In just five years since college, I have experienced every living situation imaginable (read on for the list). Based upon my rental resume, one would think that once I found myself living alone, in a modest one bedroom, I would stay put. I didn’t.
Recently I made the difficult – but financially wise – decision to give up an apartment all by myself to move to a shared condo with a roommate. For the forfeited privacy, I will save $400 a month.
Sharing living space is never easy, but I think it is often most difficult when you are friends with (or in love with) your housemate(s). In fact, sometimes rooming with strangers makes a lot of sense. How do I know? Chalk it up to experience. Here’s a breakdown of where I’ve lived since college:
I rented a 10×12 room in New York City, across the street from a Harlem housing project, sharing the apartment with an immigrant single mother and her teenage son.
I lived back at home with my parents.
I lived with my girlfriend.
I rented a room in a home owned by a couple of guys my age.
I lived alone in a one bedroom apartment.
Now, I am back to living in a condo with a roommate (sometimes two, on the few days a month the owner is not traveling internationally).
When I was living with roommates previously, I couldn’t wait to have “a place of my own”.
Once I got that place, it was everything I had hoped for: peace and quiet 24 hours a day, and the freedom to cook, play the guitar, or have friends over whenever I pleased.
But, boy, did it cost me. It cost $1,000 a month, to be exact. Now, that rent included utilities – even cable and internet – and was a great deal for Eastern Massachusetts. But at the end of a year in that apartment, I realized I was paying for space I didn’t use, and didn’t need. Though I had achieved one goal of living alone, I was also deferring my other goal of owning a home, because every month of expensive rent was less I could put into the bank.
Between visiting friends, visiting my parents just fifteen minutes away, and traveling for business, I was hardly home. When I was home, I was usually sleeping. So I sucked up my pride, hit Craigslist, and amazingly found a perfect shared living situation just a mile from my old apartment (and my job – I got to keep my super-easy commute!)
In addition to having a bedroom and private bath on the 3rd floor of the condo, I had a great first impression of my roommate, which always helps. Two weeks in and we have hardly seen each other, which seems typical for busy professionals our age.
So far, I don’t miss living alone. I know sooner or later I will, but then I’ll just look at the $400 going into my bank account each month and all will be well.
Have you ever lived in a strange situation to save money? Or gone out on your own despite the expense? I’d love to know!
Last Updated: April 6, 2020 BY Michelle Schroeder-Gardner – 45 Comments
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Lately, I’ve been hearing more and more about families relying on credit cards for their emergency savings fund.
This is something that scares me as while credit cards may work for some, I believe that emergency savings funds are a better solution for the average person. Whatever emergency fund amount you decide on, it’s better than nothing in my mind.
As I stated in the article Everything You Need To Know About Emergency Funds, 26% of Americans have no emergency fund whatsoever.
Also, only 40% of families have enough in savings to cover three months of expenses, with an even lower percentage having the often recommended six months worth of savings.
There are many things you should think about when it comes to whether or not you should use a credit card as your emergency fund.
What’s your financial situation?
Different people need a different emergency fund amount.
Some of the things you will want to think about when determining your emergency fund amount is the stability of your job, your income when compared to your expenses, whether you own a house and/or car or not, your health, and more.
Basically, the “riskier” your situation, the larger the emergency fund you will most likely want. If your situation is quite risky, then using a credit card for your emergency fund may be a bad idea because there is a large chance you may rack up credit card debt that you are unable to pay off whenever an emergency arises.
How much risk are you willing to take on?
By relying entirely on credit cards, you are going to be taking on a lot of risk.
You never know if something may come up, how big the expense may be, and whether or not you will have enough credit to fund the expense.
Plus, the interest rate on your credit card may hover somewhere near 25%, which can make for an expensive bill if you are unable to pay your credit card bill before interest accrues.
When does using a credit card for your emergency fund amount make sense?
Now, I understand that different techniques work for different people. There are situations where using a credit card for your emergency savings fund may not be a completely bad idea. If you know that you can pay off a large expense within one month (such as if you have a large income but a low level of expenses), if you have a lot of credit card debt at high-interest rates that you are trying to pay off (your money may be put to better use by paying off your debt first), and so on.
However, the problem with this thinking is what happens if you lose your job? Many have emergency funds that exist so that they can support themselves if they were to lose their job. What would happen if you relied on credit cards but lost your main source of income?
It would lead to a lot of credit card debt. Unmanageable credit card debt…
Having a “real” emergency fund can be much more worthwhile.
There are many other reasons to have a fully-funded emergency fund:
An emergency fund can help you if you lose your job. No matter how stable you think your job is, there is always a chance that something could happen where you may need money fast.
An emergency fund is wise if you don’t have great health insurance. This is another reason why we have a well-funded emergency fund. We do not have the greatest health insurance, with our deductible being over $12,000 annually. Having an emergency fund can help protect us if something were to happen to either of us.
An emergency fund is a good idea if you have a car. You just never know if it may need a repair.
An emergency fund is a need if you own a home. One of the lucky things that homeowners often get to deal with is an unexpected home repair.
An emergency fund can protect you in many other areas as well. This can include if you have a medical cost for your pet, if you have to take time off work for something, you need to go somewhere far to visit someone who is sick, and so on.
An emergency fund is always good to have because it can give you peace of mind if anything costly were to happen in your life. Instead of building onto your stress because of whatever has happened, at least you know you can afford to pay your bills and worry about more important things.
As you can see, there are plenty of positives of having an emergency savings fund. However, I know that different things work for different people and that some prefer to use credit cards in the case of an emergency.
What do I think?
I think everyone should have some sort of emergency savings fund. Even if you can only manage $500 to $1,000 right now, that is better than nothing. $500 to $1,000 can still most likely help you by for at least a little bit. Plus, you can still put money towards high-interest rate debt after you build up your specific emergency fund amount.
My problem with using credit cards as your sole source for an emergency fund is that it may lead to more debt in some situations.
Do you rely on credit cards for your emergency savings fund? What do you think of relying on credit cards for your full emergency fund amount?
By Peter Anderson5 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited May 27, 2010.
Learning To Invest
A while back I talked about investing tips that we learned in our Financial Peace University class. Among the key things we learned was that you should be out of debt before investing (except mortgage), you NEED to diversify your holdings or risk losing it all, and only work with financial advisers with the heart of a teacher.
He also talked about his preferred method of investing – mutual funds. He believes that long term they hold the most value for the average consumer. There are a ton of other options out there, but they all have drawbacks and catches. Sticking with mutual funds is probably your best bet.
Before you even decide what mutual funds you want to invest in, you need to decide where you’ll be buying those shares. Ramsey suggests that people invest up until the maximum of their company match in a 401k, then switch to funding a Roth IRA. Once the Roth IRA is maxed out, switch back to the 401k all the way to the maximum. If you can, you should try to do this for 15% (or more) of your income.
I like Ramsey’s plan, and it certainly makes it easier for me as an investor to just go along with his plan as it has been tried and true for many, many people.
So what kind of funds should you buy in your Roth IRA or 401k?
Deciding what type of investments to choose within your Investment vehicle of choice can be a daunting task. There are international funds, small company funds, large company funds, etc etc. For a new investor it can be enough to make you throw up your hands and give up. I know I have been close to that point at different times in the past few months. Ramsey makes it a bit simpler for us and suggests that you follow this rule of thumb – 25% of your allocation should go to each of these categories:
Growth and Income Funds
Growth Funds
International Funds
Aggressive Growth Funds
Choosing such an allocation helps you to be diversified across a broad category of company types, and should help to keep your investment portfolio going up.
Are you obsessed with checking your balance like me? Just set it and forget it.
I know that one problem I’ve run into since starting to invest is that I constantly have to resist the urge to check my 401k balance, to see what funds have gone up, which have gone down, and then try to outguess the market by re-balancing the amounts. When the balances go up, it can be fun. But when the number in that account goes down as it has this past year, it can be quite scary.
I’ve found that the best thing that I can do is just make my investing automatic. I pay myself first, and then I only check my 401k every few months, instead of every day. I need to remember that investing is for the long term, and as long as I stick with it, and keep putting money in, I’ll be fine.
What is your investment strategy? Do you have a hard time not keeping a super close eye on your investments – and are you able to set it and forget it?
Enjoy a little nature in The Big Easy without leaving home.
Figuring out where to live in New Orleans can be challenging, especially if you have a long list of wants and needs. After finding places with luxurious amenities like an amazing pool or a great city view though, what else is important to you?
In a temperate city like New Orleans, having solid outdoor space should definitely rank high in the features that make an apartment go from good to great. So, as you start your search, check out the on-property courtyards, gardens and other outdoor spots to see if they stack up.
To get your search off on the right foot, these ten apartments have some of the best courtyards and gardens in New Orleans.
Source: Rent. / The Annex
Perfectly framed by lush greenery, the stone-paved courtyard at The Annex is an ideal place for some peace and quiet. Take a seat on one of the benches and enjoy the tranquil noise of the trickling fountain and bask in the separation this space provides from the bustle of the French Quarter – CBD, the center of all the action in New Orleans.
The French Quarter is the oldest neighborhood in the city and the starting point for all the culture and history that makes New Orleans such a vibrant and unique place to call home. There’s a little bit of everything here from museums to shops to tons of bars and restaurants. You’ll get a full dose of laissez les bon tempes rouler when you live here.
Source: Rent. / Mark Twain I
A nice paved path encircles the central garden space at Mark Twain I. With layers of greenery and grass beyond, you definitely get all the park-like feels when you come here to unwind. Manicured flowers, bushes and trees sit dead center here as the perfect natural focal point.
