Practical Trader PH

Practical Trader PH Learn how to trade, build your strategy and make money in financial market.

Warren Buffet is recognized as one of the greatest investors of all times. He is called the Oracle of Omaha. In investme...
29/11/2022

Warren Buffet is recognized as one of the greatest investors of all times. He is called the Oracle of Omaha. In investment circles, he is respected by all. He is a billionaire and was one time the richest man in the world.

Someone once asked Warren Buffet, “Mr. Buffet, how can I make $30 million dollars?”. His answer can change your life forever.

1. START YOUNG. Start making money early. Start saving early. Start investing early. Warren Buffet started investing in his teen ages. The result is that he is a billionaire today. A man who starts investing at 18 has more experience than a man who starts investing at 35. People wait until they are 40 before they start investing, that's a poor way to live. Start early.

2. LEARN ACCOUNTING. He said “Learn all the accounting you can. Learn the language of business and finance.” Learn things like ROI, Stocks, Mutual funds. You’d be surprise at how many people don’t know what these words mean. In today’s world, learn things like startup, cryptocurrencies, etc.

3. TALK TO OTHER PEOPLE WHO ARE IN BUSINESS. Warren Buffet spent a significant part of his early years talking with a certain man, Benjamin Graham. He is the author of the book “The Intelligent Investor”, one of the best books on investing in history. Benjamin impacted so much knowledge to Warren and introduced Warren to several other business owners. This was powerful practical education from people in the frontlines. In other words, get into a network of people who talk about money.

4. READ OBSESSIVELY. Warren Buffet is an avid reader. He is reported to read 500 pages a day. In a documentary titled, “Becoming Warren Buffet”, his secretary reported that Warren has one instruction: Clear up his schedules so he can as many hours for reading. Reading is the most important activity for him.

5. FIND YOUR PASSION: This is cliché but it is true. Steve Jobs was passionate about design. Warren Buffet is passionate about investing. Bill Gates is passionate about computers. Dangote is passionate about finance. Mo Ibrahim is passionate about technology. “If you find something that turns you on, you will go far in it. if you have found it, find a creative way to make money from it. if you haven’t found it yet, keep searching” he said. You cannot become very good at something that you are not passionate about. “Find your passion and don’t let anyone stop you”.

6. DON’T LOSE MONEY: Taking risk is important, but don’t forget to avoid losing money. Avoid losing money. Avoid making costly mistakes with your money. Avoid making mistakes that will make you lose your capital.

7. TAKE CARE OF YOUR MOST IMPORTANT ASSET: What is your most important asset? Yourself. Take care of yourself. Take care of your body. Take care of your mind. Take care of your mental health. "The most important investment you can make is in yourself"

Financial freedom is achieved when you have created enough wealth and/or cash flowing assets to live on and no longer ne...
28/11/2022

Financial freedom is achieved when you have created enough wealth and/or cash flowing assets to live on and no longer need to depend on a paycheck as an employee. You are then financially free from a job, a boss, and a company.

There are many ways to make a living in the 21st century other than a job. While it is a necessity to have a job to pay bills for most people when they start out in life and leave their parents home it doesn’t have to be that way for the rest of your life. Jobs are tools for earning the money you need to pay your bills but don’t have to be a life sentence if you don’t love your job.

All the jobs in the private sector of the economy are from businesses. There is the other side of the table an employee can eventually convert to over time. You can be an investor and buy the stock of publicly traded companies to benefit from the earnings, sales, and revenue that employees work hard to achieve. You can also trade stocks to benefit from the price action of the trends and swings in the stock market. You can start your own business and benefit from your own labor and even from the work of your own employees. You can create your own job through self employment where you remove yourself from the corporate pyramid scheme and your new boss becomes your customers.

Employee is not the only path just one of many ways to make a living. When you transition to trader, investor, self employed, business owner, author, or real estate investor you are still working but you are working for yourself and cutting out the middleman of a boss and a company.

Money has principles and rules for where it flows. Where ever you start out in life there are quantified things you can do to create wealth and cash flow. Money flows from people who do not know how to manage it and to people that do. Money seeks returns through investments in stocks, businesses, bonds, and people.

