Binary Options Tips What to Ask Your Broker

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners and Middle-Leveled Traders!
    Free Demo Account!
    Free Trading Education!
    Get Your Sign-Up Bonus Now!

  • Binomo
    Binomo

    Good Broker For Experienced Traders!

Contents

IQ Option Tips and Tricks

IQ Option is currently one of the most popular online trading brokers in the world. They have been present on the international market for approximately six years now and thanks to their clear and extremely trader-friendly business policy, the number of people who trade with them on regular basis is growing constantly, even today.

If you want to join them, we have some IQ Option tips and tricks to help you trade more successfully. We’ll go through this broker’s basic features, so you know exactly what to expect and what to look out for.

Our experts have plenty of experience trading here, so sit back, relax and read on.

Platform

IQ Option launched its IQ Option Trading Platform 4.0 in December of 2020, and this is currently the most technologically advanced platform in the industry. Innovative trading software offers numerous tools and charts, so you will always have plenty of ways to analyze the situation on the market.

You can also fully customize your UI in such a way that you can easily follow up to nine assets on one screen at the same time. There are also historical quotes from up to two years ago at your disposal, so you can analyze trends over some really long periods of time. As you can see, this platform has plenty to offer, but that also means that you will have to invest some time learning everything there is to know about it. However, it will be worth it, trust us on that. Mastering this platform means that you will know exactly how to analyze an asset and extract all vital information from its trends. Oh, and the platform can also potentially get you profit of 100% on each of your investments, which is the highest in the industry.

More IQ Option tips and tricks are to come, so stay with us.

General Risk Warning: The financial services provided by this website carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

IQ Option Minimum Withdrawal

All traders want to know they will get their hard earned money without any problems when they want to make a withdrawal and IQ Option makes sure no problems ever arise during this important process. IQ Option Minimum Withdrawal requirement is set to only $2, giving traders unprecedented flexibility in choosing their trading pattern. The broker will not charge you any fees to withdraw your money, so what you have in your trading account is exactly what you get, as far as IQ Option is concerned, although some services may apply their own fees, so do research everything thoroughly. This means that you never have to worry about your account balance getting so low that you won’t be able to withdraw larger sums of money, something that can be a problem if a broker has a $100 withdrawal requirement or more, for example. One of the most important tips we can show you is that you can use this low requirement to your advantage and explore as much as you can for next to nothing. That way you’ll know exactly what your trading strengths are. The next thing we’ll discuss in this article will help you even more with that.

IQ Option Deposit

IQ Option Minimum Deposit

Just how dedicated this broker is to its clients can also be seen from the minimum deposit requirement which is also set to only $10 (minimum trade for binary and digital options here is just $1!). There are several different ways to complete this process, including credit cards, wire bank transfers, as well as and several e-wallet services (WebMoney, Skrill, Neteller). These same methods are also available for making a withdrawal and they are all very safe. As can be seen from our IQ Option Scam Test, this broker operates in full accordance with all relevant laws and regulations, is regulated by CySEC and takes excellent care of the clients’ personal and financial data. With this minimum deposit requirement, you can start out slowly if you want and build your way towards larger investments. But we’re not done yet, plenty more of IQ Option tips and tricks to discuss, so don’t go away.

General Risk Warning: The financial services provided by this website carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Demo Account

When you want to test a new pattern, see how well you learned something regarding binary options trading or when you simply want to get used to a new trading environment, opening a demo account is the best move you can make. IQ Option offers one too and opening it is among the most important IQ Option tips and tricks for increasing your efficiency and chances for success. You see, IQ Option Demo Account is absolutely free and doesn’t require any deposit of funds to activate it! Not only that, but you don’t even have to disclose your credit card information. All you have to do is register on the broker’s website and you’re all set to start trading. Not even contacting somebody from the staff is required. This feature can therefore only help you because what you get with it is a way to sharpen your skills and expand your knowledge without needing to invest any money. In the long run, having a demo account will help you greatly to achieve profit.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners and Middle-Leveled Traders!
    Free Demo Account!
    Free Trading Education!
    Get Your Sign-Up Bonus Now!

  • Binomo
    Binomo

    Good Broker For Experienced Traders!

