Essentials things that every new trader should learn

Becoming a successful trader in the online trading industry is not easy. In fact, most of the traders are losing money in currency pair trading. They simply open a trading account and start trading with their emotions. It’s true that at times you might have some big winners but in the long run, you need to develop a balanced trading system to become successful. Some people ask what  the best way to learn the art of trading is. To be honest there is no exact answer. But if you look at the senior traders in the United Kingdom then you will notice one thing in common. Every single one of them is very knowledgeable. They have a clear idea about the market structure and most importantly they are not considering this industry as a money-making the machine. They are simply taking trading as their business. You have to learn few things about Forex market or else you never be able to make a consistent profit.

The structure of the Forex market

Learning the structure of the Forex market is the first thing that you should focus on. Most of the traders are so much biased with the profit factors that they hardly know how profits are made in Forex. You have to learn more about the market competitor and based on the dynamics of the market you have to create a simple but effective trading system. Knowing the structure is just like getting the blueprint of the battlefield. If you want to win a war than the first thing that you should do is to learn about your battle. Some traders often look for a shortcut to becoming  rich, but to be honest there is no shortcut to success. You have to read a lot to learn about the financial industry.

Creating balance trading system

Without having a balanced trading system it’s almost impossible to make a profit on a regular basis. You need to learn technical and fundamental analysis very precisely. The technical analysis skill will help you to learn more about the dynamic nature of this market which will ultimately help you to find profitable trades in favor of the market trend. The fundamental section will help you to ride the long-term existing trend with a strong level of confidence. Once you have developed a balanced trading system open trading account with the best UK spread betting broker. Having access to the premium class broker is very crucial for your trading success. If you are dealing with the low-end brokers than you will never be able to make money since you will have to deal with lots of variables. Most importantly you will not gain access to the professional trading community which is very crucial to gain clear insight about the trading industry.

Developing a stale mindset

Having a stable mindset is very crucial to your trading success. If you are new to this industry then it’s very normal that you will get frustrated after facing a few losing trades. But losing trades are very normal in your trading career. You can’t do anything about it. However, the expert traders are always embracing their losing trades since they know how to trade with proper risk management. Learning the advanced art of trade management will help you make money even after having a series of losing trades. But this doesn’t mean that you will be trading to lose money. Your main aim is to find the high probability trade setup in favor of the long-term trend. If possible use the price action confirmation signal since it is one of the easiest ways to reduce your risk exposure in the Forex market. Instead of trading, the lower time frame tries to trade the daily and weekly time frame since they will give you much more accurate trading signals. Last but not the least, always control your emotion in trading.

 

5 Rules for Keeping Your Personal Finances in Check

A new year is the perfect time to make some changes in your life. Whether it’s shaking up your exercise routine (or lack thereof) or setting your sights on a big goal that’s going to change the next twelve months dramatically, you’ll be in good company with lots of other people making new year resolutions too.

If your pledge is to get your personal finances in check, here are five rules to follow…

  1. Review your current spending habits

First, take stock of your current situation. Review your bank statements and set up a spreadsheet, filling it with the figures that show what you’re spending on everything from gas to groceries. Do this month by month (going back 12 months, or even further if you’re being really diligent!), and then work out your average spend on particular categories.

If you’re a whizz with a spreadsheet, turn some of those numbers into a pie chart – doing this will help you to visualize where you’re spending your money. For example, if it turns out you’re spending a third of your income on groceries or eating out, you’ll clearly see that you might need to make some changes in that regard.

Then, work out a budget that stops you spending more than you earn. Be realistic (using the numbers you’ve detailed in your spreadsheet to inform your budget choices) so that 2018 gets off to a good start.

  1. Spend less than you earn

Not spending more than you earn is the foundation of good financial health. It sounds like an obvious point, but many of us do spend more than we earn – even just a little – every single month. Over the year it all adds up, meaning your savings simply aren’t increasing.

To get around this, either boost your earnings (taking on extra hours, negotiating a raise, or finding work on the side), or cut back a bit. Can you reduce your utility bills or food bills at all? Can you change your car to one that’s cheaper to run? Finding ways to spend less than you’re bringing in will make a significant difference to your financial health (and your stress levels too).

