by Steve Wolf | Jun 28, 2016 | Business, Money, Travel
It is not everyday that you really get to feel all of your hard work pay off. When I started currency trading 3 years ago, it was hard. There was a learning curve, and at times it seemed daunting and elusive to actually be successful at trading.
I really believe that when attempting anything new, there is going to be a period of time where you just suck at it. When you are a person who really likes to win, it can be difficult to attempt new things. The trick is that you simply need to accept the fact that you are a rookie, a noob, a kook or whatever and that you are not going to be killing it one month out of the gate.
Trading currencies has been a game changer for me. Coming from the sales and marketing world, investing in general seemed to be for brainiac types who were really good at numbers. I knew that I could always make money in a situation where there was something to sell, but could i have the same success as an investor, or as a FOREX Trader?
When I first found the Forex market I was vacationing in Bali Indonesia on a surf trip. On a day where there wasn’t any surf to be had, I started looking for ways to make money from a laptop…. (Watch the video, it will explain the rest so I can get on with my story)
Once I found the market and made my first couple hundred dollars before the sun came up one random morning, I was hooked! Unfortunately I never took in to consideration that in order to win at trading, you are going to take losses, and I was a guy who didn’t like to lose. I proceeded down a losing spiral of lost profits and nearly decimated my entire trading account in less then a months time.
I took a break from trading and was feeling pretty beat up by the market. Losing can really screw with you when catch a bad streak like I did. I was not prepared for the emotional turmoil that ensued. Unlike anything I had attempted before, currency trading required me do adopt a high level of emotional intelligence in order to be successful at it. So I got back up, dusted myself off, and got back to it.
I went back to the school where I had originally learned how to trade. I went through the course again with no expectations and a new willingness to learn.
The curriculum didn’t change, my perspective did. This time around, I was a lot more humble. After all I got my ass kicked. After putting in 6 months of hard work in, I starting to see some positive results in the form of substantial equity growth in my account. I was ready to take the show on the road, and see if I could really do this from anywhere in the world.
I headed down to Nicaragua with my girlfriend with 3 goals in mind:
- Propose to my girlfriend
- Surf some big waves
- Pay for the whole trip currency trading from my laptop
I scored big time. The surf was macking, and I was pretty sure my girlfriend was going to say yes to marrying me. I was just waiting for the right moment to propose. I started doing my pre-sessions & technical analysis on the market looking for some trades one morning, and then just like that, a couple trade set ups presented themselves and I pulled the trigger!
— I was sitting in a youth hostel using their shotty wifi and hoping to God that the internet did not go out before I closed my trades. With in 15 minutes of trading I managed to pull 7 scalped trades netting me $1,272.96 after commissions. —
I closed my laptop, ordered an iced coffee and just sat for 10 minutes staring at the ocean and feeling like I had just pulled off a huge victory! I soaked it up, I proved that not only could I trade, but I could do it from a shitty hostel with bad wifi in Central America. Later that evening, I asked my girlfriend to marry me and she said yes.
So I got 2 out of 3 of my goals done. Even though $1,300 was not enough to cover the entire trip, I felt like $1,300 for 15 minutes of my time was well worth taking the rest of the trip for myself and to celebrate my new engagement. Besides, the surf was macking remember!
The moral of the story is that If you put your mind to something and stick with it, you can do it. The path to success is not linear, but it follows a trend!
If you want to know more about how you can become a currency trader and make profits in the market from a lap top anywhere in the world click the logo below and find out more about the FX365 Institute!
by Steve Wolf | Jun 7, 2016 | Business, Lifestyle, Travel
In my last blog I wrote about the Joy’s and freedoms of working remotely. If you missed it, read it here! This will give you a little better context of what I am writing about in this 5-Step process to finding the perfect remote job to keep you traveling and experiencing the world all while making money from your lap top.
Here is my 5-Step Process.
1 – Find a job, skill, or way that you can actually do that will produce income with out you physically needing to be there.
