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While you may not end up being the next Bill Gates or Jeff Bezos, (but, nevertheless, who says that you can’t?) it is indeed possible for you to become wealthy if a few simple habits are followed. Many have wondered how successful people do it, so the ideas below indicate some (not all though) habits which turn as pointers for you to get started on your way to financial freedom. 

Set Your Goals and Targets

While this may not sound like the ideal first thing to do, the only way that you are going to achieve that dream life you desire is to set your goals right in line with your current financial situation. You have to consider your debts and other liabilities as well as the savings and investment targets that you have set for yourself. No one can do it for you.

Create a Plan for Saving and Spending

After setting goals, the next issue is to create a plan for both saving and spending. The best way to do this is to create a budget that enables you to see what you need money for and what you can do without. Once you get the plan all set up, then the next thing is to implement this plan daily! If you want to develop a habit or give up one, you have to implement a daily routine that you can get used to. This will help you to be able to determine how badly you want to succeed.

Forgive Yourself for Your Mistakes

As you go along, you may bot have been able to achieve your target savings but you will be able to do so in the long run. When you make mistakes, it doesn’t mean that you won’t make it or you’re not good enough, it just means that it’s learning time! Every failure on your part should allow you to learn what process, method, pattern or formula will work best for you. As you keep learning, you will see the one that fits your personality and lifestyle choices. If you don’t learn, you will find out that you will make the same mistake again!

Delay Your Cravings for Spending

Have you ever had money in your bank account or a line of credit on your credit card and you just had to spend that money on what you think you can’t do without? Well, one way to deal with such kinds of cravings is to wait for like 20 minutes and while waiting to give yourself reasons why you should spend the money and reasons why you shouldn’t spend it. This “for vs. against” approach will indicate your seriousness towards your financial goals and will also test your mind and your limits in this regard. You will find out that by the time you are done, the craving would have gone.

Consult the Right Experts When Investing Your Money

When it comes to investments, apart from the required educational or professional qualifications also take a look at the net worth of the professional who is giving you advice. Has the person learned from the experience? Does the person truly understand from a practical point-of-view what he or she is saying? If you find evidence to the contrary, RUN.

Start Saving for Retirement

Most people don’t understand the power of compounding especially when it comes to saving for retirement. Even though you may be young now, you won’t be forever. The easiest way to become wealthy is to have great saving habits. Retirement also doesn’t mean that you should wait until you’re in your sixties. It all depends on your financial situation. 

At the end of the day, it can be said that financial intelligence is made up of three parts: increasing your inflows, reducing your outflows and creating reserves. Anything you do in that regard will put you on the path of prosperity.

Christopher Hamman , 2019-11-27 15:02:18 ,

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While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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