  1. Keep a close eye

Monitoring your finances carefully sounds like another obvious point to make, but it’s worth emphasizing as it requires discipline and a willingness to really look at the detail. Install your banking app on your phone so you can get an overview of your financial situation within a few seconds, at any time of day. Having access to your finances like this will help to see if you’re spending is on track, or if you’re heading for trouble.

  1. Never just assume

Keeping your personal finances in check also requires taking on responsibility for money in a way you’re perhaps not accustomed to doing. For example, never assume you’ve been paid the correct amount from your employer. Review your pay checks thoroughly, and confirm that you’re actually being paid the correct amount each month after your employer has completed all the necessary tax forms. Similarly, never ignore your bank statements and assume you have enough cash in your account to pay your bills. Doing so could mean you face penalties when payments bounce, or if you accidentally exceed your limit.

  1. Instate a personal ‘cooling off’ period

Finally, if you want to make a big purchase, enforce a self-imposed cooling off period of at least 24 hours before you go ahead and buy it. Think about whether or not you really need it, whether you can afford it, and how you’ll feel afterwards. Set a figure for ‘big’ purchase – for some people this might be $100 or $500 but for others it could be $50 (as ultimately it all depends on your income and your situation). But, whatever the case, a cooling off period will ensure you don’t make impulsive purchases or bad financial decisions, saving lots of guilt and worry further down the line.

These are just a handful of ideas for keeping your personal finances in check. If you already feel quite confident in this area, what else would you recommend doing?

 

Drew Brees Net Worth

The 2017-2018 NFL season came to an abrupt end this past weekend for the New Orleans Saints.  They appeared to be well on their way to a victory and play in the NFC Championship game until the Minnesota Vikings scored a touchdown on the last play of the game.  The Saints were led by stellar quarterback play in the second half from their leader Drew Brees.  Brees just finished up his 17th season in the NFL.  The majority of his career has been spent in New Orleans.  The completion of this past season has made Drew Brees a free agent, but many expect for the Saints QB to return.  Due to his successful NFL career, Drew Brees net worth sits at $80 million.

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Drew Brees

Drafted in the early second round of the 2001 NFL draft, Brees spent the first five seasons of his NFL career with the San Diego Chargers.  The Chargers selected Brees after a successful college campaign he had at Purdue.  A three year starter, Brees threw for 90 touchdowns and nearly 12,000 yards during his college career.  Upon being drafted in 2001, Drew Brees signed his first NFL contract which was for four years and worth $3.6 million.  Solid play eventually led him to reach a deal with the Saints after his fifth year in the league.  This deal and subsequent deals would eventually lead to the rise of Drew Brees net worth.

Brees has had a very successful NFL career to say the least.  He led the Saints to their first Super Bowl in franchise history in Super Bowl XLIV and was named the MVP.  He is an 11-time pro bowl selection to go along with a plethora of other awards from the league including the Walter Payton NFL Man of the Year award in 2006.  He is currently third in all-time passing yards with over 70,000.  He will most likely gain the lead if he is able to play at least one more season which he plans to do.  His 488 passing touchdowns tie him for third all time.

Because of his on the field success, the majority of Drew Brees net worth comes from his NFL earnings, which are nearing $200 million.  If he hopes to eclipse the $200 million mark for net earnings he will have to ink a deal this offseason.  Brees is currently an NFL free agent, but many expect him to resign with the Saints sometime in the near future.

Brees is married to his college sweetheart and the couple has four kids together.  Brees and his wife are very involved with the New Orleans community and in 2003 they established the Brees Dream Foundation.  The foundation does a number of charitable acts including support for cancer patients and also helping with rebuilding efforts after Hurricane Katrina.

 

How to save money when buying a bed

Bed frames and mattresses can definitely cost a pretty penny, but the expense makes sense, in a way. According to some estimates, people spend approximately a third of their lives sleeping. Without sleep, we wouldn’t be able to function on a daily basis, and it’s also said that not dreaming is incompatible with living.

With that in mind, you ought to understand that your bed should be an important investment in your comfort. If you’re looking to get your own, chances are that you’ve tried different types of mattresses by now. Some can get quite expensive depending on their cooling or heating properties or the way they can mold on your body.

For your consideration, we have come up with a selection of tips that can help you when you’re in the market for a new bed and you’re unwilling to spend a fortune. Check them out below.