This is going to be your most difficult task. You may be saying to yourself “well I am a doctor, how could I possibly practice medicine from a laptop?” Well this comes down to how resourceful you want to be. My dad is doctor, a Podiatrist to be exact and he has been looking into what is know as “tele-medicine” which is basically on call and on demand video conferencing from doctors to patients. Say you have a foot problem, you go on the site, set an appointment, my dad would accept it, you are instantly connected, he gives your advice and recommendations and your done. The system charges the patients credit card and they go on their way. Booya, there is a way a doctor can work 100% remotely. You may be surprised what you find if you really start thinking of all the different ways you could monetize your skill sets right from a computer from anywhere in the world, don’t worry, we will get to that in number 2.
2. Get really good with technology.
If you are going to have any chance at being an entrepreneur on the road, then you are going to have to get really good with leveraging technology and automation. What do I mean by this. Well put it this way, I can pretty much run all of my business from my iPhone. Everything from a CRM to a VOIP telephone system that allows me to communicate effortlessly through WIFI any where in the world. This means that if you are planning on getting in to a business that has to ship “real” goods and logistics as well as a customer service dept. will be necessary, than you are going to have your work cut out for you. I am not saying that it is impossible, just going to take a couple extra steps of strategic planning and utilization of technology that automates the process.
3. Simple is better.
A good business is not necessarily a complex business. I would consider a solid business to be one that is profitable, allows you to live the life you desire and takes care of it’s employees and it’s customers. Some of the best businesses that I know of were born out of the simplest ideas or needs by a consumer. Take for example the work we do at the FX365 Institute, we teach people how to trade currencies all over the world from office in San Diego. We have students in 20 U.S. States and 4 countries that take our course 100% remotely and learn a skill set that allows them to make money in the foreign currencies market anywhere in the world from a laptop. Don’t over complicate this part. The less you need to run your business, the better off you will be.
4.How much do you really need to make?
My favorite part of explaining these concepts to people is conveying the fact that a business only needs to make you a “enough” money in order for it to change your life. If you added up all of your expenses annually, and then added in the costs to live in another country or to travel a couple months out of the year I think you will be surprised to find that you don’t need to make $300K per year to achieve your goals. In fact, I have been able to travel about 2 months out of every year for the past decade making around $100k per year. The best part is that I only really needed about $60K to sustain so any extra money that I make on top of my yearly nut goes in to savings and investments. This allows me to stay diversified, active in the markets using online portfolio managers, and open to new ideas and businesses while I can keep the quality of life I have come to enjoy. The point is to make enough and then a little more. You don’t need to be a millionaire to pull this off.
5. Multiple Streams of Income remotely
I know you have heard this one before, but maybe not through the lens of doing it remotely. Every book I have read on this topic is about real estate and multiple businesses that would require you to physically be somewhere to manage those streams. When you start to venture down the road of working remotely you start looking at businesses in a whole new light.
I have come up with a couple of questions that I use to test the remote possibilities of a business. These days, if they do not get passed these questions with a yes, then I am probably going a different direction. I wrote two articles that may give you more context when it comes to working remotely, follow the links below to check them out:
by Steve Wolf | May 29, 2016 | Business, Lifestyle, Travel
Do you ever dream of being able to run a business from anywhere in the world? Have you ever found yourself looking online for different ways you could travel abroad and somehow make an income while you were half way around the world.
Over the past decade I have been perfecting this skill. The truth is that it is not as easy as it sounds. This is especially true if you are used to a 9 to 5 standard day job. The dream of one day quitting that job and breaking free from the chains of the corporate world can be elusive and fleeting.
When I was 22 I left the country for the first time. I had always wanted to travel but I was a troublemaker growing up and spent the later part of my teen years in rehab getting sober. By the time I was 20, I had been sober for a couple of years and my life was back on track, so I decided to leave America and embark on an adventure.
I signed up for a study abroad trip to Spain, paid the money and prepared to leave home. To be perfectly honest, this trip wouldn’t be my first time out of America, I frequently went to Mexico in my teen years growing up in San Diego. None of my trips to Mexico had any real cultural importance. In fact, I don’t even really remember what transpired during most of those trips and never really made farther the the Tijuana bars on Revolution Blvd. This trip was going to be different, I was with college kids, and there was some structure, so I figured that was a good place to start.
