There are things that we poorness to speculate when we poverty to put our safekeeping in the line of Forex trading. It is pretty untold a juicy stake but I must monish you that there are whatever canonical errors that no. instance traders e’er get. The 10 mistakes that you poorness to desist in Forex trading are as follows:
The trend in globalization will lead to greater integration of large number of producers and consumers in the global economy according to M. K. Pralahad in his book ”Fortune at the Bottom of the Pyramid’. IT continues to played an important role enabling democratized commerce.
Because of technological advances; information is getting more and more democratized. Today, on a global scale everyone has access to the same information and the potential to translate that information into intelligence. In the past, the profit was made mainly from ‘Information Arbitrage’. If you had access to privileged information, you could take advantage of that information to make a profit. Also, since information traveled slowly, the first movers had a huge advantage when it came to competition. But, with the coming democratization, the velocity of information has dramatically increased and thus decreasing the period when the organization can market product based on differentiation strategy.
The competition will be able to catch up quickly and offer the same product or service, thus pressurizing the company to reduce cost. This intense pressure from competition leads to ‘commoditization of product/service’ which in turn leads to what Economist call ‘Perfect Competition’. Economists have always loved ‘Prefect Competition’ model because from their perspective that it increases economic efficiency which is good for the society at large.
Thus, trend towards commoditization has accelerated and will continue to accelerate due to technological innovation. This accelerated commoditization which is at the heart of Nicholas Carr’s argument in his infamous HBR article ‘IT Doesn’t Matter’ where he makes an argument that in a ‘perfect competition’ model of future, your investment in IT cannot be leveraged for differentiation strategy.
So, can IT be used for differentiation strategy? The answer is unequivocally YES. First of all, there is always a lag in the availability of information. Even though, the technology continues to enable sharp increase in the velocity of information, the information cannot be made available instantaneously. A ‘business idea’ in an organization will not be known instantaneously to the competition. There is that lag time. But with the increased velocity of information, slow decision will be punished. Organizations need to set up agile business processes and streamline decision making ability if they want to take advantage of first mover strategy. IT can play a major role in this effort only if the core competencies of the organizations are identified and automated.
While the technology can be blamed for commoditizing of products faster, same technology can be leveraged to expedite creation of Network Externalities. Let’s take eBay as an example. While it is simple to copy eBay’s business model, it will be extremely difficult to create a value for the sellers because all the buyers have become eBay’s captive audience. So, in this example IT that enabled Network Externalities has created differentiation strategy for eBay.
IT can also enable seller identify the Long Tail aspect of the supply demand curve. Lets say the Company X is involved in selling music video downloads an specializes in ‘Fusion French Rap with Middle Eastern instruments with Hawaiian Hula dance’. Before large scale global IT adoption, it would have been difficult to identify the demand for that kind of specialized music video. Now, with the advances in IT infrastructure, the company X can reach the global customer base and find enough demand to be profitable. With the advent of social media, technology can be used to build community around that specialized product thus adding more ‘value’.
Thus, IT acts as a double edged sword. On one hand it has the power to force rapid commoditization of products. On the other hand IT can be leveraged as mentioned above to differentiate products and services for an organization. Even with democratized information availability, IT can help create first mover’s advantage. It all depends on how organizations use IT.
Raj Sheelvant is currently working as a Project Manager at a Large Multinational Computer Manufacturing Company. He holds MBA from W.P. Carey Business School of Arizona State University at Tempe, Arizona and MS in Engineering Science from University of Toledo, Toledo Ohio. He has a passion of leveraging IT to create and sustain competitive advantage for the Corporations. He strongly believes that IT can be used to ‘expand economic moat’ for the corporations but one need to make sure that the IT projects are always used to enable corporate and business strategy. He writes his blog on IT Strategy at http://itstrategyblog.com
He is also the author of several papers
“A Parallel Architecture for MUSIC Algorithm.”
International Conference on Signal Processing Application and Technology, Boston-92.
“Hypercube Architecture for Householder Algorithm.” 1992- Modeling and Simulation Conference, Pittsburgh.
You can check his LinkedIn profile at http://www.linkedin.com/in/rsheelv
If you want to learn currency trading you need to get the right forex education and avoid the mistakes of the losing majority. The mistakes below are common ones but there easy to avoid and you must do so if you want to enjoy currency trading success.
1. Following a Vendor Blindly
One of the most common errors is to think someone else can give you success - they can’t.
Most systems sold are junk - but even if you do find a good one, how can you follow it with discipline if you don’t know how it works?