Don’t be fooled by sales

The problem with sales and discounts is that most of the products you’ll be able to purchase aren’t of good quality. Sure, there are some affordable loft beds for adults that can be bought for cheap compared to their larger counterparts, but you need to ensure that their structure is reliable.

Many cheap beds and mattresses aren’t capable of withstanding the test of time. Therefore, it is a better idea to save some bucks and get the bed you want than throw your money out the window by getting one and having to replace it ahead of time.

Try as many mattresses as possible

It goes without saying that buying your bed and mattress online can be quite tempting, especially with the many offers made available either by retailers or by the manufacturers themselves. Whatever you do, do not get a bed or a mattress without first trying it.

By the way, if you share your bed with your partner, it might be a good idea to get him or her, too, and spend some time in a store so as to try out as many mattresses as possible. Only then will you find out which one works for you both.

A long warranty doesn’t matter all that much

Another aspect to bear in mind is that the warranty really doesn’t make that big of a difference. Within the first year of use, you’re likely to notice most defects, which gives you the opportunity to take advantage of the warranty as soon as possible. That is unless you travel a lot and spend little time at home, in which case you wouldn’t use the bed that often.

Many manufacturers sell their beds or mattresses for a higher price specifically because of an extended warranty. Don’t be fooled by this detail. It is practically customary to protect a mattress with a warranty of at least three years.

Don’t be afraid to protect your investment

If you got your bed delivered and upon starting to use it you’ve noticed that it’s not something you want to keep, don’t be afraid to return it.

It stands to reason that there are many policies and they differ significantly from one manufacturing brand to the next. But in the end, you need to understand that this is your money and that you can get it back if you’re unhappy with how things have turned out.

 

Draymond Green’s Net Worth

We are almost halfway through the 2017-2018 NBA season and the best record belongs to the Golden State Warriors.  While this doesn’t come as a surprise to most, the Warriors and their All-Star roster of players have continued their stellar play that led them to the 2017 NBA Championship.  One of the player’s who is key to the team’s success is their starting power forward Draymond Green.  At 6′ 7″ and 230 pounds, Green is a physical player who has recorded over 80 double doubles in his five and a half year career.  A two time NBA All-Star, Draymond Green’s net worth tops out a t $17 million.

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The 27 year old NBA star was born and raised in Michigan.  He led his high school to back to back state championships before accepting a scholarship offer to play college basketball at Michigan State.  While at Michigan State, Green developed into the team’s best player, averaging a double double in his senior season.  The Golden State Warriors used the 35th overall pick in the 2012 NBA draft to select Green as a member of their squad.  His second round selection came with a three year deal valued at $2.65 million.

In his third season with the Warriors, Green emerged as a full time starter for the team.  It was in this third season that he averaged nearly 12 points and seven rebounds per game helping lead Golden State to the 2015 NBA Championship.  Recognizing his emerging talent, the Warriors and Green agreed upon a five year contract extension worth $82 million.  It is this most recent contract that has allowed Draymond Green’s net worth to increase over the past two years.

From our analysis, Draymond is more than worthy of his large contract he signed back in 2015.  Since signing the contract, Green has been named an All-Star in 2016 and 2017.  In addition to this, he has also made the NBA All-Defensive First Team the past three seasons.  Green is a two time NBA Champion who also is a gold medal recipient while he played in the 2016 Olympics representing the United States.  Green is currently in year three of his five year extension with the Warriors.  He is scheduled to make an additional $36 million over the final two years of his contract.  This additional salary should have the potential of nearly doubling Draymond Green’s net worth.  With the skyrocketing values on NBA contracts, if Draymond keeps up with his high level of play, he could be handsomely rewarded the next time a contract comes around.

From a personal perspective, Green is known to live a fairly modest life.  He lives in an apartment outside of San Francisco and has donated more than $3 million to his alma mater.  He is also the father of two kids, one boy and one girl.

Important Factors that Will Determine Your Investment Success

Many people often get excited at the possibility of getting good returns on their money through investing. If you already have some extra cash and want to invest, it’s important to be cautious about the type of investments you make. The groundwork needed for investing takes some time, effort and a bit of self-evaluation to build up.