Surrounded by giant oak trees, you’ll find this beautifully landscaped property right on the banks of the Mississippi River. The park-like atmosphere flows through the entire community, creating a quiet retreat with plenty of amenities. There are three pools and three lighted tennis courts in addition to the ample green space.
Source: Rent. / The Colonial Manor Apartments
A great green space sits in the middle of The Colonial Manor Apartments. Close-cropped grass and nicely shaped bushes make for a great courtyard space to use when it’s time to socialize. The inclusion of a gas grill and a few tables makes it easy to entertain all day long out in this open oasis.
This New Orleans community uses its private courtyard as the centerpiece of the quiet lifestyle and neighborly atmosphere you’ll find living here. It’s an inviting space that may keep you close to home, but once you step away from The Colonial Manor Apartments, you’ll find yourself close to a healthy selection of local businesses, restaurants and shops.
Source: Rent. / Clearwater Creek
Get lost in the Zen Garden at Clearwater Creek. You’ll find all the elements for true relaxation right here. A serene path leads you through the lush landscaping along the water. Here, you’ll find multiple fountains to add a little soothing noise to the calming environment. The winding paths will take you over bridges, past gazebos and beside bubbling creeks.
If you crave suburban living but don’t want to be too far from the heart of New Orleans, living in Elmwood may be the right move for you. This mid-size suburb is about nine miles from NOLA, one of Louisiana’s best college towns, with easy access to Tulane University, Loyola University New Orleans and the downtown area of the city. This gives you the best of both worlds, with a quieter spot when needed without sacrificing your proximity to the party.
Source: Rent. / The Esplanade at City Park
A tropical oasis awaits in the courtyard at The Esplanade at City Park. Leafy greens hang over the entire border of this space making it feel nice and lush. A stately fountain sits in the center as a focal point surrounded by rocks. A bricked pathway leads you to the pool area where you’ll find two cool gazebos and even more soaring palms.
For those who need plenty to do outside, living in Mid-City New Orleans is the right choice. You’re across from historic City Park, which not only supplies the city with ample green space but is also home to the New Orleans Botanical Gardens. On-site sports facilities make it easy to stay active and you can also boat on Big Lake. There’s even an amusement park within City Park as well as the New Orleans Museum of Art.
Source: Rent. / The Arts at West Napoleon
It’s more like a combination garden and courtyard at The Arts at West Napoleon. Along the winding paths, you’ll find tall, elegantly gnarled trees and carefully cropped bushes and plants. Set into curved patches, this greenery creates a soothing and picturesque way to get to and from your front door.
Sitting just outside New Orleans in Metairie, you’ll find this community in Suburban Villas. This peaceful neighborhood is close to plenty of parks, shopping, restaurants and entertainment, but you also have easy access to the heart of New Orleans. Only six miles away, you’re never more than a few minutes from all the action.
Source: Rent. / Baywood Apartment Homes
Grab a seat at a picnic table and enjoy an outdoor meal in the perfect green space at Baywood Apartment Homes. Settle into the park-like atmosphere thanks to the tall, flowering trees set between the tables and the abundance of manicured lawn space. This is just one of the courtyard spaces you’ll find here, each of which has an enchanting vibe thanks to the pristine landscaping.
Set within historic Gretna, this is another NOLA suburb that keeps the action close without having to live smack-dab in the middle of it all. Only about five miles from New Orleans, Gretna sits on the west bank of the Mississippi River and is full of stunning sights and charming character. You can visit the oldest volunteer fire company in the entire country or simply stroll through the downtown district to soak in all there is to see.
Source: Rent. / Oak Creek
Pause at this perfect Zen fountain and pool as you walk through the garden at Oak Creek. Full of soothing spots like this, the space offers a nice mix of smooth rocks, oak trees and other greenery. Meandering through the entire community, you’ll find it’s always easy to take a relaxing stroll without wandering far from home.
Ensuring these meditative vibes extend throughout the community, you’ll find lavish landscaping everywhere you look. As you explore, the winding paths, bridges and flowing fountains all add to the ambiance. There’s also a green park, pool and lighted tennis court to enjoy as well.
Source: Rent. / Chateau Napoleon
A quaint and quiet courtyard awaits you at Chateau Napoleon. This is an ideal space to take a moment no matter what time of day it is. Plenty of grassy spots even make it easy to grab a blanket and set up a picnic. Tall trees sit at either end, with benches and a small fountain in the middle. Additional landscaping gives the space even more natural depth.
Another Metairie community, it’s all about outdoor living here. Shaded breezeways take you to your front door or to all the great amenities you’ll find here. Sun-filled courtyards, like this one, provide soothing spaces to give you ample opportunity to soak up the sun. There are also four pools, a tennis court and raised jogging track for those who like to stay active when enjoying the fresh air.
Source: Rent. / Cedarwood Apartments
For those who want a garden where they can actually plant a little something themselves, the raised beds at Cedarwood Apartments are calling your name. Set into a large green space with benches at either end, these gardening spots are waiting to grow your favorite herbs, veggies or flowers.
Another great Gretna community, Cedarwood Apartments prides itself on its peaceful and tranquil vibes. With plenty of open spaces and meticulous landscaping, spending time outside is easy. There are even multiple courtyards in addition to two pools, a picnic area and lighted tennis courts.
Find a great apartment garden in New Orleans
Living in New Orleans provides you with a rich and vibrant life experience you won’t find anywhere else. It truly is its own unique community. But when you’re done going out, seeing the sights and enjoying the people, you need the perfect place to call home.
Finding an apartment that checks all the boxes is essential. As you find listings with great pools, fitness centers and more, remember, this city is known for its natural beauty. You deserve a place that really shines in its outdoor space. Happy hunting.
Featured Image Source: Rent. / The Esplanade at City Park
The internet is a great source of information about personal finance.
But if you want to dig deeper into a money mindset or financial philosophy, there’s still no substitute for a good old-fashioned book. That’s why even successful bloggers and TV personalities also publish books — it gives them an opportunity to flesh out their worldview in a comprehensive, detailed way.
I’ve had something of an obsession with finance books for most of my adult life, and I’ve waded through my share of mediocre writing. Unfortunately, being a finance expert doesn’t make you a good writer, and being a good writer doesn’t mean you know jack about finance.
But when you find a book with a well-articulated and thought-provoking perspective, it can change your life forever. Here are some of my favorite personal finance reads.
What’s Ahead:
Overview: best finance books
Best book for beginners: Get Good with Money by Tiffany Aliche
Tiffany Aliche doesn’t assume any level of financial savvy in this book. It starts at the beginning and goes from there. Get Good with Money teaches simple techniques for getting control of your finances in a way that works for you.
This book lays out the author’s 10-step guide to “financial wholeness.” She describes financial wholeness as all aspects of your life working together for the greatest good.
Grab Get Good with Money here.
Dave Ramsey has been a personal finance legend for decades, starting with the 1997 publication of his book, “Financial Peace.”
If becoming debt-free is your number one goal, then The Total Money Makeover is where you should start. It gives solid step-by-step directions to pay off your debt. Dave Ramsey coined the term “debt snowball” and this method is widely regarded as the most effective way to pay debt off.
Grab The Total Money Makeover.
“The Simple Path to Wealth” is a book about the incredible power of index funds. That sounds about as boring a topic as you could imagine, but it’s surprisingly easy to read.
JL Collins explains how index funds work and why they are a great place to get started when investing in the stock market.
If you are nervous about investing in the stock market this book will soothe your fears. You’ll walk away from this quick and easy read with a solid understanding of how index funds work.
Grab The Simple Path to Wealth.
Author John Bogle is the founder of The Vanguard Group, an investment firm famous for its index funds.
He believed that index funds, which track a specific index like the S&P 500, provide a better return than individual stocks.
This book will give you an in-depth education on stock investing, but be warned that it is not an easy read. However, it’s pretty much required reading for anyone who is serious about investing.
Plus, who better to learn from than the founder of one of the largest investment firms in the world?
Grab The Little Book of Common Sense Investing
Best book for easy money management: The Automatic Millionaire by David Bach
This book takes the adage “pay yourself first” to a whole new level. David encourages you to put your money on autopilot so you can be sure you are saving what you need to save without having to rely on willpower or complicated budgeting systems.
If you are looking for a plan to manage your money with as little effort as possible, while still meeting your goals, this is worth the read.
Grab The Automatic Millionaire.
Best book for spenders: I Will Teach You to be Rich by Ramit Sethi
Along the same lines as David Bach, Ramit is a proponent of setting up automatic systems for your money so you don’t get caught up in the small details.
He also encourages the idea of earning more money rather than paring down spending as a way to build wealth. He despises extreme frugalism and instead encourages you to spend lavishly on the things in life that are important to you while cutting back ruthlessly on the things that are not.
Grab I Will Teach You to be Rich.
Best book for early retirement: Your Money or Your Life by Vicki Robin
Your Money or Your Life is a rallying point for the FIRE (financial independence, retire early) community.
This book will challenge your relationship with money and encourage you to look again at your current lifestyle.
Some critics disagree with the investment advice in the book, so read this book if you are looking to change your relationship with money and consumer culture — and consider getting your investment advice from another book on this list.
Grab Your Money or Your Life.
Best book for simple finances: The One-Page Financial Plan by Carl Richards
Famous for his financial doodles in The New York Times, columnist and financial planner Carl Richards demystifies the financial planning process in his second book.
