Your saving rate is the largest factor in creating financial security, but what amount should you save each month?
The popular 50/30/20 rule recommends that you should keep 50 per cent of your budget for food and rent, 30 per cent for discretionary spending, and 20 per cent or more for savings.
If withholding 20 per cent of your income feels impossible, you shouldn’t be frustrated. Saving a little beats saving nothing.
Where should I save?
Online savings accounts are a good way to begin saving. Some of the best rates are online.
Why save 20 per cent?
Assuming that you are in your 20s or 30s and earn an investment return of around five per cent a year, you will need to save approximately 20 per cent of your income to set your cap at financial independence by the time you retire. The Money Advice Service has …
Learning about forex is something that a lot of people have trouble doing. The name forex alone makes people confused, but remember just like anything else, forex is something you can learn and be good at. This article has some good tips that can help you in your quest for knowledge about forex.
When trading, keep in mind why you are doing it. It could be anything from not having anything better to do to learning how to trade and make big profits. Whatever the case may be, keep it in mind and it can help you set both your objectives and your schedule.
Trading forex can get complex if you are trying to deal with multiple currencies at once. As you are starting out, it is a good idea to start out by only dealing with one currency pair. This helps you keep track of your investments as you …
If you are completely new to the world of currency trading, then you are probably thinking that some tips on smarter currency trading will help you so that you can begin making better trades and bigger profits. Listed below are some tips to get you started with your currency trading endeavors.
Take payments from your profit on a regular basis. Many traders tend to forget this step and just keep rolling profits into new investments. Using this method it will only take one bad downturn to reduce your earnings to nothing. Add how often you will pull profit out to your trading plan and follow it religiously.
If you plan on participating in forex trading, one tip you should follow is to always be cautious of all insider information. You should never base your decision on this information. Instead, you should wait for the market to let you know if …
Foreign Exchange is the short-form of “foreign currency exchange”, a market for trading which is easy accessed by anyone. The article below will help you learn how foreign exchange functions and what it takes to make money through trading foreign currencies.
Do not trade with your emotions. Emotions can skew your reasoning. While some excitement or anxiety is inevitable, you always want to trade with a sensible goal in mind.
Watching for a dominant up or down trend in the market is key in foreign exchange trading. If you’re going for sell signals, wait for an up market. Aim to structure your trades based on following the market’s trend patterns.
People tend to be greedy and careless once they see success in their trading, which can result in losses down the road. Fear and panic can also lead to the same result. It’s vital to be as rational as possible …