Top Ways Traders Lose Money

Did you know that 1 out of 10 traders loses money in the financial markets when trading?

Despite the damning statistics and the inherent uncertainty in the outcomes of trading, traders continue to take the risk and invest their money with the hopes of getting a return.

Experienced traders and stakeholders have highlighted several ways in which traders lose money. From this information, we have selected top ways traders fail that can assist you to avoid making the same mistakes.

Trading to learn

Most traders who have sustained losses from their trading experience acknowledge that they started trading without receiving any formal training from a professional. Armed with only the basic information about markets, some people invest and start trading hoping, ignorantly, that luck will be on their side. Instead of learning how to trade, these investors begin trading to learn how the markets work. This reversed prioritization of events leads to insurmountable losses, making it harder for the trader to ever recoup the lost money.

Risk management

Understanding the risk level of a trade and the risk category that investments are placed is the first step to avoiding losing money when trading. Conducting a risk assessment of the investment opportunities in the market enables a trader to determine the leverage that they hold against the investment and whether it is worth placing a wager using the leverage. Without a risk assessment, a trader may place a wager on a portfolio that has a high-risk premium and ends up losing the leverage among other losses.

Money management

Lack of money management skills, traders hold on their stakes for either too long or release them too fast. Therefore, despite making a profit from a transaction, the trader ends up losing money.

Transaction costs

Like any other investment, trading has its operational costs that have to be factored when generating a profit and loss statement. A trader may lose money despite having a positive return in a trading period based on the costs incurred over the period. The adjusted transaction costs deducted include taxes, commissions, and utility bills, among other resources including time spent trading and conducting other activities related to the trade.

Tools of the trade

Markets are time sensitive and data-intensive platforms. Traders who have appropriate data at the right time are more likely to win than the others in the same market. Lack of tools for efficient data analysis and communication causes some traders to make trade decisions ex-post. For example, having a slow internet may hamper the trader’s efficiency and hence a trader will make decisions using delayed data feed.

Discipline

Lastly, traders lose money because they lack a trading strategy or if they have one, they deviate from the plan. For example, a trader without a diversified portfolio is likely to lose money because of lack of risk spreading. Consequently, trading without a limit order or a take-profit order exposes the trader’s positions to further risk of losing money with the hopes of a ‘miracle’ at any time.

So how do I avoid losing money?

With the basic information on how traders lose money, it is paramount that you understand the best way to avoid these predicaments by learning how to become a successful investor.

Chris Bouchard is a strategic consultant who works with non-profit leaders and social entrepreneurs to apply concepts and techniques to identify complex strategic issues, find practical solutions, and devise strategies to create and win a unique strategic position. He also offers project development, proposal writing, and project evaluation services.

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Investing in a Volatile Environment

The volatility that we recently experienced in the market is very troubling to some investors. Unfortunately, those investors who hit the panic button and sold off are recognizing large losses in their portfolios only to turn to investments that are perceived as safer places to invest.

The fact of the matter is that we invest our money to earn long-term rates of return that will exceed the rate of inflation and help us preserve our purchasing power. Historically, cash has been the worst place to invest over the long term.

Losing Investment Capital in a Volatile Market
According to Fidelity Investments, investors who sold their 401(k) holdings while the market was crashing between October 2017 and March 2018, and then stayed on the sidelines, have only seen their account values increase by about 2%, including contributions, through June of 2019. This compares with those who held on and saw account balances bounce back by around 50%. During periods of extreme volatility, wealth managers will often tell clients to stay invested rather than sell and lock in large losses in a seesaw market.

Building confidence in your strategy is a way to keep from making the mistake of buying high and selling low. Having the mental conviction to tell yourself that you have a carefully planned portfolio of high quality investments goes a long way toward getting through the toughest days of market volatility. If you are unsure of how to select high quality investments, consult with an financial manager or registered investment advisor.

The question is; how do you reach that state of mind? It’s not easy if you are the type of person that tends to get knots in your stomach when the market drops. We outline some steps below that might be able to increase your level of confidence.

Conquering the Fear of Volatility
One step you should take to better handle volatility is to make sure you have adequate cash reserves for a financial emergency that might arise. This way you are not depending on your portfolio for unforeseen expenses and your anxiety level will be lower, knowing that you don’t need to sell your investments when they have declined in value.