He says that a great financial plan has nothing to do with what the markets are doing and everything to do with what is most important to you. Pick up this book if you are looking to create a simple, values-based financial plan.
Grab The One Page Financial Plan here.
Best book for 20-somethings: The Millionaire Next Door by Thomas Stanley and William D. Danko
Stanley and Danko analyzed the behavior and habits of millionaires to show how they save, spend, and invest money.
The findings were surprising.
It turns out that people with a net worth of $1 million or more tend to live in middle-class neighborhoods, not in gated communities. It’s a fascinating look at how real people create and keep wealth.
Grab The Millionaire Next Door.
Best book for motivation: Think and Grow Rich by Napoleon Hill
One of the original personal finance books, Think and Grow Rich was published in 1937, in the aftermath of the Great Depression. The book’s lessons are distilled from interviews with the most successful people of the day, including Henry Ford, John D. Rockefeller, and Charles M. Schwab.
Hill takes their lessons and reworks them into bite-size formulas that the everyday layperson can follow. It’s not necessarily solely geared toward making someone financially successful, but successful in all aspects of life. He wants you to chase after your wildest dreams, no matter how crazy they might sound.
Grab Think and Grow Rich.
Summary
Nothing beats an old-fashioned book when it comes to learning about a specific topic, and these 10 books can help you get started on your journey into personal finance.
It probably isn’t your first go at searching for life insurance if you are age sixty four and in the market. However, if you have never obtained life insurance, there are a few things that you should keep in mind. Believe it or not, you can still receive a very reasonably priced policy. Even if you’ve purchased life insurance in the past, there could be a lot of things that you’ve forgotten that could impact your search.
As a sixty four year old it is very important to start seriously considering a solid life insurance plan. It is shown that the more you age from this point on, the more likely your rates are to skyrocket. Despite your level of physical well-being, life insurance companies place more risk on this age group.
Though obtaining life insurance at 64 is very feasible, we do recommend starting to seek life insurance coverage at a younger age, even beginning at 50 and seeking life insurance will increase your chance of lower rates, and most likely you are in better health as well. But, if you’re already into your 60’s and looking for a life insurance policy, don’t worry, there are still plenty of options for affordable life insurance that will give you and your loved ones the coverage you need.
Which Life Insurance is Best for a 64 Year Old?
There are different groups of people shopping for life insurance, and every group has different needs. The two main kinds of life insurance are whole life insurance and term life insurance. These two types of insurance vary in some pretty significant ways so it is important to understand the differences before jumping into one type.
Term plans are purchased for a specific set of time. Once the time is up, the plan is useless and it doesn’t give coverage. At that point, you will have to either renew that policy or stop paying premiums on it. These plans are the cheapest choice for coverage.
The other main type is whole life. These plans are effective until you reach the maximum age limit of the particular company. Most companies cap their whole life plans at around 90 or 95 years old. Until that point, you have coverage.
The two plans have different advantages that you have to consider. Everyone is different and wants different things from their insurance policy. Whole life insurance is more expensive, but you should still consider them as options.
Regardless of the type you decide to buy, we always suggest getting the advice of a professional agent who isn’t contracted with one company. Taking this route can end up saving you plenty of time and money. Make sure you research the life insurance agents to make sure you find one that is qualified and with which you get along with well.
The rates that you will qualify for depend largely on your individual health and lifestyle. There are multiple factors that can affect your premium rates that are beyond your control. If you have a pre-existing condition, all hope is not lost. There are plenty of policies that exist that will not break the bank and are still quality life insurance policies. For example, there are some companies that look more favorable towards diabetics or people with cardiovascular complications. Before committing to one particular policy, make sure you research your options that are available to you or seek the advice of a qualified life insurance professional.
The best way to make sure that you get the perfect plan is to compare all of the possible life insurance companies’ options. Each company is different and has a different system for rating applications, even though you’re applying for the same coverage you’ll get very different premium quotes. There are thousands of different companies that you could choose from. Instead of spending hours on the phone talking to agents or researching insurance companies, we can bring those quotes to you.
The longer you wait past the age of sixty four, the higher your premium will end up being. Yes, at the age of sixty-four, you’re going to pay much more than you would have twenty years ago, but continuing to wait is an awful idea. Not only are you premiums going to continue to get higher and higher, but you never know what’s going to happen. Nobody plans to die.
Here are some sample quotes for a $250,000 policy:
Sex
10 Year
20 Year
30 Year
Male
$95.70/month
$129.06/month
$187.44/month
Female
$61.69/month
$82.25/month
$117.48
As you can see, life insurance policies are much more affordable than most people think. You can’t put a price tag on the peace of mind that life insurance brings, but it’s nice to know that your monthly premiums aren’t going to break your bank.
Aside from your age, several other factors are going to impact your monthly premiums. We mentioned that they would look for any pre-existing condition, but they will also look at your overall health. After you finish the paperwork, the insurance company will send out a paramedic to complete a simple medical exam. Unless you buy a no-exam policy, these results can secure lower rates for you, or cause your monthly premiums to go through the roof.
If you want to receive lower monthly rates, you should spend some time improving your health before applying. Take the time to start a healthy diet and a regular exercise program. Anyone that is overweight or obese poses more of a risk to the company, the more of a risk you are, the more they are going to charge you in premiums.
Similarly, if you are a smoker, it’s time to quit the bad habit. Smokers can expect to pay two or three times more than a non-smoker for their life insurance. Want to get affordable rates? Put down the cigarettes.
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Getting Quotes
Not only can our agents help you find the perfect plan for you, but they can answer any questions that you have about life insurance or the different types of policies. We are dedicated to making sure that you make well-informed and educated decisions about your insurance purchases.
Don’t leave your family with debt and no way to pay for it. An affordable life insurance plan can be the perfect tool for you and your family.
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People are constantly looking for ways to save money, but it can be difficult. If you’re like me, that uncertainty keeps you from taking action.
If this sounds familiar to you and your friends or family members who want the best way possible in saving some cash, then I have good news: there is a secret formula!
Money Saving Charts! A simple way to save more money. For many Money Bliss readers, it has changed their lives completely.
We have the most popular money saving challenges around!
If you are looking for a chart on how to save money, then you are in the right place.
Money saving charts are one of the ways that individuals can save money. There’s a wide variety of different types and each type has its own purpose, depending on what you want to achieve with your savings.
By using a money saving chart, you can easily track your progress, stay motivated overtime, and save more money overall.
What are Money Savings Charts?
Money savings charts are a great way to keep track of your money.
We have a slew of saving money charts to choose from here at Money Bliss! Use fun gel pens or highlighters for a colorful way to stay motivated.
They allow you to visually see how much money you are saving and help you stay on track with your goals.
Living below your means is a difficult task, especially if you are a one-income family. However, with careful planning and execution, it is possible to save money and increase your liquid net worth.
One way to do this is by using money saving charts. These charts allow you to track your progress and make adjustments as needed.
Why Use a Saving Money Chart?
One of the best ways to save money is by tracking your spending and savings. One way to do this is through a monthly budget, which can help you stay on track with your goals and avoid unnecessary spending.
A money saving chart will help you see where your money goes and how to spend it wisely.
This is a great way to visualize the data and make sure you aren’t wasting any money.
By seeing how much money you save each month, you can better understand where you can cut back, make informed financial decisions, and save more money.
What Can You Track With Money Savings Charts?
Money savings charts are used for tracking the progress of a specific goal or project.
They can be created in Excel, Google Sheets, or a simple printable to hang around the house.
A money saving chart is a great way to keep track of your progress.
It helps you stay motivated and inspired as you watch your net worth grow. Additionally, it’s easy to see yourself making progress when using a money saving chart – which can encourage you to save even more money!
#1 – Debt Payoff
Debt payoff is the process of paying off debt. The goal is to pay off your debt faster than the payoff date.
When you’re trying to pay off your debt, it’s important to track your progress. This will help you stay motivated and see success.
You can use a free debt payoff tracker or printables to help you out. With these tools, paying off your car loans, student loans, and more will be a breeze!
#2 – Emergency Fund
An emergency fund is an account where money can be stored for short-term financial emergencies. You should save $1,000 as a starter emergency fund. Figure out how much emergency fund you need.
A well-funded emergency fund is one of the smartest things you can do for yourself both financially and emotionally.
This money should be set aside in case of an unexpected expense, such as a car repair or medical bill if you don’t have sinking funds.
Use these charts to help you save for your emergency fund more quickly.
$3 – Car Fund
A car fund is money set aside to purchase a car. The goal is to pay for the car in full and not take out a car loan.
Just remember… a car is a depreciating asset, so you only should buy what you are willing to lose, but still have the safety features you want.
You can use this car fund tracker to save for anything related to a car, such as the cost of a new or used car, down payment, or ongoing maintenance. This tracker is simple and easy to use, and it’s also very cute!
#4 – Vacation Fund
It can be tough to save up for a vacation while you’re trying to live your everyday life, but it’s definitely not impossible.
One way to do it is by setting up a “vacation fund” and depositing a certain amount of money into it every month. That way, when the time comes to take that much-needed break, you’ll have the cash to cover it without breaking the bank.
The amount of money that can be deposited into the account can vary. Personally, we set aside a set amount each month to fund our love to travel!
#5 – House Down Payment or Home Improvement
This printable helps you save for anything on your house- including a down payment.
It is a pivotal moment in someone’s life and it is important to be financially ready for buying a house. Having this saving goal will help make the process easier.
