Learn The Stock Market And How to Trade

If you’re new to the investment world odds are you haven’t saved yourself much of a nest egg.  Then if you have you probably, like me, had it slowly dripping into a savings account.  Properly setting up your personal banking finance system is a huge step to having a successful investment or trading future.  A proper banking structure will give you enough peace of mind to take the proper risk required in the equity market of your choice without fear of paying the bills this month.  Here are a few things you should do immediately to improve you savings rate, work with your normal human tendencies, and provide the mental security required to be successful.

• Automate your savings to move to an “online” bank.  Banks like ING Direct often provide better rates of return while removing the money from your must have that new gadget hands.  Not having easy access to your emergency money is a good thing.
• Set up overdraft protection – I thought I was careful, and those fees hurt.  Not paying them or having them reduced from $30 to $5 will save you a chunk of change.  Then when you do mess up and overdraft you can pay yourself what you saved to your investment account and tell your friends how much of a genius you are.
• Choose a bank that doesn’t charge fees for everything – trust me there’s choices out there, it’s worth the time to look around.
• Choose a bank where you can meet an actual banker not just teller’s – having a good relationship with your banker (maybe that means picking a smaller town bank) can make you big money when the right trade comes along and you need cash now.
• Automate your bills – helps avoid late fees and keeps your from going “well they can wait until next payday”
• Automate your payments to yourself – Send yourself investment and trade money out of every check, you are as valuable to yourself as the cell phone people are, pay yourself.
• Take advantage of promotional offers – If a bank will match your first $100 dollars of saving then make sure you save $100 dollars – it’s free money or an infinite return if you want to feel really awesome.  I love dividing by 0.

Alright, go out there and bank on your personal finance don’t just save to save or have it slip away on binge spending sprees.

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