Avoid:
- overdraft fees
- ATM fees
- late fees
Small fees add up quickly.
I was a bank lender for years. I saw every mistake you can make with your money.
Here are the 10 biggest money mistakes to avoid if you want to be wealthy:
- read the fine print
- recognize the fees
- understand the terms
- check other lenders
- compare interest rates
- compare closing costs
- compare other terms
- instant gratification destroys your money
- high interest debt steals your income
- investing increments over time is key
- it's possible to pay cash for a car
- it's possible to pay cash for a home
- it just takes time and patience
When you borrow to buy something, you don't own it outright.
Your lender has the right to take it, if you don't make your payments.
- banks want you to borrow money
- they make more as you borrow more
- they get aggressive with approval limits
- don't borrow up to your approval limit
It's no fun being house-poor or car-poor.
Customers:
- took on debt in their 70's
- assumed they'd always have debt
- didn't plan for retirement
Rule: don't retire with debt
Interest steals your income.
Cost of interest:
- $20K loan at 6% is $100 per month
- $250K loan at 5% is $1,041 per month
720+ score is good.
- make all payments on time
- keep your credit utilization under 33%
- limit number of inquiries
- avoid collections and foreclosure
1. Follow me @millionairecori for more of these
2. RT the first tweet to share this thread with your audience
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A THREAD ON @SarangSood
Decoded his way of analysis/logics for everyone to easily understand.
Have covered:
1. Analysis of volatility, how to foresee/signs.
2. Workbook
3. When to sell options
4. Diff category of days
5. How movement of option prices tell us what will happen
1. Keeps following volatility super closely.
Makes 7-8 different strategies to give him a sense of what's going on.
Whichever gives highest profit he trades in.
2. Theta falls when market moves.
Falls where market is headed towards not on our original position.
3. If you're an options seller then sell only when volatility is dropping, there is a high probability of you making the right trade and getting profit as a result
He believes in a market operator, if market mover sells volatility Sarang Sir joins him.
4. Theta decay vs Fall in vega
Sell when Vega is falling rather than for theta decay. You won't be trapped and higher probability of making profit.
Decoded his way of analysis/logics for everyone to easily understand.
Have covered:
1. Analysis of volatility, how to foresee/signs.
2. Workbook
3. When to sell options
4. Diff category of days
5. How movement of option prices tell us what will happen
1. Keeps following volatility super closely.
Makes 7-8 different strategies to give him a sense of what's going on.
Whichever gives highest profit he trades in.
I am quite different from your style. I follow the market's volatility very closely. I have mock positions in 7-8 different strategies which allows me to stay connected. Whichever gives best profit is usually the one i trade in.
— Sarang Sood (@SarangSood) August 13, 2019
2. Theta falls when market moves.
Falls where market is headed towards not on our original position.
Anilji most of the time these days Theta only falls when market moves. So the Theta actually falls where market has moved to, not where our position was in the first place. By shifting we can come close to capturing the Theta fall but not always.
— Sarang Sood (@SarangSood) June 24, 2019
3. If you're an options seller then sell only when volatility is dropping, there is a high probability of you making the right trade and getting profit as a result
He believes in a market operator, if market mover sells volatility Sarang Sir joins him.
This week has been great so far. The main aim is to be in the right side of the volatility, rest the market will reward.
— Sarang Sood (@SarangSood) July 3, 2019
4. Theta decay vs Fall in vega
Sell when Vega is falling rather than for theta decay. You won't be trapped and higher probability of making profit.
There is a difference between theta decay & fall in vega. Decay is certain but there is no guaranteed profit as delta moves can increase cost. Fall in vega on the other hand is backed by a powerful force that sells options and gives handsome returns. Our job is to identify them.
— Sarang Sood (@SarangSood) February 12, 2020