You cant to have discipline to follow a system you must have confidence in it so you need to take the time to develop your own trading system or have total confidence in someone else’s logic.
2. Trading News Stories
We have more news at our disposal than ever before and all those stories are very convincing - but that’s all they are stories. The news reflects the greed and fear of the crowd and they lose longer term - try and trade news stories and you are guaranteed to lose as well.
The best way for any novice to trade is to simply follow the reality of price action on a forex chart and trade it - your trading the truth not an opinion and that is the only way to win.
3. Day Trading
Simply the dumbest way to trade.
It doesn’t work as all short term volatility is random and you can’t get the odds in your favour.
Don’t believe me?
Try and find a forex day trader with a real ( not simulated ) track record that’s made real dollars over the long term. Let me know if you find one I have been searching for 25 years and still not found one!
Avoid day trading at all costs!
4. Trying to Predict Forex Prices
If you try and predict prices in advance you’re hoping or guessing and that won’t get you anywhere in life and certainly not forex trading.
You must not predict wait for momentum to confirm a turn and you can look up how to do this in our other articles - it is essential to confirm a price turn, rather than simply guess when it might come.
5. Markets are Scientific
It’s amazing how many people buy into this myth yet it’s obviously not true.
Why?
Because if prices did move to a scientific theory, there would be no market, as we would all know the price beforehand and there would be no market. The reason a market moves is because we all have different opinions of where the price may go.
The far out investment crowd love scientific theories and like to follow the works and methods of gurus such as:
Gann, Elliot and Fibonacci.
Well they made no money with their theories in forex trading and neither will you.
So if you want to learn currency trading correctly avoid the common mistakes enclosed and work and getting a simple forex trading system which will help you trade the odds, you can understand and can apply with discipline.
If you learn currency trading the correct way ( and 95% of traders don’t ), then you can enjoy currency trading success and create a life changing income - good luck!
PROFESSIONAL FOREX TRADING COURSE
and FREE ESSENTIAL TRADER PDFS
For free 2 x trading Pdf’s with 90 of pages of essential info and an exclusive Forex trading course visit our website at: http://www.learncurrencytradingonline.com
The Zurich Axioms by Max Gunther isn’t a book just about forex trading it’s a book that puts you in the mood to make money and lots of it! Here I have selected some of my favorite wisdom from the book which if you follow, can turn average gains into extraordinary gains…
Max Gunther starts with statement about Switzerland that sets the tone of the book.
“Consider the puzzle of Switzerland. This ancestral home of mine is a rocky little place about half the size of Maine. It has not one inch of seacoast. It is one of the most mineral-poor lands on earth. It possesses not a drop of oil to call its own, barely a bucket of coal. As for farming, its climate and topography are inhospitable to just about everything”.
Yet the Swiss are among the most affluent people in the world. How do the Swiss do it”?
Quite simply over the years Switzerland has produced some of the world’s greatest speculators and some of them wrote the Axioms. Some of the views are against the majority opinion as the book states but you need to:
“Disregard the majority opinion. It is probably wrong”.
Of course it is very few traders get rich and many of the so called wisdoms you accept wont help you get rich and let’s start with the first one.
“Worry is not a sickness but a sign of health. If you are not worried, you are not risking enough”
There is nothing wrong with being a bit worried, as it means you are playing for:
“Meaningful stakes - if an amount is so small that its loss won’t make any significant difference, then it isn’t likely to bring any significant gains either”
How true - how often do you hear you should only risk 2% on a trade? - well that won’t make you much.
You can risk 10 - 20% or more, if you have the odds in your favor.
Just be patient and wait for the right opportunities. This isn’t being rash this is waiting and taking calculated risks at the right time and hitting them hard.
I know traders who trade less than one a month but make triple digit gains - How?
There patient, wait for the high odds trades and hit them hard.
“Resist the allure of diversification”
Another well known wisdom but wont help you make a lot of money. You have a good trade so why dilute it with low odds trades that can cut your profits? If you are trading a small FX account focus on one area and hit it as hard as you can when the opportunity arises
“Human behavior cannot be predicted. Distrust anyone who claims to know the future, however dimly”.
True - but how many traders don’t have the guts to do their own trading and trust guru’s, mentors and scientific theories of market behavior and worthless forex robots and get beat - the vast majority.
What the Zurich Axioms teaches you and why its such a great book is:
It persuades you not to be frightened of risk - but to love it.
You take risks at the right time to make a lot of money and that’s a fact.
