Has Your Income Exceeded the Rise in the Cost of Living?
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#511: Has Your Income Exceeded the Rise in the Cost of Living?
In this video:
00:28 – Inflation is out of control
01:19 – What has happened to your income in the last 12 months?
01:55 – What are you doing to help yourself?
02:52 – Nothing beats trading the Forex market
04:50 – A link to FX2Funding
05:30 – Client makes +26.33% in 1 month
06:23 – Blueberry Markets
06:50 – Consider trading now
Has your increase in your income in the last 12 months kept up with or exceeded the rate of inflation where you live? Let’s talk about that and more. Right now.
Hey there, traders. Is Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 511.
Inflation is out of control
So today I want to talk about inflation. I’ve talked about it in the past and here we are now, many months later, with inflation still continuing to spiral right around the world. All around the world, it doesn’t matter what country you live in.
Inflation is getting higher and higher. The cost of living is going up and up. The cost of your food, the cost of travel, the cost of everything is getting out of control. And it doesn’t look like it’s going to stop any time soon. Add on to that the increase in interest rates, which we’ll continue to see right around the world, despite many months ago, a lot of the experts saying they were going to stop and peak and then potentially fall.
That’s not happened. Interest rates continue to go up. So anybody with any form of loan, mortgage debt, it’s just getting harder and harder and harder to pay that.
What has happened to your income in the last 12 months?
So my question to you today is this. “What has happened to your income in the last 12 months?” “Has it gone up by the rate of inflation?” or “Has it gone up more?” because it should have at least gone up by that rate.
Ideally, more than that rate for your country, because if it hasn’t, you’ve gone backwards in the last 12 months of working hard. And that’s quite a scary thought for people. So how do you think about that and answer that for you and your situation.
What are you doing to help yourself?
Also, what are you doing about that? If your income has not exceeded inflation and interest rate and your general cost of living increase in the last 12 months?
What are you doing about that? Because unfortunately, so many people procrastinate. They look around, they think they’re going to do something. They have all these wonderful ideas. They hear something like this and they go, Yeah, I’m going to do something. Six months later. Guess what? They’ve done absolutely nothing. Why? Because it’s a little bit harder to go and make a decision, a little bit harder to go and do something.
It’s easier to sit on the couch and watch rubbish on Netflix or something like that. And so that becomes the issue. People need to actually get a kick up the bum and be motivated in inflation and interest rates continuing to climb. And probably incomes not really ought to give you that kick that you need. So what are you going to do about that today, right now?
Nothing beats trading the Forex market
Now, from my point of view, I know of nothing better than the forex market and trading to actually help to overcome this situation and to improve things for you because it has very low risk, it has very low cost of entry. You think about, let’s say, going off to university and getting yourself a degree in three, four, five, six, seven, eight years, depending on what you’re doing and, you know, and coming out with massive debt.
And then you still need to go and get yourself a job and claw your way and debt and then still be an almost slave to the system because you still have a job. Now, it potentially could be a higher earning job than many others. Yes, granted. But you still come out of that. Lots of time down, lots of debts, most likely.
Forex allows you to get into the market with a very small entry fee, very small short window of time as well. But you need to get into it when your number one objective is not to make money or have to make money from day one. That is not the way to succeed in trading. You have to give yourself time to learn, to experiment, to have gained some fails and to go through the natural system.
Now we can certainly help shortcut that at the Forex Trading Coach with our proven method of teaching and our proven strategy. But even so, when people come on board and they go, Andrew, I want to be a prop firm trader. Wow, fantastic but stop. Doesn’t matter how much trading experience you have, even if you come on board with us, I suggest that you have at least six months before you even consider prop firms. Now prop firms are fantastic.
They really are. They’re a game changer. But give yourselves a few months to learn a new system and a strategy on demo to be profitable on that demo. Then start with a small personal live account and have a couple of months at least to be profitable on that. And then consider prop firms.
A link to FX2Funding
When you consider prop firms, I’m going to put a link here to FX2Funding who I’ve had something to do with over the last year.
I think they’re really good option for us in prop firm tradings companies because they have listened to what I’ve asked them. They have said there’s no limit on the minimum and certainly no limit on the maximum number of days it’s going to take you to pass each challenge. And that’s massively important. And so have a look at them again.
I’ll put a link to them here, but do not consider wasting your money on a prop firm unless you are first profitable and completely comfortable with your trading strategy. Now, I’ve received an email here from a client of ours who joined back in May we’re now mid-July. This lady who’s based in Auckland here in New Zealand, said I started trading on the 16th of June.
I went through and learned for a month as of today. So this was sent to me on the 17th of July.
Client makes +26.33% in 1 month
It’s exactly one full month and now I’m up 26.33%. So a big thank you to TFTC, The Forex Trading Coach. That’s from a lady called Ming who lives in Auckland in one month, 26.33%. Now, I’m not out there saying everybody’s going to make 26.33% in a month.
Certainly not. I don’t do that. But it just shows what can be achieved now. I don’t know the risk that Ming’s is taken to get to those levels when it comes to prop firms really low risk is crucial, as is high reward to risk.
Blueberry Markets
If you’re out there looking for a forex broker, I can highly recommend blueberry markets. I put a link to them as well.
Next, this video and podcast, Blueberry markets. You can trade them through them despite where you live anyway, that you live in the world. Apart from a few countries, including the US. But they offer the MT4/MT5 trading platform. Great bunch of people, awesome spreads, big range of markets available as well.
Consider trading now
So I have a think about your job, your career, your income. Right now. Consider trading. Consider trading now because you don’t want to be in that position where you get into trading with that terrible mindset of I have to make money right now. That is not how you going to succeed as a trader. Give yourself at least six months, do well, prove yourself. You understand the strategy and you’re confident in yourself.
You’ve made money on demo and small live. Then look at prop firms. Then you everything changes. Hope that helps. This is Andrew Mitchem here at the Forex Trading Coach. I see this time next week by for now.
Episode Title: #511: Has Your Income Exceeded the Rise in the Cost of Living?
Signup For my Forex Masterclass
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Find out more about FX2Funding
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