When it comes to cryptocurrency, one of the most important things you can do is ensure that your loved ones are taken care of in the event of your death. While this may seem like a daunting task, it is pretty simple if you take the time to plan. This blog post will share how to leave your cryptocurrency to a loved one.

First and foremost, it is essential to understand what cryptocurrency is and how it works clearly. Bitcoin, Litecoin, Ethereum, and Monero are all examples of popular cryptocurrencies.

Now that you have a basic understanding of cryptocurrency let’s discuss how to leave your crypto assets to a loved one. The first step is to create a list of all the crypto assets you own and their respective wallets. Once you have this information, you must provide it to your executor or trustee. 

Who can you leave your crypto to?

When it comes to cryptocurrency, one of the main concerns is what will happen to your digital assets after you die. If you don’t have a plan in place, your loved ones may be unable to access your crypto holdings.

Fortunately, there are a few ways you can leave your cryptocurrency to your loved ones. The most popular method is to use a service like Coinbase that allows you to designate a beneficiary for your account.

Another option is to store your private keys in a safety deposit box or with a trusted friend or family member.

Whichever method you choose, it’s essential to make sure your loved ones are aware of your plans and know how to access your crypto holdings.

With some planning, you can ensure that your hard-earned digital assets will be passed on to those you care about most.

What should you know before transferring your crypto?

When it comes to passing on your cryptocurrency to a loved one, there are a few things you need to keep in mind.

First and foremost, you must ensure that the person you’re transferring your crypto to can understand and handle the technology. If they’re not tech-savvy, finding someone who can help them out might be a good idea.

Secondly, you need to consider how you will transfer your cryptocurrency.

Again, there are a few different ways to do this, but the most important thing is that you do it safely. You don’t want to risk losing your cryptocurrency or having it stolen.

Lastly, you need to consider what will happen to your cryptocurrency after dying. Will your loved ones be able to access it? Make sure you have a plan so your crypto doesn’t waste.

How do I transfer my cryptocurrency out of my account?

Transferring cryptocurrency out of an account will vary depending on your exchange or platform. However, most exchanges and platforms will have a similar process for withdrawing funds.

To begin, you must log into your account on the exchange or platform. Once logged in, you typically need to go to the “Withdraw” or “Send” page.

From there, you will enter the amount of cryptocurrency you want to transfer out of your account and the wallet address you wish to send it to.

Once you have entered all the required information, click “Withdraw” or “Send” to initiate the transfer. Depending on the platform or exchange, a few additional steps may be required to confirm the transaction. However, once everything is approved, your cryptocurrency should be on its way to the specified wallet address!

Is any of this legal or taxable?

It’s complicated.

There are several ways to leave your cryptocurrency to a loved one, but it’s essential to understand the legal and tax implications before you do.

For starters, it’s essential to understand that cryptocurrency is treated as property for tax purposes. Therefore, any gains or losses from selling or transferring cryptocurrency will be subject to capital gains taxes.

Furthermore, if you’re leaving cryptocurrency to someone in your will, it’s important to understand how inheritance laws apply.

In most cases, an inherited property is subject to estate taxes, which could eat up a significant portion of the value of your crypto assets.

Finally, it’s worth noting that the IRS has been cracking down on cryptocurrency in recent years. Unfortunately, this means that if you’re not careful about how you structure your affairs, there’s a risk that your loved ones could end up owing taxes on your crypto assets.

All of this is to say that there are a lot of legal and tax considerations when leaving cryptocurrency to a loved one. Therefore, speaking with an attorney or tax advisor before taking action is essential.

Conclusion

Thinking about what will happen to your cryptocurrency after you die is essential. While it might not be something you want to think about but it’s necessary to ensure your loved ones know what to do with your cryptocurrency when you’re gone.

Leaving clear instructions on how to access and use your cryptocurrency can help avoid any confusion or problems down the road. With some planning, you can ensure that your cryptocurrency is left in good hands after you’re gone.

How To Leave Crypto In Your Will? ( Leaving Cryptocurrency To Your Loved Ones ) is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

Why is gold a substantial investment during recession periods?

Gold is a haven asset that performs well during economic turmoil and uncertainty. Investors worried about the economy’s direction tend to flock to gold as a haven investment. This demand for gold drives up the price, making it a good investment during recessionary periods.