It’s a fact in forex trading that most traders hate risk and try and restrict it so much they have no chance of winning and all they do is take small loss after loss until their wiped out.
It also encourages you to take charge of your own destiny and be alert for opportunities and investment traps.
Many will scoff at the above and say its not accepted wisdom maybe not but the people who devised the Axioms got very rich using them and you can to - simply get hold of a copy of this book and be prepared to amused, as well as inspired, to start taking calculated risks, at the right time and hitting them hard.
Forex involves risk and it’s the way you manage risk, which will determine the destiny of your account.
Of course, you can run with the losing pack or you can take a different, more exciting and more rewarding route to currency trading success.
FREE FOREX STARTER PACK 5 X PDFS - DAILY RESEARCH AND MUCH MORE!
For free infopack and free research and more get your 5 x FREE Forex PDFS visit our website at: http://www.learncurrencytradingonline.com.
If you are going to be a winner in the stock market you must have emotional maturity. I did not say you had to be smart or know how to pick stocks and mutual funds.
Once someone buys a stock or mutual fund he immediately seems to have a love affair with it. It can become a fatal attraction that can lead to disaster.
All brokers and financial planners are taught to buy and hold no matter what happens to the price of an equity. They get married to it and hope that it will treat them well while they are together. Today about 50% of all marriages end in divorce yet people will hold on to a stock forever that has gone down waiting for it to come back so they can get out “even”. In a bad marriage you never get out even.
Any time you buy a stock or mutual fund you must have an exit strategy in place or face dire consequences meaning loss of your investment. When I was a floor trader on the exchange I would buy various equities, but before I made my purchase I always knew in advance how much risk I was willing to take. My prenuptial was in place.
Here is the greatest secret to making money in the stock market. It is knowing when to sell. Always figure you will have a loss until you see it go up and from then on your primary purpose is to keep the profit you have made. Never give back profits. If you become emotionally tied to any stock or fund it will definitely come back to bite you.
In 1998 you could have bought Janus 20, one of the largest and best known mutual funds, for $40 per share and gleefully watched it go up to $93. Today it is selling for $35. That love affair has cost someone money. If the investor had looked at that mutual fund as just another piece of paper to hold as long as the principal was appreciating he would have been dollars ahead. Brokers and financial planners foster this kind of immature thinking because they know they might upset the client if they told him to sell his dearly beloved shares.
Every professional trader I know would not subscribe to the long haul theory. That is the death of a retirement account. So many people buy a stock and refuse to sell it for less than they paid for it. Would it not have been better to have taken a small loss and had that money to invest in a better situation?
The immature investor is willing to take a big loss rather than a small one. It takes fortitude to be able to sell out of a losing position. When you learn this lesson you will become wealthy.
Al Thomas’ book, “If It Doesn’t Go Up, Don’t Buy It!” has helped thousands of people make money and keep their profits with his simple 2-step method. Read the first chapter at http://www.mutualfundmagic.com and discover why he’s the man that Wall Street does not want you to know.
Copyright 2005
al@mutualfundstrategy.com; 1-888-345-7870
With a background in investments, having been involved in all types but my passion is stocks. I have been very involved in day trading, swing trading, options and penny stocks. The latter is what a true love, so let’s talk about it. Specifically, global pennystocks. Let me say from the onset, “There is great gain in getting involved in global pennystocks.” In fact, global pennystocks are where the money is really at. Of course the other side of the coin is true as well: There is the potential for great loss also. This is not for everyone. If you really want to play it safe throw your money into the local bank and get 4.75% interest after six to twelve months. Perhaps a little more risk is your fancy and placing a few dollars into the blue chip area works fine for you BUT if you are willing to get your education and play it smart (IE: paper trade until you are confident and have a method that works for you) then pennystocks (especially global pennystocks) are the way to go. Where else can you start off with so little and in a very short period of time walk away with ten to twenty times what you started off with?
Sorry for sounding like an apologist for global pennystocks; it is just the sheer potential and the small initial investment that has always been so exciting. Perhaps you are scared off by the scammers that slyly take advantage of newcomers that do not know better. Well, the truth is that you have to use your noggin a little. Ask yourself, “Why are they giving this great information away for free via e-mail? A little common sense will go a long way.
Having been the President of two stock companies, to this day I have never given a recommendation toward another company UNTIL now! Here it is. The company of recommendation has truly been above and beyond the best you will find at helping traders move into the winning column day after day. There is a link to the company at the bottom of the page. This trading program works so well because they create a win-win situation and that is what really works in the long run. Let’s get specific, here are a few things that are so impressive about the company:
Since its introduction, they have helped countless traders make large, consistent profits.
