Saturday, March 21, 2009

How to Not Take a 401K Withdrawal

How to Not Take a 401K Withdrawal

In these difficult times, I know it is very tempting to dig into your 401K, however, please try to do everything you can before taking this step. Here are ways to raise money and start investing.

RAISE YOUR SEED MONEY - You will need at least $250.00 to invest in currencies and at least $500.00 to invest in the stock market. I have written articles about both, so look them up after you have the money available. My first suggestion for pulling together seed money is a garage sale. Clean out your garage and sell everything that you can. Put up signs that are large and clear directing your buyers to your location. Put an ad in the newspaper for maximum results. Remember you are trying to sell not keep, so put the prices low and be willing to negotiate. As soon as you get some money in your hands, you can turn it into more money. It is also very Feng Shui to clean out your stuff. Get rid of everything you can. You can also prepare ahead of time by going to friends and neighbors and asking if they have anything they want to get rid of (that they were intending to donate, etc.), tell them that you are trying to raise money to better yourself. My second suggestion is babysitting or mowing lawns. Just about anyone can babysit. This is a great one for stay at home moms because you are already doing it, you might as well get paid for it. My third suggestion is selling through direct sales. I do not recommend a career out of it but you can sell for a couple of weeks and easily make $250-$500 that you will need to get started in currencies and stocks. Some direct sales companies, such as Partylite, do not required you to pay for your kit to get started. Unless you are really into candles, you may want to try Pampered Chef, Tastefully Simple or Longerberger. This is my least favorite recommendation because I do not think that eBay is a good choice for most people, but if it is the only thing that you can do right now, then sell your items on ebay. Sell your used items or make some easy at home crafts such as candles.

START MAKING MONEY - The currency market is called forex. There are numerous online sites that will teach you how to navigate the forex market for free. You will not need to pay anyone to learn the skills necessary to make money. Read everything you can on the subject. It is not as difficult as it first appears, do not be intimidated. You can learn it! I recommend for an excellent education on currencies. Look up forex online and find a reputable online broker. I recommend Start a practice account. It is free to start and use a practice account. You will need to practice for a minimum of 3 months before you start trading in your live account. Remember practice makes perfect, do not skip this step. Fund your live trading account. You will only need a minimum of $250.00 to start, but it is recommended that you start with $1,000.00 to $5,000.00 Start trading. The forex market is open 24 hours a day, from Sunday to Friday. Find out the times that work best for you. Fridays and Holidays are not usually the best time. Trade during the busiest times, such as late evenings and early mornings. Many training sites will tell you the best times to trade. I recommend for daily currency advice. Good luck!

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