Nov 20 2014

Binary Options Trading Signals Services: 5 Things Investors Must Check Before Signing Up

By |November 20th, 2014|Personal Finance Tips|1 Comment|

If you’re new to the forex binary options market, you’re in for a treat. Most people stay away from forex because of its complexity. And, while it is complex, it’s also a quick way to make some money in the largest financial market in the world. Binary trading simplifies a lot of the complexities of traditional trading, and is suitable for those who just want to dip their toe into the forex waters. But, you can’t just jump in, like most people do, without a plan.

Narrow Your Focus

Coming from the world of stock markets, you might be tempted to “diversify” your trading or investment strategy. In binary options, this is a terrible idea. The more you can know about a particular currency pair, the better. Pay attention to the fundamentals as well as the technicals and really dig deep into the underlying mechanisms that drive the currencies. Focusing intensely on just one pair is not unheard of.

Even though there are only 18 popular pairs, you may only need to trade one or two of them. As long as you are really knowledgeable about them, you don’t need to worry about all of the others.  Trading forex isn’t like trading stocks. Diversification doesn’t always reduce risk. In fact, it can increase risk because you’re less knowledgable about all of the pairs you’re betting on.

Pick A Good Platform

Picking a good forex platform is probably one of the most important things you can do. Forex brokers are a dime a dozen these days, but good ones are a diamond in the ruff. First things first. It doesn’t matter how high-tech your broker is if it doesn’t have a great customer service behind the trading platform.

No platform is bug-free forever, and regular, scheduled, maintenance is just a fact of reality. There’s also the issue of help with both trading and logistics. If you’ve never done this before, you may want to know exactly how to set up your bets and the consequences of making certain bets in a certain way.

In binary options trading, there are three ways to trade (three major ways, anyway). Ask the broker about this – it’s not always obvious at first, so approach the company with an open-ended question like, “how many trading types do you support.”

If the company is open to discussing all three ways to trade binary options, this is a good sign.

Next is the software. A majority of the risks with currency trading are in poor-quality software – software that doesn’t support real-time reporting or that makes it more difficult to make quick trades. If the software is difficult to navigate, the charts confusing to read, and if you spend a good deal of time trying to just learn how the software works, this is a bad sign.

Manage Risks Intelligently

Most traders do not trade with all of their savings. They hold back most of their capital only risk maybe 5 or 10 percent. Sometimes, they only trade with 2 or 3 percent of their total capital. This is a good rule of thumb to follow.

Keep Trading

A mistake new traders make with binary options is entering one trade, losing, and then giving up. You have to trade a lot to make money. Since there are no real trading fees per transaction in forex, there’s no danger in placing multiple bets. If you’re managing your daily risks, and not dropping below a set stop for your trading capital, keep trading until you make your goals.

Alex Fletcher is a longtime Forex investor who loves to write. When he finds a tool that works for him, he can’t wait to let others know about it, too. Look for his illuminating articles on many investing and stock market blog sites.

Nov 18 2014

What Are You Saving For?

By |November 18th, 2014|Blog, Life, Personal Finance Tips|4 Comments|

I have to admit that my wife and I haven’t been great at saving money ever since we finished paying for our wedding.

Once we were done paying for the wedding we did want to book a trip to Europe, which we did (and had an amazing time). But we had enough money and credit card points for that trip, so we didn’t feel the need to be frugal with our everyday spending.

We ate out regularly. Wait. Let me rephrase. I ate out regularly and my wife ate out sometimes.

We went shopping regularly. Wait a minute. Let me try this again. My wife went shopping regularly (keeping in mind that she’s very frugal with her shopping and really didn’t spend a large amount of money). I don’t really shop.

Don’t get me wrong. We were still contributing money to our retirement account and spending much less than we were making, but we just weren’t vigilant about making the right, sometimes hard choices with our money.

That all changed when we decided to build a house.

We’re Saving Every Penny Now

Here is where a lot of people are going to get mad at me. Some people will probably stop reading my blog after what I’m about to say, but I don’t care.

We are building a house at the very top of our budget. It’s obviously not over our budget (because the bank wouldn’t give us a mortgage if we truly couldn’t afford it) but we no longer have the luxury to be relaxed about our budget. We need to save as much as possible.

And boy have we done a dang good job of it.

In the last few weeks, we have pretty much eaten every single meal at home. We haven’t bought new clothes or other non-essentials. We have only seen one movie (and trust me, we love the movies).

Saving is Easy With a Goal

When I look at where we were a month ago, it was really hard to save money. There were plenty of good reasons to do it: save for retirement, make a bigger emergency fund, pay down Tag’s student loans, or maybe put the money to starting or buying a business one day. But none of those were concrete enough to force us to change our habits.