In the entire time that this company has been in existence they have never had a negative complaint. In fact, they are one of the only companies listed with the Better Business Bureau.
They have an actual physical address for their company on the financial district of Chicago. Most of these companies that advertise on the web are quickly slapped together home based business’ that come and go.
I can go on and on but figure this is a good place to stop. Just click on the link below to find out more information. Good trading ahead.
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What is this concept, or this thing that people will kill for, die for, sacrifice their lives for and even sacrifice their loved ones for? It amazes me what people will do for MONEY! Even though they may not realize it, most people really are giving up every ounce of joy in their pursuit of money. To most people, making money is a hard thing to do. They have the concept that money is elusive and is never around. When they think of money, harsh and negative feelings arouse. We have all heard of this phrase: Money is the root of all evil, or money doesn’t grow on trees! Most people are raised with these kinds of ideas. What does that do to their ability to make money? It destroys it.
The simple truth about money is that there is plenty of it. More money is being made every single day and it does grow on trees. It is mostly made of paper! If we took all the money in the entire world and divided it up among everybody, we would all be wealthy. There is plenty to go around. So why are so many people broke? That is a whole new topic.
One of the most important things to know about money, is that it’s always in flow. Think of it as a river…and not just a trickling stream but a roaring and raging river that will never run dry. That is the flow of money and all you have to do is step in front of it. There are a million different ways to make a million dollars in this world the key to stepping in front of that river, is in your head.
Think about this, if you have negative thoughts about a person, basically thinking he is the root of all evil, he is never around and every time you think of him, you have harsh and negative feelings towards him. Answer this question: Would you hang around someone who had those feelings towards you? You wouldn’t! You would be everywhere else but there. It’s the same for money. It will come to those who appreciate it, who work for it, who use it in flow and who know of it’s potential for goodness and lifestyle. That is the person who attracts true wealth into their wallets! That is the person who money will hang around with.
If there is one thing I would like you to take away from this article regarding money, it would be: You are a money magnet! Every time you find a quarter on the ground or make a big check, repeat that phrase in your head. You will be amazed at the effect it will have on your bank account!
Two of the most sought after things in this world are TIME and MONEY! Making more money is the easy part. I can teach you how to create wealth, but you can never get more time. Wouldn’t it be great if you could just figure out how to have both? I have…..and can teach you how to do it as well. Stop Settling and Start Living! Visit the3hourworkday.com
If you want to stop a divorce, there are a few things you should be doing. You can learn how to save a marriage in crisis. Let’s look at how it’s done.
You don’t want a divorce. You don’t want meetings with divorce lawyers. You don’t want to move apart from one another. You don’t want to surrender on love, to give up on that special connection between you and your spouse. You want to stop a divorce dead in its tracks. The alternative is unthinkable.
Unfortunately, the cards seem stacked against you. Something is wrong and things aren’t getting better on their own. It’s becoming obvious that your marriage is on the rocks and the bitter disappointment and sorrow of a permanent slip seems to be approaching at a rapid pace. You need to know how to save a marriage in crisis and you need that information now.
Here are two pointers that can position you to salvage your marriage. It’s all about a plan and action.
A plan is essential. The stakes are too high to leave this up to chance or guesswork. Your own approach and ideas haven’t been working, it would be insanity to continue with the same approach. You need something different to stop a divorce–a smart plan devised by a professional who understands marriages in danger and how one spouse (yes, one) who’s willing to step forward can preserve the relationship.
Get a plan. Get a blueprint. It will empower you to do the things you really need to do to stave off the death of your marriage. Don’t rely on gut instincts or your own idea of common sense. The professionals are out there–it only makes sense to listen to them.
Action is critical. You can’t wait and hope for the best if you want to stop a divorce. Figuring out how to save a marriage in crisis involves recognizing the incontrovertible fact that relationships can’t save themselves. Hoping, praying, wishing and faith won’t save a relationship. Worrying, fretting and thinking about what “could have been” will not stop a divorce. Someone needs to step forward and take a stand for saving the relationship. You can be that someone for your marriage.
If you want to save your marriage, combine a smart plan with a willingness to take action. Those two traits will empower you to stop a divorce and to build the stronger, healthier, more loving, and supportive marriage both you and your spouse so richly deserve.
Your relationship is not doomed. Even if you’re the only one interested in making things work, you can save your marriage.