There are many reasons why gold may be a good investment during a recession. First, gold tends to be less volatile than other assets, such as stocks and bonds. This means that it may hold its value better during economic uncertainty.

Second, gold has historically outperformed other assets during periods of recession. This is partly because investors see gold as a haven asset and are willing to pay more for it when other assets are losing value.

Third, gold is a finite resource, so it is not subject to the same inflationary pressures as other assets. This makes it an ideal hedge against inflation, which can erode the purchasing power of different investments.

Fourth, many central banks worldwide have been increasing their holdings of gold in recent years, which adds to the demand for metal and contributes to its price stability.

How to invest in gold during a recession?

When it comes to investing in gold during a recession, there are a few things you need to keep in mind. First, you must remember that gold is a volatile commodity. That means its price can go up and down drastically, and you need to be prepared for that.

When most people think of investing in gold, they think of buying gold bars or coins. However, there are many other ways to invest in gold during a recession. Here are a few:

1. Gold ETFs: Exchange-traded funds that invest in gold are a popular way to invest in gold during a recession. They offer the advantage of being able to be traded like stocks, but with the price of gold underlying their value.

2. Gold Mutual Funds: These mutual funds invest in companies involved in producing, refining, or selling gold. They offer exposure to the gold market without owning any physical gold.

3. Gold Mining Stocks: Gold mining stocks are another way to get exposure to the price of gold without owning any physical metal. These stocks represent ownership in a company that mines for gold and, therefore, will go up or down based on the price of gold.

4. Physical Gold: Of course, you can always buy physical gold bars or coins as an investment during a recession (or any other time). This is the most direct way to own and benefit from changes in the price of gold.

Finally, remember that no investment is guaranteed. There’s always a chance that the price of gold could go down, even during a recession. But if you’re looking for a haven asset, gold is worth considering.

What significant steps can be taken while investing

When it comes to investing in gold during a recession, there are a few key steps that you can take to maximize your chances of success. 

First and foremost, you must ensure you are diversifying your portfolio. This means investing in various assets, including stocks, bonds, and gold. By diversifying your portfolio, you can protect yourself from the potential risks associated with any particular investment.

Another major step you can take while investing in gold during a recession is focusing on quality over quantity. This means buying gold coins or bars from reputable dealers rather than low-quality gold items from unknown sources. Focusing on quality can help ensure that your investment will retain its value over time.

Finally, remember to stay patient when investing in gold during a recession. The economic conditions that lead to a recession can sometimes take months or even years to play out fully. This means that it may take some time for the price of gold to rebound. 

However, if you are patient and wait for the right opportunity, investing in gold during a recession can be a great way to reach potential profits.

Advantages of investing in gold

Investing in gold has many advantages. For starters, gold is a highly secure investment. Its value does not fluctuate much, so you can be sure that your investment will be safe. Gold is also a very liquid asset, so it can be quickly sold for cash if needed. Finally, gold is an excellent inflation hedge. When the prices of other investments, such as stocks and bonds, go down, the price of gold often goes up, preserving the value of your investment.

Disadvantages of investing in gold

The high price of gold is one of the main disadvantages of investing in gold. When the economy is struggling, the price of gold usually goes up. This means that you may be unable to sell your gold for as much as you paid. Gold is also a very volatile investment. In a short amount of time, the price might swing dramatically up and down. This can make it difficult to predict what will happen to the price in the future.

Another disadvantage of investing in gold is that it doesn’t produce any income. Gold does not pay dividends or interest like equities or bonds. This means you’re relying entirely on the price to make money from your investment.

Finally, there are storage and insurance costs when investing in gold. You’ll need to store your gold somewhere safe and secure, which can cost money. You’ll also need to insure your gold against theft or damage, adding to your costs.

Conclusion

Gold has often been a good investment during economic recession and turmoil. While there is no guarantee that gold will always increase in value during these periods, it has historically been an excellent investment. If you are considering investing in gold, research and talk to a financial advisor to get the best advice for your situation.

Gold As Investment In Recession? Key Reasons Why Buying Gold Is Good Investment is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

Having an investment plan is crucial as you proceed in life. Getting old is mandatory, and one day you will retire from that Malaysian job you have. An investment plan will determine whether you have money to sustain you after you retire or whether an empire will grow out of the investment plan. 

