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Make Money

5 Ways you can lose your money quickly

Never play with money. This is what I learn today. Though I suffered losses up to $75 but still I regret. I would have easily bought my favorite hoodie for the same price if I never tried this one.

Forex! Yes where everyone try their luck. I tried it too. But my greed made me try it again and again, until the losses incurred were $75. And now I have got nothing but to repent. Anyways leaving it moving ahead as I consider “money is dirt” so I will not cry for it however.

Forex

On top of my list is forex because I lost my money in it. There are many people like me who don’t have any experience in trading and dream to make a living on forex. I strictly warn you, never try this if you have no experience. You may profit some dollars but most of the time this leads to losses. Moreover there are many brokers who are scammers. In fact there are many scammers than the honest brokers in the market, so be warned. Hence I wont recommend forex to anyone.

Lesson learned: If you have no experience, don’t try it.

Stocks / Mutual Funds

Well there is some chance of profit in stocks but still if you are the one like me who never sees or hears world news then this is a waste too. And then since stocks is much similar to forex. You never know which company will rise and which will fall. So stock comes on number 2 on my list. The scam in term of stock is less compared to forex however, you need a good investment to risk up in the stock market.

Lesson Learned: If you have no experience, don’t try it.

burn-money

Entrepreneurship

This is the latest trend these days. Everyone likes to be a successful entrepreneur. Its a good thing to be an entrepreneur in things that you are experienced in. Or else you can only see heavy losses on your side. A good example is wpdesigner. I don’t even want to give a backlink to it too. Wpdesigner was a blog related to WordPress resources. The blog was sold for $65,000 by Small Potato (the guy who ran that blog), due to some financial problems. And now the home page of the same blog is a web hosting affiliate landing page. The guy aka the new owner (so called entrepreneur) ruined both his money and the blog.

Lesson learned: Save your money and don’t spend on useless investments

Vanity at Work

Since I am a freelancer I would give you another example of mine. A month ago I was almost completely without any work. That was not because there was 0 work for outsourcing. It was because the employers were paying less due to recession. I know I am good at what I do and when I provide quality in my work I expect the same in payment. But friends when a time is called as recession, try to do the work even if you get some less amount then the usual. For over a month I was work less and now even after building some reputation I do the same work that I used to at 70% cheaper rate.  At least something is better that nothing. So never show vanity at your work.

Lesson learned: Pride at work = 0 additional income

Improper Research and Hurry

This is more to deal with our daily lives than the business. We tend to buy any thing that looks good without any research. If not you, even this happens to me most of the time. I buy thing online, and the very next moment I find the same thing at a cheaper rate on the next website. Another thing, this is most related to gadgets and such items, it is advisable to wait and buy a product rather than buying it new. Most of the things in the market are costly when launched but you see a steady decline in its price in the very next month. So if the thing is not very required then why not wait for 2-3 months and take it at a better price ?

Lesson learned: Do a good research before buying costly and new things.