5.5 Steps on How to Save for Your Big Play

What is the Big Play? The big play is that investment that gets you excited and it’s a little scary. It’s almost a sure thing when you pull the trigger. Now by saying a sure thing I mean you did the proper research on your investment. You know the risk and the reward. You have contingency plans on how to protect your investment and you are not speculating or gambling.

The problem with the big play is that most people don’t prepare for it. They do not have the funds or access to the financial resources for the big deal. The deal of a lifetime happens every week for those who can act on it. Deals are like money. They go to the people who pay the most attention to it. Are you ready to save for Your Big Play?

Playing Too Small

People are playing too small. They never invest enough for the big payoff. When you invest pennies and nickels you usually get a return of pennies and nickels. Small investment = small return. Large investment = big payoff.

“People never create wealth because they never invest enough in a deal to get a big payoff”. – Grant Cardone

People don’t create wealth because they don’t invest large enough into a deal to get a huge payoff. Creating wealth requires a surplus of cash and confidence. Sure you can create wealth over a long period of time with small consistent investments. You have seen the graphs of how your money can grow with compound interest. But I am talking about creating wealth now.

$100k Your First Target

Grant Cardone says you should save $100k before you make your first big play investment. Now he is not set in stone on that figure but that is a target most people can achieve with discipline.

Furthermore, to save that much you have to find ways to increase your income and it gives you time to study income-producing investments. Also with that time and discipline, other opportunities will open up for you.

5.5 Steps to Saving for your Big Play

1. Write Out Your Plan – Money gets bored and goes to the person who pays attention to it. Write out a plan on why you are saving for your big play and what you will invest in. If you don’t have an investment idea yet that is OK. It’s important that you make a commitment on paper that this money is for wealth creation only.

Money with no plans magically vanishes. You have experienced this before. Whenever you had extra money lying around it went quickly. The pizza man got it, you had to go to the new restaurant, a family member was suddenly in need, the kids needed stuff, and well… life just happened. Commit in writing how the money will be used.

2. Increase your income – You will never get wealthy without increasing your income. People miss this point. They start to save, cut back on their expenses, and pay off their debt. But they never intentionally increase their current income. Dave Ramsey, the creator of Financial Peace University says, “Income is your key to wealth”. The more you can increase your current income the more you can save.

Look for opportunities to increase your income at your current job. Can you generate more tips? Are their bonuses you are missing out on? Can you perform other duties? Could you bring in more customers? Is overtime available? Can you get paid on referrals? How about getting a second job?

3. Cut Expenses – Another way to create surpluses of cash is to come up with a monthly budget and cut all the expense that is holding you back. Go through your monthly bank and credit card statements. There is crap on there that you didn’t need to buy. Cut back to the bare minimum. Don’t go into any more debt. Certainly, if your spending is out of control. Go get help. Understand there is hidden money in your monthly spending. Go get it.

4. Open Up A Sacred Account – This is an important step. Open up a high-interest savings account. This is the start of your savings plan. I recommend an online bank with a limited number of transactions per month. Importantly, an account where it takes a couple of days to get your money. Limited access will curb your impulses.

Give your sacred accounts names also. This makes it real and personal. I call my sacred accounts The Big Play, The Big Dividend, and Sweet Jesus. These accounts are sacred. You don’t ruin sacred ground. Once your money goes in that’s where it stays until you are ready to invest.

Understand emergencies happen. The temptation will entice you to dip into your sacred accounts. Opportunities will arise that will be calling for your money. This is why you have a written plan to keep you on point. Don’t dip into your sacred accounts. They are off limits.

5. Decide on how much you will save each month – I teach my students to come up with a monthly budget that they can live upon. Then we put all the extra money into those sacred accounts. We Save It All. Income spikes, income surges, raises, bonuses, and extra windfalls. Save It All! This is not the time to buy shiny objects.

Increased income goes into the sacred accounts too. This is why you have created a budget. All the extra money from eliminating spending and increased income will grow quickly. I have seen students who cut $1k a month from their spending and add it to their sacred accounts.