Below is an overview of make the best investment plan in malaysia.

Tips to Follow To Ensure You Plan Is Successful

Invest In Several Different Plans

When you start investing, become open-minded and look for other opportunities of investing. If you have a real estate business, why not invest in the property moving business. You are already in the industry, why not maximize returns? Investing in different plans also tends to protect you from complete losses. If one plan fails, you should have other plans to support you.

Drop Discretionary Spending

One thing big companies strive to do is to cut costs to maximize profits. How do they do this? Through cutting money-draining expenses, the company will cut cost and generate more profit. If you have an expense which is unnecessary, redirect the finances to investments, and this may turn out to be, a profitable move for you. Always keep in mind that expenses drain you.

The Earlier, the Better

Early investment is important. So for any young Malaysian out there, investment should become your goal. There is no young age for you to start investing. If you keep postponing investment, you will never save. It is the power of procrastination. The moment you start earning those ringgits, think about investing a certain percentage and not just consuming blindly.

Do Research and Understand the Sector You Want To Invest In

Okay, even if we keep shouting invest, taking a blind step is a dangerous move for you. Before making an investment plan, research and understand what you are getting into. Get professional advice and look into the options offered. Doing this will help you come out as a winner, not a loser.

What Areas Can One Person Can Invest In?

In this age, there are several sectors which are bringing profit to people without much sweat. They include:

Real estate business

Something which is special about this business is the fact that every coin you invest, appreciates. Buying land and building residential and commercial buildings in Malaysia is becoming a profitable business. If you have money, don’t hesitate to invest in this sector although, starting up can be a challenge.

Stock market business

Come out of the cocoon and diversify yourself away from Malaysian borders. Stock business is a sector which is bringing profits and making people rich daily. It takes time to learn, but once you get the hang of it, it becomes a profitable business for you.

Fixed deposit investment

Fixed deposit is not hard to understand, and it only requires you to provide money to finance it. The risks involved are minimal, and you can be sure of profits for the period invested. However, profit not high.

Conclusion

Investment is something you begin learning about once you hit your 30’s because of ignorance or lack of a learning opportunity. In this era of internet younger generations are informed. Once you hit the age of earning Ringgits, make a point of making an investment plan.

What Do You Need to Know Before You Make the Best Investment Plan in Malaysia? is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

You must have heard about spot forex trading and how people are investing in the venture. But what exactly happens at spot forex trading? Well, this simply trading in the currencies of the world.

It has a very simple principle behind it. You purchase a currency when it’s low and trade off another currency when it’s high. You then make a profit from the balance.

When it comes to making investments, spot forex trading is getting mainstream. The preponderance of people are including novice investors are finding forex trading to be a more promising venture compared to than trading at the futures market or stock market. And there are very good reasons for this turn of events. Below are some of the compelling reasons informing spot forex trading.

Low Capital Requirement

To get into the forex market, you don’t need to have a huge fortune. This is unlike other forms of financial investments that require substantial amounts of money. Consequently, spot forex trading is becoming the new choice of investment for the majority of average players. Initially, the forex market was highly dominated by the large multinational banks as well as major financial institutions.

With such a climate, it seemed like a preserve of the established financial institutions, and smaller investors didn’t feel like they stood a chance to begin competing. Today, however, there are several online platforms that can help you get started with forex trading. This means that anyone with some amount of cash can register with one of the platforms; BYFX GLOBAL OTC foreign exchange services, for instance, and starting trading on foreign currency. You are allowed to play with any amount of cash you feel comfortable about.

Easier Operations

No one can really tell how long forex trading has been in existence. Due to the long history of this trade, the practice in forex markets has become highly standardized by now. This is even coupled with modern technology that has revolutionized how investors today can trade in the market. This has really helped to make the operations at forex trade simple and straightforward for an investor at whatever level.

There are automated systems in play today, which go a long way to enhance the experience at forex trading. You can monitor the market constantly which allows you to make quick transactions. You can also get the complete statistics to your trade anytime you feel like. With a system like the BYFX GLOBAL OTC foreign exchange services, you can make money anytime, whether you are at the table eating, in bed or running other errands.