IQ Option Demo Account

Tournaments

One more thing we have to mention before we wrap up these IQ Option tips and tricks is the fact that all traders can enter tournaments this broker holds on regular basis. In these competitions, you trade with virtual funds and are trying to achieve as much profit as possible and beat the competition. If you can do that, real money prizes will be awarded to your trading accounts. These tournaments differ in terms of their length, so you can choose between daily, weekly and monthly competitions. Prize pools are pretty big, with the largest tournaments awarding up to $50,000 to the best traders, and since the fee you need to pay to enter the competition is just a few dollars, you can profit a lot from participating. If you’re not willing to invest any large sums, but consider yourself to be a successful trader, this may be just the chance you’re looking for. However, please keep in mind that starting with the first day of November 2020 this feature is no longer available to traders from the EU.

Conclusion

Because of the huge number of possibilities this broker offers, IQ Option tips and tricks are very numerous and we have only covered the most basic ones here. You will surely discover more of them as you grow more experienced. However, don’t ever forget about the ones discussed in this article because they will always increase your chances for profit, no matter which way of trading you choose. In the long run, it will pay off to open a demo account, for example, or to invest time into learning everything this platform has to offer. So open an account with this great broker, follow our simple principles and you’ll be on your way to becoming a successful trader.

General Risk Warning: The financial services provided by this website carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

DISCLAIMER: Binary options are prohibited in EEA.

Tips For Choosing A Binary Options Broker

The Importance of a Broker

One of the most important things to be considered before someone becomes a binary options trader is to find a reputable Binary Options broker. The broker is the bridge to your investment and the market itself. If you want to gain profits, you should make sure that you are dealing with the right broker. Good strategies can be a big help in your trading activities, but you should have assurance with your account as well so that you will not have future conflicts in your payouts.

Here are some tips that I believe a trader should have in mind before joining any broker in the market.

Factors to be Considered

There are various factors that a trader needs to consider before making the final decision in choosing the right broker. Some of those factors are the broker’s regulations, their terms and conditions, the company capitalization, incentives and bonuses they offer, their trading platforms and their customer assistance.

The Regulations

When dealing with a business partner, you should give yourself an assurance that it is safe and legal before you hand in your investment. Checking to make sure that a Binary Options broker is regulated can be a complicated issue. But having a financial regulatory system governing the operation of a broker should always be considered. In the United States (US), there are regulatory organizations like the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) . In the United Kingdom (UK), they have the Financial Services Authority (FSA). The broker’s regulation will also depend on their location. Traders should research their prospect broker beforehand and check if they are regulated. On the other hand, regulated or not, the success of the trading activities does not rely on that factor alone and it only gives you assurance that you are dealing with legal business entities.

Broker’s Terms and Conditions

A business should always start with contracts or in other words, terms and conditions between an investor and the company. Traders should always read (the small print) about the policies of the company they are joining. Starting with answering questions like, how much is the minimum investment and how easy it is to withdraw their investment if ever they want to? Brokers offer different minimum deposits that ranges from $100-$250 and they also incur withdrawal fees and have processing days, all of which may take time as well. It is also important to know what mode of payment or banking options the broker accepts. Before you jump into your investments, make sure you understand every detail of their terms and conditions so that you will not blame everything on your broker in the end due to your own negligence.

The Company Capitalization

The market capitalization of a broker acts as its backbone. It will give you confidence that they have enough money to sustain the business, and your money will be returned in case of a bad business scenario such as bankruptcy.

Incentives and Bonuses

Given that you already surveyed a lot of well promoted brokers and they have a lot of similar features, something to check is what incentives and bonuses they can offer you if you decided to invest with them. Brokers oftentimes will offer you a free demo account to let you try their trading features, but you should not respond to it instantly. Be aware as some of them have hidden charges, and it does not mean it’s free at the end. Some brokers will also offer 100%-200% bonuses that depend on your deposits. They will also offer access to trading webinars, and account managers that will trade on your behalf. One should always make sure you understand the rules of these benefits before you get too delighted by the offers.

Trading Platforms

A good broker should have a flexible platform for a trader. There are two basic types of platforms, web-based or non-web-based. A web-based platform lets a trader invest anywhere and anytime they want and in fact, mobile applications are now offered by some brokers to let their investor trade using their smartphones. Non-web-based platforms require software that needs to be downloaded to a desktop, and a trader can only trade using that specific desktop. The platform should have detailed and specific information any trader will need to have. Find one that works best for you.