Make sure you have a mix of investments that fits in to your risk tolerance and time frame. This can be accomplished by considering how you have felt when past market declines have occurred. Your wealth management advisor should be able to provide you with a thought provoking questionnaire that will give you a score when completed. The score on the questionnaire will have a corresponding asset allocation that you can use to determine the split you will have between stocks, bonds and cash.

Once your allocation has been determined, stick with it. It is a good practice to reallocate your assets on a regular basis to keep your risk level the same. This means that a portion of those investments with better performance will be sold (sell high) to purchase in order to purchase shares in those that have not performed as well (buy low).

Other ways to hedge volatility can be through the use of options. Two simple strategies can be applied. One is the sale of covered call options against underlying stock or ETF positions. In this strategy you (the seller of the option) collect money from a speculator (the buyer of the option) in exchange for an agreement to sell your stock only if it reaches a specified price (higher than where it trades at the time of the transaction). The option must hit the price target (strike price) within a predetermined time frame (expiration date). If it does not, the contract expires you keep the money paid and are free to sell more options against that stock position.

The other strategy is to simply buy a put option. This gives you the right to sell your position in a stock or ETF that you own at a predetermined price within a predetermined time frame. For this privilege you will pay money (a premium) to the potential buyer (seller of the put option) of your stock. This strategy should be implemented in periods of low volatility, as the cost of the transaction will rise as markets begin to fall.

Buy With Conviction
Let’s say you’ve owned a stock that has done well over time. The stock has had a history of increasing revenue, profits and dividend increases. It seems like the stock is usually going up when the market goes up, only now there has been a big selloff in the market, and the stock has dropped dramatically due to market conditions. It may be time to do some homework on the company and make sure that the drop is due to just a generally bad market. If it that turns out to be the case, maybe it is time to buy more of the stock. Great companies often go on sale in market declines, only to have dramatic upturns once the market decline is over.

Speak With Your Wealth Management Team
You should also consult with your financial manager when markets are volatile. Investment professionals are in the business of understanding what is causing the market volatility and can often provide some insight. Often times your investment professional can help ease your anxiety and remind you of your commitment to your allocation and financial goals.

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How To Manage Personal Finances

Usually managing personal finances for many people is a very difficult and stressful thing and it leads many into deeper debts. One needs to understand his or her finances better. Know how to get and make money, how to prudently spend it and how to invest and save it better.

There are some very simple ways one can implement in order to be able to manage their personal finances.

Planning Goals- To be successful with almost every sphere of life, knowing what you want (Goal) and how you will achieve it (Plan). Make a list of your short-term, medium and long-term goals. After you come out with a list, figure out the time, expense of each of your goals and then plan what you need to be saving on weekly, monthly and on yearly basis to reach your goals. Goals may include making plans for things such as retirement, housing, child welfare and others.

Budget- For everything that you decide to spend money on or you are planning to go doing shopping make sure you have a budget and follow it religiously. This will go a long way in keeping you from doing unnecessary impulse buying.

Do not spend more than you make- Make sure you check your cash flow properly, will obviously show you areas where your money is leaking and make sure to reduce your expenses.

Prefer using a debit card- When using a debit card, one is only allowed to spend to a certain level and this helps in taming the urge to spend more thus keeping you on track of your set goals.

Create an emergency account- Creating an emergency account doesn’t mean that you precedent bad things will happen, but this is planning ahead so that when an emergency occurs you will not have to stop other important projects in order to settle the emergency but you will be well prepared, ready and able to settle it.

Develop a way of tracking every coin coming in and going out- This can simply be done by just looking at the receipts without necessary going out to the bank for bank statements. After looking at the receipts, identify what is wrong and rectify it and put more effort on what you are doing right to help you reach your goals. note that you should also go for the cheapest credit card companies.

Shop prudently- Don’t go shopping in those high-end shopping malls while there’s a lot of many other places stocked with quality products but at even much cheaper prices. this way you will end up saving a lot of money.

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Four Simple Tips to Save and Manage Your Money

Saving is great but to actually start saving is easier said than done. One of the biggest obstacles to saving is getting started. Motivation is hard to come by when it comes to saving especially if you are just starting out. While managing and saving your money may not be easy, taking time out to learn effective money management system will put you in control of your finance. Saving money can help you to pay down debt or pay off a mortgage and set you on the part to financial independence.

One of the most important steps you can take right now is to put your budget in other. Setting a budget can help you to live within your means and keep you away from impulsive spending.