Dynamic Market

The forex market is on 24 hours a day and 5 days every week. Within this period, there’s often a lot happening. You will find opportunities to leverage on coming up every day so often and the system don’t stop turning up. In other words, this exciting market does not give you room to be inactive.

It is important, however, that you need to focus in order to be successful. This means being responsive to the new events turning up.

Why the Forex Market Has Become Mainstream is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

Most financial gurus would tell you that you should start investing in your 20s. While this is great advice, the reality is that a lot of people are unable to do so. This is usually because you are not making enough money and are still burdened with a number of financial obligations.

However, at some point in your life, the winds are going to change and you will find yourself with some extra money. The good news is that just because you are a bit late in the game doesn’t mean that you can’t experience the same benefits as younger investors. As long as you know how to go about investing, you are sure to live quite comfortably off of your profits.

Understand Your Financial Commitments

Before you start investing, you should understand what your fiscal commitments are. This should be on a short and long-term basis. Even if you are living as frugally as possible, there are still expenses that you need to pay for. On a month to month term, this could be your mortgage. In a few years or so, you may still be on the hook to pay for your children’s college tuition or even help out with their weddings.

So, you should take all these things into consideration before you begin investing. This will help you build a much better picture of just how much you can afford to utilize on your investment ventures.

Invest More Now

Even though it is technically never too late to start investing, you will still have to make up for lost time. If you hope to make the kind of profits that would make your retirement a great deal more comfortable, you may need to increase your investment capital.

This begs the questions, how do you invest in stocks? And how much should you invest? Depending on your age and current position in life, you should attempt to invest at least 12 percent of your income. If you have high financial goals, you may want to increase to around 15 percent.

Secondly, you should build your portfolio according to the level of risk you can incur as well as your expected rate of return. If you want to balance risk with reward, it is advisable that you consider a rate of return of about 6.5 percent each year.

Focus on Stocks

Most experts would agree that you should stick with stocks if you are an older investor. This is because it works well for anyone who is not planning on withdrawing profits from their current investments.

Also, since there are probably quite a few years left before you need to retire, you will be able to stay put on your position, regardless of the highs and lows your investment is likely to experience. It should also be comforting to know that many well-reputed retirement funds are currently tied up in stocks. The good news is that there are actually a number of choices you could choose from, including marijuana stocks. This way, you will be able to settle on a highly profitable avenue.

Your Guide for Investing Late in Life is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

Having an investment plan is crucial as you proceed in life. Getting old is mandatory, and one day you will retire from that Malaysian job you have. An investment plan will determine whether you have money to sustain you after you retire or whether an empire will grow out of the investment plan. When you decide to make an investment plan, the question of ‘how do I go about it’ arises. Below is an overview of make the best investment plan in malaysia.

Here are some tips to follow to ensure your plan is successful.

Invest In Several Different Plans

When you start investing, become open-minded and look for other opportunities of investing. If you have a real estate business, why not invest in the property moving business. You are already in the industry, why not maximize returns? Investing in different plans also tends to protect you from complete losses. If one plan fails, you should have other plans to support you.

Drop Discretionary Spending

One thing big companies strive to do is to cut costs to maximize profits. How do they do this? Through cutting money-draining expenses, the company will cut cost and generate more profit. If you have an expense which is unnecessary, redirect the finances to investments, and this may turn out to be, a profitable move for you. Always keep in mind that expenses drain you.

The Earlier, the Better

Early investment is important. So for any young Malaysian out there, investment should become your goal. There is no young age for you to start investing. If you keep postponing investment, you will never save. It is the power of procrastination. The moment you start earning those ringgits, think about investing a certain percentage and not just consuming blindly.

Do Research and Understand the Sector You Want To Invest In

OK, even if we keep shouting invest, taking a blind step is a dangerous move for you. Before making an investment plan, research and understand what you are getting into. Get professional advice and look into the options offered. Doing this will help you come out as a winner, not a loser.

What areas can one person invest in?

In this age, there are several sectors which are bringing profit to people without much sweat. They include:

Real estate business

Something which is special about this business is the fact that every coin you invest, appreciates. Buying land and building residential and commercial buildings in Malaysia is becoming a profitable business. If you have money, don’t hesitate to invest in this sector although, starting up can be a challenge.