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For anyone planning to invest, it’s easy to feel overwhelmed. With new decisions to make, complex ideas to learn and understand and a lot of conflicting information about investment choices, there’s a lot to learn. Here are five important factors that will determine your investment success:

What You Invest In

The way you decide to divide your money among different types of investments is key to achieving your investment goals. Research shows that up to 90% of the investment return that you’re likely to get is largely dependent on the kinds of things you decide to invest in, rather than the specific investment choices you make.

In short, say you want to invest in the stock market. This can have a huge impact on your returns, but the specific stocks you select matters a lot less. According to Franchises Under 10k, just like starting a new business, you need to invest with the mindset that you could lose your money even with the best investment strategy in place, so choose what you invest in wisely.

Diversification

How you diversify your investments will also play a role in your success. Instead of putting all your eggs in one basket, you need to invest your money in different things. Diversification is the key to decreasing your investment risk without necessarily decreasing your expected returns. Asset allocation is one of the best ways to diversify your investments.

For instance, you could put some of your money into stocks and some into bonds. You could even go further and split those stocks into international stocks and U.S. stocks or international bonds and U.S. bonds, just to spread your money Diversification helps decrease the risk of loss without decreasing your potential returns which is ideally what any investor wants.

What You’re Willing to Pay

With most things in life, higher quality comes at a higher price. This is not so in the world of investing. In fact, investment experts agree that when it comes to investing, you get what you don’t pay for. The proven way to increase your investment returns is actually to lower your costs. Investment experts note that cost is the single best predictor of an investment’s future returns.

The less money you’ll be paying for the opportunity to invest in what you want, the more money you’ll have available to invest in your future. As an investor, you have to be on the lookout for unnecessary or additional fees across your investment portfolio as you watch your returns improve and grow over time.

Stick to Your Investment Plan

Many people who decide to invest their money make the mistake of changing their investment strategy along the way. While it’s not a bad idea if your investment option is only making losses, being tempted to change your investment plan can lead to stagnation. As an investor, you don’t want to give in to investment market temptations that may end up lagging your returns.

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Whatever type of investment you choose, you need to keep doing what you set out to do, no matter what market changes are happening around you. Stick to your regular contributions and investment choices and don’t let the news of the day change your plans. While this may not be easy, maintaining consistency is what will keep you on track through the ups and downs.

How Your Save

Your savings rate and how much you’ve actually saved is perhaps the most important factor as you venture into investing. What matters most when investing is your willingness to maintain a stable and sustained savings rate in the first few years without necessarily focusing on the investment return. In fact, your savings rate will likely outweigh the returns you earn.

Keep in mind that saving for the future is key to ensuring a stable financial future, as well as a stable platform for making investments. Start saving some money and slowly increase that amount over time. Understanding these important factors will help you strategize better and achieve your investment goals.

 

Covering Your Expenses: Unexpected Expenses Can Create Havoc with Your Finances but Knowing Your Options Will Help

In the United States, more than half of all people do not have an extra $500-$1,000 to pay for an emergency expense. It may make one feel a little better knowing that it’s a common problem and they’re not alone, but that still doesn’t answer the question: when something pops up, how do you pay for it? Here are a few things to think about while scrambling to cover an unexpected need.

Cutting Back and Securing Loans

The first thing many of us do in an emergency is use funds we had allotted elsewhere. You can instantly create another few hundred dollars per month by ditching your cable package and never eating out. There’s also the time-honored tip to make your own coffee each morning – there’s another $20 or more per week.

Look at your daily and monthly spending habits and see what’s going in favor of this emergency. Almost a quarter of people surveyed say that this is what they do when they need fast cash.

A lot of people borrow as well, particularly from family members who are willing to help them out. But just as many people rely on credit cards to bail them out.

Then there are loans. If you can get fast approval to serve your needs in time, it seems like an attractive option. Still, you are creating a debt that must be paid quickly, as well as dealing with potentially high interest rates.

People with assets, like a home they have a mortgage for, will pay down debt they created in an emergency with a home equity line of credit. All in all, getting a loan can trigger a chain of events that one should definitely consider before taking that loan out.

Getting Money for an Emergency

The best resource for emergency spending is you and your preparedness, so plan for the next one. Even those with low incomes can find just a little room to put something aside. You can start this emergency fund by selling things you don’t need anymore.

