Published on: 05 February 2019
Last Updated on: 08 August 2019
Once you have your trading strategy set up, your charts are in place, you’ve looked over the news and you’re ready to roll into today’s trading, what can you do to keep yourself on the right track? One answer is your broker. A good working relationship with your broker can help you stay in line with your trades. But once in a while, you just get an urge to go above and beyond your own trading style and strategy and throw money into a bad trade. Why would you want to do that and how can you stop yourself? Even though it’s contrary to any strain of trading wisdom, it happens. Here are some of the reasons it might happen to you.
Complete Boredom:
One of the biggest pitfalls of trading in forex is the boredom that you can experience between trades. As you’ve experienced, it can be painfully boring to sit at your computer waiting for a breakout or for some news event that will trigger some action. Patience is your friend here. Try talking yourself out of making a stupid trade by thinking about what you can do with the money that you’ll most likely be losing. Think of ways you can profit from that money rather than throwing it away on a bad trade that does not fit into your trading style. Since at this point you realize it’s a bad trade, you can think through the consequences and decide against it.
Financial Pressure:
Many a rotten deal has been the result of some sort of pressure. Pressure to bring in a quick buck due to increasing financial needs is one of those pressures. Keep in mind that trading forex is not like buying a lottery ticket where you throw your money into a cause that is surely going to lose. The odds are against you in either case. This is not a toss the dice game to find out if you win or lose. There is specific logic that goes along with trading to win. You’ve done your homework, developed your strategy and even tested it now. Don’t throw it all to the wind in one dumb trade. Trust yourself, have confidence in your trading strategy and continue to have a winning attitude rather than one of defeat.
Goals Out of Reach:
If you have set your goals for trading too high, you could be feeling frustrated. Don’t let that frustration lead you to take on a bad trade in hopes of winning. You have the experience under your belt to know that it is very unlikely that you will gain anything from a bad trade. Besides the actual loss in your trading account, it will cost you money in commissions to your broker. Lower your goals so that they are realistic enough that you can meet them, and then gradually increase the bar.
In short, trust the hard work you have put into getting this far and don’t throw it away on a bad trade!
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Even if you know how beneficial long-term disability insurance can be, you may not know what to expect as far as rates are concerned. It’s not easy to just throw out a few figures; rates vary from one person to another, and they depend on various factors. Below, we’ll explain some of these factors in greater detail.
1. Your Age
As we age, we’re more likely to suffer a long-term disability. Because of that unfortunate fact, insurance rates increase with age. Keep in mind that your cost for long-term disability insurance will never be as low as it is today, and consider purchasing a policy as soon as possible.
2. Your Income
In the long-term disability insurance niche, the terminology is a bit misleading; it should really be known as ‘income insurance’. Because it is designed to protect or replace your income, it pays more if you make more. Therefore, rates are higher for those with elevated incomes. In most cases, long-term coverage costs from one to three per cent of your gross yearly income.
3. Whether You Smoke
Those who smoke are more likely to become disabled in the future. Not only do they pay more for health and life insurance, but they also pay more for disability coverage as well. If you smoke, consider quitting; if you don’t smoke, don’t start.
4. Your Job
As a worker, your long-term disability insurance rate is determined based on your job’s risks or physical demands. For instance, if you’re an office worker, you may pay less than a manual labourer would pay.
5. The Definition of a ‘Disability’
Every policy has a unique definition of the term ‘disability’. Most question whether you can do your previous job, or whether you’re unable to do any work at all. The looser the definition, the more you’ll pay for coverage. A policy covering ‘own occupation’ disabilities will pay out if you can’t do the same work, even if you could hold a different type of job.
However, a policy covering the ‘loss of earnings’ will bridge the gap between your pre- and post-disability income. Finally, an ‘any occupation’ policy will only pay out if you cannot perform any type of work. By considering this from Darras Law, you will get the help needed to encourage your insurer to fulfil its obligations.
6. The Potential Payout
While your policy’s cost will, of course, depend on your income, not all long-term disability policies pay 100% of what you make. Some pay just a fraction of that amount; the closer the policy comes to a 100% payout, the higher the rate you’ll pay.
7. Elimination Period Length
A policy’s elimination period is sometimes referred to as a waiting period. It’s the time that has to pass between the onset of your disability and when the policy starts paying out. A policy may come with a 30-, 60-, or 90-day elimination period, and those with shorter periods will cost more.
8. The Benefit Period
A disability insurance policy’s benefit period is the length of time it will pay out following the waiting period. Two- and five-year policies are common, as are lifetime policies and those that pay out until retirement age. The longer the benefit period, the more the policy will cost.
In Conclusion
Now that you’ve gained an understanding of the factors affecting your long-term disability insurance rates, your next step should be to determine how much coverage you need. While an insurance agent can help you find a new policy, a local disability attorney will help you get the benefits to which you’re already entitled.