By following a smart, professional and proven plan designed to effectively stop divorce, you can make your marriage stronger and better than it has ever been!
FINANCES: CREDIT CARDS AND LOANS
1. Create a budget and be realistic about all your incomings and outgoings. Make sure you know exactly what money you have and when you will have it. This will help you plan for events such as birthdays or holidays when you may need a little extra cash saved up.
2. Make sure you are getting the best possible interest rate for your savings, opening an online savings account could receive a higher interest rate than a regular current account.
3. Missing your credit card minimum payment dates will hit you with a big charge, so set up a direct debit payment to make sure you never miss the date by accident.
4. Lots of credit cards now offer cashback or points on your purchases or gift vouchers when you first sign up, so make sure you shop around before choosing your credit card. However don’t just choose a card because of a one off benefit, you have to look at the overall package.
5. Don’t be scared to transfer to another credit card with an interest free promotional period as lots of credit cards offer this now. However make sure you transfer to a different one before the promotional period is over as you could be charged with a higher interest rate once it has ended.
6. Keep your credit history healthy- this will make it easier to transfer to different credit cards when you need to.
7. Don’t sign up to department store credit cards even if they do offer you 10% off your first purchase, they charge you a very high interest rate, high late payment charges and are too tempting to have in your wallet while you are out shopping!
8. Don’t get yourself into a mess with paying your mortgage. If you are struggling to pay your monthly payments, speak to your provider about taking a mortgage payment holiday which is better than simply defaulting on your payments.
9. If you have a little extra money, pay more on your credit cards or loans instead of spending it on a treat. If you can pay your debts off quicker, you will pay less interest.
10. If you have been stung in the past by large bank charges, try to reclaim them by writing to your bank. If you think your bank charges are significantly higher than other banks, think about transferring your account.
11. If you travel a lot, use a credit card which doesn’t charge you for using it abroad. Some credit cards charge 2.5% for using it in a foreign country, however there are some that do not charge this fee if you shop around.
12. If you are worried about your finances, get free help from your local Citizen’s Advice Bureau, they understand what troubles you may be facing and are trained to help you think of solutions.
13. Make sure you are claiming any benefits that you are entitled to such as Child Tax Credit, Working Tax Credit. The forms can take a while to fill out and it can be confusing about what you are entitled for but you can go to your local Citizen’s Advice Bureau to help with any queries.
SHOPPING
14. Do you shopping online, this will stop you having to pay for buses or parking and you are more likely to buy what you need when you are online.
15. Join Internet Cashback to earn cashback while you shop online and get access to discount codes which aren’t available in the shops. Earn cashback on a variety of products including your food shopping, clothes shopping, credit cards, insurances etc. Download the Cashback Detector and you will never miss out on cashback while shopping online again!
16. Don’t buy everything from the usual high street shops; use a price comparison website before you buy anything to make sure you are getting the best prices, which could point you to an online shop you have never heard of before with the cheapest products.
17. Try not to impulse shop! Don’t buy something as soon as you see it; give yourself time to think about it so you can see if you really need it. This will also give you chance to shop around for the best price.
18. When buying your groceries try the supermarket’s economy range. You’ll find most of it tastes the same but is half the price, so don’t be put off by the packaging. Supermarket economy ranges are also good for toiletries, medicines and cleaning products.
19. Have a spring clean and sell anything you don’t want or use anymore on Ebay- it is really quick and easy to sell on Ebay now.
20. Do your grocery shopping at night if you can, as supermarkets such as ASDA or Tesco often reduce the price of food like bread, milk or cakes at the end of the day to make sure they sell it.
21. Before you go shopping, make a list of what you need and then stick to it, if you don’t know what you need, you’ll be more likely to overspend.
22. Don’t buy your daily cup of coffee from expensive coffee shops because they are too expensive. A £2 cup of coffee every day will cost you approximately £60 over the whole month! Take a flask out instead!
23. Take a packed lunch to work instead of buying it everyday, it will work out much cheaper especially if you’ve managed to get your bread reduced for your sandwiches the night before.
24. Don’t buy ready made meals; they’re expensive and not very healthy. If you get yourself organised you can cook a meal from scratch in about 20 minutes. It’s healthier and much cheaper.
25. Only buy what you need to eat, buying too much food means it’ll go out of date fast and you lose money on it.
26. Use the leftovers from your evening meals for your lunch the next day, as long as you keep in the fridge it will still stay nice and means you won’t need to buy your dinner out.
27. Always look out for special offers, coupons and discounts. Bulk buy if there is a special offer on something you regularly use, for example a BOGOF on toothpaste however don’t just buy something because it is reduced!