From there, add any change you get back from purchases to the emergency fund. Dedicate $20 (or less!) from each paycheck to your new emergency fund. It may be difficult to not spend it when every penny counts, but the security you feel just from having it may alleviate a lot of anxieties you have about your finances.

It’s also key to know exactly when (and when not) to spend your emergency savings. When an expense pops up, ask yourself if it’s really urgent – can it wait a few weeks? Months, even? Next, ask yourself if it’s an emergency. Could you have seen this coming? Christmas gifts, for an example, are not an emergency. Losing your job is.

It’s easy to feel as though you have it a little more difficult than those around you, but this might be less true than you think. We all have emergencies, and the majority of us have no way to pay for them. But with a closer look at your options, and careful planning for the next emergency, you’ll be able to let go of that anxiety and treat emergencies quickly and painlessly.

 

Expensive Endeavours – The Real Cost of Not Using Accounting Software As An SME

Small businesses might be tempted into thinking that they don’t need assistance with their accounting. The idea of hiring a dedicated accountant can often be dismissed as ‘too expensive’ or unnecessary for a small but growing enterprise. With that said, small businesses without this professional financial support, leave themselves vulnerable to significant financial challenges.

A well-developed accounting software can quickly become an integral part of any blossoming enterprise. Read on to find the benefits of hiring accounting software for your small business, and the financial risks you face by completing tricky financial processes without professional help.

Business Development

As a small business, there are a number of actions you need to take in order to create the foundations of a successful enterprise Accounting software can assist you with necessary business development tasks, including:

  • The creation of a financially stable business plan
  • Determining the best structure for your business (sole provider, joint venture, etc)
  • Opening a business bank account
  • Making sure your accounting procedures comply with government regulations and requirements.
  • Providing advice on how to track expenses during your daily business activities
  • Oversee company payroll and payment processes

Business Growth

Having a professional with knowledge of your finances is imperative in order to make important financial decisions. Accounting software can help you identify when it may be the right time to expand your business and hire staff. It can also help you identify areas in which you are losing revenue, allowing you to find more viable financial alternatives.

Tax Liability

A good accounting or bookkeeping software can assist you in running your business in the most tax efficient way. Many small businesses fall into the trap of failing to keep up with regular bookkeeping. This results in headaches and difficulties at tax time. It can also result in legal action if your business is ever audited and you have filed your taxes incorrectly. With software-based assistance, you can also take advantage of any legal benefits that are open to your business at tax time.

Awareness and Certainty

By purchasing software to support your business, you can be certain that your accounting issues are always up-to-date and free from human error. For any small business, it can be imperative to understand the financial options available to you in a moment of crisis or at an opportunity to expand or invest. Accounting software offers awareness of precisely what is and isn’t possible from a financial perspective for your unique business.

Income and Debt Management

Failure to collect your receivables in time will result in cash flow problems. It is therefore critical to ensure that you have a system in place for recording when your customers have paid, and to keep track of any debts that have remained unpaid.

A software-based service will keep track of your bookkeeping, enabling you to know your current as well as future cash flow status. Providing your record of payables and receivables enables your account to provide you with constant evaluation of the financial health of your SME.

Time Management

You are an expert in your business. Let an automated service take care of your financial processes so that you can spend time working toward your big business goals. Having accounting software lets you focus on your business. Rather than spending your valuable time balancing books and inputting daily transactions, you can be devoted to growing your business and developing it into a success.

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From bookkeeping to financial management, there are many surprising benefits of accounting software for your small business. There is so much more to the accounting practice than calculators and receipts. To ensure the financial longevity of your business, it is time to bring your finances into the age of digital.

Bio: Laura Costello is in her final year of a Bachelor of Law/International Relations at Latrobe University. She is passionate about the law, the power of social media, and the ability to translate her knowledge of both common and complex topics to readers across a variety of mediums, in a way that is easy to understand.

 

5 Must Do Steps to Start a New Business

It’s fun and enjoyable to be your own boss and make your own decisions. However, before quitting your job and selling soaps from your truck’s tailgate (or whatever your personal passion is) here are 5 things to think about before starting your own business:

Step 1: Research

Find out whether or not your product will sell. Look up your competition and see how well their items are profiting.