Here is what a good budgeting can do for you:

• It gives you control over your spending
• It helps to you to organize your savings and spending
• It keeps you focus
• It makes you aware where your money is going
• It enables you to save for raining days and to avoid unexpected costs

How you spend and manage your money can have a profound impact on your life. Learning how to save and manage your money should be an integral part of your life. You don’t have to be an accounting guru to start nor does it require a lot of paperwork.

Here are 4 steps you can take right now to start saving and managing your money:

Do not spend more than you earn

This sounds like a simple concept but in reality, it is hard to implement. But the good news is that with a few change to your lifestyle you can easily put it into practice. So the first thing you need to do is to analyze your spending habit. You need to track how you spend money. With the help of a simple financial tool like Quicken, you can track all your spending and manage your money more effectively. You can search online for more money management tools that can help you to track and plan your spending. The more you do this the easier it becomes.

Cut back on some of your expenses

You should look for ways to cut your expenses so that you can have more money to save. There are lots of ways to chop down on your spending without much hassle. You can cut on energy and car gas by just being more energy efficient or adopting a good driving habit. There are tons of things you can do to save more on energy, so look for an easy-to-implement system that works for you.

Build an emergency fund

You need an emergency fund to help you prepare for unexpected expenses. If you don’t have an emergency fund and you are hit by unseen events such as job loss, major illness, dental expenses, car repair and home repair etc. you’ll be forced to rely on a credit card, take out a loan or even worse tap into your retirement account. This could leave you in debt and less money for your retirement. The true importance of emergency fund is that it can save you when disaster struck.

Make your money work for you

Finally, make your money earn more money. While there are no simple ways to do this, there are many ways to put your money to work. Here is what you can do to make your money earn more: open a high-yield savings account, invest your money in the stock market, create a passive income, store your money in a retirement account, become a partner in a new business.
These are simple ways to start saving and managing your money. When you form a saving habit, you’ll be inspired to save more and hit your financial goal faster.

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Benefits of Credit Card Machines for Business

Other than credit card machines, technology has produced many notable effects, including the credit card machine. In the 21st century, people open themselves up to technology from the very center of their being. It has the added benefit of leading to an increase in the use of credit and debit cards. Additionally, the coronavirus’ arrival has also contributed to the increased use of contactless transactions. EMV cards are replacing magistrate premium cards. EMV chip cards give you the ability to make contactless payments. The merchants must have advanced payment terminals to accept such payments.

Credit and debit cards are used almost exclusively in today’s business world. To take your business to the next level, you must associate it with a credit card machine. The processing and payment services you need for online sales include a merchant processor that provides you with an online payment gateway. There will always be online modes that people will prefer to use, regardless of the volume of transactions. As a result, you have to use an advanced piece of equipment, such as a credit card machine, in tandem with your business.

Advantages:

Just because we’re living in the 21st century, it’s impossible to conceive of life without modern technology. A large number of businessmen prefer to stick to established business models. However, sometimes you have to alter your plans according to the current situation. This means that you need to be one step ahead of everyone else in the business. You will lose customers otherwise. An establishment that gets access to a credit card machine will enjoy countless benefits. Listed the benefits; so, don’t miss the following:

Obtain Legal Recognition for Your Company:

Accepting card payments using digital payment terminals is a legitimate business practice, so it should help your company a lot. The card brand name will be printed on the POS, and thus the customers will have no problem noticing it. This logo will be featured on the same online marketplace as well. The greater the number of customers from outside the country, the more money you’ll make.

Increase Your Profitability:

To accept various forms of payment, like credit cards, Google Pay, Apple Pay, and more, use a credit card machine at your business. Creating a positive impression on your customers is quite simple, but it also keeps your customers loyal. A credit card machine, thus granting flexibility in the ecosystem of online payment, provides customers with many payment options, thus allowing them to pay bills in various ways.

How to stay ahead of the competition:

Many businessmen have not yet fully embraced digital equipment, making small-business models in the early stages of transition. To accept online payments, your business equipment must be upgraded. If customers are no longer carrying cash, you can outpace your competitors. Research has shown that when customers use their cards to make a purchase, they spend more. Additionally, because you will make a substantial profit from accepting card payments, it’s highly recommended that you do so.

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Super Visa Insurance Monthly Pay North York

Note: SV is Super Visa

What is a Canadian Super Visa?

