Need for more money

[SexyTrader]

Woooh woooh wait a min this cant be so simple dude, u are rich trader with deep pockets may be easy for you boss. But it cant be so simple for sure...

I earned my deep pockets by doing it myself. Deep pockets is for everyone, just knowledge and some bit of instinct/luck/ability grown necessary too :thumb:

 

[anuragmunjal]

Hi guys

This is my personal problem that I wish to discuss with you guys, feel free to reply/abuse or anything to me on this thread.

I am working at a software firm in Mumbai. I always keep on feeling that I need more money, my life would be better if my salary can increase.

My expenses are growing faster then my salary (inflation>increment).

I am married and have one kid, and the household rent burns a huge hole in my pocket. I am unable to dream to buy a house/car with my meager savings.

I have tried almost everything (from past 5 years) to improve my life but it dosnt. Now I am not sure what to do? should I take sanyaas and go to Uttrakand and opean a tea stall. Or should I stop worrying about life and let it take its own path.

Can anyone suggest some solution? How can I make more money?

Dear friend

generating more income is generally not in one's hands, cutting down on one's expences and expectations is. as a few members have suggested before, try and cut down on your expecnce and expectations.
you have tried everything in the past 5 years and nothing has worked... at times it is better to just let go and let life take its course.
going to Uttrakhand and opening a tea stall would not solve your problem, it may fulfill some childhood dream of living in the hills. but do give a thought to your family, your child's education etc. before you do it.
trading in financial markets is a very difficult and high pressure job. in your current state of mind (frustration/irritation), I'll give you a 9.9/ 10 chance that you will not succeed and in effect, you will make your problems worse.
you have to understand that a stock trader, however good he is, would not be able to program in C++ or understand java. if he wants to do that, he will have to give a few years in understanding. same goes for people who come from any other field and want to trade the financial markets.

lastly, there is a lot of information regarding trading available on the net. some is good, lot of it is BS. pick up something that seems logical to you. study it for sometime, stick to one method , do some paper trading and then start small... start only when you are in a relaxed state of mind.

best of luck for your future.

regards

PS. there are some very good posts/ threads on price action trading by Smarttrade. go thru them and you may find lot of value there.

 

[trader_ks]

Dont be involved in trading if you want to improve lifestyle or earn huge money immediatly rather cut unwanted expenses.
Not everybody is successful in trading and most of the people who are succesful treat trading as a serious business and work with passion, not as part time hobby.
There is no end of personal demands but person who manage to make proper balance between salary and expenses lives happily.

 

[nirav_j]

some food for thought for guys suggesting cutting down "unwanted expense"

how many people you know managed to buy a house/car by cutting down on expenses rather than making more money ?

 

[sabharwal_RK]

What are unwanted expenses?
Living close to office; eating better food, watching movie in a mall, visiting home by an AC train? Good education for child? Beauty parlor expenses for wife (that is unwanted at least )

 

[Vertigo_1985]

Hi Sabharwal,
Our trader friends have already made some wonderful suggestions, here is my opinion or suggestions -
1. As our friends have already suggested cutting down expenses should be the first step. There are things that are valuable and shoudnt be compromised like your childs education which have long term consequences, then there are things like going to movie or eating out which imo you can atleast reduce, look for alternatives which are cheaper but also let you spend quality time with your family. List your expenses, be innovative and find out ways to reduce them.

If you still cant come up with any solution then you still havnt reached the stage of desperation where you will take action, in which case we will see you again here after maybe an year or 2.

2. Are you one of those who hate mondays ? whoz waiting entire day for the clock to hit 5 and get out from the office ? If yes then your problems wont go even if you change your job unless there is a drastic change in your attitude or perspective. And it cant be no because if you love your work then money wont be an issue. What i would suggest is to explore yourself - ask yourself questions like
1. What you are really doing with your life ?
2. What you really want to do in you life ?
3. What gives you satisfaction ?
4. What are you strong points ? how can you improve your strengths ?
Take your time and give a lot of thought to above questions, i have to do it each weekend to stay focused.

Your first focus should be to how to improve your skill sets in current job, be best in your current job. Successful traders are successful because of the hard work, commitment and passion, bring that attitude in your current job.
Dont spend time working on trading as of now, your financial or psychological condition doesnt allow it plus you have responsibility of your family. If you still have money you can afford to loose then trade on time period of few weeks or more, nothing less than that.

Read self help books and bring meditation into your life. Meditation will increase you focus, confidence and inner peace which will automatically show in your various aspects of life. If you are not at peace with yourself then any happiness that does come from outside like appraisal, money or love will be only temporary and you will be stuck in painful cycle of pain and pleasure. Your outer self is a reflection of inner self, first work on improving the inner and outer will improve by itself.

Talk with your family, get their support and believe in yourself. Each day work on doing the best you can. My best wishes with you.

Regards

 

[TracerBullet]

some food for thought for guys suggesting cutting down "unwanted expense"

how many people you know managed to buy a house/car by cutting down on expenses rather than making more money ?

And why does it have to be either cutting down or make more money? Why cant you do both and get that house earlier. Who likes paying interests for half you life ...

And do tell why do you need a car when he is already living close by. Is it for status? People have to make their own choices, competitive consumerism is surest way to have a permanent need for more money.

 

[onlinegtrash]

>> how many people you know managed to buy a house/car by cutting down on expenses rather than making more money ?

1) Its the same reason we exit losing trades.
2) Making money = finding new trades.

Don't you think both 1) and 2) are important. IMO (1) is more important than (2).

 

[nirav_j]

>> how many people you know managed to buy a house/car by cutting down on expenses rather than making more money ?

1) Its the same reason we exit losing trades.
2) Making money = finding new trades.

Don't you think both 1) and 2) are important. IMO (1) is more important than (2).

I think the OP has clearly mentioned his needs. A very pointed and a specific question.

What has happened is, he is being told what his needs should be,whereas his question was how can he make more money.

I agree with you about (1) and (2), but imho wanting or having a decent quality of life is NOT a loosing trade that needs to be cut.

I still find the remark incredulous : why does he need a car if his office is nearby ?!

 

[TracerBullet]

I think the OP has clearly mentioned his needs. A very pointed and a specific question.

What has happened is, he is being told what his needs should be,whereas his question was how can he make more money.

I agree with you about (1) and (2), but imho wanting or having a decent quality of life is NOT a loosing trade that needs to be cut.

I still find the remark incredulous : why does he need a car if his office is nearby ?!

Need for money could be based on lack of income or due to lack of balance betwen spending and saving. Software field pays well enough to have a decent quality of life outside work.

Desire for more and more money (as his post implied to me) in short time is unlikely to end well. Savings compound over longer term and you get more safety net and more money to spend. You dont have to save everything but the other extreme is even worse.

Ofcourse he should pursue options to increase his income and trading will be a great choice if he can manage it. But this wont give him more money now.

More Money = More savings + More income. Savings can happen now, income willl likely take time and effort.

I find it incredulous that every other person needs to have a car.
I wish that i save enough money to go to a bicyle and public transport friendly country/city one day.

Car was just an example. He may genuinely need it, but expenses should be tracked and sensible decisions can be made.

Anyway i said what i wanted, take what you will ...