last longer and are much cheaper.
Don't wash your hair every day, and when you do wash your hair, only wash it once. That saves lots of shampoo.
I made my own coffee at home -- or cut it out altogether and put that money aside in your financial freedom jar. One guru calls that the "latte factor."
As a nation, we eat out a whole lot more and buy convenience foods to just heat in the microwave -- but these can be expensive. Cooking may take time, but it does save you lots of money.
Buy generic! I was so opposed to this, and one day I ate some potato chips that my boyfriend bought. Seriously? They didn't taste different from the name brand. Try it. Ok, some things may be non-negotiable, but you'd be surprised what is. Your grocery bill will go way down.
Take the effort to cut coupons, take advantage of sales, and go to discount warehouses, like Sam's Club or Costco.
Heat & Electricity
If you don't already have one, get an electric thermostat with a timer, so you can change the temperature automatically during specific times of the day. Lower the temperature when the family is out of the house.
Use space heaters and lower the heat in the rooms you use. Use an electric blanket at night.
There is plastic covering you can get at the hardware store and cover your windows. That keeps the heat in the house.
Make sure your boiler and hot water heater are maintained properly.
Wear layers of clothing and keep the heat lower.
Use kitchen and bathroom vents sparingly in the winter
Replace regular light bulbs with compact fluorescents
Wash laundry in cold or warm instead of hot
Use a clothesline instead of using the dryer
Use a ceiling fan instead of an air conditioner.
Cell Phones, Internet, and Communication Utilities
Avoid pre-paid cell phones, even if you just want the phone for emergencies, unless you are careful to use a plan with minutes that don't expire. You pay exorbitant rates per minute.
Never underestimate the minutes your teen may use. Be careful not to get the lowest plan. Constant overages are very expensive overall.
You don't necessarily need a home phone if you have a cell phone. With free nights, weekends and long distance, you may save considerably. Be careful with phone plans that have low rates, because the taxes add significantly to the bill.
For your Internet connection, you don't have to get the highest rate of connection speed. For the average user, you won't be able to tell the difference and that can save you $20 a month.
If you switch to broadband, don't keep your dialup (unless you travel often outside the country or in rural areas). Also, drop paying for AOL. All AOL features are free if you have broadband.
Entertainment
If you really wanted to be extreme about it, you could cut entertainment out altogether. But that's not really practical, so here are some ideas.
First, if you think FREE, you may not get free, but you do end up with "cheap." Cheap doesn't mean less fun, either. Sometimes you can have MORE fun.
If you live in a city, just try walking around. In New York, I have found impromptu concerts by street musicians or just sat in the park and people watched. You'd be amazed how much fun you can have!
Instead of eating out or going to bars with friends, host a potluck at home or just have friends over for drinks. It's much cheaper to buy liquor than to buy drinks at the bar.
For movies, go to matinees or the $2 movie (some communities have them). Yes, those movies are second-run, but hey, it's worth financial freedom to me. You can also always rent movies.
Cable. When times are tough, the cable needs to get going. It can get so expensive! If you do need it for the reception, get basic and then rent movies. Buying a great DVD player and renting movies is cheaper than cable in the long run. If you rent rooms in your home like I do, keep the cable -- it's a perk for your tenants that are worth paying for.
Take your kids to the bookstore and hang out.
Find free community shows, like Shakespeare in the park or fireworks.
Take the kids on the subway trip -- as far as you can and go explore. In New York, take the train to Coney Island.
In the summer, there is always a local food festival or street fair.
Get your kids involved in a community group, like a theatre. They develop skills, make friends and have fun.
Clothing
For kids, don't go over the top with the brand names, especially since the kids will grow out of them quickly.
For adults and older teens, don't buy really trendy clothes that will only last one season. Buy classical fashionable clothing that will last, and get trendy with accessories.
Buy shirts and ties or blouses and just one suit -- accessorizing is cheaper.
Buy a few pieces of quality clothing as opposed to lots of cheap clothing. They will last a lot longer.
This goes without saying, but buy clothing in the off-season and on sale. You will save a tone of money.
Transportation
A gas saving tip I just learned: put your car in cruise control whenever you can. It has cut my gas bill in HALF.
If you live in a metropolitan area, try walking around the city as opposed to taking a bus or a train. In New York, you can even get there faster sometimes! :-)
Maintain your car -- tire pressure, oil changes, everything. Preventative maintenance is way cheaper than repairs.
Never use cheap gas - use quality gas and the correct octane for your car. It may seem more expensive, but it's cheaper in car repairs in the long run.
Don't be afraid to walk, even in the winter. It's great exercise and it saves a ton of money. Bring a backpack with you for grocery shopping if you need only a couple of things.
The Change Jar
I have a change jar. Every time I pay for something, I always use bills and get the change. I put the change in the jar. You wouldn't believe how much money you can save! This money could be entertainment money, allowance for the kids, put it in a savings account or saved for emergencies. This change jar has saved my butt many times over the years, and is a great way to have "found" money at the end of the month.
10 Easy Steps Towards Stock Market Success
Joe Harris | Published 02/3/2007 | ValuableContent.Com
We all need a set of guidelines to help us along the way. This is what I use in all of my investments to ensure that I maximize every profit and virtually eliminate all of my risks. Now you can too?
