Article by Thomas Burkett

Reliably Profit From the Ponies(Money Management 101)

How can you win at the horse track? The answer isn’t as simple as it sounds. The horse track takes over 20 percent of every dollar paid into the pools. This vig is difficult to overcome. However, a sound money management system can help you overcome this massive vigor. In fact without a sound fiscal policy, it is impossible to overcome the juice. The following stanzas will describe a foolproof money management system that will reliably prevent the major obstacles of profit.

The Down 20 System

Put simply, the down 20 system originates from the notion that you are down 20 dollar as soon as you walk through the gate. Your only goal is to break even. So, prior to betting on your first race, you will make a journal entry that suggests you are down 20 dollars.

Next, you handicap the first race and locate a 4-1 horse that you think has a chance of winning. At this point, you need to win 20 dollars to get to even. So, you need to bet 5 dollars on this horse to win (20/4)=5. You then place 5 dollars on this horse to win, and he fails to do so. You now add the 5 dollar loss to the ledger add that to the previous 20 dollars and you find yourself needing to recoup 25 dollars in losses.

Now you handicap the 2nd race and fall in love with a 2-1 favorite. To recover the 25 dollar carryover, you place a bet of 13 dollars ((25/2)=12.5). Again this horse fails to win falling in a photo finish by a neck. You must then add the 13 dollar loss to the ledger and roll the entire 38 dollars to the next race.

After handicapping the 3rd race you find a 6-1 horse that you think should win the race. Needing to recover 38 dollars, you place a 7 dollar wager on the horse (38/6 = 6.333). For the third time on the evening you have selected a losing horse and you now find yourself needing to recover 45 dollars from the down 20 system.

In the 4th race you find a 4/5 favorite that you know will win the race. He has drawn the inside post and has won 4 in a row. You place a wager of 57 dollars on this horse to win in order to recover the 45 dollars you are down. (45 * 5/4 = 56.25). The horse again loses. So, you need to recover 102 dollars in order to satisfy the down 20 system.

In the 5th race you are frustrated. You need to recover 102 dollars. Some will desire to start over or leave or give up on the system at this point. You should set a loss limit for the day. And never bet more than you can easily lose; however, you are actually only in the hole for 82 dollars. Also, you might want to stay away from less than even money favorites. Their loss can seriously injure bankroll. However, it is this race that I find a 3-1 favorite that I feel should win. I place a 34 dollar win bet on this horse. I am paid off 158.20 for the win. I then start over being down 20 and hit two more win tickets and profit slightly less than 70 dollars for the evening.

It really is that easy. However, it is possible to not win a bet all night long. My longest losing streak has been 17 races and I was in deeper than 1200 dollars before cashing. I started skipping even money favorites pretty quickly in that streak. And, I often skip them now after getting in over 100 deep.

It works!

for more expert horse handicapping secrets and tips visit Gooses Gold

Find More Time Management 101 Articles

Article by Paula Eder

Robert Collier wrote these words: “Visualize this thing you want. See it, feel it, believe in it. Make your mental blueprint and begin.”

Time management tips and money management strategies work as a team. As you explore the parallels, your insights will generate new solutions to old problems. You can reach your goals much more effectively by utilizing the questions below. So take a few minutes now to explore your very personal relationship to time and to money,

Jot down quick answers for each topic to build an overview of your progress, your challenges, and your potential:

Time Management Questions:

1. What do I always get done?

2. Where does time get away from me?

3. What interferes with my completing certain tasks?

4. How much more time during the week do I need to handle essentials?

5. What openings in my schedule can I create to enhance my progress?

Money Management Questions:

1. What expenses do I always meet?

2. Which purchases place a strain on my budget?

3. What do I do without, and how do I feel about it?

4. How much more money do I need every week to cover high priority expenses?

5. Where can I economize to set aside money?

Use Journals to Build Your Plans

Your initial responses tell you a lot. And documenting how you use your time and money makes things crystal clear. Experiment with keeping track of your time and money choices in separate journals for 2 weeks. Simply focus on creating an accurate overview of your current patterns. Don’t try to make changes at this point!

Next, review the answers to your time management and money management questions. Your answers to these questions create a clear picture of your patterns. What similarities can you trace between your time choices and your money choices? What are the differences?

Now call in your imagination. Use what you learn to create a powerful set of images to inspire you. What exactly do you want to do with the time and money you access? Clarifying your motivation will help you develop new systems and stick with them.