The day we decided to build a new house, we instantly changed our habits. Knowing that we only have about 9 months to build up savings before our house payment skyrockets gives us a very tangible reason to save money.

What is Your Goal?

A few paragraphs ago, I laid out a bunch of goals that could have motivated us to save money if we had really committed ourselves to them.

If we had committed ourselves to those goals a few months ago, we would have been in a better position to buy this house. There’s nothing wrong with switching your goals if you change your mind.

If you aren’t aggressively saving towards a goal right now, I strongly suggest that you find something you want and go get it!

Nov 17 2014

Early Retirement with Middle Class Wages, Thanks to Thrifty Savings!

By |November 17th, 2014|General Personal Finance|1 Comment|

jarofpennies

Day in and day out, those of us categorized as “middle class”, punch the clock, pay the bills, and repeat. During that time, we all dream of retirement. A time where we no longer have to wake up and take orders from someone else in order to receive a pay check.

We picture ourselves barefoot on a beach, soaking up the sun, or maybe you see yourself in a cabin in the woods getting lost in a new novel each day. Regardless of where your retirement dreams take you, it’s possible to get there sooner than you may think.

On Friday nights sitting at home watching the Shark Tank on ABC you get inspired to build something big. Very big. Being realistic however is also key as it never makes sense to risk it all and go into debt if your business ventures do not work out. According to a recent Huffington Post Article says that saving to get rich doesn’t work but smart saving and smart investing should have been the key focus from the article.

With a little will power, penny pinching, and patience, it can be done. The first step in reaching this goal is to determine where you want to be. What age do you want to retire? Where do you plan on living? What is the cost of living at this time and place? You’ll need to sit down and review your income and expenses. You will also need to clear up any bad debt you may have. There are a lot of cases where a monthly income stream is there from an annuity that you can sell off or keep depending on your financial situation and your goals.

Now that we have that figured out, its game planning time. Time to figure out where and how to save. Determine how much you will need on a daily, weekly, monthly, yearly basis. Decide how much you need to put away now to accomplish your goals. Evaluate everything you spend. Pinching pennies, being cheap, going generic, these are all terms you can use from here on out.

Everything you buy, you will need to bargain, downsize, and skimp on. Couponing has become one of the biggest ways to save on not only groceries, but clothing, furniture, household products, etc. DO IT. Seriously, once you get into the groove of figuring out the method, you will save a ton of money, and also stock up on everything you may need (some will even last you until your retirement!!!).

Do you know what’s better than cheap? FREE. Take hand-me-downs, go to yard sales, and check the newspapers for items you may need. Each and every cent you save, you have to decide how much to put away in savings. Remember to keep this amount realistic. You don’t want to over or under do it. You can use a piggy bank or an actual bank. Either way, once you deposit these savings, absolutely do not touch them. For “emergency” situations, keep a separate emergency account. Keep in mind, this will take a lot of discipline. Your beach dreams won’t happen overnight, but with patience and determination, you can do it!

photo by alamosbasement

Nov 13 2014

How to Break Up With Your Cable Provider

By |November 13th, 2014|Blog, Personal Finance Tips|3 Comments|

Now that I’ve been in my house for one year and 11 months, I’m only one month away from the end of my 2 year agreement with my cable provider. That means it’s time for us to start seeing other people.

I got the bundle deal with internet and TV because it was literally about $5 more expensive than just internet. Luckily the pricing models have changed and now I can get only internet for substantially cheaper than I could get internet and cable.

So how do you get rid of cable TV but still entertain yourself with some high quality visual entertainment. Let me tell you.

Things Have Changed

I actually wrote about this very topic a long time ago. Actually I rapped about this topic. However, that rap is a little outdated, as there is much better and cheaper technology available these days.

All you need is the internet and either your laptop or a very cheap device to meet almost any entertainment needs you wish.

Once you’ve gotten internet from an ISP, you’ll need to find a way to stream shows to your TV. That requires 2 things: a streaming service (like Netflix) and a device to play  your shows and movies.

Streaming Service Options

There are still 3 main players in this world, and most of you are probably aware of them so I’m not going to go into much detail.

  • Netflix has TV shows and movies and is $7.99/month
  • Hulu Plus has mostly TV shows (more current options) and is $7.99/month
  • Amazon Prime gives you TV shows and movies along with free 2-day shipping, some free music, and other benefits. It costs $99/year ($8.25/month)

Streaming Hardware/Device Options

This is where there is a huge variety and I honestly haven’t tried a lot of them. The basic idea is that you can spend anywhere from $40 to $100 dollars and get a streaming device of your choice. You’ll have to do your own research, but here are a few of the most popular devices on the market today.