Stock market business

Come out of the cocoon and diversify yourself away from Malaysian borders. Stock business is a sector which is bringing profits and making people rich daily. It takes time to learn, but once you get the hang of it, it becomes a profitable business for you.

Fixed deposit investment

Fixed deposit is not hard to understand, and it only requires you to provide money to finance it. The risks involved are minimal, and you can be sure of profits for the period invested. However, profit not high.

Conclusion

Investment is something you begin learning about once you hit your 30’s because of ignorance or lack of a learning opportunity. In this era of internet younger generations are informed. Once you hit the age of earning Ringgits, make a point of making an investment plan.

What Do You Need to Know Before You Make the Best Investment Plan in Malaysia? is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

The first question is what does risk management mean in the trading industry? This is best described as the method you would use to safeguard your trades in the financial markets.

The second question is: why is it important in trading? Risk management helps you define future objectives and minimise losses. If objectives are defined without risk consideration, sudden price moves could take you by surprise and disrupt your trading strategy.

A successful risk management strategy is fundamental to protecting your trading profits. If you keep losing money, you will eventually become discouraged and stop trading.

There are numerous techniques you can use to read price movements in the financial markets. These will go a long way in helping to ensure that you’re able to continue trading the markets.

What is leveraged trading?

Leveraged trading means you can trade using margin. This is to say that with certain forms of trading, you can open a position by depositing just a percentage of the full value of your trade.

Learning CFD trading and spread betting are two examples of leveraged financial trading. This is in contrast with more conventional forms of trading, such as share trading. In its simplest form, when you trade shares, you would have to deposit the full value of your trade to open your position.

Trading using margin or leverage can magnify your gains. The key risk of leverage, however, is that it can also magnify your losses in the exact same way.

Common types of trading

There are various forms of financial trading for you to choose from, depending on your trading strategy. These include spread betting, CFD trading and share dealing.

Spread betting

Spread betting is offered only in the UK and Ireland. It is a leveraged product that enables you to profit from fluctuations in the price of a financial asset. You can take a position on hundreds of financial instruments across numerous asset classes. These include forex, commodities, indices, as well as thousands of global shares.

With spread betting, you can speculate on rising as well as falling market prices. When you think the price of an instrument will rise, you buy. If you think it will fall, you sell.

CFD trading

Like spread betting, contracts for difference (CFD) allow you to trade the markets by depositing a small portion of the total trade value. Your profit or loss is determined by the difference between the price at which you enter and exit a trade, multiplied by the number of units you have bought.

Share trading

A stock (also known as share) market is a secondary market, where you can buy or sell shares.

When you buy a share on the stock market, you are buying it from another existing shareholder. Likewise, when you sell your shares, it is not back to the company – but to another investor.

Most forms of trading are now available online. You can trade shares, currencies, commodities, CFDs as well as spread bet online using a trading platform.

How do stop losses work?

A standard stop loss closes a losing trade after the market passes a pre-defined trigger value set by the trader. This helps you to reduce losses and safeguard against risks. This method is not always foolproof, however. During times of market volatility, your trade could be closed at a level that is worse than your trigger value. This happens because prices can sometimes jump from one level to the next, without actually passing through the level in between. This is known as ‘market gapping’.

Some traders prefer to opt for a guaranteed stop-loss order (GSLO) to protect their trades against gapping. Working in the same way as a standard stop loss, GSLOs guarantee to close your trade at the trigger value you have set. This extra security is not always available on all markets, and comes at an additional cost.  

What is a take-profit order?

This is about understanding how to exit the market when it is appropriate. A take-profit order closes your trade once it reaches a certain level of profit as defined by you. A take-profit order used in combination with a stop loss can help you to define your risk:reward ratio.

Using a risk:reward ratio

Using a risk:reward ratio can help you strengthen your trading strategy. It can compare the expected returns of an investment to the amount of risk undertaken.

To be considered useful, a risk:reward ratio should be used with a take-profit order. It should take the monetary value from each trade into account to offer a proper assessment of your portfolio.

Do Not Forget to Think About Risk Management When Trading is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

A third of Americans 55 and older

Assess Your Current Situation

A typical rule of thumb in the retirement world is that you will need 10 times the amount of money as your last full year’s worth of income from work (at least). So, if you made $40,000 in your last year of working, you’ll need $400k to retire comfortably.