Strategize for success by starting small. Let each success serve as a stepping stone for your next move forward. If you can build incentive by linking a new time choice with a new money choice, that is ideal! For example, if you want to pay for online training to advance professionally, and also need to set aside time to learn the material, try to work these goals in tandem. By paying for the course in installments, it clears the path for learning.

One of the most important things to keep in mind is to bring complete compassion to your explorations. First of all, this enriches each moment, and removes harmful distortions. It also helps you look deeply at patterns to obtain vital insights. Change only occurs then you relate to yourself with a friendly, non-judgmental attitude. So if you find this difficult, make the cultivation of compassion one of the first things you do with extra time! Everything else will evolve more smoothly as you create a safe space for exploration and assessment.

So, what is your next step to making more effective choices with your money and your time?

Article by Connie Barker

Whether you are in a deep financial hole or would like to get the most out of your money there are some things that you should know to accomplish these goals. Money management can help educate you on the inner workings of money, help you avoid the many financial pitfalls that exist and show you how to make money work hard for you. If you would like to get out of a difficult financial situation and achieve financial serenity, here are some money management tips that are extremely helpful.

In order to truly succeed, you must first understand how money works. This includes learning how to create a budget, save, how to be responsible with credit and how to choose lending products that fit your means and lifestyle.

Create a BudgetCreating a budget can help one understand their unique financial situation. It is extremely easy to create a budget. On one side of the paper, put all of your revenue including your income from your job, and any money you receive from investment, etc. On the other side of the paper list your expenses. Expenses include your mortgage, your car payment, gas, tolls, daily coffee, everything you can think of. If your income exceeds your expenses then you are in a good position to save your extra earnings. If your expenses exceed your income then you are in big trouble and you must cut back your expenses to cover your spending.

SavingsIn order to manage your money, you should start building a savings. It is important to pay yourself first once you cash your check. Whether it is per week or 0 per week make sure you save something each month. This savings can be helped later on to invest and make your money work for you.

Be Responsible with Credit CardsCredit cards are not free money, they are unsecured loans and they can wreak havoc on irresponsible spenders. Many people fall deep in debt by spending carelessly with credit cards. Credit cards should only be used in an emergency or when you have the money to cover your purchase. Credit cards are not as convenient as most people think. In fact, if you pay the minimum payment the credit card company asks of you each month, you may find that an item that cost you 0 really cost over 0 by the time your credit card debt was paid off.

Choose Loans WiselyMost people require a mortgage or car loan to purchase high priced items. While these lending products have helped millions it is important to choose the right ones that fit your means and lifestyle or else you may find yourself in financial difficulty. Before taking out a loan, do some research and educate yourself on the many types of loans available. Make sure the loan you choose has low risk. For instance, while banks may try to sell you products such as Adjustable Rate Mortgages or Interest Only Mortgages, you may want to stick with the Fixed Rate Mortgage. At least with this mortgage the interest rate will never change and you will know how much each month’s payment will be for the life of the mortgage.

Related Time Management 101 Articles

Article by Dr Joshua Geralds

If you’ve been trading a while or have been reading up on trading then the term money management will be familiar to you. But money management in Forex trading is very different from money management else where.

Especially in currency trading money management takes the top spot for making or breaking an account! Just what exactly is money management you ask? Well money management is a series of steps an experienced trader takes to protect the profits gained and to ensure that losses are minimized.

To give an example money management is the safety net for a trader to make profits. For instance you are a day trader and you trade the 5 minute charts. So let’s say on the average you make 10 trades a day. Now your daily tally should be the average score of all 10 trades. Thus you will have a daily pip profit and not base your success on individual tradesMoney management is also concerned about position sizing. This is the way professional traders control their risks and returns for any given trade.

To learn and use position sizing is thankfully straight forward and simple. Take for instance you trade the Cable (Pound against US dollar). Each lot you trade is 100k how you can mitigate your risk is by breaking up the size of each lot you trade in.

By diversifying your lots you give yourself the flexibility to hedge your position should a trade turn against you. In that way you can position your trades in uncorrelated economies thus increasing the probability of a day profit. Money management in this way will serve to protect your account. Over here it is appropriate to touch on the compounding effect and how it works with money management. As you are aware a trader makes money by steadily growing his or her account. Steady growth for day traders do not mean a profit in each and every trade. But you have to ensure a profit every day. The worse position is a break even. When compounded and coupled with position sizing the trader grows his or her account.

Words of caution here do not expect to make every trade a winning trade. If you trade 10 times a day you have to expect to have 50% of your trades as failed trades.If your edge is good and you have made a due study of the market, expect a failure rate of 35% and that’s saying you’re a very good trader already!