If you are looking at remodeling or just wanting to set money aside for a furnace, this is a great way to keep you motivated (even if you are excited about the project or not).
#6 – Wedding Savings
Saving for a wedding can be a daunting task, but it’s important to remember that it will help avoid debt in the long run.
Creating and following a money saving chart can help you save for your dream wedding or any honeymoon you want to take. You will be able to see your progress and adjust your spending habits along the way.
There are many ways to save money for a wedding, and one easy way is to use a printable wedding savings chart.
#7 – Investments (401k, Roth IRA, etc.)
Saving for your future is one of the most important things you can do and the sooner you start, the better.
The money savings chart will help guide your investment goals so that you can save for a comfortable retirement.
You want to make sure to use a saving money chart each year for retirement. Then, it will help you save year after year and reach your goal faster.
#8 – Rainy Day Fund
A rainy day fund is a large sum of money saved specifically to cover unexpected expenses beyond just emergencies. This could be anything from job loss to a medical emergency.
Having a rainy day fund gives you peace of mind in knowing that you have the resources to take care of yourself and your loved ones in times of crisis.
The money in your rainy day fund should cover 3-6 months of expenses. At the bare minimum, you would need a $10,000 savings goal for your rainy day fund.
#9 – To Stop Working Early
This one can be a hotly debated topic, but if you don’t want to wait until retirement age to retire than you need to start setting money aside today in a joint brokerage account.
You need to start going your money through investments to pay for your future expenses.
This is part of the popular FIRE movement or I just want to don’t want to work anymore.
This is a longer term goal that will take you 3-10 years to complete depending on your hustle, but it is a great financial vision to strive towards.
#10 – Just Because
This one is my favorite! Because each of us is on our own journey and financial path.
Your saving goals are going to be different than mine. And that is okay!
The end goal is to be saving more than you were previously. So, comment below and let us know what you are saving for.
How to Use A Money Saving Chart
This money saving chart is a great tool for understanding where you are towards your goal.
More than likely, you want to place your chart in a very prominent place. Somewhere you need constant reminders to stay on track.
This chart is designed to help you save money.
Once you complete a square, line, or box, color in that section to show you finished it.
That way, you will steadily increase your savings over time!
Supplies Needed:
I truly believe tracking your savings goals come alive once you add some color. So, here are the supplies you need to get started.
Below are links to my favorite products 🙂
5 Tips to Help You Save More Money
There are a number of things you can do to help you save more money. Here are five tips to get you started:
1. Know Why You Are Saving
Remember, the best way to save money is when you have a purpose.
Make a list of your long-term financial goals and focus on achieving them first. This will give you something to work towards and stay motivated throughout the process!
2. Pay Yourself First
An easy way to start saving money is to pay yourself first.
Every time you get paid, put a small amount of your paycheck into savings before you spend it. By automatically transferring a fixed amount of money into savings or investments each month, you are guaranteeing you will hit your goals.
Then, you will always have money saved for emergencies and other important things.
It is not good to be tempted to spend the money sitting in your account. Move it to a savings or investment account and pay yourself first.
3. Set a Spending Limit:
It is important to set a spending limit for yourself and stick to it, even if you don’t want to.
If you are struggling financially, set a budget and make a plan to stick to it.
If you don’t, then you start a ridiculous cycle where you keep getting sucked back into spend-spend-spend, which leads to stressed-out, which leads to more spending.
The solution is to set a spending limit and stick with it.
4. Make Your Savings Automatic:
If you’re serious about saving money, you need to make it automatic.
That means that you have money automatically taken out of your paycheck and put into a savings account before you even see the cash. You can’t spend it if you never see it.
If a certain amount is taken out of your check each week, then you won’t even miss the money.
You can also set up an automatic transfer from your checking account to a savings account.
This is the best way to force yourself to save money and keep it out of sight, so you won’t miss it or spend it.
5. Make Saving Money Fun:
Saving money can be fun and it should be fun if you want to do it for the rest of your life!
One way to make saving money fun is to set up a savings challenge with friends.
Everyone puts in some money and at the end of the month, whoever has saved the most wins! You can also try to save money by playing games. For example, you can try to see how little money you can spend on a date or at the movies.
Top Fun Ways to Save Money:
6. Make Saving Money A Priority:
You can’t save money if you don’t make it a priority.
If saving money is important to you, then make time in your schedule for it.
Schedule savings just like you schedule meetings and other things. This is a planned date to move money and actually save!
If you want to save money, then make it a priority!
7. Increase Your Income
Increasing your income can be challenging.
However, it is more beneficial to increase the amount of money coming in rather than cutting more expenses.
You can also look into ways to make more money through side hustles or investments. Whatever route you choose, increasing your income can help improve your financial situation.
8. Track Spending:
There are a number of ways that you can increase your income without getting a second job. And many people enjoy this route, so your saving money tip.
You can start by evaluating your spending habits and looking for ways to cut back, like canceling unnecessary subscriptions or downgrading your cable plan.
It is important to track your spending in order to see where the money is going. You’ll be able to see what you’re spending on and then set a budget that includes only the essential expenses.
Avoid unnecessary expenses by being mindful of what you’re buying and where you’re spending your money.
9. Start Saving Early:
If you start saving early, it will be easier for you to save more money because you are in the habit of savings.
While we all cannot save at a young age, we can start now. That way you will have more saved up by the time you are older and ready to retire.
Saving money is very important in building up net worth.
With the help of compounding interest, you will reap the benefits of saving early.
10. Stay Positive
Last but not least, staying positive and motivated is key to saving money.
When you have a clear goal in mind and are determined to achieve it, it will be much easier to stick to your budget and save more money.
You have to stay motivated throughout your journey and staying positive will help your mindset and believe you can achieve anything!
Money Saving Chart Printable
There are many different ways to save money, and one great way to start is by using a printable money saving chart.
In our free resource library, you can find many free money saving charts printable to help get you started on your savings journey.
Above is an example of a chart that can be printed for saving money. Download your PDF copy.
Which Save Money Chart will You Use?
A savings chart plots out how much has been saved, thus allowing you to visualize how far you have come and have far you have left to reach your goal.
The whole concept of saving money is not a new idea, but you may want to break down your savings goals into smaller steps like cash goals, financial goals, and net worth goals.
More importantly, filling out this chart is a helpful way for personal finance to save money and gain more net worth.
The secret to saving money is in this easy step-by-step guide. What is the best way for you to save hundreds of dollars or even thousands? It’s all about planning and thinking ahead.
With this small guide in your hand, you’ll be able to save more than $100 a month and take the mystery out of saving money! Many of our readers save $10K in a year.
Start today and enjoy the benefits of living a richer life!
Know someone else that needs this, too? Then, please share!!
If you’re considering medical school, one of the first questions on your mind is likely, “how much does it cost?” The answer may be daunting at first, but there are several options for making this investment in yourself more manageable.
From financial aid to tips for budgeting and investing wisely, we’ll discuss what you need to know about how much medical school is—and why it’s worth every penny!
So let’s take a look at the average costs of medical school as well as some strategies that can help make this an affordable venture. You’ll also learn ways to maximize your experience while keeping expenses low.
We hope these insights will give you peace of mind and get you excited about all the possibilities ahead!
What’s Ahead:
Overview of Medical School Costs
Medical school can be costly, but it doesn’t have to break the bank. Knowing what costs you may face and understanding your financial aid options are vital in ensuring you don’t end up in debt after graduation.
Tuition and Fees
Tuition is one of the biggest expenses associated with medical school. Depending on where you attend, tuition can range from $20,000 to over $50,000 per year.
In addition to tuition fees, other fees associated with attending medical school, such as lab fees or technology fees, need to be considered when budgeting for medical school costs.
Living Expenses
Medical students also need to factor in living expenses while in school. This includes rent or mortgage payments, if applicable, food costs, transportation costs (such as car payments or public transit fares), and any other miscellaneous living expenses like entertainment or clothing purchases.
Students need to create a realistic budget, so they know how much money they will need each month for these types of expenses while attending medical school.
Students need to research all potential cost factors before committing financially, so there aren’t any surprises down the road. It is essential to be aware of the various expenses associated with medical school to create a realistic budget and ensure that you can cover all costs without going into debt.
Fortunately, many financial aid options are available for those seeking a career in medicine.
These include scholarships and grants designed explicitly for med-schoolers; loans and borrowing options through private lenders and government programs like FAFSA; work-study programs offered at some universities which allow students to earn money while taking classes, etc.
Doing thorough research ahead of time will help applicants understand their full range of financial aid opportunities before committing financially to their educational goals.
The Gist: Medical school can be expensive, but many financial aid options are available to help cover the costs. Students must research all potential cost factors and understand their full range of financial aid opportunities before committing to their educational goals. This includes: -Tuition & Fees -Living Expenses -Scholarships & Grants -Loans & Borrowing Options -Work Study Programs
Financial Aid Options for Medical School Students
Scholarships and Grants
Scholarships and grants are two of medical school students’ most common forms of financial aid. Scholarships are typically awarded based on academic merit or other criteria, such as community service or leadership experience.
Grants are usually need-based awards that do not have to be repaid. Many organizations offer scholarships and grants specifically for medical school students; researching these opportunities can help you find additional funding sources.
Loans and Borrowing Options
The best student loans can provide a helpful way to finance your medical school education if you don’t qualify for enough scholarships or grants to cover all your costs.
Federal student loans often come with lower interest rates than private loans, so it’s important to research both options before deciding which one is right for you.
Additionally, some schools may offer loan programs that make borrowing more affordable.