28. Don’t feel you have to be the first person to get the latest products, for example a mobile phone could cost £300 when first launched but could drop to only £50 in the next year.
29. Plan your family and friend’s birthday and Christmas presents in advance by buying them during the sales. If you have enough storage, you could buy your Christmas presents for the following year in the January sales.
EVENING ENTERTAINMENT AND LEISURE
30. Stop eating out at restaurants at evenings and weekends so often. It’s easy to get lazy and head out for dinner but you’ve got to remember that your meal will cost a lot more in a restaurant than it will cooking for yourself.
31. If you do eat out at a restaurant, try to skip the starter and only have two courses which will save you money without ruining your evening. Also, try to resist the coffee at the end of the meal, you can get one at home for much less.
32. Find a restaurant where you can take your own bottle of wine! These are quite common and will mean you are not paying restaurant prices for your drinks.
33. Take it in turns for you and your friends to throw a dinner party. This is much cheaper than going to a restaurant and is often more fun especially if you have themed evenings.
34. If you are going out for the evening, don’t go too early and have a few drinks before you leave. You will spend much less money but will still have fun!
35. If you have an expensive gym membership and do not use it then cancel it as it is a complete waste of money. Try walking instead or using your local leisure centre which will be much cheaper than a gym membership.
36. If you pay to go to a slimming club, consider starting your own with your family, friends and neighbours instead. You will still get the same motivation but will save on the weekly cost.
37. Don’t pay full price for cinema tickets as most cinemas offer cheap weekend or daytime prices, and if you know someone with an Orange mobile phone you can get 2-for-1 tickets on Wednesday’s with their Orange Wednesday promotion.
38. During summer holidays most council’s have free or cheap events for families and children to take part in, so make sure you hunt around to make the most of what is offered.
39. Libraries are a great place to take the children on a rainy day and are great for adults too as many now stock not only books but CDs , DVDs and magazines.
40. Share the cost of events with your family and friends, for example if you love football then buy a season ticket with your friends and take it in turns to go to the matches. This way you might miss out on some matches but that’s better than missing out on all of them.
41. Try and find a market research group in your area which will pay you very well for telling researches what you think of specific products or ideas. These are enjoyable to do and you are provided with refreshments while you are there.
FASHION
42. Aim to build your wardrobe up with classic pieces that match. This way you will be able to interchange everything, so you won’t have to buy as many new pieces.
43. Go to the factory or clearance shops; they’re much cheaper and give you big brands at low prices and chances are, nobody will know where you bought them from!
44. Try to save your shopping trips until the sales are on. Although make sure you don’t buy things just because they are cheap if you don’t actually need them and take them back if they don’t fit as many shops do not open their fitting rooms during busy sale times.
45. Go to your local charity shop for cheap clothes! Remember, the majority of celebrities shop in charity stores because that’s where all the quirky stuff is so you will be in good company!
46. Don’t splash out on designer clothes for your children. Hand-me-downs and supermarket clothing ranges are a great way to dress your children cheaply and they probably won’t even notice the difference.
47. Learn how to sew and fix your clothes, not only will you be able to sew any holes or rips, you will also be able to customise your own clothes to make one off pieces.
48. Return clothes for a refund that you have bought and then realised you don’t like, don’t just let them sit in your wardrobe with the tags on.
49. Don’t avoid the cheaper shops such as Primark, they are great to stock up on your simple wardrobe necessities such as t-shirts and nightwear.
UTILITIES
50. Only buy home appliances that have been certified as energy efficient, they may cost more to start with but you’ll save more over time on running costs.
51. Replace your old light bulbs with energy efficient light bulbs as they last longer and save you money.
52. Lower your heating thermostat. If there are rooms that you don’t use in your home then turn off the radiator and close the door. If you live in a 2 storey house, you can turn the thermostat down even further upstairs because heat rises. By turning your heating thermostat down 10-20 you will be surprised at how much energy you will save per year.
53. Install more insulation in your attic, replace old curtain liners with new insulating curtain liners and seal any draughts. If you have a big enough budget, install double or even triple glazed windows, these are very efficient means of insulating your home, saving you money on heating costs. They also boost the value of a property significantly.
54. Turn off the lights if you aren’t in the room and make sure everyone in your house does the same. There’s no point in being charged for light that you don’t use. Simple as that!
55. Don’t leave electrical appliances on standby as they still consume electricity. Turn them off at the wall and you could save up to 10% off your electricity bills. According to reports, the UK government is bringing in legislation that will make it compulsory for all new appliances to not have a standby mode because of the huge waste this brings.