Customer Assistance

Asking for help will always be a hard task especially in business, but if a broker has a 24/7 customer assistance, it will be a plus on their part. Approachable customer service representatives can make a trader’s life easier because they can ask any question regarding their trading activities anytime. Live chats, phone calls or video tutorials are positive features of good customer assistance. Some well-known brokers also offer their account managers to personally assist traders with their strategies and techniques. There are also trading academies for clients and powerful tools to guide them. Language translations from their support staff could be a great help as well.

Final Word

If you truly value your money, you should choose a broker carefully. The facts and false information can be seen everywhere on the internet, so make sure that you will not be blinded by the good or the negative comments of competing brokers. Be vigilant enough to look for resources that know the truth about them. Every broker has their own disadvantage, but doing your homework will allow you to find a broker that will work for you and your money.

Binary options are an exciting trading option, but don’t get too excited to invest a lot of money right away. Try to open a demo account first and work with the customer service representatives to learn the pros and cons of the broker. Taking things slowly will surely help you avoid losing too much. So before you decide, think about it many times first.

Find the Best Binary Trading Brokers 2020

Maybe you’re still learning about trading, or perhaps you feel ready to take your first step into the trading market as a beginner. We’ve researched the binary options trading market extensively to help make your task of choosing a platform simpler.

As you may have heard, trading with binary options is one way to get into the markets with minimal trading experience but with the real possibility of ending up with some great returns. Of course, before you can begin trading, you will need to find the best binary option broker for you. There are a LOT of brokers in the giant binary options trading industry. Naturally, a single broker cannot necessarily be said to be outright “the best” one versus another. However, we do our utmost here to review all aspects of the best binary options sites to help you decide. Our site’s role is to act as a guide in this sometimes overwhelming task of yours. By following these helpful tips and recommendations, you’re just a click away from the best binary trading brokers. So, let’s get started.

What is trading with binary options?

Before moving to the particular part of our research for the best binary options brokers, it is a good idea to make a quick revision of your binary options knowledge and to be more specific – of the binary options trading activity. To understand trading with binary options you should know, at first, what binary options are. In general, a binary option is a class of an option where the payoff comes with only two final possible results. The first result is the fixed amount of money of the asset you have chosen, while the other one (the negative or the loss) is nothing at all. As you can see trading with binaries is different from trading on regular Forex markets, like the top forex brokers are different than the binary options ones, where in most cases some continuous range of payoff might appear. Trading with binary options is usually quick and simple, which makes this way of trading extremely interesting and quite suitable for beginners. Moreover – binary options trading results in comparatively speedy payouts, while the risk may be quite low. The fact that you either win, or don’t win anything means that trading with binary options can be considered as child’s play. However, do not underestimate the necessity of proper prediction, constant following of the latest news from the market and the analytical skills, because binary options trading still requires you to think and consider, rather than to gamble.

Best Binary Options Brokers

Review

Review

Review

What are binary options brokers?

When it comes to best binary options trading sites, looking at the essence of what the binary options brokers actually provide is a must. Like all things in life, one always needs to research a topic before being able to compare apples with apples. In brief, binary options brokers are ordinary brokerages which either solely provide features for binary options trading, or include different ways of trading – including binaries. However, it would also be accurate to say that when it comes to the best binary options trading sites, they are usually entirely geared to binaries without dealing with other markets (e.g. Forex) at all. You should be aware that binary options brokers are also brokerage firms that are in most cases operated and owned by large financial services providers or companies. Their size and reputation provides the feeling of assurance to their users and you would rightly expect these aspects to appeal to people looking to join binary options brokers. We strongly recommend that you follow our guide in order to give your trading experience the highest levels of security and safety.

How to select the best binary options brokers?