Work-Study Programs
Work-study programs allow students to work part-time while attending school to earn money toward their tuition expenses. These programs typically involve working at an approved job site near campus during designated weekly hours throughout the semester.
They also often include flexible scheduling options so students can continue their studies without interruption due to work obligations.
If you think this option might be right, contact your university’s financial aid office for more information about available positions and how much money you could earn through a work-study program.
Tips for Managing Medical School Costs
Creating a budget is essential for managing medical school costs. Start by calculating your total expected expenses and subtracting any financial aid you may receive. Then, create a plan to cover the remaining cost with income from part-time jobs or other funding sources.
Make sure to account for all potential expenses such as tuition, fees, books, supplies, housing, and living costs. Once you know how much money you need each month or semester, break it down into smaller goals that are easier to manage.
Saving Money on Textbooks and Supplies
One way to save money while in medical school is by buying used textbooks instead of new ones whenever possible. You can also look for online versions of textbooks which tend to be cheaper than physical copies.
Additionally, take advantage of student discounts when purchasing supplies like lab coats or scrubs since these items can get expensive quickly if purchased at full price.
Finally, don’t forget to look into local organizations offering scholarships or grants targeted explicitly toward medical students; these funds could significantly cover educational expenses over time.
The Gist: Medical school can be expensive, but there are ways to save money and make it more manageable. Start by creating a budget that accounts for all expected expenses, such as tuition, fees, books, supplies, and housing. Look into used textbooks or online versions of textbooks to save on costs. Take advantage of student discounts when purchasing lab coats or scrubs. Lastly, look into local organizations offering scholarships or grants targeted explicitly toward medical students; these funds could significantly cover educational expenses over time.
Benefits of Investing in Your Education
Investing in your education is one of the best decisions you can make for yourself. Medical school provides access to specialized knowledge and skills to help you build a successful career after graduation. With a medical degree, you’ll have an array of career opportunities.
Career Opportunities After Graduation
A medical degree opens up many doors when it comes to job prospects. You could pursue a traditional path, such as becoming a doctor or nurse or explore other areas like research, teaching, public health, or even business management roles within the healthcare industry.
With so many options available to you with a medical degree, there’s no limit on what kind of career path you can take after graduating from medical school.
Increased Earning Potential Over Time
Not only does having a medical degree open up more job opportunities for you, but it also increases your earning potential over time.
Doctors and nurses are some of the highest-paid professionals in the world due to their specialized knowledge and expertise in their field, which allows them to command higher salaries than those without degrees in medicine.
Access To Specialized Knowledge And Skills
Attending medical school gives students access to advanced courses that teach them about human anatomy and physiology as well as pharmacology and pathology, which are all essential components of being able to practice medicine safely and effectively once they graduate from school.
In addition, they learn how diseases work at both the cellular level and how they affect entire populations, which helps prepare them for any situation they may encounter during their careers in medicine later on down the road.
The Gist: Medical school is an excellent investment that can open many doors for job prospects and increase earning potential. It provides students with access to specialized knowledge and skills in human anatomy, physiology, pharmacology, and pathology, as well as understanding diseases on the cellular level and how they affect populations. With a medical degree, you can pursue traditional roles such as doctor or nurse and explore other areas like research, teaching, public health, or business management within the healthcare industry.
Making the Most of Your Medical School Experience
Taking Advantage of Networking Opportunities
Medical school is a great time to start building your professional network. Attend conferences, seminars, and other events related to the medical field.
Introduce yourself to faculty members and fellow students who may be able to provide you with valuable advice or connections in the future. Participate in student organizations that can help you make contacts and learn more about the industry.
Participating in Extracurricular Activities
Get involved outside of class by joining clubs or volunteering for medicine-related projects. This will allow you to develop skills such as leadership, teamwork, problem-solving, communication, and critical thinking that are essential for success in any career path.
It’s also a great way to meet people from different backgrounds who share similar interests as yours.
Research Opportunities
Many medical schools offer research opportunities where students can gain hands-on experience working on real-world problems under the guidance of experienced professionals.
These experiences can help build your resume while giving you an inside look at how medical research works, which could prove invaluable when it comes time for job interviews after graduation.
FAQs About How Much Medical School Costs
What is the cheapest medical school?
The University of Central Florida College of Medicine is the United States cheapest medical school. Tuition for their four-year MD program is just $22,000 annually, making it one of the most affordable options.
The college also offers a variety of scholarships and financial aid packages to help students cover costs. Additionally, they offer an accelerated three-year track that can further reduce tuition costs.
With its low cost and flexible options, UCF College of Medicine is an excellent choice for aspiring physicians looking to save money on their education.
Is medical school 4 or 6 years?
Medical school typically takes four years to complete. This includes two years of classroom instruction and laboratory work, followed by two years of clinical rotations in hospitals and other healthcare settings.
Students may also participate in elective courses or research projects during the fourth year. Upon successful completion of medical school, graduates are awarded a Doctor of Medicine (MD) degree.
Is medical school more expensive than college?
The cost of medical school can vary greatly depending on the type of program and institution. Generally, medical school is more expensive than college due to the length of time required for a degree and additional expenses such as textbooks, lab fees, and clinical rotations.
In addition, tuition costs tend to be higher for medical schools than traditional colleges or universities. However, there are several ways to reduce the overall cost of medical school, including scholarships and grants, which may help offset some of these expenses.
Does FAFSA cover medical school?
No, FAFSA does not cover medical school. However, other forms of financial aid are available to help pay for medical school costs. These include grants, scholarships, loans, and work-study programs.
Additionally, some states offer special loan forgiveness programs for those pursuing a career in medicine. It is important to research all options thoroughly before making any decisions about financing your education.
Conclusion
Completing medical school is a major accomplishment, and the cost of doing so can be daunting. However, with careful planning and research into financial aid options, you can make it through medical school without breaking the bank.
Investing in your education will pay off in the long run as you reap the benefits of having a degree from an accredited institution. No matter how much medical school is for you, it’s important to remember that this experience is an investment in yourself and your future career prospects.
If so, then you are probably considering the amount of time that you should take for the extent of the term. Of the 20, 25 and 30 year term policies, for most people the 25 year term life insurance is going to be the best for the overall benefits.
20 and 30 year term life insurance is generally for more specialized cases and they do have their uses, but 25 year term life insurance fits more people overall, especially younger families who are just starting out, although, they can benefit people in different age groups as well.
Term life insurance is very important to handle the financial burden of a loved one who passes away. The needs of the family are still present when the breadwinner is no longer around.
If you’re like most Americans, if you were to pass away, you would leave your family with thousands of dollars in debt. The majority of families would have no way to pay for all of these unpaid expenses, but that is where life insurance comes in. It can give your family the resources they need to get through this difficult time without adding financial stress.
Choosing the right length for your type of life insurance needs to be geared towards the expected financial burdens which include paying the mortgage, auto loans, and other bills while covering the funeral expenses. It’s important that you find a balance between choosing the right term length and the perfect premium amount.
What follows are the advantages gained from choosing a 20, 30 or 25 year term life insurance policy.
20 year term vs. 25 year term
A 20 year term life insurance policy works well for middle aged and older people in covering the remaining expenses on their mortgages. These are the groups of people that in the next decade, they won’t have any children relying on their income.
Plus, with the children having grown up, making sure that the funeral expenses are covered.
However, a 25 year term policy may be just as beneficial depending on the circumstances, especially if their children have not quite left home yet. Those extra few years can make a difference in terms of coverage.
So, for 20 year term vs. 25 year term, the advantage for most people falls to the 25 year term policies.
25 year term vs. 30 year term
The 30 year term policy is generally more suited for young couples just starting out, especially if they have just purchased their first home on a 30 year mortgage.
This will ensure that if anything were to happen to them, they will be able to pay off the mortgage and not have to worry about losing the roof over their heads.
A 25 year policy is generally more suited for people who have already started paying on their mortgage for a few years or have taken out a shorter-term mortgage.
Again, depending on your circumstances you should choose the policy that extends your coverage just enough past your mortgage and kids growing up and leaving home.
For many, the 25 year term life insurance policy is more than enough while the 30 year term leans more towards longer commitments.
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Expenses
You should not only consider the length of the term life insurance, but the amount as well to cover all of your expenses that incur if the breadwinner of your family should pass away.
These expenses include;
Mortgage
Funeral
Household Bills for the next 6 months
Cash reserve for unexpected expenses
These are only a few of the factors that you should consider when deciding how large of a policy you need to purchase.
25 Term Term Life Quotes
Here are some sample quotes on a 25-year term life insurance policy for a female. It should be noted that not all of the top life insurance companies offers the 25-year option.
Sex
AGE
$250,000 Term Life Insurance Policy
Cheapest Quote 1
Cheapest Quote 2
Cheapest Quote 3
Female
30
Face amount $250,000
SBLI $15/mo
Protective $15/mo
American General $16/mo
Female
40
Face amount $250,000
SBLI $22/mo
Protective $23/mo
American General $24/mo
Female
50
Face amount $250,000
SBLI $48/mo
Protective $49/mo
American General $53/mo
Here’s a screenshot that shows sample quotes for a 25-year term policy for a 30-year-old male.
As you can see, the quotes don’t have banner life insurance company in the mix, but some other great carriers are there.
The final amount should be to cover what you either may not have considered or for unexpected situations such as the family member dying away from home and needing transportation.
All in all, covering your expenses with term life insurance can greatly ease the immediate financial burden and bring about a little peace of mind when it comes to the financial situation.