Now, this is just the rule of thumb. When you’re investing after 50, that may not be practical. But at the very least, you can assess your current situation and know if you are on the right track, or if you have more work ahead of you.

Know What You’ll Need

The second part of investing after 50 is to know how much you can live off of. If 10 times the amount of your last year’s salary seems out of reach, could you live off of half of that?

Could you move to a country with lower costs, keep a part time job, or even sell your home and live in a cozy apartment? Knowing what you’ll need to live off of after retirement will be crucial in your decision making.

Play Catch Up

Did you know that after the age of 50, you can save more money in a 401k and IRA just because of your age? In 2017, investing after 50 meant that you could invest up to $24,000 into a 401k and another $6,500 in an IRA (remember that the new year may bring tax law changes, check here for more information. That’s $30,500 in just one year! Even if you don’t save all of that, it’s important to take advantage of the extra savings options.

You can also play catch up by making sure you’re out of debt, lowering your expenses (thus being able to save more money), and saving bonuses and raises that you may earn. Investing after 50 may be playing the catch-up game, but it can still be done!

Start Passive Income

Passive income is great for everyone, especially those investing after 50. Great passive income options include having rental properties, selling digital products (books, courses, etc.), and buying businesses like laundromats and car washes.

By building up your passive income, you’ll be able to supplement your retirement and social security income. Plus, this may help you if you’re unable to save enough to reach your retirement goal.

Use The Right Tools for Investing After 50

With a multitude of apps and websites, investing has never been easier. You can monitor your investing progress on various websites, invest extra money using apps, and even check on your estimated benefits with a social security calculator.

Using these tools not only helps you start investing after 50, but they allow you to take control of your money and watch it grow. So keep your spirits high and watch your money grow.

Hire An Expert

Even if you think a financial advisor or expert is too expensive, it may be worth it to see one anyways. Not only do they know the ins and outs of investing after 50, but they can also help you grow your money if you’re starting with very little.

Just make sure that you aren’t paying someone more money than you should be, and make sure they have your best interest at heart. While not all advisors work just for the money, there are a few that do. Don’t get taken advantage of.

Focus On You

Are you still trying to put your kids through college, take care of your grandkids, and spending money on family members? Stop! Your life is yours, and you should be prepared to live it to the fullest after retirement.

No one wants to see their child struggle, but you may be doing yourself a disservice if you are focusing on making the best life for them and not yourself. Will your child let you move in with them and will they take care of you for the rest of your life? Probably not. So set yourself up for success now and focus on you.

Investing after 50 doesn’t have to be difficult, and it is possible to save up for retirement in a short amount of time. Don’t be afraid to play catch up, and remember that retirement is right around the corner.

How to Start Investing After 50 is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

Becoming a day trader means learning how to profit off the volatility of the market. You want to be good at high frequency trading. It means reading advanced charts, learning technical indicators and being good at making multiple trades in an hour. That is how you profit. Knowing that, you need to make sure that you have the right tools for the job. That can mean the right kind of trading platform. Is the Etrade that kind of trading platform? Most would say no. Read on to find out why.

Etrade is an excellent tool for beginning investors, but it falls short of being a top quality platform for high frequency traders. Day traders need a different set of qualities than investors. Investors are looking to make many fewer transactions per month and looking to hold onto assets for a long time. The strategy is different for investors than it is for traders. Traders are looking for short-term profits while investors are looking to profit off long-term value in stable companies.

Warren Buffett and Charlie Munger represent the type of strategy that the ideal investor employs. When you are looking at the long term health of a company or stock, day to day volatility is not what you need to be paying attention to. The overall fundamentals of the company and the quality of the management are key to making money off long-term plays.

Day traders are geared towards making multiple transactions per day that helps multiply profits quickly and efficiently. Etrade is built for long term investors to do research and complete a few trades per month. Multiple trades per day can add up quickly for high frequency traders and eat into their profits.

The Etrade interface and execution of trades is better suited for long term investors. Traders may find themselves frustrated with the lack of hotkeys and a slower than usual execution of trades. Because Etrade also automatically upgrades frequent traders to the company’s Pro platform once they reach 30 trades per quarter, it signifies that the basic level of the platform is designed for more traditional retail investors.