If you think that we will list for you a single binary options broker that is considered the best binary options site, don’t. The truth is that the large number of websites and the good trading environments that most of them offer makes it impossible to name one particular best binary trading site. Moreover – as you know different traders prefer different things. If you are a beginner in trading with binaries, features like user-friendly interface and reliability are the top things you are looking for, but others – more advanced traders – will probably try to look for good bonus systems or even intuitive platforms. But since we are here to help you in improving in trading with binaries and in finding the best binary trading sites, we cannot just pass you by without giving you some hints. What we are about to do is to show you how to select the best binary options brokers. Such a task won’t be difficult at all, if you follow our advice. To find out the most beneficial platforms for trading with binaries, make sure the binary options brokers you review or take under consideration have the following (or at least most of them) features:

Outstanding reputation

They say reputation is everything, and when it comes to business with binary options trading sites the same thing applies. If a broker is mentioned by the critical institutions that are involved in the financial field, then it is probably worth checking. However, such formal recommendations aren’t the only sources for binary options brokers with a good reputation. Different forums, where the trading community gathers, can give you some directions in finding the best binary options brokers, too. Alternatively, some binary options trading sites have a section on their official page with feedback from their users. Last, but not least, there are many rating websites that exist to compare the different brokers, as well.

Excellent reliability

Until you actually start using them, you cannot be 100% sure that certain binary options brokers are reliable although, there are a few features that might lead you to the conclusion that these websites for trading with binaries are actually reliable. In most cases, reliability consists of two main things. First of all, it is mandatory for one of the best binary option brokers to be officially licensed by the national authority from the country it is based in. Second of all, a reliable broker for binary options trading is supposed to provide protection, not provide a scam. The protection covers both – personal data and financial transactions – and many of the binary options brokers today are even double protected. Such an example is any of the binary options brokers that are based in the European Union. In this example the platform is regulated by the national financial services regulation body and by the EU as an additional controlling body.

Functional customer support services

A website without customer support representatives becomes non-functional at all. And binary options brokers are not just websites, but platforms, where money is in constant use. This means that the customer support services are mandatory and the best binary options brokers offer them 24/7 and in multiple languages. Most of the websites these days cover the entire day, however, as to the availability of different languages, it is generally provided by the brokerage firms that operate among the entire international market by covering larger and more diverse audience. The ability to reach the customer support representatives via several communication methods – for example, phone calls, emails, fax, live chat and etc – additionally provides you confidence while being in the trading arena.

Intuitive platform

The platform is a thing that makes ordinary binary options brokers either one of the best binary options trading sites or one of the completely bad sites that will not bring you anything, but nerves and a bad mood. Make sure that the software a broker uses is easy enough to learn, so that you will not lose any time studying how it works. The intuitive feature is also very important, because once you become more advanced, good organization of your binary options trading activity will be considered as a plus for you. And last, but not least, the best binary options brokers provide platforms with various features and useful conveniences. We cannot list all of them, but the more they are the better and the easier it will become for you trade.

Attractive bonus system

There`s an unwritten rule among the trading audience, and according to this all of the best binary options sites have the most attractive bonus types. It is logical that good bonuses are really great, but this concept is definitely not something that many of the most advanced traders will agree with. Wondering why? Well, the answer is actually simple. The thing is that many newly established or not so popular yet (and scams, too) binary options brokers usually need a strategy to attract more customers. The beneficial and intriguing bonus system appears to be a great tool to get a traders attention by any means. However, not all of these binary options brokers are as reliable and good as their bonus system is. So what we are trying to tell you is that in case you come upon unbelievably huge bonuses offered by a binary options broker, don’t fall for the trap to immediately sign up for it. There`s no guarantee that the rest of the broker features are ok. Still, binary options brokers bonuses remain one of our favourite parts of trading.

Additional conveniences

Speaking of bonuses and their correlation to the rest of the features of the best binary options trading sites, it’s important to mention some conveniences that you should look for too. Features like an education centre for beginners in trading with binaries, as well as extras like personal account managers or possibilities to trade with dozens of assets are also quite important. And if they appear on the website you are a member of, then be assured that you are a customer at one of the best binary options brokers.

Where to find the best binary options broker?

Our ultimate guide for the best binary options trading sites continues with some practical ideas and tips you can use in order to find the best binary options trading sites. Review them to see if they could help you for your research.