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Tips For Breaking Into Finance And Banking
When opening an eatery, there is some basic restaurant equipment you'll want to invest in financially. Restaurant equipment financing, in particular, is a loan that is used to purchase business-related equipment. If you're starting a business, you will want to find a lender who will allow you to finance your new equipment to pay the total sum off in monthly installments and perhaps add a warranty that will then protect your purchase in case of emergencies. Most business owners, even those that aren't restaurant-related, have utilized the benefit of restaurant equipment financing.
Purchasing equipment outright can put a substantial strain on your savings, which then, in turn, can impact your cash flow. This is one reason why it's always good to have a great credit score because, during times like these, you'll need it to get financial support, such as a loan, for equipment. Being a restaurant owner takes hard work and dedication. Here are some of the basics that you will need to know about restaurant equipment financing.
How does it all work?
As a customer, you've probably never wondered how much a pizza oven costs or how the pizzeria even paid for the grill when you go to a hibachi. Well, 9 times out of 10, that equipment purchase came from a lease payment. When a lender pays a monthly payment for their piece of equipment rather than the full purchase price, this is considered a lease payment.
If you have a successful restaurant, then you'll have no problem with your equipment finance loan. Some businesses even make an account with relevant companies for equipment leases because they're thriving that much. The only downside is if you have bad credit, the chances of opening your dream restaurant are slim to none unless you're able to afford a down payment large enough to show the financial institution that you're financially reliable and stable. Don't forget, it takes a lot of money to open a restaurant, and you can always be in search of a borrower, who is someone you can either partner up with or payback in the future after your business begins to boom.
You can consider it a business loan if you don't have good credit. When you finance your kitchen equipment, don't forget that they will perform a credit check. If you have good credit, then you're in the clear; your credit report will come back, allowing you to choose the best options you'll need for your new restaurant. However, if you have bad credit, you can try to find a lender willing to partner with you. When you have a good idea and believe that your new business may make a lot of money, your potential partner will be more apt to go into business.
What type of equipment will I need?
You can either hire specialists who know the industry or if you have enough experience, you should already know what you'll need. You will need to purchase some startup items for your new restaurant. You'll want to buy products such as refrigerators, freezers, pots, pans, an oven, stove, deep fryer, plates, silverware, and more. You will want to shop around a restaurant equipment finance company or two to determine the exact amount you will need to take out for a bank loan. Also, if you want to save on delivery, you can hire your own food trucks to deliver your groceries or livestock, depending on what type of restaurant you plan on opening.
Qualifying for the Equipment Loan:
Every lender is going to vary depending on the amount needed for your equipment loan. Since a lender will check your long-term credit history and see if you're capable of making affordable monthly payments, you can check to see if you qualify on your own by checking your own credit history online. Many companies apply for loans for restaurant equipment financing in the restaurant industry because opening businesses cost so much money.
The leasing company will look at your business plan, and if they decide to move forward, you will then need to sign a lease agreement for your startup business. They will also charge an interest rate, and most of the time, there will be a section in your lease contract noting the interest rate that is decided upon.
Research the Best Financing Options
When it comes to securing the right loan, you shouldn’t just settle for the first option that comes your way. Researching the best financing options for your restaurant equipment is essential.
Lenders will vary, so take the time to compare interest rates, repayment terms, and any hidden fees that might sneak into your contract. Some lenders specialize in helping startups and offer more flexible terms, while others cater to restaurants with much established credit.
Ask around!
Networking with other business owners can give you insider information on the best lenders in your area.
Remember, signing on the dotted line locks you into a long-term commitment, so make sure it’s one you’re comfortable with.
Boost Your Credit Before Applying
If your credit score isn’t quite where you want it to be, don’t panic. You can take steps to improve your credit before applying for restaurant equipment financing. Start by paying off any existing debt and ensure you pay every bill towards a better score.
Also, check your credit report for errors and dispute them if needed. Raising your credit score may take some time.
However, doing so will open the door for better loans with lower interest rates. Therefore, saving you money in the long run. Improving your financial health now can set your restaurant up for future success.
Take Advantage of Tax Deductions
One aspect many new business owners overlook is the potential tax deductions available for restaurant equipment. The IRS allows businesses to deduct the cost of major equipment purchases like ovens, refrigerators, and other kitchen appliances.
By writing off these expenses, you can significantly lower your tax liability at the end of the year. Consult with a tax professional to ensure you’re fully utilizing the deductions.
These deductions can provide a much-needed financial boost, especially in the early stages of your business, keeping more money in your pocket when you need it most.