Check back daily to their stores or websites to see if their inventory has diminished at all.

Who is your competition?

If there is no competition, why isn’t there any competition in this business?

Does this mean that there is no demand or that the demand isn’t being met?

What location will you use? Is this going to be an online only store or will you have a storefront?

These are all important questions that you need to find the answers to before you invest your hard earned money and precious time.

Step 2: Make a Business Plan

Collect and organize all of the important information about your business.

Things to consider include general company description, what products you will sell, or service’s you will provide.

Strategize your marketing plans, daily operations, how your company will be structured, and a model of your financial plan.

A business plan is a must have for all businesses and will be necessary if you need financing- banks or investors will want to look it over. By doing this, you will impress them by having it ready on the first meeting.

Step 3: Planning your Finances

This is the time to think about where your cash flow is coming from and how you are going to be distributing that money in your business.

Generally, a large initial investment takes time before turning a profit.

You will need to look into start up costs, which includes licensing, permits,equipment, construction, legal fees, branding, store inventory, property, and employee’s salaries.

As well, don’t forget about or neglect your own salary.

Some people say you can’t pay yourself until your company turns a profit. However, that is terrible advice. No one can afford to live for free!

For your sanity, you need a set salary for yourself. Otherwise, how are you going to pay your own bills if you don’t have an income to do so?

Step 4: Chose a business structure

Decide if you are going to be a sole proprietorship, a partnership, a limited liability company (LLC), or a corporation.

The reason you need to decide this is because it will impact your business name, your legal liability, and your taxes.

Step 5: Filing for an employer identification number (EIN)

You can go through the process with the IRS yourself, even though we all know how fun government paperwork is.

It’s a long tiring process filing for an EIN form.

BUT (insert ray of sunshine) there are companies who take all the guess work out of it for you and speed things along. They make it easy to apply for ein online.

They do this everyday and know all the ins and outs.

They can also get most new merchant applications approved in 24-48 hours.

Now that you have a place to start go for it!

Enjoy your new business.

Be your own Boss.

 

3 Easy Post New Year’s Financial Resolutions

A new year signals a new start for many people.  Whether it is with your health, your relationships, or your finances, it is as good a time as any for a re-birthing.  When it comes to one’s finances, there are some relatively easy New Year’s financial resolutions you can do to exit 2018 in a better financial position than when you started.  Listed below are 3 easy post New Year’s financial resolutions you can make.

Financial Resolution 1: Build an Emergency Fund

It is estimated that roughly one out of every three American adults has no money stashed away in an emergency fund.  This often means that they will have to take on high-interest credit card debt in order to pay for an unexpected expense.  No matter your age, any amount of money in an emergency fund will be of benefit.  Focus on saving $100 a month into an emergency fund.  By the end of 2018, you will have $1200 stashed away for those unexpected expenses.

Financial Resolution 2: Create a Budget

Earning money is important, but also of high importance is tracking your spending.  I love the following example:

A teacher making $40,000 in annual post-tax salary, but spending $35,000 of it, has more savings at the end of the year than a doctor earning $120,000 in post-tax salary but spending $130,000.

The point of this example is that if you can make a lot, but if you spend a lot you will never get rich.  Budgeting allows you to monitor you income while also keeping track of your expenses.  We offer a free monthly budget on our website to help you get this resolution underway.

Financial Resolution 3: Open an IRA

Recent tax reform has lessened the financial burden of taxes on many individuals and families, but another way to reduce taxes while funding retirement is through an IRA.  Traditional and Roth IRA’s are both good options to help save for those late years in life.  I prefer a Roth IRA; you put in after-tax money now, and it grows tax-free and has tax-free withdrawals.  Most people qualify for IRA’s, and the best part is that they are easy to open.  Many IRA’s can be started with as little as $100.

Not everyone is a fan of New Year’s resolutions, but that is part of the reason why people make them.  They have goals they want to achieve.  Those goals may be monetary, personal or health, either way they hope to be in a better place at the end of the year than they were at the beginning.  If you haven’t made a New Year’s resolution, it isn’t too late.  We aren’t even a week into the new year.  I challenge you to try at least one of these 3 easy post New Year’s financial resolutions and make your finances great again.

Budget Smart, Invest Wise