  • Become aware of what you are looking for – Different traders look for different things in a broker for binary options trading. For example, if you are a beginner, then you might prefer a simpler platform with an intuitive interface and maybe, a good education centre to help conduct your strategy with expert tips for advancing in binary options trading. Though, on the other side, if you search for certain binary options – one touch binary options, 60 second options etc – then, your research filter changes.
  • Undertake your own research – Start your own research for the best binary options brokers. It`s not hard or tough and usually it does not even take too much time. Since you already know what you are looking for – the best binary options trading sites with particular option types and features – use them as keywords and insert them in your browser search engine. The results provided will definitely have some of the best binary options brokers!
  • Recommendations are always preferable – Having recommendations for the best binary options brokers is also a useful alternative you can take advantage of. You can be recommended by a friend of yours, who has been on the binary options trading market for longer and who can be aware of the most suitable website for a beginner. This recommendation will come with the advantages of a particular platform, saving you some research.
  • Read our helpful reviews – Binary options brokers reviews are many and you can come upon them in forums for trading communities and for informative websites – like ours. Feel free to read our helpful reviews that will point you the pros of each reviewed website (at the end of the article review). Considering these pros, you can determine if you have finally discovered the best binary options trading sites.
  • Test a few binary options brokers – And finally, there`s one more alternative for you to find the most reliable and promising binary options brokers. Even though a little bit risky, you should try this method, too, because after all getting used to taking risk is a part of your trading job, as well. What we recommend you do is test several binary options platform. Make a list of your favorites that might be the next best binary options brokers. Begin with the first titles and see if you can find the most profitable among them. Attention – avoid investing a lot of money until you can make sure that the binary options broker is really your type of platform.

How to compare the best binary options brokers?

Last, but not least, when you are done with your list of the best binary options trading sites, you will need to compare them. Being a member of too many websites for trading at once is not a very good idea – especially if you are a beginner – so it’s better to continue filtering your list of top binary trading favorites. Consider the next features as the keys for your comparison process of the desired brokers you want to visit and become a member of:

  • Minimum deposit amount – This is the minimum amount of money you are obliged to invest in order to start trading on a certain binary options trading site. If it is too high for you, keep searching for another, more budget-friendly option!
  • Assets – The more assets a broker offers the better and the bigger its chance to be one of the best binary options brokers. The standard amount of assets is usually above 30, so try to avoid platforms that have only 10-15 assets only, because they will limit your activity.
  • Acceptance of particular traders – Some brokers have the policy not to accept certain traders according to their current residences. In most cases these users are either USA, or Canadian-based citizens. However, this is only the general rule and there are many other countries that might be excluded from the list of customer types in binary options brokers. Always read this information before considering making a registration on a trading platform.
  • Maximum trading amount – Remember, you are still a beginner and your first investments – both, the deposit and trade amounts – will probably not be high enough to reach this limit. However, consider the future – your future growth is a sign of smart trading. Who knows, maybe you will become skilful in trading with binaries very soon!

Don’t hesitate to use our useful tips to discover the best binary trading brokers. We wish you the best of luck.

9 Tips for New Traders to Trade Binary Options

From earning a little extra money to making a full time living, or making a lot of money in a short span of time, binary options trading is an excellent way to achieve all of this. As it slowly gains popularity all throughout the world, thousands are making good money with little or no prior knowledge of the subject, however, binary options trading isn’t a cake walk: success can be achieved and risks can be minimized by following the tips mentioned below:

9 Tips for New Traders to Trade Binary Options

  1. The first and foremost advice to be given to any beginner trader is to select a good binary options broker for your help in this field. A good broker, who knows his work, makes all the difference. There are various comparison websites available to make this choice easier for new traders, so one can quite easily consult these websites and choose a good binary options broker of their choice.
  2. Secondly, it is advisable to increase your knowledge in the field of binary options trading and to know that there is always more to learn. There are training courses available for imparting binary options trading knowledge to new traders. Reading new books on the subject matter and discussing with other traders about the matter also adds to the benefit. This type of trading is a constantly-evolving experience, hence knowledge on the matter is ever expanding.
  3. Thirdly, trading long term serves better returns, and binary options trading is a long term activity. Developing a long term plan for your binary trading and playing the right cards will ensure that you ultimately come out on top. Resist the temptation to get drawn into fads that do not fit into your overall strategies and strictly stick to your drawn plans.
  4. Fourth is to reduce your risks by resisting the urge to over-invest. Beginners tend to get carried away to make that one big score but they must employ some self control as that may be a game changer. New traders lose more money by getting carried away and over investing. Binary options brokers advise to invest not just with courage but also with rational thinking.
  5. Fifth, it is essential to keep a clear head while making any decisions about binary options trading. Beginners should avoid trading when they are emotionally disturbed, as emotions can create havoc with your trading. It is very easy to make the wrong decisions in an emotional state, so it is advisable to stay away from any form of trading until you’ve calmed down and cleared your mind.
  6. Prepping yourself before trading in binary options is the sixth advice. Studying the market and viewing graphs over time can help new traders predict behavior of any binary options asset, thereby helping them to make well-informed decisions.
  7. Another very important piece of advice would be to keep apprised of trading news. Keeping ears and eyes open to catch breaking news about the market condition can get the binary options trader a clear view of current situations, making it easier for him to trade during market crashes. By understanding the root cause for market changes, the new trader can help corner the market when it rallies or crashes.
  8. Hedging trades against each other just ends up decreasing the statistical probability of earning more profits as opposed to increasing them.
  9. Last, but not least, it is very important to have fun while trading binary options. Beginning binary options traders must ensure that it does not become a bore or a drag; if a trader has fun while trading, then he or she will be naturally inclined towards it and will pay more attention and make better decisions, thereby increasing profits.
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More by this author