I remember getting off the plane in Madrid. I was bustled away from the group with my host mom who didn’t speak a lick of English and was given a room in her little apartment. I was super jet lagged and had never been on a flight that long in my life so I passed out immediately. When I woke up it was dusk outside. I walked down the 4 flights of stairs and sat out on the side walk in the neighborhood I was staying in listening to all of the sounds of the city and taking it all in. The smells, the cars, the food, everything was different, I didn’t know anyone around, and I was far from home. I was in LOVE.
This first encounter of Wanderlust was intoxicating to me. I vividly remember it and I was so grateful to be in that moment experiencing life again in a new way for the first time.
I thought to myself, what if I could do this all of the time, what if I could just travel a lot? It was sometime on that trip that I decided I was going to need to find a line of work that was going to allow me to do this. About a week before the program ended, I told my professors running the program that I wouldn’t be accompanying them back to America, and stayed in western Europe an additional 4 months traveling around Spain, Italy and France.
Once I ran out of money, I came home. At that time I was running a Mortgage office which surprisingly was still standing after my almost 5 months of me being gone. It didn’t matter though because I came home in September 2008 just in time to watch the housing market collapse completely. I was screwed. I had done really well for a kid who dropped out of college to get rich but it was all back firing now and traveling was the last thing on my mind.
After the dust settled I was about $190,000 in debt and in need of a new career. I had decided to go back to college a year earlier and had about a year and a half left for my undergrad degree so I figured I would spend the next 2 years finishing college and finding a career that would set me up to travel the globe and make money while I was doing so.
The first business that I found that worked really well for me was multi-level marketing. It seemed like a great fit, I was recruited in to a company being sold the dream that if I spent a couple years working hard at building an organization, it would eventually take off and continue to pay me residually. This was PERFECT. I could build the business for a couple years to about $100K per year then disappear to Indonesia
For a first timer in MLM, I did incredibly well, and I build that $100k per year income in a short amount of time but it was short live. The first company I was with asked me to leave and the second company I joined eventually went belly up. Also every time I would leave the country on a trip, I found myself on my phone or laptop the whole time putting out fires and that was just plane stupid.
When I finally walked away from the industry I decided to put my entrepreneur hat back on. I had raised some money for a tech start-up and was actively learning how to trade currencies in the FOREX market.
I never lost site of my desires and dreams of being able to make money from a Laptop; I just needed to be a little more resourceful. I found that as long as I can offer real value to a client even being a great distance away, that my capability to earn money anywhere where I was in the world would be there.
So over the past 5 years I have been doing just that. Most of the consulting work that I do is never from an office, maybe my home office. I do keep an office at the Currency trading school that I have a long-term contract with but they have always been cool with me leaving and making my own schedule. Again, I attribute that leniency to the results I am able to deliver. The moral of the story is that there is a million ways to make money and add value to a person, place or business, however you need to be resourceful if you are going to do this from a laptop half a world away.
I have put together my top 5 tips to finding your own way to take your business on the road with you for good. Read “Top 5 Tips to Working remotely.” To see what it’s all about
by Steve Wolf | Apr 15, 2014 | Business, Giving Back, Lifestyle, Mental, Money, Spiritual & Mental, Wellness
Being in debt sucks, you should get out of it. America is HIGH on credit cards, loans and just living way beyond our means in general. It’s got to stop because it’s simply a vicious cycle of madness, and will only end if you make the personal choice to do it in your own life.
“When you get in debt you become a slave.” -Andrew Jackson
It has been a long time coming for writing a blog on this topic. I write a lot about life-style and ways to accumulate wealth, but there is another side to the wealth coin and that side is DEBT. We all know what it is because at one time or another we have all been in it. For most people I meet, being in debt is a part of everyday American life that 99% of Americans live in day in day out. The other 1% owns all the wealth, and we can’t get to where they are because they are the ones lending the money 🙂 Imagine if we lived in a world where you couldn’t get a credit card or a loan. Think of how different the world would be, how much stress would be lifted off of you or your loved ones. What if you woke up tomorrow and you were magically at $0. How would that change your life? Here in America, we start getting credit card offers weeks before we turn 18 years old, with banks enticing you with instant gratification telling you to buy now and worry later. Sadly it has become a way of life here in the U.S. and I believe it will ultimately lead to our downfall. The powers that be do an incredible job keeping us in a constant state of denial, and for good reason too, because it’s hard to sell you on the idea of being ok with getting in to debt if they actually told you what you were really getting yourself in to.