Plan for the Unexpected
While no one wants to see that their restaurant is not thriving, it’s always a smart move to plan for the unexpected. Therefore, read the fine print on your equipment leases and loans to understand what happens if business slows down or, in the worst case, you must close.
What happens then, if your business is your loan collateral?
Some lenders offer equipment return policies or flexible options for resale. Knowing your options in advance will prepare you to handle any bumps in the road.
Having a backup plan doesn’t mean you’re expecting failure! No!
It simply means protecting your investment and planning for a sustainable business future.
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How Restaurant Space Landlords Can Be Successful
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6 Tips to Maximize Refrigerator Use in Your Restaurant
A lot of students or newbie job seekers are always stressed about saving up money.
They ought to earn their own money and manage all their expenses, including food, groceries, housing, internet and phone bills, and more. Well, there are certain expenditures that go unnecessary and that you might overlook when you are in financial trouble.
In this article, you will learn about how to save money when you are in a financial emergency. Here, this article will offer you 11 tips with the help of which you can make your situation a bit better. Hence, to learn more, read on to the end of the article.
Top 11 Tips To Save Money For Emergencies
The following are the eleven tips to save money that you must follow if you are in financial trouble or are saving for emergencies:
1. Getting Call Tracking Services
With our busy lives around us, we usually do not stress much about our phone bills and ignore how much we are paying for them, considering it a necessity. You will see the difference in your spending once you refer to the best call tracking services in Australia.
It gives you the opportunity to show how much revenue is being generated during your phone calls and helps you save some money with it.
2. Eating At Home
Junk food and fancy restaurants drive most of us crazy. The delicious Chinese and Italian food we crave after each day of work makes us spend a lot on food.
To save up, try cutting down on junk food. If you crave some, try making it at home. This way, you will be safe from unhealthy ingredients and will have fun with family or friends while cooking.
3. Cut Off Gym
This might sound a bit offensive to some people, but if you are really not that regular with your gym, you better end up with the membership and try walking to your place of work instead of using public transport or your car, which uses a lot of oil.
4. Ignore Car Washes
Instead of getting your car washed every weekend and having to pay for it, try giving your car some time and cleaning it on your own at weekends. If you are not really good at it, give it a professional wash once in two months.
5. Shopping Measures
This is one small but very helpful tip. When it’s summer, all you wear is a big jacket and cover your inner clothes up, which makes them hidden. So instead of buying new clothes in the winter, wear the old ones as they are hidden anyway and just buy the necessary overcoats.
6. Grocery
Make sure the groceries you are buying are of use, and nothing will rot in the back of your refrigerator. A lot of us buy stuff imagining a new recipe and end up forgetting about it. This wastes not only our money but also the fresh food we just brought.
Either don’t buy fancy products (if you are not really interested in cooking) or do not keep them hidden. You can have a timetable made if you are pretty organized.
7. Drinks
If you buy canned juices or soft drinks because you are a liquid stuff addict, you should know the preservatives and amount of sugar used in them. Usage in huge amounts might end up hurting your stomach and is a waste of money. Try exploring and making your own juices or smoothies and store them in your refrigerators.
8. Record Your Expenses
If you do not have a budget for how much you will spend, you will never be able to save for emergencies. Hence, you must keep track of all your expenses.
For instance, you have to keep track of every household item, subscription, monthly bill, and many more. To start recording your expenses, you can use a budget notebook or a budget app on your phone.
9. Set Saving Goals
It is crucial to have a savings goal for your own case. Here, firstly, you have to think about what you are saving for. Then, you have to divide your saving goals into long-term and short-term goals.
Additionally, you must estimate the amount of money you need to save. Then, by comparing it with what you earn, find an estimate of the time you might take to save up to that amount.
10. Focus on Your Financial Priorities
How much you allocate to your savings goals depends on your financial priorities. For instance, if you are saving for an emergency situation, you must start putting away money now. Hence, you must keep your long-term goals in mind.
Moreover, if you are planning for retirement, you must ensure its importance over short-term needs. Therefore, it is crucial that you prioritize your goals. This will give you an idea of where you must allocate your savings now.
11. Use Automatic Saving Options
Choose automated transfer between your savings account and savings account. Here, the bank will give you an option of when and how much to transfer. Also, you have the option to split your deposits. This means a portion of your paycheck directly goes to your savings account.
Follow The Above Tips To Save Money
If you follow the above tips to save money, you can eventually end up saving a lot for your future. This will help you to cope with financial turmoil and stay prepared for emergencies. Moreover, never forget to review your budget every month and check your progress.
Do you have more tips to offer to save money? Please share your ideas and opinions in the comments section below.
Read Also:
The Importance Of Saving: The Bedrock of a Bright Financial Future
Can Families Be Happier and Healthier And Still Saving Money?
Don’t Get a Second Job: 10 Unconventional Ways to Make Money