Marie Nelson

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Marie Nelson
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Last Updated on March 25, 2020

How to Set Financial Goals and Actually Meet Them

Serial entrepreneur and working towards Early Retirement Read full profile

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Finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. And that’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

In this article, we will explore ways on how to set financial goals and then actually meet them with ease.

Table of Contents

5 Steps to Set Financial Goals

Though setting financial goals might seem to be a daunting task but if one has the will and clarity of thought, it is rather easy. Try using these steps:

1. Be Clear About the Objectives

Any goal (let alone financial) without a clear objective is nothing more than a pipe dream. And this couldn’t be more true for financial matters.

It is often said that savings is nothing but deferred consumption. Therefore if you are saving today, then you should be crystal clear about what it is for. It could be anything like kid’s education, retirement, marriage, that dream vacation, fancy car etc.

Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives, however small they may be, that you foresee in the future and put a value to it.

2. Keep Them Realistic

It’s good to be an optimistic person but being a pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going out of the line will definitely hurt your chances of achieving them.

It’s important that you keep your goals realistic in nature for it will help you stay the course and keep you motivated throughout the journey.

3. Account for Inflation

Ronald Reagan once said – “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman”. And this quote sums up the best what inflation could do your financial goals.

Therefore account for inflation whenever you are putting a monetary value to a financial objective that is far away in the future.

For example, if one of your financial goal is your son’s college education, which is 15 years hence, then inflation would increase the monetary burden by more than 50% if inflation is mere 3%. So always account for inflation.

4. Short Term vs Long Term

Just like every calorie is not the same, the approach towards achieving every financial goal will not be the same. It is important to bifurcate goals in short term and long term.

As a rule of thumb, any financial goal, which is due in next 3 years should be termed as short term goal. Any longer duration goals are to be classified as long term goals. This bifurcation of goals into short term vs long term will help in choosing the right investment instrument to achieve them.

More on this later when we talk about how to achieve financial goals.

5. To Each to His Own

The journey of setting financial goals is an individualistic affair i.e. your goals are your own goals and are determined by your want to achieve them. A lot of times we get on the bandwagon of goal setting only to realize later on that it was not meant for us.

It is important that your goals are actually your goals and not inspired by someone else. Take a hard look at this step at all the goals you’ve set for after this step, you will be on the way to achieve them.

By now, you would be ready with your financial goals, now it’s time to go all out and achieve them.

11 Ways to Achieve Your Financial Goals

Whenever we talk about chasing any financial goal, it is usually a 2 step process –

  • Ensuring healthy savings
  • Making smart investments

You will need to save enough; and invest those savings wisely so that they grow over a period of time to help you achieve goals. So let’s get down to ensuring healthy savings.

Ensuring Healthy Savings

Self realization is the best form of realisation and unless you decide what your current financial position is, you aren’t heading anywhere.

This is the focal point from where you start your journey of achieving financial goals.

1. Track Expenses

The first and the foremost thing to be done is to track your monthly expenses. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you would be surprised to see how small expenses add up to a sizeable amount.

Also categorize those expenses into different bucket so that you know which bucket is eating the most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pump up your savings rate.