Let me throw a couple of stats at you real quick on the US debt situation, then we will get in to your shit! * As of April 1, 2014, the official debt of the United States government is $17.6 trillion ($17,578,141,920,036). This amounts to:
- $143,543 for every household in the U.S.
- 103% of the U.S. gross domestic product.
- 559% of annual federal revenues.
- $55,372 for every person living in the U.S. (not including Americans Individual’s personal debt which is indicated below.)
U.S. household consumer debt profile:
- Average credit card debt: $15,191
- Average mortgage debt: $154,365
- Average student loan debt: $33,607
James Quin from financialscense.com writes: “The average hard-working, taxpaying American has been enslaved in debt of such proportions that they will never be able pay it off. Your share of the $17.6 trillion National Debt is now $55,372, and growing by $4,500 per year. Your share of the future unfunded liabilities, created by the people you elected, is approximately $350,000. This crushing burden is in addition to the $13.8 trillion of mortgage, credit card, student loan, and auto loan debt Americans have accumulated in the last three decades of delusion. Forty percent of all credit card users do not pay-off their credit card every month and carry an average balance of $16,000 at an average interest rate of 15%. Good to see the Wall Street banks passing along some of their 0% borrowing windfall to their “customers”. ” So what does this all mean? Well it’s simple, as a country we’re F*&%ed. As an individual, you may have a chance for redemption if you choose to take the hard road and opt out of the vicious cycle, but it won’t be easy. In this blog, I am going to share with you some of the key ideological changes I underwent as well as the actions that I took to get my debt managed, and eventually paid the f%^& off. If you do exactly what I tell you to do in this blog, you will be well on your way to getting out of debt for GOOD! I will explain how to cut your interest rates in 1/2 if not more. Here are the steps.
1. Stop the bleeding – Ok, if you are serious about doing this, it’s time to make some hard decisions. I don’t mean like you need to tighten your belt a bit and cut back a little, I’ll equate this to a obesely overweight person that needs their stomach stapled, and triple by-pass heart surgery to stay alive. This means fire sale time. You go through your house and collect everything of any value that you don’t use. My indicator is: unless it’s a seasonal item like a snowboard, if it hasn’t been used for 6 months, sell it, thrown it out or give it to goodwill for a tax credit. Anything you own two of needs to be reduced to only one, after all, why do you need 2 anyway? This includes big ticket items like cars, motorcycles etc. Next you need to look through your bank statement and find any subscriptions or monthly reoccurring charges that you don’t use on a regular basis. For example, expensive gym memberships, magazine subscriptions etc. Be vigilant, we are talking about things you don’t absolutely need, if you need your gym membership, I”l tell you how to save on that later on, but for now, just follow the directions. If your a person like my mom who needs to hold on to everything, than you need a close friend to help you through the process like a drug addict needs a sponsor to keep them in check, you can’t be trusted.
2. Reality Check – Time to get out of denial and face the truth. Gather all the statements of debts you have. College loans, car loans, credit cards, mortgages etc. Then start an excel spreadsheet to lay it all out. I’ve included the one I used that gave me a clear picture of what I owed and the percentage rates I was paying. (StevenEwolf.com Debt Worksheet). Once we have it all laid out on paper we have “THE NUMBER” meaning the price you will have to pay for freedom. For me that number was $160,000 in 2010, and I got it under control without a bankruptcy or credit help bullshit company. It can be done, if I can do it, you can too.
3.Budget time – Here is where you sit down with your loved one, or by yourself if your single and simply find out how much you are making and how much you are spending. To get an idea of this, I strongly suggest you use a budget program like Mint.com. I used mint.com and still use today to mange my income, expenses and investments, it does all that for you in one simple program by collecting all your financial data and putting it in one easy place for you to see and manage. It will give you a snap shop of your current cash vs. debt as well as up to date information about every asset and liability you have. It will also allow you to create a budget based on your income so you can track and see exactly how much you are spending and what you are spending it (or wasting it) on. This can only be done once you figure out what your income is. If you are like me, and never had a constant pay check, this will give you data collected over a period of time to help you balance out your income as you receive it.
