When it comes to the money that you set aside for annual or semi-annual payments or for emergencies where you need extra cash quickly, where do you keep it? Drawing funds from any of your savings or investment accounts is something you may not want to do since there may be a penalty for early withdrawal or it might be financially disadvantageous at that time.

Here’s another question. Are you setting anything aside in case you need to pay the deductible on an insurance claim?

A good place to put funds for infrequent payments or for possible emergencies is in a money market account where interest rates are most often higher than savings accounts and are more accessible. In some banks, even higher rates on Internet money market accounts are offered. What you need to do is check your bank’s rates on various types of accounts to see which would be best. A good idea would be to compare banks. There can be a big difference. Money market accounts require a higher balance, but the amount you will need to keep in it will more than meet that.

The good thing about money market accounts is that it is usually more than enough for most people even though there is a limited number of checks you can write on it in a given time period.

Planning your budget would mean that you will need to make payments to this account until the balance is sufficient to cover your home and auto annual or bi-annual payments and cover all your deductibles for your home, auto, medical and dental policies. Once this account is fully funded, the interest earned will be able to reduce your monthly budget payments that go to replace that which was used for insurance payments or for emergencies.

With this account in place, you will be able to take the highest deductible allowed thereby reducing your monthly insurance payment. You will now be able to make an annual payment, saving on the service charges if you pay your auto insurance quarterly or twice a year.

It is definitely better than most savings and checking account interest rates even though money market accounts may not earn the kind of return as a mutual fund or other types of investments. Money market accounts have the advantage of easy access for your infrequent financial needs.

You can give yourself some efficient financial security by enabling your money to work for you in several ways as long as you have a little self-discipline.

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Don’t pay late

If you don’t stay current on your bills, things kind of have a domino effect – finance charges beget late fees beget stress beget abject depression about the state of your finances. Whether it’s bills, credit cards, or student loan payments, falling behind can be a very difficult problem to come back from. Interest, late fees and all that other not-so-good stuff can all take away from the money you can potentially save for the future.

Set goals

If you don’t know where you are headed, how do you get there? You’re an adult now, to paraphrase the Pursuit of Happiness’ rock hit from the late eighties, and you need a concrete plan. Take some time to write your goals down on a piece of paper and plot how you plan to meet them and you could be hitting paydirt before your hair even tries to turn white.

Invest early

If you really want to accumulate a lot of wealth, it pays to be more than a few steps ahead. Even if you can’t invest much, start with what you can and let your money grow over time. Word from a scientific genius and a wizard with words – “compound interest is the greatest mathematical discovery of all time,” Albert Einstein.

Knowledge and conservancy make a difference

Whether you are looking to invest in real estate, stocks, or anything else, make sure you know how the investment works. The great Warren Buffett was often criticized for not investing in technology during the dot-com boom. But he laughed last. After all, if one lacks the proper knowledge of the rubrics and inner workings of a certain business model, then it is best to lay your hands of it, or at the very least learn these machinations and learn how such a model could and would generate revenue. This is a basic tenet that applies to other investing types as well.

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When a certain investment suddenly becomes a big hit, this usually marks the time when astute investors start their attack on the market. If everybody knows a stock is hot, or that their real estate market is booming, it generally indicates a bubble and that it’s time to cash out. Buy low and sell high – it isn’t rocket science, really. If an investment is hot and lots of money is flowing into it, you can’t buy low.

Don’t try get rich quick schemes

Don’t fall prey to avarice. This is easier said then done, but don’t try to gain too much too fast. Those people who are rich without having to work hard and sacrifice…were born with silver spoons in their mouth.

Save more

This is another one that sounds pretty basic, but can be difficult to achieve. Often times people want the instant gratification and go out and treat themselves. Of course how somebody spends his extra cash is none of our business at the end of the day, but saving for a rainy day is always a good idea. Think about how nice it will be when that money is working for you rather than heading out shopping.

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Many people get confused by the different financial terms like currency, forex, exchange, trading, and so on. It’s a big complex financial world and one of the new trading concepts is day trading.

Simply said, day trading means buying and selling securities, stock, and other financial investments within a single trading day. It covers a wide variety of financial products such as stocks, currencies, forex, equity index, futures and commodities.

The financial products bought must be sold at the end of a trading day.

Day trading can be risky because you have so little time to buy and sell stocks. If you will engage in day trading, you must have sufficient capital. You need to purchase at least 1000 shares of a stock. And be prepared for this capital to be replaceable.

Although day trading is risky, it does have big rewards if you know how to play in this game. Most day traders don’t get emotional with any stock. Day traders must know how to analyze their current market trend and also when they should cut their losses.

Day trading has a very good advantage, which is the 50 to 1 intraday margin. So you can trade up to 50 times your initial capital.

What if you don’t have capital? There are day trading currencies that you can try. Trading currencies requires less capital. A forex mini account can be opened for a few hundred dollars only.

The bad thing about day trading is that the stock market is only open for 8 hours daily. However for currency trading, the forex market is open 24/7. That means you can trade just about any time of the day.

Another advantage of day trading currencies is that most day traders get an intraday margin of 4. That means that you can trade up to 4 times your capital. This would mean you can trade up to $40,000 if you have a capital of $10,000. This gives you more leverage if you decide to buy higher price currencies.

Day trading currencies are also a lot easier to monitor and predict than stocks because there are less of them and there are also less factors that affect the global forex market.

In day trading, you can lose big and win big in one day, so don’t take that up until you get enough experience and knowledge in the stock or forex markets. Wise and quick decision making is needed as well as the usual stock research analysis, market analysis etc.

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