Here are 40 steps to financial freedom that lead you to earn more, keep more of it, and put the money to work for you instead of you working for money.

Your Financial Future

1. What are your financial goals? You have to plan your future.

2. Look for a mission in life not a job.

3. Your spouse is your lifetime financial partner. Choose wisely.

4. Work for personal growth not just for money.

5. You get paid on the value you create not what you think you are worth.

6. Your net worth is the difference between your income and your spending.

7. You need a budget or self-control.

8. What is your time and energy worth? Only work jobs that are worth the pay.

9. Buy things that you value the most, do not buy for appearances to impress other people.

10. Do you enjoy the way you earn a living? If not you are in the wrong job.

Low Stress Finances

11. Your standard of living should reflect your earnings power not your desires.

12. Save enough money for Murphy’s law.

13. Use credit and debt to buy assets not liabilities.

14. The Power of ‘F@ck You Money’. Always be able to quit and seek other opportunities.

15. Save 10% of your gross income.

16. Put your money to work.

17. Money flows from those who can’t manage it to those who can.

18. Do not put money in things you don’t fully understand.

19. The fastest way to go broke is to try to get rich quick.

20. Insurance is financial defense.

Building Wealth

21. Pay yourself before anyone else.

22. The 100% return most employees are missing: 401K matches.

23. The hidden expense of taxes. Optimize for tax liability.

24. High income is not the same as wealth.

25. Looking rich is not the same as being rich.

26. What creates wealth? Creating value for others or partnering with those who do.

27. The stock market is a wealth builder.

28. Home ownership can be a wealth builder.

29. Always consider the risk and the reward in any endeavor.

30. Invest in your knowledge and skills through education in whatever form that takes for your goals.

31. Know your net worth.

Financial Freedom

32. Fire your boss if you hate your job. There are other jobs and ways to make money.

33. You can’t ‘take it with you’ but you can enjoy freedom now when you have enough money.

34. Build a business versus having a job.

35. Plan for retirement as early as possible.

36. There are other ways to make money besides a job.

37. When cash flowing assets are greater than bills you are free.

38. If you didn’t have a job what would you do? Whatever you wanted.

39. Use capital to buy your time back.

40. The greatest luxury item is financial freedom.

Financial freedom happens the day that you have enough money to walk away from your job and do whatever you want. You don’t need enough money to do nothing, you just need enough money to do whatever you want.

5 Highly Effective Advice
25/11/2022

5 Highly Effective Advice

The primary reason for bad choices is thinking short-term. Short-term thinkers focus on the now. Long-term visionaries a...
24/11/2022

The primary reason for bad choices is thinking short-term. Short-term thinkers focus on the now. Long-term visionaries are always visualizing what's next. Could be next week, next month, or next year. The key is to make decisions by considering the benefits of the current action, but at a later date.

The 5 Steps to Becoming a Professional Trader
23/11/2022

The 5 Steps to Becoming a Professional Trader

4 Key Lessons from the Book ”Rich Dad Poor Dad” by Robert Kiyosaki
18/11/2022

4 Key Lessons from the Book ”Rich Dad Poor Dad” by Robert Kiyosaki

This is probably the most safe and smart investment you can have during bear market and recession.
17/11/2022

This is probably the most safe and smart investment you can have during bear market and recession.

Save your money. Invest your money. Protect your money.
16/11/2022

Save your money. Invest your money. Protect your money.

Are you using Ledger wallet? Here are the pros and cons of using it.
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Are you using Ledger wallet? Here are the pros and cons of using it.

What is ledger wallet?
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What is ledger wallet?

Understanding how money, investing and taxes work together is a recipe for success.
13/11/2022

Understanding how money, investing and taxes work together is a recipe for success.

If you look at how some of the world's wealthiest people created their wealth, you'll find that they got to where they a...
12/11/2022

If you look at how some of the world's wealthiest people created their wealth, you'll find that they got to where they are through owning assets. Some of them did it through businesses, while others made successful investments in stocks and real estate. For some, it is a mixture of all three. Either way, they all own assets.

You either own assets or you pay for someone else's assets.

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