You should also consider how much income your family would lose if you were to pass away and how would they replace that income? If you’re the main income-earner, your family could struggle to replace your salary. It’s important that your policy gives them enough time to find another source of income.
There is no “magic number”, but most insurance experts suggest that you purchase a policy that is around ten times your annual salary. This will give your loved ones plenty of time to recover and get back on their feet.
With such a large policy, a lot of applicants think they won’t be able to afford a policy that is ten times their salary but don’t worry, in most cases the policy premiums are much cheaper than you might think.
There are several ways that you can get a more affordable insurance policy without having to sacrifice any of the quality or coverage amount. The best way is to compare all of your insurance options before you make a decision. More than likely, the first company that you call isn’t going to have the lowest monthly premiums. Because there are so many companies that sell life insurance, it could take several days for you to call them and receive insurance quotes for your policy. Instead of wasting your time, let us bring the lowest rates to you. Simply fill out the quote form on the side with your information and we will provide you with the best rates.
We are independent agents, which means that we don’t work for one specific company. Instead, we represent some of the best-rated companies across the United States. Because we don’t work for one company, we are committed to bringing you the best policy to fit your needs, regardless of which company sells it.
Aside from comparing policies, there are several other ways that you can save money on your life insurance policy. One of those ways is to improve your health and kick your bad habits.
After you complete the paperwork for your applications, the company is going to send out a paramedic to complete a simple medical exam. During this exam, the company will look at your basic vital signs, like blood pressure, heart rate, cholesterol, weight, and they will also take a blood and urine sample. The medical exam doesn’t take long, but it will have a huge impact on your chances of being accepted for the policy and how much you’ll pay every month. If you want to save money, take the time to improve your health. If you think that your health is too poor or you have serious health complications, you can always choose a no-exam medical policy. You can get the coverage without the exam, but you will pay more for the plan.
The other sure-fire way to save money is to kick your bad habits like smoking cigarettes. A smoker buying life insurance is going to pay twice as much (sometimes three times as much) regardless of the rest of their health. If you want to get a policy for the most affordable rates, it’s time to kick those bad habits and enjoy some extra money in your pocket every month.
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If you have been trading for a while, then there is a good chance that you have made some trading mistakes along the way.
Unfortunately, it is part of learning how to trade.
After all, trading is a skill that takes time to learn.
Trading mistakes are part of the learning process. I know that sucks to hear, but it is the truth.
The outcome goal is to learn from those trading mistakes.
Then, you can realize what you did wrong so you do not repeat those same mistakes.
However, more than not, it is more common to repeat the same mistake over and over again.
If you are ready to recognize trading errors and learn how to overcome them, then keep digging in. Take notes and adjust your trading plan accordingly.
We will cover emotional trading mistakes, technical trading errors, and option trading mistakes.
What Are Trading Mistakes?
Trading mistakes are errors made by traders when you enter trades, either to purchase stocks or options.
More than likely, you will see the same type of trading error happening over and over again.
Trading mistakes are very common, but they do not have to lead to complete panic.
In order to minimize the chances of making a costly mistake, traders should adhere to their trading strategy. Additionally, traders should always trade with a clear head and stay disciplined.
There are plenty of trading mistakes you can avoid by being smart and adjusting your trading plan where needed.
Why Understanding Trading Mistakes Is Important for Long-term Success
Trading mistakes are the result of traders taking losing trades, which can result in poor overall performance.
Mistakes that occur during trading often include not paying attention to the market, not understanding risk, not having a well-thought out trading strategy, and being bad at managing the trade.
Whatever the reason, trading errors occur and it is how we react to them that matters.
Long-term success in trading is not a goal that can be accomplished overnight.
Achieving long-term success with active trading requires patience, discipline, and practice.
It is easy to get caught up in day-to-day successes and forget to commit to a long-term plan. As traders, it is important to be able to recognize our mistakes so that we can learn from them and move forward.
Top 5 Trading Mistakes
As you will see, we compiled a long list of trading mistakes. Each trader will see some of those trading errors in themselves. Some are small trading mistakes while others are detrimental.
First, we are going to focus on the top five trading mistakes first. This will make or break your success as a trader.
The following are five common trading mistakes that traders make and how to avoid them.
#1 – No Trading Plan
Trading without a plan means you enter a trade without knowing your next step.
No trading plan means that traders are not able to set clear goals, establish risk-reward ratios, and avoid common pitfalls that can occur during a trade. This makes it difficult for traders to know when they should be buying, selling, or holding.
Trading without a plan is risky because it can lead to losses that are much higher than they need to be.
When starting out in trading, it is important to remember that we can only focus on what we can control. This means that we should not worry about things we cannot change, such as the past or the behavior of other traders. Instead, we should form a trading plan and stick to it so that we can succeed in the long run.
Creating your trading plan will happen with many revisions. The goal of the trading plan is to set your overall strategy for trading.
Also, you need to have a specific trading strategy for each trade you enter.
Avoid by: Spending time to develop a trading plan. Revise as needed. Stick to it.
#2 – Risk Management Plan is Missing
A risk management plan is essential for traders and it should be included in any trading plan.
Without a risk management plan, traders are more likely to make emotional decisions that can lead to costly mistakes. For many traders, this is the hardest thing for them to manage.
It is possible to create a risk management plan as your overall trading plan.
In your risk management plan, you must decide (in advance) how much money you are willing to lose based on the amount of profit you perceive to make. For instance, you are willing to risk $300 in order to make $1000.
Many day traders focus on a 2:1 reward-to-risk ratio. Personally, I look for stronger reward-to-risk ratios greater than 3:1.
Avoid by: Understand how risk is a part of making a profit. Set your risk tolerance and do not deviate from it.
#3 – Not Keeping a Trading Journal
One of the most important aspects of successful trading is keeping a journal.
This not only helps you keep track of your trades and performance, but it can also help you remember what worked and what did not. Journaling is so helpful and such an overlooked task.
Your trading journal is the perfect place to take notes, keep track of your wins and losses, and record market movements so that you can learn from past mistakes.
At the end of every trading session, you should take some time to analyze your trades.
What went well?
What didn’t go well?
Why did you make that particular trade?
What was your entry strategy?
What was your exit strategy?
Where was the overall market momentum?
Did you control your emotions?
What grade would you give yourself?
This analysis is important so that you can learn from your mistakes and improve your trading skills. Stay motivated to continue learning about trading and keep more profit.
Avoid by: Start journaling. Spend time after exiting a trade and the market day to understand what happen and why you did a certain trade.
#4 – Watching Too Many Stocks
Watching too many stocks can lead to a decrease in returns and overall confusion on what is happening with your watchlist.
As a result, it is important to be selective.
The same can be said of stock scanners. If you are watching too many variables and possibilities, you can quickly become overwhelmed.
When you develop your trading plan, you need to decide how you find stocks.
Personally, I prefer to focus on a handful of stocks and a few key metrics. Then, watch them closely and trade accordingly.
As a new trader, I would pick about 5-10 stocks to analyze.
Avoid by: Revise your watchlist to half what you are currently watching.
#5 – Actually Exiting Trade as Planned
Above we talked about creating a trading plan and having a trading strategy for each trade taken.
But, the trading mistake happens when you do not exit the trade as planned.
This could be because of “hopemium” that the stock price will recover and you will get back your loss.
Our “hopemium” is that the stock price keeps rising and you will make more money.
Either one can be damaging to your trading account.
You created a plan. As a disciplined trader, you must follow your plan either to maximize your current profit or protect your risk against further losses.
Avoid by: Exiting at your set targets. Period.
12 Typical Emotional Trading Errors
Trading is 80% mental and 20% execution. Okay, I am not sure that there is an official study to back it up. But, I do know as a trader that emotions play heavily into your overall profit.
The typical emotional trading errors that traders make when they are in a trade are overconfidence, jumping into trades before the proper analysis is completed, and inability to take losses.
This is where most of the trading mistakes are made.
When first starting out in trading, it is easy to get caught up in the prospect of making a lot of money quickly. However, most traders find that trading is not easy to do and make common emotional trading errors.
Let’s dig into these emotional mistakes first and then we will follow up on the technical trading mistakes.
1. Letting emotions impair decision making
Emotions are an important part of decision-making, but it can be dangerous to allow them to influence our decisions. We should also take into account that emotions can often lead us astray.
It is clear that emotional trading can lead to bad decision making and, ultimately, financial losses.
When investors let their emotions take over, they are not thinking logically and may make impulsive decisions. For example, they may sell stocks when the market is down in order to avoid further losses, even though the stock may rebound soon after.
In order to be successful traders, it is important to stay calm and rational when making decisions.
Overcome by: Stick to your trading plan and take emotion out of the equation.
2. Unrealistic Profit Expectations
You go into every single trade expecting a home run! Enough money to achieve your dreams overnight!
These types of profit expectations will have you throwing your risk management plan out of the window and set you up for failure with greed, overconfidence, and impatience.
Be realistic about your expectations with trading activity.
Overcome by: Go for base hits. Small consistent wins.
3. Greed
Greed is a deep-seated need for more profit without regard to the chart or market conditions.
The common rationale is hopefully the stock will go up. Typically, you hold your position too long and end up losing some of your gains.
Greed can manifest in many different ways, and people with greed often neglect their own needs in order to attain more.
Overcome by: Set an OCO bracket to exit the trade at your specified level. Take you out of the equation.
4. Fear of Missing Out (FOMO)
You fear that you missed out on a trade, so you decide to jump in. As a result, you are risking more than you should.