1. Set Your Goal
You always want to start off any potential investment by thinking about what you want out of it. Ultimately, you're going to be making money off of it?duh. But how much? How quickly? How will this particular investment play into the bigger picture of all your finances? Getting all of this figured out ahead of time will give you a clearer image of your investment down the road.
2. Time to Strategize
We all know there are literally thousands of investment tactics out there. So pick one. Take your time and study up to find the approach that works best according to your financial goals. You can tweak it accordingly as you go through the rest of these steps, but the better prepared you are the smoother the entire process will go.
3. Asses Possible Risks
It is absolutely essential that you highlight the risks your investment will bring up. The key is to look at them realistically, not optimistically. You have to be able to devise an effective and PRACTICAL management plan. This will not only minimize your losses but in turn guarantee you maximize your profits, even if the investment tanks.
Notice how this step comes before profit assessment? This is to make sure you don't get overwhelmed with excitement before you size up the gamble you're taking.
4. Think about Profit Potential
Basically, you have to get paid, but you need to be able to do it at the right time. Most inexperienced investors just go for the cash, but by the time they actually collect their profits have diminished. Know when and how to get out so that the process is smooth and efficient.
5. But Are There Alternatives?
Do a little more homework. Check to see if there are other investments that have fewer risks, a better profit potential, or if there are is another strategy that will make your life easier (or hopefully a little richer at the end of the day).
6. Scaling the Mountain
This one goes along with devising an initial strategy. Every investment you make will have its challenges to optimize rewards and minimize shortcomings. By anticipating them you can create a strategy that will do just that.
7. Design Your Plan B
Set specific boundaries as to when you should get out of an investment. Whether everything goes wrong and you need to bail out or you've hit it big and need to move on, having explicit limits prevents you from losing returns or just losing more money.
8. Making the Right Choice
Investing takes time, so for one last time look over your new project as a whole. Now you've got all the pieces to see if this investment is really worth your while. And it's ok if it isn't: you'll be better off starting from scratch than losing on a big gamble.
9. Go for the Gold
In choosing to pursue an investment, go after it. Give it everything you've got and you'll come up a winner. Cliché¬ I know, but even if worse comes to worst you won't be that big of a loser either. Wholeheartedly following through on your game plan will give you the best returns in the long run.
10. Debrief
In the end look back over your plan. If somehow you bombed and lost a lot of money, try to figure out what went wrong. You want to ensure that you don't make the same mistakes next time. Constantly tweak your approaches until you find that perfect strategy. Once you've done that you'll eliminate all that stress that comes with the job.
We all need a set of guidelines to help us along the way. This is what I use in all of my investments to ensure that I maximize every profit and virtually eliminate all of my risks. Now you can too?
1. Set Your Goal
You always want to start off any potential investment by thinking about what you want out of it. Ultimately, you're going to be making money off of it?duh. But how much? How quickly? How will this particular investment play into the bigger picture of all your finances? Getting all of this figured out ahead of time will give you a clearer image of your investment down the road.
2. Time to Strategize
We all know there are literally thousands of investment tactics out there. So pick one. Take your time and study up to find the approach that works best according to your financial goals. You can tweak it accordingly as you go through the rest of these steps, but the better prepared you are the smoother the entire process will go.
3. Asses Possible Risks
It is absolutely essential that you highlight the risks your investment will bring up. The key is to look at them realistically, not optimistically. You have to be able to devise an effective and PRACTICAL management plan. This will not only minimize your losses but in turn guarantee you maximize your profits, even if the investment tanks.
Notice how this step comes before profit assessment? This is to make sure you don't get overwhelmed with excitement before you size up the gamble you're taking.
4. Think about Profit Potential
Basically, you have to get paid, but you need to be able to do it at the right time. Most inexperienced investors just go for the cash, but by the time they actually collect their profits have diminished. Know when and how to get out so that the process is smooth and efficient.
5. But Are There Alternatives?
Do a little more homework. Check to see if there are other investments that have fewer risks, a better profit potential, or if there are is another strategy that will make your life easier (or hopefully a little richer at the end of the day).
6. Scaling the Mountain
This one goes along with devising an initial strategy. Every investment you make will have its challenges to optimize rewards and minimize shortcomings. By anticipating them you can create a strategy that will do just that.
7. Design Your Plan B
Set specific boundaries as to when you should get out of an investment. Whether everything goes wrong and you need to bail out or you've hit it big and need to move on, having explicit limits prevents you from losing returns or just losing more money.
8. Making the Right Choice
Investing takes time, so for one last time look over your new project as a whole. Now you've got all the pieces to see if this investment is really worth your while. And it's ok if it isn't: you'll be better off starting from scratch than losing on a big gamble.
9. Go for the Gold
In choosing to pursue an investment, go after it. Give it everything you've got and you'll come up a winner. Cliché¬ I know, but even if worse comes to worst you won't be that big of a loser either. Wholeheartedly following through on your game plan will give you the best returns in the long run.
10. Debrief
In the end look back over your plan. If somehow you bombed and lost a lot of money, try to figure out what went wrong. You want to ensure that you don't make the same mistakes next time. Constantly tweak your approaches until you find that perfect strategy. Once you've done that you'll eliminate all that stress that comes with the job.
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