56. You can save a lot of money on your water bills very easily, always shower rather than bathing and spend as little time in the shower as possible.
57. If you have a big home with few occupants you could halve your annual water bill by installing a water meter.
58. Turn your washing machine down to 40. Unless your clothes are heavily soiled a wash on 30-40 will still bring them out sparkling clean!
59. Don’t be lazy by sticking with your current utility company, shop around and make sure you are getting the best deal; you can use utility comparison sites to help you see which company will be best for you and use Internet Cashback to earn up to 37.50 pounds for switching utility companies.
TRAVEL
60. Book flights early and save money. While many of the budget airlines will fly to a regional airport, it may actually cost less to fly into an airport closer to a city center (if you are going on a city break) as you won’t have to pay for a taxi to your accommodation.
61. Budget airlines such as Ryanair are now charging per bag checked into the hold in an effort to speed up their turn around times. If you can, pack what you need (minus scissors, liquids etc) into your hold baggage. This also means you don’t have to wait round to pick up your baggage at arrivals.
62. Book hotels online rather than walking in unannounced and being hit with the typically higher walk-in rate.
63. Buy your car rental online rather than arranging for it when you arrive. Car rental is a competitive market and there are plenty of money-saving offers available.
64. If you are planning a journey by train or bus then book early, look for offers and do not travel in peak times. If you buy your ticket on the day of travelling it will be significantly more money than if you book in advance.
65. If you are on a long train or plane journey, buy your refreshments before you board as drinks and snacks are always over priced once you are travelling.
66. There are lots of websites which will send you free samples or money off coupons so find the best one and keep checking it for the samples you want to receive. Shampoo and body lotion samples are great to take on weekends away!
COMMUNICATIONS
67. If you don’t use your landline phone often then change to a pay as you go mobile phone, it is silly paying for line rental if you don’t use it.
68. If you don’t use your internet broadband often then cancel it and make use of free wireless internet in most restaurants, cafes and bars. You simply take your laptop and connect to their wireless for free (although it might cost you a cup of coffee!). You can go to your library and use their computers for free and even have access to their printers and photocopiers for a small cost.
69. If you are on a monthly mobile phone contract, think about going pay as you go instead. You will have much more control over what you spend, and you’ll be surprised at how many people will call you instead of you calling them!
70. Send an email instead of phoning or texting people. Most customer services departments will answer emails now if you have a problem with a service such as your utility bill which means you won’t have to ring their premium rate customer services phone number. You can also send your family and friends emails instead of calling them and even send birthday cards by email to save on postage.
71. There are lots of websites which let you send text messages to mobile phones for free so you won’t use up your credit texting while you can get online and use a messenger service such as MSN Live to talk to your family and friends over the internet for free.
72. Get a Freeview digital box and cancel your SKY or cable TV package. Freeview has lots of free channels and you can now watch the majority of TV programmes on the internet, so you won’t be missing out on your favourite shows.
AROUND THE HOUSE
73. If you have a spare room, advertise for a lodger. There are lots of people who just want a room during the week while they are at work, so you would still get your privacy at weekends. If you live on your own a lodger can provide you with great company and will help pay towards your bills.
74. Don’t be wasteful with products such as toothpaste, body lotion or foundation. When you can’t get anymore out of the tube, cut it open and you will be able to use the bits you couldn’t get to.
75. Re-use old ice-cream tubs or take away packaging, you can use them for freezing food or taking your packed lunch into work.
76. If you have a pet, don’t go out buying expensive bedding from the pet shop, recycle the waste paper from your office or buy your own shredding machine at home and shred up your old newspapers.
77. Only fill the kettle with the amount of water you need, filling it up full wastes energy and takes longer to boil so you’ll have to wait longer for your drink!
78. When you use your washing machine, make sure it’s full every time, if you just have a few items to wash then hand wash them in the sink.
79. Instead of drying your clothes in the tumble dryer, hang them outside or in rainy weather hang them over a clotheshorse. This will also keep your clothes nicer for longer as tumble dryers tend to shrink your clothes!
80. Learn how to make your own cleaning products which are as effective as the products you buy in the shop and you can often use the ingredients you already have in your kitchen cupboards.
81. Grow your own fruit and vegetables in your garden or rent an allotment, especially if you give the vegetables to your pets. Seeds cost virtually nothing compared to the actual products themselves.
