The new year is fully underway and many families are probably feeling the effects of all that holiday shopping last month — because, let’s face it, the holidays can come with a pricey price tag whether it included gifts for the family or just a nice dinner celebration. While some families look into getting second jobs that take them away from their families, there are a few ways to earn the extra income you need while still spending time with your loved ones — that go beyond the get rich quick schemes and work from home opportunities.
Personal Investment on Your Time
Personal investment comes in many different forms. Many think of the stock market and learning when to buy and sell stocks, but it’s much more than that. In fact, when you’re first starting off, stocks tend to be the worst place to start.
The real first step? Getting educated. There is nothing in the world that people should expect to succeed in without education, and investing is no different. Depending on your financial means, availability and commitment, you can learn what markets are most important in terms of your goals.
Why Education is Important
There are many cases in which we are too quick to trust, especially when it comes to our finances. This can lead to unnecessary fees and overall a loss of income that could be used elsewhere. For example, an Online Trading Academy Phoenix student had recently hired a “professional” manager to take over trading his assets. Although, this was a well-known, experienced advisor, the student lost over 10 percent of his account last year and paid an additional 1-1.5 percent in fees. All this, while the market was up 6.5 percent.
Taking the time to fully understand what your bank, financial advisor, etc. are doing for you and your income can be the difference between having spending money at the end of the month to having to have a second job to pay for your mortgage.
How to Use Your Knowledge to Get Ahead
Beyond education, the most important step is to put your knowledge to good use. Take back control of your money. This gives the best opportunity for potential returns, the lowest costs – and the only guarantee that your money will be working for you – not someone or something else.
Whether you end up an avid day trader, or someone who would simply prefer greater say over their long term assets – education is the key to success. Understanding the markets is only going to come from successful trading patterns, and these patterns are only going to come from the know-how.
Written By: Ken Beckrich
Ken Beckrich, CEO of Online Trading Academy in Phoenix, has more than 30 years of investing and trading experience. Beckrich is an internationally recognized expert in both income and wealth management strategies. His experience includes trading stocks, options, futures and foreign currencies. For more information on financial investments and education, please visit tradingacademy.com/phoenix.