4. Savings Strategy – What is savings you ask, well that’s money that you don’t spend, something that is not a familiar practice to my generation. Here is what it needs to look like, I’ll give you an example for an income of $5,000 per month. (I adopted this practice from the book The Richest Man in Babylon & Secrets of the Millionaire Mind and customized it to fit my needs to get out of debt and build wealth)
*****Note, a tax savings account is necessary if you are a 1099 guy like me, if not don’t worry about, the government steals it from you already every pay period at your W-2 job. So for the sake of this example Red will indicate W-2 Person, and Green will indicate 1099 person.
Total Income $5,000
-20% ($1000) in to separate bank account specifically set aside for taxes. Capital1 – 360 gives you free Savings and Checking account with no minimums or ATM fees, that pays you a .75% yearly APR yield (5 times national average). If you follow this link to the right and you will get a $50 referral credit just for signing up through my link! (You see, pays to read my blog!) So do it NOW!
50% of whats left after taxes ($2,000) ($2500) Goes in to you spending budget. This is to be used to pay the mortgage/rent, gas utilities, car payment, food etc.
20% Goes in to savings. ($800) ($1,000) // This is money that you will invest in to something later, but don’t worry about that just yet because you don’t have any money yet, so just save it and if you are in serious debt, all of this money will go to pay off debt starting with high interest credit cards and loans 🙂
10% Goes in to the “emergency/big ticket item fund” ($400) ($500) // This is money for a new car or a trip, something you may want but don’t necessarily need so if shit hits the fan you can use the cash to get you out of a pickle, but the hawaii trip is not gonna happen this year as a result of it.
10% Goes in to the “Play” fund ($400) ($500) // This is your money to blow on what ever you want.
10% Goes in to the “Charity/Education Fund” ($400) ($500)
4. Budget Review – By following the example above you easily get a hold on your own personal spending, not lets cut some more monthly costs. Time to sit down, look at everything you decided to keep: memberships, subscriptions etc. If they don’t fit in to your budget, you need to cut back even more. It is however worth calling all of the entities and seeing if you can reduce the membership costs. I called my gym, they cut my membership rate in half, then I called some magazine I subscribed to, they gave me a year free, then the cable company, then my cell phone provider and so on. By the time I was done calling every single entity that I had a subscription with, I managed to hang on to one or two things I would have had to get rid of by just calling them and asking for a discount. Once you have accomplished getting this all together and knowing that you are at least not going negative every month, we can go to the next step.
5. The Credit Card Shuffle – Ok let do some plastic surgery. First pull out that debt sheet that you have downloaded from above. Remember the one where you wrote down the total amounts you owe. Ok, now pull out all of your credit cards and start calling each one, here is what you need to find out, and do this exactly like I tell you to here!
1. Call the CC company and find out what you actual rate is on the card.
2. If you have balanced transferred money or have a promotional rate of some kind, find out the rate and when the promotional rate ends and then indicate it on the sheet just like the example I have set out.
3. Ask the customer service agent if they can lower your rate. If they say no, ask them if they can waive this months interest charges as a courtesy. Most companies will do this at least once per year.
4. Ask them if they have any promotions on Balance transfers, don’t do it yet just find out if they do. (It’s usually 0% for 6-12 months or 4.99% for 18 months. They will charge you between 2%-5% to move the money)
5. Repeat this step until you have called every single one of your credit cards and recorded the information on the sheet provided. Now that you have an idea of how badly you are being raped by finance charges, we can start the shuffle. Looking at all of your existing credit left on cards, figure out if it would make sense to transfer balances to cards that have room. Take in to consideration that it will cost you money to move the money, so if the benefits of savings don’t outweigh the costs to move the money or you simply don’t have enough credit left, you will have to choose another option. The main idea is to try to get any credit card balance to 0% or as close to 0% as possible. Some of you may still have good credit if that’s the case, use the following method, if not, read on, there is options for you. If you can swing, pay your highest APR% cards off immediately, meaning any card that only a couple hundred bucks or something on it, just pay it and check that one-off the list.