This trading mistake is common, especially with online trading communities.
As a result, you may buy at the high and watch the stock reverse.
Overcome by: Realize that there will be missed opportunities. That is part of the game. There will always be another chance.
5. Fear
In many cases, fear is a reaction to why or why not we enter a trade.
For any trader, they may become frozen unable able to make a decision as their mind is wrapped in fear. At the same time, they are either missing out on potential profits or unable to exit a trade due to mounting losses.
Overcome by: This is a real emotion that you must overcome. Take the time and read resources to help you overcome being paralyzed by fear.
6. Overconfidence after a profitable trade
The overconfidence that comes with success can lead to a loss of profits.
When a trader has a winning position, they may become overconfident and make bad decisions because of the previously profitable trade.
For example, they may not take their profits off the table when there is an opportunity to do so or increase their position size when they should be taking profits. This could lead to them losing all of their winnings and more.
Overcome by: Take a break from trading for a few days or a week after a big win.
7. Entering a Trade Based on Your Gut
The process of entering a trade based on your gut is, essentially, following your “gut feeling” and buying or selling shares after the market opens. This is seen as a more risky and less profitable strategy than following a more traditional market timing approach.
Trading is all about making calculated decisions and sticking to a plan.
Trading based on your gut feeling or emotions will only lead to costly mistakes.
Overcome by: Before entering into any trade, make sure you have a solid strategy in place and know all the rules. Only then should you start trading.
8. Not reviewing trades
Not reviewing trades is a common problem for many traders. Traders who don’t review their trades tend to be more likely to make mistakes in their trading and over-trade, which can result in losses.
You will make the same mistake over and over again until you realize the root of the problem.
This is how you move from a losing average to a winning percentage.
Overcome by: Let your journal be your friend. Document everything including your emotions.
9. Following the Herd
Many people enjoy following the herd with stock trading, especially online platforms on Reddit, Discord, or Twitter.
You may decide to follow a certain group of people in order to be fed stock picks or updates.
This can be risky because there is no sound foundation to base your trade upon.
Overcome by: Trade your style and let that fit you.
10. The Danger of Over-Confidence
The “beginner’s luck” experienced by some novice traders may lead them to believe that trading is the proverbial road to quick riches.
Over-confidence is the belief that one’s abilities, knowledge, or qualities are better than average.
This over-confidence is a risk factor for certain types of mistakes and other negative outcomes as it leads to complacency, a lack of preparation, and an overestimation of one’s abilities.
Overcome by: Realize your limitations and watch for overconfidence to appear.
11. The Importance of Accepting Losses
Losses are always a part of trading life, but they can be overwhelming when they occur.
It is important to recognize that losses are in fact an inevitable part of growth and development as a trader.
Overcome by: Journal all of your losses. Look for patterns to appear. Adjust your trading strategy as appropriate.
12. Quit Your Job Too Fast
Quitting your job too fast is not a good idea, as it will force you to place trades that may not be the best set-ups.
Day trading can be a very risky venture, and it is possible to lose everything you have invested.
It is important to be aware of the risks before getting started. More importantly, do not quit your job too fast. This can lead to losses in your investments and could potentially put you in a worse financial situation than you were before.
Overcome by: Keep trading as a side hustle. Hone your trading skills and build up a reserve fund that will cover your monthly expenses. You will know when you are prepared to leave your 9-5.
Common Mistakes in Stock Trading
According to a study by the U.S. Securities and Exchange Commission, technical trading mistakes are actually fairly common among individual investors.
Mistakes in technical trading can be two-fold, either due to lack of knowledge or poor execution.
The most common mistakes are buying at the top and selling at the bottom, overtrading, and not taking the time to properly understand how trading works.
Now, let’s dig into all of the common trading mistakes I see.
1. Overtrading
Let’s start by talking about overtrading. This is a mistake that I see many people make. It is also a mistake that could have been easily prevented if you had just done your research before placing the trade.
Overtrading or placing more orders than you should do is the most common mistake.
Many new traders will simply open up their platform, look at the market, and place a trade. They are often chasing after the last couple of candles or they see an opportunity to get in “on the cheap”.
The problem with this approach is that you have no idea if this is a good trade or not. You are simply taking a shot in the dark and hoping for the best.
Overcome by: Only place the A+ setups that you like. Once you have traded so many times per day or week, stop trading.
2. Buying High and Selling Low
We all have heard the saying, “buy high and sell low.” However, too many novice traders do the complete opposite.
This trend happens with one of the emotional mistakes of FOMO; we already dived into that concept earlier.
Overcome by: Follow your trading plan on when to enter and exit the trade. Practice your strategy in a simulated account and master it.
3. Lack of Trading Knowledge
The lack of trading knowledge is a problem for many traders who are not familiar with how the stock market works. This can cause them to make mistakes when buying and selling stocks, which could result in losing a lot of money.
Just because you made a profit once on one stock does not mean that is a repeatable action.
In order to be successful in trading, it is important to have a good understanding of the markets and the strategies involved.
Without proper training, you are likely to make costly mistakes that can cost you money. Trading courses and tutorials are available online and through other resources to help you gain this knowledge and become a successful trader.
Overcome by: Take an investing course. Spend money on your education and not your losses. Here is a review of my favorite day trading course.
4. Following Too Many Strategies
Following too many strategies is a common problem in the investing world, which can lead to poor performance and more costly mistakes.
There are a million and one different approaches on how to trade the stock market, which indicators to use, whose advice you should follow, so on and so forth.
And then, many traders try and couple the strategies together only to quickly learn they may cause more losses than profits.
One way to avoid following too many strategies is by using a set of rules to decide which strategies are appropriate for investing.
Overcome by: Develop your trading plan. Outline the investing strategies you will use. Test any new strategies in SIM first.
5. Do Your Research
The solution to this problem is simple: do your research!
Before you enter a trade, take the time to do some analysis on the asset you are looking at. Look at past price action, news events, and any other relevant information that you can find.
Understand why the market might move in your favor and be able to build a case for it. The more data points you have supporting your position, the better off you will be.
If you are able to build a strong case for why the asset will move in your favor, then you can enter with confidence. This is because if the market does not move in your favor, you will know that it isn’t because of a lack of research on your part.
When you enter with confidence, this will make it easier to hold through the inevitable volatility and price swings.
Overcome by: If you enter without knowing why something is likely to move in your favor, then you are setting yourself up for failure. Do your research.
6. Not Using Stop-Loss Orders
Stop orders come in several varieties and can limit losses due to adverse movement in a stock or the market as a whole.
Tight stop losses generally mean that losses are capped before they become sizeable. However, you may have your stop loss too tight and get stopped out before your stock has room to move.
A corollary to this common trading mistake is when a trader cancels a stop order on a losing trade just before it can be triggered because they believe that the price trend will reverse.
Overcome by: Plan your stop loss in advance. Stick to it as it is part of an overall risk management strategy.
7. Letting Losses Grow
Active traders can be harmed by refusing to take quick action to close a losing trade.
It is important to take small losses quickly and limit your risk in order to stay profitable.
Stop losses can help you avoid larger losses.
While the stock may come back to your buy price, you have increased your risk far beyond what you planned. If your planned loss was $300 and now you are down over $500, it will take that much longer to overcome that growing loss.
Cut your losses. Review the chart. See what a better entry point may be.
Overcome by: If the stock moves past your pre-determined stop, then exit the trade. Don’t trade on hope.
8. Chasing After Performance
Many day traders are tempted to chase stocks, which is a bad reputation in the day trading world.
This happens when they see a stock that has had a large price increase and they think that it will continue to go up. In reality, this is not usually the case, and chasing stocks can lead to big losses.
What goes up must come down, right?
Overcome by: Wait for a better time to enter the trade according to your trading plan.
9. Avoiding Your Homework
It is important to do your homework. If you avoid doing your homework, then don’t expect fast results
Many new traders often do not do their homework before making any investment decisions.
This can lead to costly mistakes that can be avoided by doing some basic research. Trading is a complex process and should not be taken lightly – make sure you are fully prepared before risking your hard-earned money.
Overcome by: If you have not enrolled in an investing course, do that. Set daily goals on how to improve your trading performance that is not based on profit or loss.
10. Trading Difficult and Unclear Patterns
It is important to stick with the patterns and indicators that are clear and unmistakable so you don’t get caught up in any ambiguous or unclear trading signals.
With a little bit of research and understanding, these market patterns can become quite clear.
By forcing a chart to fit in what you want, then you are putting your trading capital at risk.
Overcome by: If you cannot read a clear chart or pattern, then quickly move to the next stock.
11. Poor Reward to Risk ratios
The most common mistake made by traders is poor risk management. This usually means taking on too much risk in relation to the potential rewards, which can lead to heavy losses if the trade goes wrong.
It is important to always have a solid plan for how much you are willing to lose on any given trade and never deviate from it.
What is the Reward to Risk ratio you look for:
1:1 Reward to Risk
2:1 Reward to Risk
3:1 Reward to Risk
Many beginner traders do not want to take on as much risk because their appetite for potential rewards may be lower. It is important for beginners to consider their trading strategies and risk management plans so that they can make the most informed decisions possible.
Risk-to-reward ratios are an important part of trading, and experienced traders are typically more open to risk in order to maximize their potential rewards. This means that they may be more likely to make high-risk, high-reward trades.
Overcome by: Stick to Risk to reward ratios that fit your trading plan.
12. Ignoring volatility
Volatility is the fear and unknown in the market.
The most important thing to remember about investing is that the stock market can be volatile.