It is a Visa for parents or grandparents. It is a temporary resident permit that allows parents and grandparents to stay for up to 2 years in Canada per visit. Issued for parents and grandparents of citizens or permanent residents in Canada. It has validity for up to 10 years. A regular multiple-entry visa is also valid for up to 10 years, but only allows stays of up to 6 months per visit.

What is the processing time of a Super Visa?

The approximate processing time of a SV is short and takes almost 8 weeks. There are also specific requirements that one must meet before applying for a SV.

What Are The Mandatory Requirements To Apply for This Visa?

The govt of Canada has laid down some mandatory rules for parents and grandparents to apply for a SV. Those rules are,
1) Proof of their relationship with the child or grandchild who must be a Canadian citizen or a permanent resident.
2) A copy of the child’s or grandchild’s birth certificate.
3) A proof of medical examination document.
4) An official document naming the applicant as the parent.
5) A satisfactory evidence of a private medical insurance from a Canadian insurance company valid for one year from the date of entry.

Can The Parents Or Grandparents Work With A Super Visa?

No, the parents or grandparents are not permitted to work as their visa has the same restrictions as a visit visa holder.

What is a SV Insurance?

With the above information provided, now we know to whom a SV is issued and who apply for a SV. Not only the parents and grandparents require a SV, but also a medical insurance before entering Canada. The medical insurance should be no less than CAD $100,000 in coverage for health care, hospitalization and repatriation. This step is mandatory for the SV applicants.

SV applicants have to submit a proof of purchasing a medical insurance from a private insurance company.

There are a lot of medical insurance companies in Canada and North York has also got the best ones. People can go for SV insurance monthly pay North York. This facility of monthly pay gives a convenience of paying insurance charges monthly. This facility of monthly pay gives a convenience of paying insurance charges monthly.

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Setrega – A Global Analytical Regulatory Platform

Setrega is the Global Regulatory Analytical Platform which provides a comprehensive solution to the financial institutions for complying with one or more Regulatory Authorities. Through highly customizable and end-to-end automation, Setrega helps clients to configure Reporting Data, Reporting API, Connecting/Integrating Settings, Report Generation Requirements, Report Validation Requirements, Report Submission Mode and Feedback Management. As a Global Regulatory Analytical Platform, Setrega is designed to integrate with any financial services firms to receive regulatory data and process them to regulatory reports in specific formats with minimum customization effort.

Currently, all financial institutions are facing problems with dynamic changes in regulatory requirements, implementation risks associated with regulatory reporting and managing regulatory report error handling. All financial institutions are forced to adapt to these challenges and continuously seek for solutions which are cost-effective and accurate, with real-time feedback management. Sensiple’s Setrega fits into this emerging environment by supporting multiple Regulatory Authorities with an end-to-end automated solution.

Regulation Complied Preconfigured – ESMA – MIFIR/MiFID II, Monetary Authority of Singapore (MAS), Superintendencia Financiera de Colombia (SFC) etc.,
Significant benefits of the Global Regulatory Analytical Platform are,

Automation Capability

Financial Institutions gets the advantage of preparing and submitting regulatory reports without manual effort.

Comply with new Regulations without risk

Setrega provides flexible data source configuration, API mapping and reporting format changes with minimum customization in product level which ensures relief from regulatory and compliance risks for the financial institutions working in various regions.

Scalability

Depending on the Institutions type like Buy Side/ Sell Side/venues, Setrega is scalable in terms of increasing number of connections, the humongous volume of data, more number of reports and formats, increased number of submission modes and regulatory authorities.

Transparency

Handling a large volume of data gives challenges in managing data to auditing; Setrega makes it more accessible by allowing the clients to have full control over data by powerful data transparency method.

Dashboard

Setrega act as a one-stop shop for all regulatory reporting for financial institutions. A vastly informative dashboard in Setrega provides all historical, current and scheduled regulatory reports and its internal & external statuses in graphical and tabular representations.

Regional Coverage

Financial firms who run their business across the globe get benefited from Setrega as one solution solves all the regulatory and compliance needs. It is successfully verified with major regulatory frameworks like MiFID II and NFA (National Futures Association) and regulatory authorities like SEC and SFC.

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Handle Your Finances With Care

It takes years to gather a handsome amount of money, and if it is not handled properly, your most prized possession would soon escape from your hands like sand. This is the reason why people go for financial planning. It gives you a great sense of satisfaction when you know that your money is in safe hands and is being handled with utmost care.