MOTORING
82. Downsizing your car could save you 100s of pounds each year in both fuel and road tax so if you are just making journeys to and from work you should seriously consider getting a smaller, more efficient car.
83. Don’t renew your car insurance without shopping around first. Use a price comparison site and you could save £100s every year by changing to a cheaper provider.
For a price comparison service go to CompareTheMarket.com.
84. If you travel to work on your own, try and start a car pool with colleagues who live in your area, not only will this save in petrol costs, it will also keep your car miles low.
85. Don’t jump in your car for all journeys, if you can, walk or cycle and you will save money and get fitter.
86. Start a school run with other parents in your area if you drive your children to school or consider walking them there instead if it is in a walking distance.
87. Don’t drive too fast, the RAC claim most car engines run far more efficiently at 60-70 miles an hour, compared to 80 mph or over.
88. Check your tyre pressure regularly; if your tyres are under inflated by 20% then you’ll use 10% more fuel.
89. Don’t pay to get your car cleaned as it is a waste of money, set aside 30 minutes each week to wash it yourself.
MISC
90. Instead of buying a daily paper, read the news online. Most newspapers have regularly updated websites which have all the news stories for free which could save you approximately 15 pounds per month.
91. If you smoke, try to stop or cut down. The NHS has lots of free services to help you do this and it will save you £100s each year.
92. Monitor how much alcohol you drink. If you are having a few glasses everyday, try to cut back and only have it for special occasions.
93. Don’t spend money you don’t have on gambling sites, especially ones online. It is easy to lose track on how much money you are spending and more often than not, you will lose this money. Try premium bonds instead if you want to try your luck as this way you will not lose your money.
94. It may be cheaper for you to pay for your prescriptions in advance with a pre-payment certificate if you pay for more than five prescription items in four months or 14 items in 12 months.
95. Buy generic medicines when you can, a 16 pack of Anadin costs approximately 2.99 pounds however a Sainsbury branded pack will only cost approximately 33p.
96. Cut and colour your own hair, or get your friends to help you. There are lots of great DIY colour kits out there to give you a new look for under 5 pounds and a pair of clippers won’t set you back much. Be careful though!
97. Pretend it’s your birthday on a night out and you might get a free birthday cake or glass of Champaign.
98. Don’t lose all of your loose pennies, save them up in a jar and at the end of the year you will be surprised at how much money you have collected.
99. Make saving money fun! Saving money doesn’t have to make you miserable! You can still see your friends, buy yourself treats and go on holiday; you just have the added advantage of feeling proud of your finances instead of hiding away from them!
The author of this article is a keen blogger regarding cashback deals for retailers’ such as for ASDA and affiliate marketing programmes.
If you observe genuinely rich and wealthy people, you will notice that truly wealthy people share and adopt similar mindsets and habits.
When I refer to millionaires or wealthy people, I am not to referring people who have large amounts of money in their bank account or people who have amassed large fortunes or assets.
I am referring to people who possess the millionaire’s mindsets and habits. These mindsets and habits can be said to be more invaluable than any current assets or fortune.
They are the reason why and how rich and wealthy people are able to create the wealth they have now. It does not matter where you are starting from. You can be a millionaire now or you could be having nothing to your name at the moment.
Having acquired the millionaire’s mindsets and habits, creating wealth is simply an everyday thing, a part of life, not something you struggle to attain.
The question is, have you acquired these mindsets and habits?
Introducing you to the…
MILLIONAIRE’S MINDSET
Millionaires Take 100% Responsibility for their:
Millionaires believe: For Things to Change, I Must Change First
Here’s the opposite mindset of a millionaire:
VICTIM MINDSET
Here’s what victims do:
Are you playing ABOVE or BELOW the Line? You decide which category you fall in. No one but only you can decide for yourself
Next we come to HABITS.
What do habits have to do with wealth creation and becoming wealthy you may ask? Let me be honest and upfront with you right now. Being rich & wealthy is a process; it is actually a journey filled with a set of principles. That is where this sets of habits come into place. If you cannot even master these 10 habits, forget about becoming wealthy. It could be too arduous and tiring for you.
Here are the 10 wealth habits
Make these mindsets and habits a part of yourself. In this way you are in fact investing in yourself. When you start investing in yourself, you will begin to expand. Through self improvement and expansion, these internal resources will enable you to generate the riches and abundance in life.
Wei Chung Kay is an entrepreneur, content creator and marketer of web content and information. For the individual seeking financial freedom and abundance, Get the Secrets Of Self Made Millionaires Wealth Creation Program Today!
