The stock market is one of the best ways to generate a passive income. That’s why many wealthy people are involved in this market, either directly or through managed funds. Unfortunately, many inexperienced investors end up losing in this market. That’s because they get into it without a good understanding of how it works. To help you make the most out of the stock market, here are 5 tips to investing in stocks for the 1st time.
- Find a low cost broker
One of the things that hurt individual investors in the stock market is brokerage fees. For you to make the most out of it, you need to find a trading platform that has low commissions and fees. One of the best platforms you can look to when seeking low fees is tradedirect365. This company has some of the lowest brokerage fees in the market. To learn more about them, you can check out their website at https://www.tradedirect365.com.au/.
- Use low leverage
Leverage is one of the reasons why many people don’t succeed in the stock markets, and in all other financial markets. That’s because people tend to use high leverage in a bid to make lots of money in a short time. This is the wrong way around it, because you end up losing everything when the market moves corrects, and it always does. For you to make money in the stock markets, you need to lower your leverage, and aim for long term consistency, not one off supernormal profits. Besides, when trading with low leverage, you have a lower emotional attachment to the market, which is good for decision making.
- Diversify your portfolio
Warren Buffett always advises individual investors to put their money into index funds. That’s because an index tracks the entire market rather than betting all on single stocks. It is best for you to go by this advice. However, even when trading for yourself (cherry picking stocks), make sure that you distribute your money across different stock counters, and industries. This helps protect you in case one stock or industry underperforms.
- Understand the basics of finance
Before you put you put your money into stocks, educate yourself on the basics. For instance, you can train yourself on financial ratios, as well as on the different strategies that are used to trade the market. This can go a long way in improving your decision making when choosing stocks, which in turn translates to higher probability of profitability. In fact, basic education in finance should be the first step you take before you invest in the stock markets.
- Invest for the long run
The greatest blunder that newbies make in the stock market is to approach it like a casino, where they get in for a quick buck. That’s a loser’s mindset in the stock market. For you to make money and do so consistently, invest for long term value growth. Even Warren Buffett, the world’s most successful investor, has accumulated his net worth over more than 50 years of investing. Having a long-term approach allows you to stay focused even in times of market uncertainty.
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Scoring points is certainly a good thing, but scoring points on your license is the opposite case as it can lead to the revoking of your driver’s license. Additionally, gaining penalty points on your driver’s license could put you in the crosshairs of insurance companies, giving them verifiable grounds to raise your insurance rates. Below are some of the best practices that you can deploy to avoid receiving points on your license.
Severe cases such as drink driving or driving under the influence of drugs are most likely to lead to a driving ban regardless of the penalty points you have on your license. Therefore, avoiding such compromising situations should be a precaution you keep second to none.
Accept a short ban
This might seem strange but in some circumstances, it is worth admitting to a short ban rather than the points. The main reason as to why we avoid points on our licenses is to keep on driving. Accepting a short ban, for example a two-week ban, is fair compared to having the points accrue to such scores that can consequently result in a six months ban.
Contest the penalty points in a court of law
Under most traffic offences that warrant the reward of penalty points on your license such as driving through no entry sign penalty, there are various circumstances that can be brought into account. For example, the state of other road users who might have lead to the commitment of the traffic offence, whether you are a new driver, the state of the road or the weather conditions at the time of driving.
Employing the services of a specialist legal representative with a clear understanding of the system could really add a lot of weight to your defence. A competent Solicitor is also better placed at advising on whether or not you can exceptionally argue your case or plead for alternative forms of punishments rather than the points.
Plead guilty to exceptional circumstances
Judges and Prosecutors are human beings with the ability to understand exceptional circumstances that might have unconsciously led you into a traffic offence. For example, you may have been speeding to get your sick child, wife or friend to the hospital, or you might have gone unnotified of the cancellation of your insurance policy by your insurance company. Such exceptional situations can be exempted from penalty points among other punishments and served with a warning.
Complete a course
Finally, another good substitute to the penalty points apart from accepting a short ban could be completing a course. For example, if you were caught overspeeding, you could find the possibility of taking a speed or traffic cognizance course. Taking a course will not only serve you the benefit of abating the points but also provide you with an avenue for increasing your awareness and making your driving safer. The next time you are caught in between the hurdles of a traffic offence, always remember that there are vast options for avoiding the penalty points.
When retirement clocks in, a dynamic shift takes place in your life. The normal work life and regular paycheck routine you’re used to becomes a thing of the past. At this point in time, you as a retiree now have to depend on the pension funds you’ve received among other financial investments you may have to sustain yourself for the rest of your life.
Bills and other expenses are inevitable even after retirement. Knowing a few financial tips can help you keep your finances in check. Here are 5 tips to help you manage your finances upon retirement:
- Create A Spending Budget
Financial success is fully dependent on budgeting. Making a budget isn’t hard. With a piece of paper and a pen in hand, write down your main categories of spending and how much you spend on each.
Define the one-time large spend expenses such as asset purchases and the small recurring expenses such as daily house supplies. Ensure your budget caters for all these costs. With a budget in place, you’ll be able to track where every coin you spend goes.
- Embrace Simplicity As Much As You Possibly Can
Simplifying your finances will give you ease of managing your spend patterns. Close down all credit cards, have only one in place that you perform all your financial transactions on. Have one savings account and checking account.
Have all your investments under one trusted credible brokerage firm for easy tracking. Eliminate any subscriptions that add no value but require monthly payment fees. The simpler your financial structure is, the easier it is to manage it.
- Embrace Automation
Automation allows you to manage your bills and track your financial investments online using the various electronic financial platforms offered by financial institutions.
With automation, you can access financial statements that underscore how much money you have and what you’ve spent. You can enable automatic bill payments which will save you the hustle of making trips to the bank. You can do this from your smartphone or computer.
Ensure that your passwords are secret and your logins are done from secure locations to avoid any unauthorized access to your accounts.
- Economize To Increase Savings
One of the biggest contributors to your spending expenses is a mortgage payment. Large mortgage payments can pose a huge risk to your retirement security. As a retiree, your aim should be to have low housing costs. You can opt for an affordable rental house or a paid-off home that is friendly to your pocket.
This not only applies to housing but other costs as well that may lead you to incur high expenditure. Economize and increase your savings.
- Establish A Health Cover
One of the things that majorly affects retirees and leaves them in a financial crisis is a sickness. In the event that a sickness arises, you may end up spending all your retirement money paying for medical expenses which makes the situation worse.
Having a health cover ensures financial security and peace of mind in the event of a sickness. Discuss with your local insurance provider and get advice on the best health cover available then enroll in it.
So there you have it. These 5 tips will help you manage your finances upon retirement. For more professional financial advice with regards to retirement, check out AFH Independent Financial Services.
Retire gracefully and remember to always keep your finances in check.