5.5 Earn and Learn – IDEA + HARD WORK x TIME + DISCIPLINE = SUCCESS. This is the success formula. Use it to build your sacred accounts for your Big Play. Learn while you earn. Study investments, read books, go to seminars, and prepare yourself for Your Big Play.

Charles Fitzgerald Butler, is an author, entrepreneur, and expert in internet marketing. Charles has a passion for helping people start and run successful home businesses. You can partner with Charles and start building multiple income streams from your home. Charles’ goal is to help all who partner with him achieve cash flow and profits from their business.

Online Forex Trading – A Way to Enter in the Biggest Financial Market

Amongst the many financial markets existing globally, the Forex market is the biggest of them all. The Forex market is where different currencies are exchanged against each other, with daily transactions often surpassing 4 trillion US dollars. The major participants in Forex markets are the central and commercial banks, hedge funds, and multi-national corporations. However, the Forex market is the easiest financial market to access as a retail trader, on a desktop computer or a mobile device and with only a small amount of investment capital. Unlike the ‘big players’, who invest millions in Forex trading, retail traders can get started with limited funds and without any previous trading experience. They just need to select a Forex broker, preferably from the regulated CFD brokers and make an initial deposit indicated in the trading account details. In our experience, regulated CFD brokers stipulate an opening balance of around $100 on a regular trading account, but the amount varies according to the account type and the benefits provided to customers. Nevertheless, there are Forex brokers for beginners, offering micro accounts with deposits from $1, giving novice traders the opportunity to ‘test the waters’ before taking the plunge with bigger investments and riskier trading positions.

Do Retail Forex Traders Need Huge Sums of Investment Capital to Trade?

If retail clients could invest only their own capital into trading Forex, the potential for making a worthwhile profit would be limited to very wealthy investors. However, the best Forex brokers offer marginal trading and leverage to their clients, as part of the online trading package. Leverage lets Forex traders control a larger amount of the market without putting up the full amount of capital. Usually, the amount of leverage accessible on the Forex trading platform, varies from 1:25 up to 1:500. Whilst we have seen regulated CFD brokers offering from 1:1000 up to 1:2000, trading at this ratio level can be very risky and should be avoided by inexperienced traders. Notably, the ratio of leverage offered may depend on the customer’s trading experience and type of trading account. The best Forex brokers often ask customers to prove their Forex trading understanding by taking a simple test on the website. The test results decide the initial leverage ratio, which may be increased as customers gain trading experience. Successful leveraged trades generate larger investment profits for traders than if they had traded using only the funds in their trading account.

Nevertheless, leveraged trading can ‘backfire’ when unsuccessful trades occur, as the potential losses are greatly amplified. Nevertheless, the best Forex brokers typically protect their customers from catastrophic losses by providing limiting features such as ‘Stop Loss’ settings and pre-set margin calls on the platform. In our experience, Forex brokers for beginners and regulated CFD brokers, are especially careful to integrate negative balance protection into their trading platforms.

Advantages of Trading Forex

The Forex market provides infinite trading opportunities to traders especially when markets are very volatile. Because Forex trading involves predicting price movements of currencies against each other, the depreciation of one currency means the appreciation of another. Moreover, global Forex markets are open 24 hours a day from Monday to Friday with the Asian, European and Asian market sessions following each other because of the different time zones. The best Forex brokers provide support during the entire time that markets are open. In our experience, Forex brokers for beginners and more experienced traders provide demo accounts for practice trading as well as educational training courses free on their websites. Importantly, regulated CFD brokers are often ECN brokers (electronic communication network) linking smaller investors with liquidity providers in Forex markets. ECN brokers don’t trade against their clients but are interested in their customers profits as they get commissions on those profits.

Automated Forex Trading

The best Forex brokers typically offer automated trading on their trading platforms. With financial markets affected by multiple variables, it’s very tiring for traders to sit at their desktops for hours on end trying to make sense of the Forex market. Automated trading is made possible by using Forex robots analyzing market movements and generating predictions through trading signals on the platform or even to traders’ mobile devices by SMS. Traders can decide to act on the signals themselves or use the signals to execute Forex trades automatically. Automated trading with signals is especially helpful for inexperienced traders and can potentially increase investment profits substantially.