However, not many people are aware of the process involved in financial planning. Based on your financial position, it is very important to go ahead with personal planning because if you don’t start planning well in advance, then you might face several challenges in the future.

Financial advisors suggest all individuals follow these six basic key principles for financial planning.

• Analyse your current financial status: To be able to plan for future you should first be very confident about your current financial position. Make a checklist of all the assets and liabilities and your income and expenditure. Having this information at hand, you would be in a clear position to understand how you can achieve your financial goals. Your total financial worth would help you to determine the ways to accomplish your set goals, which include paying for your children’s education, buying a new property or being ready for any financial emergency like the loss of a job.

• Chalk out your financial goals: In order to accumulate wealth, a lot of planning has to be done in order to achieve the desired goals. Setting goals would give you an urge to go ahead to achieve it. Your list of financial goals should be very specific, which would show that they are crystal clear in your mind.

• Plan for alternatives: You cannot expect your planning to go as per your wish, so you should always have a plan B at hand. After listing down your goals you plan for alternatives as well.

• Analyse the alternative options: You should ponder upon the feasibility of the alternative ways taking into account your social, personal and economic condition at present. The liquidity of your assets also matters in this regard.

• Creation and execution of your financial plan of action: Once you have planned about your alternative options and have analysed its feasibility, it is time for you to put these plans into action.

• Review your plan: Since financial planning is very dynamic process it is subject to change at any moment. So, it is always advisable to keep reviewing your plans every now and then.

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The Security Intelligence in The Financial Services

Security intelligence is the data related to safeguarding an organization from any outside and inside threats along with the processes, and policies developed to accumulate and evaluate the information.

It can also be referred to as the actual collection, standardization, and analysis of the data created by users, applications, and structures that influence the IT security and risk position of a business.

On a daily basis, information flows in organizations for the senior management to make smart decisions. The various stakeholders (employees, customers, contractors) are interfaced through various technologies.

However, the technological infrastructure can also result in serious security issues. The probable areas of intrusion are unlimited. Security experts and business leaders are trying to find an answer to the question – Is it feasible to have a robust security in an increasingly interfaced environment?

Though the answer is yes, it needs a radical transformation in processes and practices encompassing the financial services sector. The focus is not only on IT. Robust security facilitates a positive customer experience.

Cybercrime and Profitability

Financial institutions are at great risk since they are perceived to be an easy target for cybercriminals. According to a survey by IBM, “Financial markets, insurance, computer and professional services together account for over 40% of all security incidents worldwide.”

The losses, pertaining to cybercrime in other sectors could be due to industrial intelligence and fraud related to intellectual property, but in banking, online fraud is a possibility.

Any fraud related to the intellectual property and industrial intelligence could lead to reduced shareholder value, shut down of the business and net financial losses. These are the issues impacting the global financial sector, not only because the main reasons are not identified or the disruption to the customer is immediate, but also because they can result in a significant loss of money.

As per Andrew Haldane, Financial Stability Director at the Bank of England, “Cyber-risk has become a more pressing concern than economic depression and the Eurozone crisis, as it is a rapidly rising area of risk with potentially systemic implications”.

Comprehending the seriousness of the security risk is only a beginning. Financial institutions must establish an in-depth security intelligence strategy that would enable the financial institutions to have an insight into the perceived threats.

Financial institutions leverage top-notch analytics to get an understanding of:

The types of attacks that are occurring.
The probable source of the attacks.
The technology used by the cyber criminals.
Weak spots that could be exploited in the future.

Michael Davison, Banking and Financial Markets, IBM, stated,” There’s not another single issue that unites the interests of so many people at senior levels of banks. It unites technology, the CFO, security and compliance functions. But cybersecurity is also mission critical for people running lines of business and who are running P&Ls. So quite rightly it sits on the Board agenda. But there’s still work to do to educate Boards about the urgency of an effective response to the rapidly changing environment.”

Financial institutions must implement the following practices to get the balance between the required innovation and the related risk:

Establish a risk-conscious culture

An organizational transformation with an emphasis on zero tolerance towards a security failure must be established.
An initiative encompassing the organizational hierarchy to execute smart analytics and automated response competencies is needed to identify and resolve issues.

Safeguard the Working Environment

The functions in distinct devices must be examined by a centralized authority and the wide array of information in an institution must be categorized, tagged with its risk profile and circulated to the concerned personnel.