In conclusion let up recap on what money management is and what it can do for you. First money management is a process of controlling risk. Second it is a method of increasing profits. Third it is a way to discipline a trader. Fourth it is not a way for quick bucks. Fifth it will enable a small account to compound at the best rate possible and earn consistently. Lastly coupled with position sizing it gives to the trader flexibility to hedge their trades thus ensuring a daily profit. So make some money for yourself.

Article by Sherry Rosy

No matter who you are, at some point in your life, you will have to manage your own money. Unfortunately, few of us receive any formal instruction for this essential skill. We must learn it the hard way – through trial and error.Even in the best of times, the trial and error method is fraught with peril. Every mistake can be reduced to a dollar amount. In the past, maybe those amounts, while certainly unpleasant, weren’t crushing. Times have changed. The stakes are greater, and so are the penalties. Defaulting on a cell phone bill means 0 to 00 on top of the amount already owed. If your car breaks down on the freeway, and you can’t afford to have it fixed, or even towed, it could cost you thousands of dollars in towing fees, even if you simply sign the title over wrecker so he can sell it. What’s even worse, these mistakes will be reported to the credit agencies, which can damage your financial health for years to come.But perhaps the worst effect of money-management is the stress and worry it creates in your life. Did you know that the number one source of friction between married couples is money?Now, I’m not saying that managing your money successfully will mean that you won’t ever worry about money. Probably the only way you’d ever stop worrying about money is if you owned a few thousand shares of Apple stock. But it can help you reduce your worry over money. And who knows, maybe even improve your relationship.The first thing you should do is research. It’s the key to everything, and it’s usually free. Start out online. Find some financial assistance sites and absorb their free information. But please take their suggestions with a grain of salt. Not everything you read online is factual or even complete. Simply use this as a starting point, gleaning the most basic information. Then go to the library. What you need absolutely need to know is: * How to balance your checkbook * What interest rates are * How to pay off loans * How to save for retirementNext, make a list of your financial responsibilities. Write down what you owe, who you owe, what the interest rate is, and minimum payment amounts. Be sure to include daily expenses, such as food and gas.This is your basic budget. If you match these expenses to your monthly income, you’ll see areas you might be able cut costs as well as how much money you can set aside for retirement, or a savings.One last piece of advice: Try to avoid credit card debt under any circumstances. Don’t charge anything that you won’t be able to pay off at the end of the month.If you’ve already tried everything else to try to save money, do not ignore this email. I truly believe the information you get in Brandon’s book is finally the answer you’ve been looking for. If you want to start saving money, clicking the link could be the help you need.

Article by Ken Boutilier

Making money in real estate is certainly more difficult these days than it was a few short years ago. Foreclosure and sale rates are through the roof, and demand for houses has declined in a major way. One area of real estate that is more profitable than ever, though, is rental property management. Purchasing a quality rental property or upgrading and renovating a rental unit that is in foreclosure offers the opportunity to make big money catering to a market of former homeowners suddenly forced to rent. To maximize your investment, however, you need to stay focused on maintenance from the outset.

Time and again, investors sink a majority of their income into rental properties assuming that all that is needed is to sit back and collect rent. With any property, however, maintenance is essential. Septic tanks need repair, electrical wiring needs upgrading, and appliances need to be checked for function and efficiency. Maintaining heating and cooling systems is critical to prevent fires and failures, and these are all things that need to be noted and budgeted for when purchasing a rental property.

Proper maintenance of your rental properties offers a number of benefits. First, when your property is well maintained, both in terms of function and cosmetic appeal (think landscaping), you will find that you attract a much greater pool of high quality tenants. More importantly, however, maintenance is going to prove to be the best way to save money and really get the most from your investment. Paying a professional to clean out your heating systems each year is a minor expense compared to repairing a broken system in the dead of winter or paying insurance companies and tenants after a poorly maintained system catches fire or causes pipes to freeze.

Maintenance can be very time consuming and can even be costly, but the end result is always cheaper and more worthwhile than neglecting your property. No rental unit, no matter how new, can simply be rented out and ignored. Maintenance of your properties prevents both financial and safety disasters and will ensure that your tenants want to remain in your property. Hiring a maintenance professional to supervise your properties can be ideal if you own a large number of units or if you are unsure of all that will need to be done, but with effort and the willingness to provide quality housing, you will find that you are capable of providing the maintenance that your tenants expect from a quality landlord.