If you have a good credit score or are a home owner:
1. Ask each CC company to raise your line of credit, explain that you need the credit for business travel.
2. Try to move all of the balances ton ONE card so it’s easily manageable and at the lowest rate. If you have to spread this out over 2 cards, do it, but make sure it makes sense.
3. If you weren’t able to get the CC companies to extend you more credit, try to get a personal consolidation loan. I used one of their and it drastically helped me get out of debt faster. The best company with the lowest rates is Lending Club. Lending club will beat any other personal loan service or big bank on unsecured debt consolidation loans. If you do this, you can get a secured loan for 3 years that can be paid off early with no pre-payment penalty. Otherwise, try a HELOC on your home or a refinance to wrap the debt in the equity if you can do it. If your debt is only a couple thousand it may be a good idea of doing a “used-car refinance loan” and wrapping some of the debt in to that if you have some equity in a vehicle.
If you have bad credit or have no home.
1. See what you can do to move balances around to 0%. If the CC companies won’t extend you credit then try the personal loan from Lending Club like I mentioned above. They still have some great rates with people who have below Prime credit scores.
2. Get a copy of your credit report and find out exactly what you have going against you that is affecting your score.
3. If you can’t get more credit to move balances, and you can’t get a personal loan that makes sense it’s time to start playing dirty with your creditors. The following advice is the last option that you will before you have to start looking at bankruptcy as a viable option. (I will not be covering bankruptcy in this blog because if your situation is that bad, you need to get in touch with an attorney and discuss your options.)
4. Credit card consolidation companies are bullshit. There is nothing that they can do for you that you cannot call your credit card company do yourself. They basically charge you money to “go to bat for you” but what they are really doing is serving as a middle man between you and the CC company and make a little money off of your hard ship. I’ll share my story explaining below at the end of the blog.
6. Sticking to the plan no matter what – The hardest thing that you will encounter when trying to follow these steps is the feeling that there is no end in sight. That you feel so far away from $0 that you want to give up or just say F%^&* it. Understand that it was that exact attitude and lack of discipline and knowledge that got you in to this situation to begin with. In fact, you have probably spent years getting your self in to this situation, so don’t think that this is going to get fixed over night.
What I am proposing here is a long-term and effective strategy to recognize and asses the problem, reconcile the damage done, and then install a system of ideological principles to live by. Taking all of the actions I have laid out here is a start but the ultimate idea here is that you change your mindset, and that you do it long-term because if you use what I gave you here to get out of debt just to do it all over again that we have failed. So, be brave, be sturdy, and most of all, find some gratitude and accomplishment in the fact that you are doing something about it. Just that is a huge step that you should be proud of.
Summary and a Personal Story.
Me in Bali living the life of my dreams. You can to!!!!
As I indicated before, this guide isn’t something I thought up last night, this knowledge comes from years of experience going through this myself. I have been through some very scary times, and if I could, I would love to help you avoid some of those pit falls in life. When the market turned in 2008 I went from owning a house, with a brand new BMW paid with cash to $160,000 in debt ducking creditors and conducting a fire sale with any assets I had left to try and cover the losses. I didn’t do it all correctly and I wish I had seen a blog like this one to help me out of that horrible situation. As my good friend Rob Guth says “ask me how I know?” I love the saying because it comes from experience, and it the experience of the good and bad that has allowed me to learn from my mistakes and come back from some dark times with hope and re-energized spirit to not only continue on when things go south, but to always have hope that tomorrow is a new chance an opportunity to turns things around if they not going well, or continue to rise if they are.
I hope that you take what I wrote here to heart because these nuggets of information have cost me years of my life and hundreds of thousands of dollars to obtain. Learn from it, apply it, and execute it in your own life and enjoy years of time and lots of money saved because you were wiser that I was to look. If this blog speaks to you, share it the information with your friends, family and people you care about. If you have questions, comments, concerns, feel free to post in the comments section or contact me via the contact page.
I wish you the best of luck!
See you at the top.
Solutions Links as indicated above.
1. Debt Worksheet
2. Capital 1 360 Free Savings and Checking account with no minimums or ATM fees.
4. Lending Club
5. If you are looking where to go after this, check out my book that will begin to give some great insight on how to go in to business for yourself and build some wealth.