Cut the Cable Cord

With just the internet, one or more streaming services, and a very convenient streaming media player, you can get rid of cable for good and still get plenty of quality entertainment.

Also, if you do decide to get cable one day these media players are actually pretty nice to work in tandem with your cable subscription. Most of the media players have apps like HBO GO and Watch ESPN, so you can get that content over your media player even if you aren’t pulled into the cable box.

Nov 12 2014

You Don’t Have to Spend a Fortune on Appliances with Sears Coupons

By |November 12th, 2014|Personal Finance Tips|2 Comments|

If you are looking to replace your old house appliances don’t go further than Sears online store. You may not be a greatest fan of Kenmore but then again the price reduction that is available for this brand can definitely change your mind. With sears promo code 20 off, you’ll be able to save over 30% on everything this manufacturer has to offer, in some cases you’ll be able to find even better offers – the only question left is how much are you ready to save.

In-Kitchen Savings

If you are looking for a new fridge an average price drop for side by side models is over 200 dollars, same thing is for those models with freezer on the bottom, while average savings with models that have freezer on top is somewhere around a 100 bucks. If you prefer to get yourself a brand new wall oven consider a price reduction of at least 300 dollars, some models which you couldn’t get in under $3000 are now down to half price. Microwaves have a decent price drop as well. Cheaper models are 20 dollars cheaper while you have an opportunity to save over a 100 on newer models. For a brand new dishwasher you’ll need around a $100 less than before with a Sears promo code.

In-Bathroom Savings

If your old washer is ready to be replaced with Kenmore model you’ll be able to get one from $650 and save over 200 dollars in the process. There are other models which don’t have this kind of drastic price drop but the one that has the highest price is still under $900 which isn’t much compared with other brands. If you would like a washer/dryer bundle you can get one for only $800 and save up to $500 here alone. For dryers alone you will be left with at least 250 buck more in your pocket, some models are tagged with over 350 price reduction but it all comes down to what exactly can fit your available space and of course spending budget.

Savings with Other Appliances

Kenmore isn’t the only brand that has constant Sears discounts here. But at this moment this manufacturer has the best offers you can find, with a Sears promo codes you are guaranteed at least 30% off and free home delivery. You are welcome to compare other brands and their models but coupons that are attached to those have lower savings potential and require you to spend a decent amount of money in order to have shipping for free and anything you buy will still be over the price tag you can have with Kenmore.

From all examples above it’s obvious that you can completely replace almost all your appliances without spending a whole bunch of money, if my math is correct if you can purchase two products while the third one can be considered a gift for choosing a Sears coupons and their promotion of Kenmore appliances. Situation with other brands isn’t this good, but you should still be able to get a model from other manufacturer with a decent discount.

Nov 11 2014

It’s Time to Review Your Monthly Expenses

By |November 11th, 2014|Blog, Personal Finance Tips|Comments Off|

I love automatic monthly payments. I never want to be late on a payment so I love when things are automatically pulled from my account. I haven’t had a late payment on anything in over five years, so it’s obviously working.

However, automatic payments can be dangerous. Sometimes you end up paying for something you don’t need, and you don’t realize it because it just keeps hitting your credit card or bank account every month.

In the last week I’ve canceled two recurring payments that are saving me a minimum of $65 a month, or $780 a year!

The Gym

How many people sign up for a gym with good intentions and then end up paying a monthly “fat tax” because you don’t use the gym and you don’t cancel the membership? Count me and my wife in that group.

We started with a membership and I was going 1-2 times per week. Then I got busy and stopped going but the monthly payments just kept on coming. It was only $22 per month for both of us, but we simply weren’t using it. I canceled this one last Saturday and am ready to just use our treadmill, bicycles, and P90X to stay in shape.

The Golf Course

This might scare people at first. No, I’m not a member of some fancy country club where I pay hundreds of dollars every month. This is simply a $40 plus tax (so about $43) membership that gives me free range balls and discounted greens fees.

This was actually a really good way to save money on a golf habit. A bucket of balls alone costs $11 and the membership saved me about $20 per round of golf I played. Hit 2 buckets and play 2 rounds in a month and I’ve saved a total of $62 dollars, which makes the $43 price tag worth it.

However, it’s November. That means it’s cold and the sun sets at 5:30. I can’t play after work because it’s dark and I can’t play on the weekends because it’s too dang cold. I canceled the membership last week and am looking forward to an extra $43+ in my account.

This is a really exciting cancellation because it also means I’m not playing golf anymore. That means no more greens fees, no more golf balls, gloves, lessons, or any of that nonsense. I’m actually probably saving at least $80 or $100 a month on this one.

Readers: Do you have any monthly expenses that you could get rid of?