...If you want to take even greater charge of your personal money flow, set a goal. Goals are a critical part of continued success.
Bingham Farms, MI (PRWEB) October 23, 2013
Do you really need money to make money? Not in all cases, but in order to trade the markets, you must have some money to start with. “But if you don’t have extra money,” Trading Concepts Founder and CEO Todd Mitchell says, “don’t be discouraged. It can be as simple as reviewing your personal finances to see where you can cut back and save some money each week.” Mitchell likes the tips Fox Business recently gave titled "8 Things That Can Make or Break Your Budget,” reported by Jane Young.
Here are the highlights of the Fox Business article:
- Stay out of debt (and if you are in debt, prioritize paying off credit cards).
- Save money at the grocery store by making a list and sticking to it.
- Spend less on eating out by eating only half of the larger portions served and saving the rest for another meal, or have an appetizer at home before you head out.
- Spend less on clothing by shopping on line, shopping at the end of the season or going to consignment stores.
- Reduce holiday spending by starting early, making a plan and sticking to your gift budget.
- Save on travel by using frequent flier miles and avoiding travel during the peak season.
- Take care of yourself by getting plenty of exercise, eating right, getting enough sleep and managing your stress. Being healthy and energetic will likely result in being more productive, leading to greater income potential.
- Save Money on Vehicles by not purchasing a brand new vehicle or by not buying more car than you need, and performing regular maintenance as this could prevent future expensive repair bills.
For the complete article and more details on the above tips, please see http://www.foxbusiness.com/personal-finance/2013/10/21/8-things-that-can-make-or-break-your-budget/
Mitchell practices the above tips because they make sense and they work. He recommends using them in conjunction with an outlined budget. “And, if you want to take even greater charge of your personal money flow, set a goal. Goals are a critical part of continued success,” Mitchell said.
For someone who would like to trade the markets, Mitchell recommends having a minimum savings goal of $2,500. This amount could get you started trading in any market. He gives these tips for establishing a budget:
- Put your budget in writing and include all your expenses, even the extras like cups of coffee or newsstand purchases
- Start by listing essentials first such as mortgage payment or rent
- Complete your list in order of necessity
- Review how much you spend in each area and identify items you could cut out or reduce in order to reach your savings goal
- Determine how much you would save each week with the above cutbacks and use that to figure your monthly savings goal
- Write down your monthly savings goal and post it somewhere as a motivator or reminder
- Review your budget on a regular basis as you come across new or creative money saving ideas like the ones above
“Before you know it, you will have enough to do something you have always wanted to do like trade the markets,” Mitchell said.
For more information on successful trading, including goal setting, please see http://tradingconceptsinc.com/3872/steps-successful-trader/.
About Todd Mitchell:
Todd Mitchell has been involved with the markets since 1988. His training success has been tied to consistently developing and improving his trading approach based upon the use of bar charts. Todd Mitchell’s entire approach to trading is to be honest and straightforward. Todd’s love for the markets and his love for teaching echoes throughout all of his work. Todd is founder and CEO of Trading Concepts, Inc.
About Trading Concepts Inc.:
Founded in 1994, Trading Concepts quickly established a reputation as one of the industry’s finest educational companies in the world. As one of the oldest, most respected trading education companies in the industry, they are proud to have mentored over 10,000 traders in Forex, E-mini futures, Options and Stock Trading, bringing them powerful trading strategies and money management techniques that have previously only been available to professional traders.