Taxes on wealth or simply wealth tax is the tax levied on the value of wealth owned by a person. As the term 'wealth' carries with it a broader meaning, generally capital transfer taxes (which include inheritance tax and gift tax), property tax, and capital gains taxes are some times invariably referred to as wealth taxes. Taxes on wealth were first introduced in Europe, aimed at reducing the growing wealth gap between the rich and the poor. It was meant to raise revenue for addressing ...
Read the rest of this entry »

Studies have shown that you should never risk more than 2% of your float on any trade. Why 2%? Well, in fact, many day trading professionals will tell you that 2% is too much. They'll risk 1% or even as little as a quarter of a percent on any trade. Whatever percentage you pick, the idea is to ensure that no one trade is really going to affect your day trading float, positively or negatively. Many traders don't appreciate how powerful this rule is. By simply changing the amount of capital you ...
Read the rest of this entry »

A budget is the most fundamental and effective financial management tool available to everyone and it doesn't cost a penny. Absolutely anyone can work out their budget and simply doing so helps you to see how much you earn, how much you spend and where you are spending it. If you want to work out your own personal budget you can do so in many ways. If you prefer the traditional paper and pen method that is fine as it works just as effectively as using a computer. If you are more akin to ...
Read the rest of this entry »

With mortgage rates hovering around 20-year lows, competition in the mortgage industry is fierce. It seems like every day a new mortgage loan strategy comes out that is suppose to be the best thing since sliced bread. Whether it's a mortgage with no closing costs or an interest only mortgage, everyone is claiming they can save you a ton of money. Now someone has come out with something called Mortgage Cycling. Mortgage Cycling could save you thousands of dollars or it could cost you your ...
Read the rest of this entry »

Discipline can be simply defined as your ability to follow your investing and trading plan. Discipline is a rather simple concept. You just need to define what, when and how you want to trade and manage it. You also need to decide how to handle your account when you are making money and also when bad days come along! Psychological issues make up 90% of the trading equation. Discipline is the essence of all of the psychological issues. It permeates throughout the whole process. All the rules ...
Read the rest of this entry »

The key to making money in the stock market is invest for the long-term, buying only undervalued stocks which, to quote Benjamin Graham, have a "Margin Of Safety". Ben Graham and Warren Buffett both made enormous fortunes through long-term value investing. Indeed, Buffett continues to do so and has averaged over 22% average compounded annual gains over a 39 year period. These results are phenomenal and not easy to emulate. However, with time on your side and a little bit of work it is possible ...
Read the rest of this entry »

Debt settlement has become a popular approach to resolving problem debts without having to file bankruptcy. With this approach, creditors agree to accept a portion of what you owe (usually around 50% or less) to settle the account, and the remaining balance is forgiven. This technique will certainly continue to grow in popularity now that the new bankruptcy law makes it tougher to fully discharge debts in a Chapter 7 bankruptcy. As with anything, there is no free lunch, and creditors ...
Read the rest of this entry »

When day trading futures, you enter and exit all positions in the same day - never carrying a position overnight. Since the overnight moves of the market are difficult to predict, many traders avoid risk by day trading.  Ironically, the public believes that day trading is the riskiest way to trade. THIS IS A MYTH ! Some traders day trading futures, make 1 to 3 trades per day, trying to catch the major intraday moves. Others trade in-and-out very frequently, trying to "scalp" a small profit ...
Read the rest of this entry »

In a paperless world, you might think identity theft would run rampant. But it's really not that bad. With so many banks, credit card companies and stores going totally electronic, they've all taken steps to increase online security and help prevent identity theft. At my bank - Bank of America - Online Banking security is taken very seriously. They've got tons of measures in place to help prevent identity theft and keep their customers' accounts protected and secure. Online Banking Security: ...
Read the rest of this entry »

It seems that change is the underlying theme in the American culture today. With the new administration in the White House and a fresh sense of 'new' things to come, people are looking to change their old ways and move on to a new and perhaps better way of life. When it comes to personal finance, there is a resounding difference in what people are searching for in their investments and portfolios. It is only natural to have such an inclination since most Americans have lost a huge chunk of ...
Read the rest of this entry »