Can I Earn a Living Trading Penny Stocks?

Who wouldn’t be enticed by the possibility of making a living trading penny stocks? Could you quit your day job and make a living through the stock market? Could you sit in your pajamas in a mansion, trade using your computer, and live the dream? The short answer is that you could. Keep in mind, however, it doesn’t mean you wouldLearn more about the many factors that go into successful penny stock trading.

Understand How Penny Stocks Work

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Having success in trading any type of stock is dependent on an individual trader’s ability. You can make a living by trading penny stocks if you are smart about trading overall. To do so, you need to start with research.

A penny stock is a stock valued at less than $5 dollars. While companies behind these types of stocks are generally small companies, trading penny stocks nonetheless involves a certain amount of volatility. Although it is not investing in the traditional sense, you need to stay informed when you invest in penny stocks.

Find a Mentor

One of the best steps you can take as a beginner is to find someone to guide you. While a learning curve exists, acquiring a mentor to show you how to invest in penny stocks can be the difference between making some extra income and making a living. If you try trading with only your research behind you, you can probably make a supplemental income; however, you’ll have to be patient while waiting to get a decent return. With a knowledge source, you can go from making some spare change to living your dream.

Ignore the Hype

Taking this advice is probably the hardest thing to do when you’re starting out. Don’t get caught up in success stories. You can’t buy stocks like lottery tickets and expect to get a steady, decent return. You may end up getting some extra income, but your chances of becoming one of the success stories with a sole income source will drop significantly.

Don’t Get Attached to the Stocks

If you want to get some good returns and build a steady income, then you have to remember to sell quickly. You can’t hold out for a better return or get attached to any one investment. The reason penny stocks can be so lucrative is that they give you the availability to earn a 20 to 30 percent return in only a few days. You have to remember that you are investing minimal amounts, and you can’t hold out for off-the-chart results and take it where you can get it.

Penny stocks are not for everyone. Trading can be a lucrative career path, but only if you are willing to put in the work. Just like everything else worth achieving in this world, being successful doesn’t come without some effort. Nonetheless, if you put in the work and “play the game” smart, you could be one day sitting in that mansion of your dreams through smart trading strategy.

Hassan Whiteside’s Net Worth

Being a multi-millionaire athlete before the age of 30 is becoming the norm for professional players.  Large contracts are growing by leaps and bounds each year.  What used to be considered outrageous is now being replaced by $30 and $40 plus million a year guarantees.

Hassan Whiteside is one individual who has benefited greatly from the salary boom of recent years.  Whiteside is a professional basketball player for the Miami Heat.  At just 29 years of age, Hassan Whiteside’s net worth currently sits at $30 million.

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Whiteside is currently playing in his seventh NBA season, with the last five being with the Miami Heat.  He is currently in year three of four on his contact and is earning a salary of $25 million for this NBA season.  The contract he signed was valued at nearly $100 million for four years.

Although he was drafted in the second round of the 2010 NBA draft, it took some time and hard work before Hassan began cashing in large paychecks.  It wasn’t until he emerged as a solid force at center during the 2014-2015 NBA season that he really proved his worth.  A strong showing during that season led to a massive contract extension which has given rise to Hassan Whiteside’s net worth.

Arguably his best season to date came during the 2016-2017 NBA season.  During that year, Whiteside averaged 17 points per game and over 14 rebounds per game.  His 3.7 blocks per game helped get him added to the All Defensive 2nd Team that season.

Despite that great season, his numbers have dipped since then.  Couple that with some issues with the organization, and it isn’t looking good for Whiteside going forward with the Heat after this contract.

For the 2019-2020 NBA season, Hassan has a player option on his contract that will pay him just north of $27 million for the season.  It is expected that he does opt in as he will most likely not be paid anywhere near that if he elects to leave Miami and enter free agency.

If Hassan does decide to play the remainder of his contract out in Miami, we can estimate that Hassan Whiteside’s net worth will increase by at least $10 million.  After that season, only time will tell if he’s able to ink another large deal.  If he is somehow able to prove he is worth another large payday, then standby because it could be huge.

FOR MORE BASKETBALL PLAYER’S NET WORTH CHECK OUT THE FOLLOWING:

KYLE KORVER’S NET WORTH

KARL-ANTHONY TOWNS NET WORT

KENNETH FARIED’S NET WORTH

MARC GASOL NET WORTH

KAWHI LEONARD’S NET WORTH

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Things To Remember To Help Minimize Cost for Your Business

Owning and managing an SME in this corporation-focused world can be difficult. But there are many businesses which are considered successful and stable despite the small scale of their operations.

Running any business is never easy. You’re constantly regaled with problems and you’ll be facing many difficult situations on a day to day basis. Keeping a tight ship is key. On top of that, it’s important to consider the financial needs and the potential issues you’ll be facing. It’s necessary to constantly keep an eye on the status of your finances.

Decisions need to be made. Options have to be sorted through. But, where exactly should you look to properly minimize the cost?

On legal services

  • One necessary thing when setting up your own business is having a reliable legal counselor or legal service behind you. This is because they are aware of what types of processes you must go through to legalize the whole business. But not knowing the specifics can be costly. Remember that you need to constantly pay them and you also have to provide for fees if specific requests are made.
  • Be upfront with your lawyer about what your needs and what your financial limitations are so they won’t be demanding more or expecting more from you.
  • DIY documents that are simple and can be handled on your own. If you’re familiar with the process, then take care of it as well.

On business trips

  • Taking trips is something necessary from time to time. You need to have the proper budget for it. In fact, it should be something you have to prepare for every single year. Despite not having guaranteed trips every time, at least, you can immediately go when needed.
  • Be frugal when traveling.
  • Choose accommodations and business trip expenses according to what’s necessary. There’s no need to stay somewhere fancy for a simple business meeting.
  • Always document the expenses and keep records. Ask for receipts. If they can’t provide any, then record it right after the transaction. This way, you won’t forget anything.

On loans

  • Personal loans are what you call giving money to the business from your own pocket with the amount not being part of the initial capital. Lending personal funds to your own company is quite common but can also be very risky. If you don’t keep track of this, it’ll be hard for you to take back what you’ve spent.
  • Personal loans need to be paid first once your business starts earning.
  • If there’s a need to apply for a loan on any lending company or bank, don’t wait for the last minute. This will make things difficult, especially when they decide to reject your loan or if the application process took longer.

On financial management

  • Daily bookkeeping and recording of expenses and profits must be observed. Other companies often use third-party services for a variety of reasons. There are numerous benefits to this particular option. But others have decided that it’s best to just take it of this on their own to minimize the cost. The decision to hire a professional bookkeeper is entirely up to you.
  • Invoicing companies can be helpful. Not only will they provide basic invoicing services, but they’ll also be able to help with investments. Of course, it’s up to you to decide if having their assistance is imperative.
  • Always record every single thing. There needs to be an authentic paper trail and an updated record when there are changes so it’ll be easier to trace everything. In case of problems and issues, you’ll have proper documentation.
  • Have a separate bank account for personal and business needs.