Category Archives: Personal Finance

How to Invest Online

Online trading is the most popular form of investing, and provides you with the fastest and most reliable way to execute your trade.  If you are old school and want to call your broker to place a trade, it will likely cost you more and it will definitely take more time.  Wait time for popular brokers can be 5-15 minutes, where online orders can be executed in seconds.  Here are some of the steps you need to take as you begin online investing.

Opening your account

  • You will need to register, supplying information such as your name, email, and phone number. In some cases you will need to supply your address, proof of address or even your social security or national identification number
  • Many brokers want to know about your trading experience to determine what types of products you are eligible to trade. Many reputable brokers want to avoid providing customers with tools that will allow that to lose all their capital.
  • Once you are registered, you need to fund your account. There are several ways to fund your account including a bank wire, a check, a debit card or even a credit card. This will depend on your domicile. For example, in the U.S. you cannot fund your account with a credit card.

Evaluating Trading Tools

Once you open your trading account, it’s important to evaluate the tools that are available to help you make your trading decision.  This could include evaluating the charting and graphical packages that your broker has available. In addition, many reputable brokers supply clients with economic research including a financial calendar that shows all the different important data points that will be released during the week or the month.

You also want to see if your broker has an education section. Here you might be able to find many different trading strategies and how to use them.  Check to see if your broker offers technical analysis tools and an explanation on how to use these tools to enhance your trading. Your broker might also offer news and analysis. The more information you know the better your trading decision will be.

Order Execution

Each broker will have a different trading platform. Before you risk real capital, make sure you understand how trades are executed.  Many brokers have demo accounts that allow you to execute traders without risking real capital. If your broker has this capability, give it a try so you become familiar with executing a trade. There is no harm with making a mistake with demonstration money.

If you plan on using your broker’s trading app platform, make sure you also take this for a test drive before you execute a trade. If you are on the go, you want to make sure that you can see your balances and position on all platforms offered by your broker. For example, the trades you make on your PC should show up on your mobile device.

Summary

Trading online is the most efficient and cost effective way to execute a transaction. After you register you should evaluate the trading platform before you deposit capital.  Test drive all the platforms you plan on using to make sure you understand all of the nuances of your brokers trading platform.

How to Save Money without Noticing It

Saving money is one of the greatest issues people face. In a world that tries to stimulate consumption as much as it is possible, you will find a lot of temptation to spend all your hard-earned money. Most of the people are not even noticing that they are sacrificing their long-term well-being for some things that gives them satisfaction for a short period of time.

If you are reading this article, it is clear that you think different and you want to do things in a smarter way. You are also probably searching for some tips for personal budget  and that is why we want to give a simple and effective way to save some money. Although the sums might be small in the short run, you will see that in the longer run results are better than you would expect.

The 10% rule

Let’s say that you are currently earning 1k per month. This number is below average and we’ve choose it with purpose, because we do not want to artificially inflate the numbers, so they will look better. Make sure to receive your salary on a bank account, not cash. You’ll see in the following statements why.

Open a savings account

The next step would be to open a savings account. A private pension account would also be a good idea. Preferably, your bank account and your savings account should be opened at the same bank, so it will be easier to make the next step. We won’t recommend any bank, it is up to you to choose one that you think fits the best. Do a little research, find out what feedback other customers are offering and only then open the account.

 

Set a monthly transfer to the savings account

You have the possibility to set a monthly payment from your bank account to your savings account. Make sure to set a date that is after the date you receive your salary, so you won’t encounter any issues. Set your account to automatically send 10% each month to your savings account.

If you do the math, for a 1k account, 10% means 100, 100 multiplied by 12 equals 1200 and in 10 years you will have 12,000. Simple enough to save a decent amount of money and improve your personal budget.

Meta description: Find out an easy way to save money in order to be able to manage your monthly expenses. See how you could do that for free. Find out more in this material.

Assets: Make money work for you

assets

Picture this: you are the head of your own company. the big cheeze, the BOSS. you have hundreds of employees, and you sell a good or service that just rakes in the doe. Wouldn’t that be the life? What if I told you that you could reap all of those benefits without ever hiring a single soul, without ever leaving your current gig? well follow me along this journey as I explain the power of assets in one’s life.

Tips for a better personal budget management

budget management

As it was already said, creating a personal budget is one of the first steps for healthier finances. Apart from creating it, following it strictly is the next most important thing to do. How much your budget will help you will heavily depend on the things that you do with it.

Unfortunately, a lot of people have trouble following something like this. They are so used to spending their money however they want to, if you are like this, here are some tips that will definitely help you to stay on track.