Book Reviews

Should I Buy This Book? Review: Money Made Simple

I’m going to start off by saying this is a pretty good book for those just starting out learning about personal finance. It’s basically a question and answer book.

It goes over basic questions from budgeting to estate planning and breaks it up into 9 different chapters.

At the beginning of each chapter it goes over basic questions but as the chapter progresses so do the questions that it answers.

It does a great job of going into those advanced questions and answering them with simplistic answers so that it’s easy to understand.

The Negative

It’s really only a negative now because it’s 6 years old and some of the laws for a couple of things have changed. So some things are outdated. but 99% of the book is timeless information.

The Positive

It’s in question and answer format so it’s pretty straight forward and easy stopping points.It does a great job of covering all of the topics thoroughly without getting boring.

Would I Buy This Book?

I probably wouldn’t. However, if you’re not that well versed in the internet or would like a one stop spot that has a lot of your financial questions answered, then this book is for you. I say that because if you looked on sites like yahoo answers, but if you don’t know what questions to ask this book can help you.

Buy It

Money Made Simple : Easy Answers To Tough Money Questions

P.S. Some of the links in this post I earn a little bit of money from so I can pay my bills. But I promise to never to intentionally lead you to a bad company and to never let the money affect my opinion.

Book Reviews

Should You Buy This Book? Review: The Five Lessons

TheFiveLessons I’m changing up the title to be more about you and less about me. I think that’s a little easier to write about.

This weeks book is The Five Lessons A Millionaire Taught Me About Life And Wealth.

I found it to be okay. It really doesn’t stand out from most books. That’s what I thought until I got to lesson 4. That’s where I really found this book to shine. In the beginning it talks about earning extra income and then it goes into 4 mindsets of the millionaire mind. This section really impacted me because I believe anyone that has trouble saving money can have a big change if they adopt these mindsets. I’ll give you the 4 mindsets but you really get the impact by reading about them.

The 4 mindsets are:

  1. Carefully consider each expenditure
  2. Believe that freedom and power are better than momentary pleasure
  3. Don’t equate spending with happiness
  4. Protect the nest egg

Should You Buy It?

This is a great book if you’re having trouble or you know someone who is having trouble getting finances under control. The most likely culprit is your mindset and this book will for sure help you or them with that. If this book just had the mindset section I would still recommend it. That part really makes the book and it’s truly worth the book price.

Buy It

The Five Lessons New

The Five Lessons Used

Money Management

How Would $1,000 Change Your Life?

energizer bunnyIf you were given $1,000 and could do whatever you want with it, what would you do? That much money could change your life. Would you just throw it away on a TV or furniture? Or would you save it? Just think about what that money could do for you.

Security

If you put that money in a savings account, and add a couple of bucks a week, you would be well on your way to a great emergency fund. With an emergency fund you wouldn’t be forced to borrow money if you got a flat tire or you got sick and had to go to the hospital. How would that feel to you, knowing that if something unexpected happened, you would have something to fall back on? How much less stress would you have in your life if you didn’t have to worry about every little bump in the road? A little security will help you feel so much better in life. Although you could always apply for an online loan if you had to.

Energizer Bunny

Yea that’s right; I brought up an energizer bunny analogy. Think about it, if you had financial security in your life, wouldn’t you want to keep it in your life? That $1,000 would be the catalyst to start your journey to financial security forever. You would think about ways to keep that money by reading up on personal finance and starting a budget. That money would keep you going, and going, and going, to a better financial life.

You Can Do It

That reality is in your grasp. Just by putting a few dollars away each day will quickly add up to $1,000 and you won’t even notice that money missing. Every Sunday just put away $20. In a year you will have the security to not have to worry about bumps in the road of life and you’ll have the motivation to make your life financially better.

Sure, one year is a long time in your mind, but you’re focusing on the wrong part of this plan. Don’t focus at all on any aspect of this plan. Just do it! Put away $20 a month and don’t even think about it. Set up an online savings account and have it automatically transfer money there every Sunday. Why Sunday you ask? Once again, you’re focusing on the wrong part of the plan. It doesn’t matter what day. Any day is fine. But try to start on a holiday or a special occasion, so it’s easy to remember, and the next year on that same day check the account and you will have financial security start to grow in your life. If you don’t have a way to set up a savings account then every Sunday put $20 under your mattress. Just do it!

Then that little energizer bunny in you will want to learn all that it can about personal finance. I’d personally recommend reading this site but you can look anywhere as long as you look. Just do it!

How would $1,000 change your life?

Debt Management

Don’t Let Debt Overload You

Debt is a huge burden when it’s accumulated for the wrong reasons. Using credit cards to by the next big thing is never the way to go when it comes to being financially responsible. 

However there are times when debt is ok. For instance, you want to buy a house. Yes it is possible to buy one with cash but that would probably take a decade if not more. So getting a loan for something like that isn’t a bad thing. 

A car loan also isn’t that bad because a car is a necessity for most people. Of course you should be getting it for it’s purpose if you’re going into debt and not necessarily because it’s the best looking sports car available. 

And another time it’s ok to get a loan….a significant hit to your finances. For instance you lose your job and you’re about to be homeless. Getting a loan to cover your mortgage isn’t the worst thing you can do. Of course, you should have cut everything to the bone as far as your expenses. 

Debt is everywhere and most people have it. But don’t let it take over your life.

Surprised at the state of UK consumer loans? View how quickly UK consumers accumulate debt with this live debt ticker.

Breaking down UK loans infographic

This infographic is brought to you by QuickQuid

Investing

Top Tips for Your Binary Options Trading Strategy

Trading in binary options is much simpler than trading in forex, stocks, or even futures. However, this doesn’t mean that it can be done without a proper strategy. Trading in binary options without a strategy is a shortcut to losing all your seed money. This is why you should ensure that you have a good binary options trading strategy and get a good broke such as ETX Capital. Here are some tips.

Invest Conservatively

It’s very easy to get carried away with binary options trading. When you only have to decide if the prices of a stock, currency, or commodity will go up or down, it can seem very simple. This false simplicity can result in you trading with more money than is wise.

There’s only one way to get around this danger and that is to make sure that your investments are conservative in nature. Moreover, no binary options trading strategy is completely flawless. Most strategies stop working in certain situations. Unless your trading model is conservative, this can lead to massive losses.

Use Technical and Fundamental Factors Both

Binary option traders often choose strategies that depend either on technical factors or on fundamental factors. While these types of strategies do work, they aren’t as effective as strategies that take into account both, fundamental and technical factors.

Both these types of factors affect financial instruments. As a result, unless you check the daily intraday reports and fundamental news, you’ll never have the complete picture of the market.

Focus and Diversify At the Same Time

There are two ways through which you can trade in binary options. The first is to focus on one or few financial units and the other is to widen your purview to play with numerous units.

The first method will allow you to learn everything there is to know about a small set of financial instruments. However, the second method will automatically reduce your risks through diversification.

Neither method is better than the other. However, making a strategy that utilises both can be better than each of them alone. This means that you start by focusing on one or two instruments but diversify after you have relative expertise in them.

Test Before You Try

No one has so much money that they can waste it on an untested strategy. Deploying a strategy in the market without testing it can lead to significant losses. This is why you should make it a point to thoroughly test your binary options strategy before deploying it in the live market with real money.