Security Design

The greatest problem with the IT systems and the unnecessary costs is from executing services initially and looking at security afterwards. Security has to be a part of the application from the first phase of design.

Ensure A Safe Environment

If the system is secure, security personnel can monitor every program that’s functioning; ensure it is ongoing and operating at optimal level.

Manage the Network

Organizations that route approved data through controlled entry points will be in a better position to identify and separate the malware.

Cloud Based Security

To prosper in a cloud scenario, organizations should possess the technology to operate in a secluded environment and track probable issues.

Involve Vendors

An organization’s security strategy must also involve its vendors and efforts must be made to establish the best practices among the vendors.

Financial firms have been a major target for malware attacks. Several aspects are impacting the financial sector. The direct connection between the breach of several personally identifiable information (PII) to the profitability has not been lost on the global financial stakeholders. This has led to the implementation of several global security projects.

A hazardous type of malware for online financial transactions is “Man-in-the-Browser” intrusions. It happens when a malicious program affects an internet browser. The program adjusts activities conducted by the user and in some instances, can initiate actions independently. It could lead to online stealing.

Financial institutions that can transform radically at a fundamental level, the way they function would be safeguarded.

The aim of enterprise security could initially emphasis on IT structures, it must be extended from the technology personnel & their systems to each individual within the organization, and all the stakeholders conducting business with it.

Financial firms must comprehend the data that they have, which must be made available to the system, where they can compare and develop a real understanding of the actual threats and contingencies that may compromise the business.

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Tips On How To Spend Your Windfall Income

As individuals, especially workers we sometimes get windfall incomes in forms of bonuses, profit shares, etc. However, a lot of the time the temptation is to spend the money on acquiring a new car, new clothes, shoes, new phones, among other things. While acquiring these things in themselves is not a bad idea, it is wiser to use windfall incomes for things that will have long term positive impart on our lives especially because we do not have a full grabs of what tomorrow will bring.

For workers just starting off or in mid level careers, it is really important not to squander windfall incomes on non-essentials.

Many years ago during the mid 2000s, when the banking and telecommunication really became big industries, many banks and telecommunication companies paid bonuses and profit shares to their staff on a yearly basis. Most new staff and mid level staff squandered their money on buying cars, renting new apartments in high brow areas and changing their wardrobes almost every 3 months. Nite clubs were packed every Friday night with each person almost trying to out do the other in terms money spent.

Today, the story is different. The global economy is almost comatose. Banks are no longer giving huge bonuses, neither are telecommunication companies doing any better. The oil industry is in shambles. Every industry is operating lean.

Windfall incomes will not come all the time as the economic realities have now shown us. So if you are fortunate to get a bonus or profit share that amounts to something reasonable, here are a few tips on how to spend wisely:

1) Invest in real estate: As much as this sounds like really over flogged, it is a wise counsel. A businessman once said, “the only Estate that is Real is Real Estate”. Real estate is big business. There is a huge demand for rental apartments especially mini flats and 2 bedroom flats. There are several real estate companies offering instalments payment options for those interested in buying land. You can invest your windfall income in buying a half plot or full plot of land. I will advice you buy from a real estate company rather than directly from the community especially if you do not have funds for immediate development.

The simple reason is that the real estate company usually would have sorted out community settlement issues with the land owners and so you can be rest assured that you land is at least secure from land grabbers. Also, by buying from a real estate company, you will benefit from quick capital appreciation of your investment and rapid development of the locations since there will be several people also buying and developing their property in that location. Another advantage of investing in real estate is that after developing the property, you can put it up for rent if you do not wish to reside in that location and use the rental income to pay for your rent in your desired location.

2) Invest in a part-time business: If you already have a business that you can run part- time alongside your full-time job, you should invest your windfall income in that business. You can buy the needed equipments or register for a training programme that will increase your expertise in that business area. If you do not already have business idea, you may want to consider doing some research to see what part-time business to invest in.

3) Invest in education: You can invest your windfall income in further education that will boost your profile and give you a better chance at a higher paying role in your industry or another industry entirely. You an also invest in the education of your loved ones like your spouse, children or siblings (if you have this responsibility thrust on you)

4) Invest in Marriage: Yes! you read me right.

This is for those who believe in marriage. If you have a partner and your really desire to spend the rest of your life with the person, then invest your windfall income towards settling down. You can start making down payments for some critical items on your list. Marriage is an investment in your lifetime happiness.

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