A measure of volatility is from the VIX.
Overcome by: Decide how you will trade when the VIX is high and the news is negative.
13. Too Many Open Positions
Entering too many positions is one of the most common mistakes investors make. A portfolio should consist of a handful of top-performing investments that have proven to be good bets over time.
It is unwise to open too many positions in a short amount of time because it could lead to confusion.
This can be risky because if one or two of the positions go south, the entire portfolio can suffer. For this reason, it is important to carefully consider each position before opening it and make sure that all positions are contributing positively to the overall goal.
Overcome by: As an active trader, stick to under 5 open positions. As a long-term investor, look to build a portfolio of 25 stocks over time.
14. Buying With Too Much Margin
Most brokers offer 2:1 or 4:1 margin to cash. While this is tempting to use, it can also give you a margin call.
Margin can help you make more money by increasing your position size, but it can also exaggerate your losses.
Exaggerated gains and losses that accompany small movements in price can spell disaster for a new trader using margin excessively.
Overcome by: Use your cash only. Stay away from using margin.
15. Following Meme Stocks
These are the stocks made popular by many Reddit personal finance groups.
You have probably heard of Gamestop, Blackberry, AMC, or Bed Bath and Beyond as a meme stock.
While these stocks have risen to crazy highs, they have also fallen just as fast. Chasing the high may leave you with a big and painful loss.
Overcome by: Stick to your stock watchlist.
16. Buying Stocks With No Volume
Buying stocks with no volume is a risky idea that involves placing an order on a stock without knowing how much interest there will be in the shares. This can result in losing money if there are no buyers for the shares.
It is important to validate the price of a stock by looking at volume. The volume shows how much interest there is in a stock and can be indicative of future price movement.
When volume is low, it’s best to stay away from buying stocks as it could be a sign that the stock price is not stable.
Overcome by: Trade stocks with a volume of at least 500,000 or higher.
17. Ignoring Indicators
Indicators are things that tell us the market is going up or down. Examples of indicators would be the stock market at a particular point in time, a company’s performance with regards to earnings, the price of a product or service.
Every trader has their own set of indicators they use.
If you have outlined indicators you use in your trading, make sure to follow them regardless if it is against the way you want the stock to move.
Overcome by: Stick to your trading plan for each stock individually.
18. Trading Too Large Position Sizes
Trading too large position sizes is a risk that traders may run into when they hold positions in their portfolios for extended periods of time.
Position size is the amount of money placed on a trade, and the risk is that a trader may lose more than their capital on the trade if it does not go well.
Overcome by: Base your position size on the amount you are willing to lose. Not how much you want to make.
19. Inexperienced Day Trading
In order to be successful in trading, it is important to have a good understanding of the markets and the strategies you are using. Without proper training, it is easy to make costly mistakes.
Too many day traders turn trading into an unnecessary risky game.
To be successful, a day trader must have a solid foundation in how to invest in stocks for beginners.
Overcome by: Practice in a simulated account and make all of your mistakes there before moving to live money.
20. Inconsistent trading size
Inconsistent trading size is when traders are unable to predict what their position size should be in order to meet the trader’s desired profit goal.
Trading size is one of the most crucial aspects of a trading strategy and should be considered carefully. Larger trade sizes come with an increased risk, so it’s important to be aware of your position size when making trades.
Overcome by: Don’t risk too much on one trade. Stick to your risk management plan.
21. Trading on numerous markets
Trading on numerous markets is when a trader invests in stocks, bonds, commodities, crypto, and other securities.
Every type of market moves differently and takes time to understand how to be profitable.
Overcome by: Find your niche and stick to it.
22. Over-leveraging
Leverage is a powerful tool that can be used to magnify gains and losses in a trade. It is important to be aware of the amount of leverage being used in order to effectively manage risk.
Brokers play an important role in protecting their customers by providing margin calls and other risk management tools.
Overcome by: If you feel over-leveraged, sell some positions before your broker gets involved.
23. Overexposing a position
Overexposure is a term used in the investment world to describe the risk that comes with exposing your position too much in the market. When you have overexposed your position, you are putting yourself at risk of losing money if the stock or security you are invested in falls in value.
You are taking on too much risk.
Overcome by: Stick to your risk management plan. Always have cash reverse on hand in case the market reverses.
24. Lack of time horizon
There are different time horizons for various types of trading strategies. It is important to think about the time horizon you are comfortable with before investing in any type of investment.
If you are a day trader, you plan to close your trades before the end of the trading session. As a swing trader, you typically hold trades for a couple of days maybe up to a month. As a long-term investor, you plan to hold your stocks for longer than a year.
Overcome by: Match the time horizon of that investment purchase with your investing goals.
25. Over-reliance on software
Although some trading software can be highly beneficial to traders, it is important not to over-rely on it.
Automated trading systems are becoming so advanced that they could revolutionize the markets. As a result, human traders need to be aware of the potential for these systems to make mistakes and use them in conjunction with their own judgment.
Overcome by: Set alerts before you want to enter or exit a trade. Then, review if the move still follows your trading strategy.
Top Options Trading Mistakes Beginner Traders Make
These options trading mistakes are specific to option trading.
Trading options is an advanced strategy. If you have losses trading stocks, wait before you start trading options.
1. Not having a Trading Plan
Every trader needs a trading plan that outlines strategies, game plans, and trade metrics.
When you are trading without a plan, you are essentially gambling and hoping for the best.
This is not a recipe for success in the world of stock trading and is especially true for options traders.
A good trading plan should include chart analysis so that you can make informed decisions about when to buy and sell stocks. If you are using HOPE instead of a trading plan, then you need to find out the right way to interpret the chart because that will give you a better idea of what is happening in the market and how likely it is that your investment will succeed.
Overcome by: Create a specific trading plan based on your option strategy.
2. Not properly Researching Option Contracts
Learning to trade options is like going to school for a whole different trade.
There are way too many technical aspects to discuss in this mistake.
Spend time learning what criteria you want from an options contract to be successful.
Overcome by: Learn how options work and practice trading options in the simulator before going live.
3. Trading without an understanding of the underlying asset
Before you start trading options, trade with stocks.
Every stock moves at its own beat. You need to learn how it moves.
Jumping into options prior to knowing the stock can cause extreme losses. Learn how the underlying asset moves first. Be successful in trading stocks before moving to options.
Overcome by: Learn to trade the stock with shares first. Then, practice in a simulator. Once familiar, then trade live with options.
4. Buying Out-of-the-Money (OTM) Call Options
Options trading is a risk-based strategy. It’s important to know which strategies are right for you and what the risks of each option type are before putting on an option trade.
One common mistake that many traders make when it comes to option trades is buying out-of-the-money (OTM) call options.
This is because OTM call options are inexpensive and have a range of around 100,000 to 1 million. To avoid this mistake, it’s important to know what the risks of buying OTM call options are and which option strategies are appropriate for you.
Overcome by: Focus on trading In-the-money (ITM) call contracts. Know your strategy.
5. Not Knowing What to Do When Assigned
When you enter into an options contract, you are essentially agreeing to buy or sell the underlying asset at a specific price on or before a certain date.
If the market moves in a way that benefits the buyer of the option (the person who contracts to buy the asset), they can choose to exercise their option and purchase the asset at the agreed-upon price. However, if the market moves in a way that benefits the seller of the option (the person who contracts to sell), then they may “assign” their contract to someone else – meaning that they no longer want to buy/sell the asset, but would like someone else to take on that responsibility.
This can be jarring if you haven’t factored it into your decision-making when trading options, so it is important to be aware of the possibility.
This is why traders need a higher trading level to sell options contracts or verticals.
Overcome by: Be okay with buying the shares if you are assigned. That is a part of your trading plan.
6. Legging Into Spreads
It is a common mistake for traders to get legged into spreads by entering positions when the market price has moved away from their position. They may have gotten caught up in the belief that they are being a “smart” trader by trying to profit from the spread.
The problem is that they are not taking into account that their cost basis must go up in order to maintain the position. If the market price of the underlying goes up, their cost basis must go up as well.
Overcome by: If you are not comfortable with this advanced strategy, then exit your options contract and place a new one.
7. Trading Illiquid Options
Trading illiquid options is a mistake because traders are taking on too much risk, with potentially disastrous consequences.
Illiquid means that the option cannot be bought or sold at the given time.
In other words, the option is not tradable. When traders trade illiquid options, they are taking a risk that their trades will not be executed because there is no liquidity in the market at that time. They have to hope that the market will become liquid again, and they can then sell their position or buy back their option at a lower price.
Overcome by: Check option volume and open interest at your strike place. Verify you have interest in moving your contract.
8. No Exit Plan
It is important to have a plan in case your trading strategy doesn’t pan out as planned.
This will give you the peace of mind that you won’t be left high and dry without an exit strategy.
With options is it more difficult to limit your risk to reward. As a result, you must decide your exit plan in advance.
Overcome by: Develop your trading strategy and include how and when you will exit the option contract.
Ready to Avoid these Trading Mistakes?
Investors are often their own worst enemy when it comes to trading.
They make emotional decisions instead of logical ones, and this leads to them making costly mistakes. Plus there are many technical errors new and seasoned traders are still making.
In order to be successful in the markets, investors must first learn to accept their losses and move on. Only then can they put that mistake behind them and focus on making profitable trades in the future.
In this post, I shared some of the more common trading mistakes that people make and how to avoid them.
Now, you have to work to avoid these trading mistakes and be profitable.
Know someone else that needs this, too? Then, please share!!