How Entrepreneurs Can Ensure Future Financial Security

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When you are an entrepreneur, you give all you have to your venture. It’s understandable. Entrepreneurs bet everything on the success of their own company. However, wise entrepreneurs must also take steps to ensure their personal financial security. If you are the sole owner of your company, if the business fails, you will personally be liable for any remaining debts. Even if business failure is unthinkable now, it is a scenario that you should plan for. Hopefully, your business will never fail. But you should never assume that.

Considering your personal financial security could prevent you from going completely bankrupt. Remember, if you file for personal bankruptcy, which you may have to if the company you own runs into financial trouble, you will later have trouble acquiring a business loan. Therefore, it’s best to take the necessary steps to always have funds available. Here are several ways entrepreneurs can ensure their own financial security on the long term:

Save for Retirement Now

It’s never too early to start saving for retirement. Young entrepreneurs may look at traditional retirement plans with dread. You will have to contribute to these plans in a manner that you are not financially prepared for now. However, there’s an easy way to save as a young person: MyRAs. A MyRa is a stripped down version of the traditional IRA. You can open an account for as little as $25, and contribute as little as $2 at a time. This is the ideal plan for cash-strapped entrepreneurs. Your investment options will be limited, but it’s better than having no retirement plan.

Do Not be Solely Responsible for the Company

If possible, make your company into an LLC or a partnership. If you are the sole owner, yours and the company’s finances become legally the same. When the company files for bankruptcy, it will also be you, personally, filing for bankruptcy. You can prevent being responsible for any debts the company acquires by sharing ownership.

Protect Cash Assets with Gold

Gold is a highly regarded hedge against currency volatility. You can protect cash assets of both the company and yourself with gold. In case a financial crisis or an economic downturn hurts the value of the dollar, the gold you have will protect the overall wealth owned by you or the company. You need to buy physical gold from a firm like Lear Capital. Stocks from gold mining companies do not offer the same protection.

Avoid Taking Out Personal or Installment Loans

If you need money for the business, you should find investors, crowdfund the amount needed, or borrow the money. There are only two acceptable methods to borrow money for a business: business loan or loans from people you know at little or no interest. Do not take out those easy-to-obtain personal or installment loans. These come with sky-high interest rates, which could easily plunge your company and you into serious debt. So, always follow conventional channels to obtain funding for your company and do not … Read the rest

The perfect way to trade the Fibonacci retracement levels

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The use of Fibonacci retracement tools is very much popular among the professional traders in the financial world. If you look at the expert traders at Saxo then you will notice that every single one of them is trading the live assets in favor of the long-term prevailing trend in the market by using the Fibonacci retracement tools. Though there are many different ways of trading the financial instrument in the world but the expert prefers to use the Fibonacci retracement tools in the market to execute high-quality trades in the market. But before you start trading the live assets with this tools make sure that you have a very clear understanding of the basic of the forex market or else you will fail to make money by using this system. In this article, we will discuss how to use the Fibonacci retracement tools in your trading platform in the perfect way.

Swing highs and swing lows

The Fibonacci retracement levels in the market are drawn to the trading platform by using the swing highs and lows in the market. Most of the novice traders in the financial industry use the smaller time frame to find the swing high and low of the market and thus they fail to execute high-quality trades. But if you look at the professional traders then you will notice that most of them use the daily or the weekly time frame to find the key swing highs and lows in the market. Once they find the key swing highs and lows in the market they simply draw the Fibonacci retracement levels in their trading platform and execute the trades with proper risk management factors.

Key retracement levels: When you draw the Fibonacci retracement levels in your trading platform you will see that there are many retracement levels in the market. But the expert in the financial market doesn’t trade all the levels rather they trade the key retracements levels only. In the eyes of the trained professional 38.2 %, 50 %, and 61.8 % is considered to be major retracement levels in the market. They wait patiently until the price hits one of these levels in the market to execute their trades in the market. However, if the price of a certain assets breaches the 61.8 % retracement levels in the market then you can consider it as a strong sign of trend reversal.

Price action signal: Price action trading strategy is very much popular nowadays and all the professional traders use the reliable price action confirmation signal to execute their trades in favor of the long-term prevailing trend in the market. So when you draw the key retracement levels in the market try to find the reliable candlestick pattern in the key support or resistance level to execute your trade in favor of the long-term trend. Though this system is extremely profitable and reliable make sure that you follow proper risk management factors in every single trade.

Summary: Fibonacci trading strategy is extremely profitable … Read the rest