5 Incredibly Simple Tips to Get Financial Freedom with Forex

Forex Currency Exchange on White Background

You probably have already heard about Forex and how so many people have found it easy to make money on it. However, it is clear that there are also others who haven’t been so successful with this type of investment.

So, what are the key tips that will help you to invest well and achieve financial freedom with Forex?

Find Out All That You Can

As with any type of investment you are trying out for the first time, it is vital that you get fully informed about Forex. It certainly isn’t enough to just have a vague idea of what Forex is about.

Instead, you will want to become as much of an expert in this field as you possibly can. The more you know the better your chances of being highly successful, of course.

This means that you should spend as much time as you can reading about Forex and feeling comfortable about investing in this way. You will find a lot of information online to get you started right away.

Get Trained

No matter how much you read and investigate on your own, there is simply no substitute for getting on a professional trading training course. This approach will see you learn all that you need to know from an expert.

Trying to start trading before you get trained is a dangerous game, as you might make some bad mistakes simply through a lack of knowledge. You will be left kicking yourself if you mess up this investment through something like this that could have been remedied.

Getting on a good Forex course is easy to do and could make all the difference to your investment and to your future.

Choose the Right Trading Platform

There are a number of different Forex trading platforms that you can explore in order to find the right one. You should take into account the most important factors, such as whether it is free and the type of interface it offers.

Making the right decision on the platform you use will help you to get started smoothly and without any fuss.

Set Your Targets

As with most things in life, you stand a far greater chance of meeting your targets if you know what they are. If you know what you want to achieve by investing like this then you can plan for it accordingly.

This is a good point to remember that you should only ever invest money that you can afford to take a chance with. This means avoiding making Forex investments with your monthly household budget and other money you can’t afford to take risks with.

Whether you want more cash to retire early, to take a dream vacation, or just to revamp your home, there is more chance of achieving your goals if you can picture them clearly.

Analyze Your Performance

It is to be expected that you start off slowly and then begin to get more comfortable over time. This is the pattern that most of us follow with new types of investment or anything else we try for the first time.

This means that it is essential that you analyze your performance to see how you are doing each step of the way. If you have followed the rest of the tips listed here then you should get off to a comfortable start and then see your confidence grow with each passing transaction.

By starting out in the right way you can make your Forex trading a highly profitable and enjoyable way of making money. Don’t make the mistake of diving in unprepared and taking un-necessary risks that lessen your chances of gaining financial freedom.

 

Image credit: TaxRebate.org.uk

 

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Check Out How These Budgeting Tools Can Make Your Life Easier

Whenever you’ve got a job to do, it’s always a good idea to choose the right tools. With the right tools, you can do pretty much anything you want. Most of us think of tools as things we use to make stuff in the physical world. But they can also be put to good use in the digital world of our personal finances. Digital tools are often effective, useful and even fun. And, importantly, a great help for those of us who sometimes struggle to manage our money effectively.

At the moment, there are all sorts of different budgeting tools out there to help you manage loans, investments, and income. Many of these are free or have free versions. Let’s have a look at some of the best.

budgeting-tools

Personal Capital

Personal Capital brings together personal finances and investments into a single package. On the dashboard, you’ll find options to track your budget and your investment portfolio. And you can link various current and investment accounts to the program to better manage your finances. Personal Capital also has options for retirees or people wanting to hook up their retirement accounts.

The software also has some hidden productivity tricks, to make your life easier. First off, you don’t have to connect your bank account manually to the software if you don’t want to. It’s able to do this automatically. And like a lot of modern accounting software, it’s able to categorize transactions on your bank statement automatically. Again, this helps reduce the amount of time you spend manually entering transactions on your ledger. Right now it’s recommended by www.forbes.com.

Quicken

Quicken was one of the first budgeting tools available on the market. And, even today, it can compete with some of the best. Quicken connects to your financial institution, and it has the usual features of a money management tool. However, Mac users should be wary. Quicken is not very robust on Mac devices and support is lacking. On the PC, however, it’s much better and should serve you well.

Mint

man-notes-macbook-computer

Mint is a tool very much like Quicken. In fact, the brand is owned by the same parent company. However, Mint is a tool that is much more a part of the modern age. Being online, Mint can be accessed from any device from any location. And this makes it a far more robust platform for managing one’s finances.

Mint collects up most of your financial information from credit cards and investment accounts. It then helps you to track things like spending habits, budgets, and loan repayments. As sites like personalmoneystore.com point out, short-term financial crises are sometimes difficult to avoid. That’s why Mint includes features to track both your assets and your liabilities and tools to view your net worth. Mint also comes with a feature that allows you to see how your budget breaks down so you can see where you’re spending.

There are two main drawbacks to Mint. First off, because it’s free, it relies on advertising for income. This means you’ll see a lot of financial products popping up. The other problem is that it can take the site some time to process your requests. Often you’ll have to wait a while for pages to load. Having said that, that’s pretty good for something that is virtually free.

You Need A Budget

According to experts, You Need A Budget, has many advantages over its key rivals. The first is that it is very much like a regular spreadsheet. And for those who are used to tracking their finances on a worksheet, this can be helpful. The program comes with a bunch of tools that help you set up an appropriate spreadsheet in minutes.

The next big advantage is in how the program allows you to budget. Rather than relying on money that you haven’t been paid yet, You Need A Budget only uses money already earned. Thus, when it comes to financial planning, it forces you to be a prude. If you’re not used to living within your means, this tool will soon force a change in your behavior.

Finally, like most other tools we’ve mentioned here, You Need A Budget comes with analytical tools. This allows you to make it easier to see where your money is going and where you are spending.

Unfortunately, the tool does come with some significant drawbacks. That’s partly thanks to its spreadsheet design. The primary problem here is that you’re not able to connect the software to your bank account. Instead, you have to download all your bank statements and then enter transaction manually. This shouldn’t take most people more than about 30 minutes. But doing this month after month can be tiresome.

Prepaid Card Features

Recently, we’ve seen the rise of prepaid and credit card vendors including budgeting tools in their packages. One of these tools is Spend Analyzer. Obviously, it’s linked to your credit card account. And like some of the other software out there, it can automatically categorize your spending habits.

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But the company behind the tool didn’t want to stop there. They also wanted to provide users with a tool that would help them climb out of credit card debt should they fall into trouble. This makes a lot of sense since credit card companies want people who are solvent using their products. Paydown Planner is a tool that helps card users manage their credit card repayments. It allows customers to control the flow of their money over time to make sure that they can pay down bills.

But it’s not just the smaller players in the market who have started included tools and features to go along with their cards. Interestingly, bigger players, like American Express are also getting involved. What’s interesting about Amex’s entry into the space is the fact that this card provider usually targets the top end of the market. Despite this, they’ve introduced a tool called Insight. It’s not particularly feature-packed. But it does reveal that lenders are now seeing the benefits of helping keep their customers’ budgets in check.

 

Image 3 credits: By Lotus Head from Johannesburg, Gauteng, South Africa – sxc.hu, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=99950

 

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The Wise Spender

Ever since my eldest son started to work in a corporate firm after graduating from a college degree, I noticed his maturity developed into a higher level.  He now can make better decisions through weighing things down and most importantly he is now more responsible in handling and managing his finances. He told me the other night that he is interested in getting a credit card.  He told me that for practical reasons, our family needs one.  While he was browsing online finance services websites he stumbled upon Totally Money which offers services in giving impartial information on financial products.

Continue reading “The Wise Spender”

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