If you do level up to Etrade Pro, you can get advanced features like extended trading hours and real-time tools that track trends in a manner that day traders might find useful. However, the extended hours come at a price. On top of the regular fees, which you will continue to pay, you will be hit with a certain percentage per share for extra-hours trading. The fees do not go down with more activity. It is just that the features become more advanced and the money you need to spend increases.

The user interface becomes more sophisticated and the ability to chart risks becomes unlocked. Reading and creating advanced charts is a must learn skill for frequent traders, but with Etrade that ability comes at a cost. To make your way as a novice day trader, it is probably best to look elsewhere for your trading platform needs.

The Best Use for Etrade for Traders is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.

If you aren’t sure what this means, flipping a house is basically investing in a house, fixing it up as quickly as possible, and selling it to reap a profit. But, can you start flipping houses as a side hustle?

Research Flipping Houses

First things first, know what you are getting yourself into. Flipping houses can be a lot of work. While it can make a great side hustle, sometimes it’s going to take working long hours on the weekends and after your full-time job.

You’ll have to understand the ins and outs of real estate, understanding the costs and how things can add up, negotiation strategies, and more. Flipping houses isn’t for the faint of heart, but knowing what you’re getting yourself into can save headaches down the road.

Have Cash (or Know Someone Who Does)

If you’re struggling to pay your bills or save money, flipping houses is not for you. In fact, I only recommend this side hustle if you can put some money upfront for a house and the repairs, or if you can find an investor willing to work with you.

If you choose the latter, make sure you have a contract in place and that everyone understands their roles and duties. Remember to talk profit percentages. Who gets what, and when? Whos job is it to sell the home? Asking questions like these will make sure everyone is on the same page.

If you choose to buy the homes yourself, understand that trying to finance a home for the purpose to flip requires jumping through a lot of hoops. It may be easier to pay for the home in cash and then getting a loan for the repairs (if needed).

Have Help

If you’re flipping houses a side hustle, it’s important to hire help. It will be hard buying, renovating, and trying to sell a home all by yourself. Outsourcing certain jobs, like landscaping, roofing, etc can save you time and energy. Many people who flip homes as a side hustle generally work with a contractor, but that’s a whole other story.

Once the home is ready to be sold, you can hire a real estate agent, or at least have someone come in and give you the renovated home’s value and comps in the area.

Understand Taxes on Flipping Houses

A lot of house flippers talk about taxes, and you should be wary of them and understand them if you want to flip houses as a side hustle. Sometimes, you can get away with being taxed less. For example, if you work a full-time job, flipping a home may not be considered as part of your regular income. Also, after doing some research, I’ve found that some people “hold” their flipped properties to save on taxes.

It’s important to know the local, state, and federal laws in your area when flipping houses. Take the time to read through each piece of info. Ask lawyers and tax professionals the questions you need to. Take the time to understand the tax information now, so you aren’t regretting it later.

Know Your Timeframes

You have to understand that being a part-time house flipper isn’t going to be as quick and easy as doing it full time. You won’t be able to flip a home in 3 weeks, no matter how hard you try. Instead, set reasonable deadlines. If you are working with a contractor or any hired help, make sure they have reasonable deadlines as well.

If you have to, set up a schedule based on when things need to be accomplished. But, don’t beat yourself up if things don’t go according to plan. Renovating a home takes time. A lot of time. Even the most experienced flippers come across things that take longer than expected. So just be aware of what’s going on.

Don’t Base Changes On Emotions

Always remember that if you are flipping a home to sell, you are NOT the homeowner. You’re an investor. Don’t choose a paint color because it makes you feel good. Choose a neutral color that will suck in possible buyers. Don’t renovate the bathroom to look like yours. Renovate the bathroom to fit what a buyer would want.

By taking your emotions out of the equation, you’ll be able to flip houses much more quickly and easily, plus you’ll save yourself some headache on trying to reason with a buyer on why you choose hot pink carpet.

Flipping homes can be a lucrative, time-consuming, and even fun side hustle. These are just a few tips to start you off on what may because one of the best side hustles you’ve ever done.

Flipping Houses as a Side Hustle is a post from: When Life Gives You Lemons. Did you like the post? Follow me on Twitter, like me on Facebook, or hop on over to my blog and leave me your feedback.