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2

DID YOU KNOW?

	Does life feel like it is spinning out of control? Has a high-flying lifestyle set you on a crash course toward financial ruin? Have your credit card balances snowballed beyond your control? Then it is time for you to take control of your finances. To have successful money management, wealth accumulation, and financial freedom, you must take control of your finances. No one else is going to do it for you. You are responsible for your finances. “Money doesn’t manage itself,” Robert Schuller. 1. Figure your current net worth. You can not take control of your finances before you know what your current financial situation is. You need to know what your current net worth is. Is it positive, or is it negative because of all the debt your family has accumulated? Do you have investments? Valuable antiques? Valuable personal property? Debts? Credit card bills? A home mortgage? You can use our printable net worth worksheet to help you figure out your family's current financial position. 2. Start a record file system. If you desire to become financially successful, you need to keep track of your financial records and statements. Keep in mind that disorganization costs money. Buy a small file cabinet and start keeping and organizing all financially related papers. 3. Income and expense record book. You also need a clear picture of what the family’s total monthly income is. How much are you earning? Your spouse? Are there interest and dividend payments you could add to your total monthly income? You must know how much money is coming in to your household and how much is being spent. Include every purchase and every cent. You will never be able to take control of your finances until you have a firm understanding of your current income and spending habits. 4. Start a budget. Start a budget, and stick with it. Once you know how much income you have and where and what you are spending your money on, you can create a budget. You do not need a certain “income” to budget and save money. All it takes is the self-discipline to learn how to save and to take action to save a little bit each paycheck. For more budgeting help, visit http://www.savingyourwaytosuccess.com. 5. Create financial goals. After you have a clear picture of your current financial position, create a written list of goals you desire to accomplish. Get out of debt? Save enough money equal to 6 months income for emergencies? Pay of the auto loans or student loans? Start investing in an investment program, such as a Roth IRA? Save enough money to purchase your family's own house? Where do you desire to be financially one year from now? You may want to create several lists of goals in a time-frame of six months, one year and five years. Place your list on the refrigerator door so everyone in the family will see it and constantly be reminded of what your family is shooting for. 6. Taking control. If you have followed the above by calculating your current net worth, organized all your family's financial records, created a record book of your income and expenses, started a budget, and created financial goals of how much you desire to accomplish, you will be taking control of your finances. You will no longer be controlled by bills, debt and uncontrolled spending, but rather, you will be saving money, getting out of debt, accumulating wealth, and becoming financially independent. You will be saving your way to success. Congratulations and good luck on your endeavors!

Want to know what buying strategies to use when buying stocks that can potentially return triple digit gains? In part one of this series, I told you what factors you must consider when buying a small or micro-cap stock. In part two, I’ll review intelligent buying strategies when it comes to buying small caps.

Rule Number Two: Remove emotions from your buying decisions with a disciplined strategy.

Ok, so let’s assume that you’ve done your homework now and discovered a company that you believe will run up at least 60% or higher over the next year. Decide on a predetermined buying price and do not waver from this price. Period. End of discussion.

Why?

Ok, let’s take a look at hypothetical stock YYY. Company YYY is the industry’s leading innovator in a huge growth industry that has seen the biggest growth spurts in history for the last three trailing quarters, yet the general public still does not know about them. In addition, they have patented technology that lets them protect their first mover advantage and high entry costs into the industry gives them nice barriers to entry. On top of all of this, Company YYY is trading at a ridiculously low P/E and a ridiculously low price of $3. In fact, its price would have to appreciate 200% just to equal the P/Es of the giants in the field. You study YYY’s historical price chart and see some volatility, so you decide you will wait until the price drops to $2.80 to get in. But in the two days you wait for company YYY’s stock to drop in price, it unexpectedly shoots up to $5.50. Or perhaps it plummets way below your $2.80 buy in price to $2.00. On no new significant news.

Depending on what scenario happens, you may be thinking “I’m so dumb not to have bought at $3. I guess I’m just going to have to bite the bullet and dive in at $5.50,” or “This is so great. I wanted to get in at $2.80. Now it’s so much cheaper at $2.00 that I’m definitely going to buy now.”

Right? Wrong.

Stick to your original plan. If you throw your buying strategy in the trash and decide to get in at $5.50, you’re letting emotions drive your decisions instead of logic. If you were only willing to pay $3, why would you possibly be willing to pay 83% more for the same stock just 48 hours later? And if we consider the second scenario where the stock plummets to $2 a share, don’t you think that this merits more caution instead of haste? Remember, in both hypothetical situations, we are assuming there is “no new significant news” surrounding stock YYY to justify these huge price movements. Under these assumptions, the volatility of the stock is probably occurring because of jumpy day traders taking profits off the board or dumping shares.

But let’s take a closer look at why letting emotions creep into your decisions is a bad idea. Let’s look at the situation again where stock YYY blew through your designated buy in price of $2.80 and went to $5.00 in two days. Let’s assume you stick to your guns, wait two weeks, and buy-in when YYY stock finally dips to $2.80. Now employing a stop loss of 15% against your buy-in price, your sell-out price of the stock is $2.38 versus $4.68 if you had bought the stock when it spiked up to $5.50. This huge gap in stop-loss price points may very well be the difference between holding on to the stock and earning 80% gains versus selling out 48 hours later and feeling confused as to whether or not you should buy back in.

To summarize, never throw out a pre-designated buying price for a risky stock due to unexpected price spikes. If this happens, stick to your original buying strategy if you still believe in the stock and wait until volatility decreases before you buy at your pre-designated buy-in price.

Remember, there are literally hundreds of stocks every year that make rapid double or triple digit gains. If it turns out that you missed out on one opportunity because the stock soared right through your buy in price and kept soaring higher or the stock’s price took a sudden plunge, know that there are hundreds of other opportunities waiting to be discovered. If the stock you loved so much never returns to your buy-in price, move on. You’ll find a better stock to buy soon enough.

© 2006 Global Market Opportunities