2. Pay Yourself First

Generally, savings come after all the expenses have been taken care of. This is a classical mistake which almost everyone of us do. We pay ourselves last!

Ideally, this should be planned upside down. We should be paying ourselves first and then to the world i.e. we should be taking out the planned saving amount first and then manage all the expenses from the rest.

The best way to actually implement is to put the savings on automatic mode i.e. money flowing automatically into different financial instruments (for example – mutual funds, retirement corpus etc) every month.

Taking the automatic route will make us lose control of our money and hence will compel us to manage in what’s left with us thereby increasing the savings rate.

3. Make a Plan and Vow to Stick with It

Budgeting is the best to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be made.

Nowadays, several money management apps and wallets can help you do this automatically. It’s easy and who knows, you may just end up doing what people fail to do.

At first, you may not be able to stick to your plans completely but don’t let that become a reason why you stop budgeting entirely.

Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

4. Rise Again Even If You Fall

Let’s be realistic. It’s not like the world will come to an end if you made one mistake. This isn’t called leniency but discipline.

If you fail to meet your budget for a month, don’t give up the entire effort just like that. Instead, start again.

Remember that flexible plans are the most realistic plans. So go forward and try to follow your financial goals as planned but if for some reason, the plan gets out of hand for you, do not give up on it just yet. This has a lot to do with your psychology rather than any material commitment.

All you have to do is to stay on the road and vow to stay on it, no matter how much you fall down.

5. Make Savings a Habit and Not a Goal

In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

Make Savings a habit rather than a goal. While it might seem to be counter intuitive to many but there are some deft ways of doing it. For example:

Always eat out (if at all) during weekdays rather than weekends. Usually weekends are expensive. Make it a habit and you would in turn be saving a great deal.

If you are travelling buff, try to travel during off season. Your outlay will be much less.

If you go out for shopping, always look out for coupons and see where can you get the best deal.

So the key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice which will be harder to sustain over a period of time.

6. Talk About It

Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission. And it would be rather easy to lose the grip over your discipline.

Therefore in order to stay the course, it is advisable that you keep yourself surrounded with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

7. Maintain a Journal

For some people, writing helps a great deal in making sure that they achieve what they plan.

So if you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

Use this journal to write down all essential points such as your short term, mid term and long term goals, your current sources of income, your regular expenses which you are aware of and any committed expenses which are of recurring nature.

When you have a written commitment on paper, you are going to feel more energised to follow the plan and stick to it. Moreover, it is going to be a lot more easier for you to follow you and track your progress.

At this point, you should be ready with your financial goals and would be doing brilliantly with savings; now it’s time to talk about the big daddy – Investments.

Making Smart Investments

Savings by themselves don’t take anyone too far. However savings when invested wisely can do wonders and we are at that stage where we will talk about making smart investments.

8. Consult a Financial Advisor

Investments doesn’t come naturally to most of us therefore rather than dabbling with it ourselves, it is wise to consult a financial advisor.

Talk to him/her about your financial goals and savings and then seek advice for the best investment instruments to achieve your goals.

9. Choose Your Investment Instrument Wisely

Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about them.

Just like “no one is born a criminal”, no investment instrument is bad or good. It is the application of that instrument that makes all the difference.

Do you remember we talked about bifurcating financial goals in short term and long term?

It is here where that classification will help.

So as a general rule, for all your short term financial goals, choose an investment instrument that has debt nature for example fixed deposits, debt mutual funds etc. The reason for going for debt instruments is that chances of capital loss is less as compared to equity instruments.

10. Compounding Is the Eighth Wonder

Einstein once remarked about compounding,

Compound Interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.

So make friends with this wonder kid. And sooner you become friends with it, quicker you will reach closer to your financial goals.

Start investing early so that time is on your side to help you bear the fruits of compounding.

11. Measure, Measure, Measure

All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments; taking stock of how our investments are doing.

If there is one single step where everything (so far) can go wrong, it is at this step – Measuring the Progress.

If we don’t measure the progress timely, then we would be shooting in the dark. We wouldn’t know if our saving rate is appropriate or not; whether financial advisor is doing a decent job; whether we are moving closer to our target or not.

Do measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

The Bottom Line

This completes the list of tips for you to set financial goals and actually achieve them with not so great difficulty.

As you can see, all it requires is discipline. But guess that’s the most difficult part!

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