Becoming a self-made millionaire takes effort and knowledge. One peculiar thing about millionaires is that they know how money works and so they make money work for them. As such, to become a self-made millionaire, you too need to learn financial literacy. Also, you need to create multiple streams of income by investing in different investment vehicles like stocks and shares, certificates of deposits, and annuities.

Here, you are going to learn how you can become a self-made millionaire.

Build Multiple Streams of Income

To become a self-made millionaire, you need to develop multiple streams of income. Millionaires do not depend wholly on their paycheck. The average millionaire has at least 3 streams of income. You need to build both active and passive sources of income.

Some of the streams of income that you need to build include earned income from a paycheck, profit income from businesses, dividend income from stocks, interest income from savings, and rental income from real estate. With these streams of income, you can retire early and you don’t have to work on a day-to-day basis to earn a living.

Start Investing

The other thing you need to do to become a self-made millionaire is to invest in multiple investments. Some of the best investments for millionaires include stocks and shares, real estate, treasury bonds, certificates of deposits, and annuities. 

It is important that you start investing early to give your investments enough time to grow. Besides, it also gives you the advantage of compounding interest; you have more time to earn interest from your investments.

Learn Financial Literacy

To become a millionaire, you must learn how money works. Millionaires don’t work continuously for money. Instead, they make money work for them. To do so, financial literacy is important. Financial literacy equips one with skills like investing, budgeting, saving, borrowing, and taxation.

These skills are very important when building wealth. They help you organize your finances by saving money and investing it to build more wealth. You also get to know how tax policies work and how to avoid tax, which is legal.  Generally, you get to know how money works and use the knowledge to grow your money.

Pay Off Your Debts

Debts are not bad if used well. But even so, you need to pay off your debt to cut on cash outflows due to interest and other fees that come with debt. The only way to save on these costs is to pay off debt. Although millionaires borrow money, they try as much as possible to keep away from debt.

However, you can still use debt to build wealth. But make sure the returns from your investments are higher than the rate of interest on the debt. There are many rich people who use debt to create wealth. However, they make sure that the cost of debt is lower than the interest payable.

Live Frugally

Millionaires know how to save money by living frugally. They avoid unnecessary spending and use the money to invest. One of the world’s richest people, yet very frugal in their spending are Warren Buffett and John Caudwell.

Billionaires like Elon Musk don’t own a home and at some point, he used to sleep in his friends’ spare bedrooms. This helped him set aside money to invest in his companies. As such, you too need to find all unnecessary expenses and do away with them.

Have a Financial Plan and Budget

All millionaires have a financial plan for the things they want to achieve. You too need a financial plan. Planning for the things you need helps you avoid wasting resources on unnecessary spending. Besides, it makes you focused and gives life meaning. You get motivated to wake up every day and chase your dreams. So, if you don’t have a financial plan, come up with one soonest possible if you intend to become a millionaire.

Avoid Keeping Up with Joneses

Trying to keep up with your peers is a bad financial move that can land you in a debt trap. Many people borrow to keep up with a life they can’t afford just to be like their peers. This is not a thing for millionaires.

So, live up your life and chase your dreams if you want to become a self-made millionaire. Let your peers live their life, maybe they don’t have goals like you do. Be focused and don’t try to live a life to please anyone.

Utilize Tax Deductions

Millionaires are very good at avoiding taxes. Tax avoidance is legal it can help you save money you would have otherwise spent. You too need to start taking advantage of tax deductions and learn how to taxes work. That’s why financial literacy is very important if you want to become a millionaire.

Some of the ways rich people avoid tax are by receiving salaries in form of stock options instead of getting paid in cash. Increases in stocks are not taxed unless when you sell your stocks at a profit.

Associate with Successful People

Finally, you need to associate with successful people. You will get to learn a lot from them and you can seek advice from them. Millionaires always seek advice from experts like accountants and lawyers. And since they have been through challenges you are likely to encounter in your journey to becoming a self-made millionaire, they can offer you valuable information free of charge.

Summary of How to Become a Self-Made Millionaire

Becoming a millionaire comes with a fair share of challenges. Just like many other millionaires, you too can overcome these challenges and become a self-made millionaire. You need to develop a rich mindset and start thinking and doing things like a millionaire. You need to start investing and creating multiple streams of income. Finally, be patient and keep working hard, and know that becoming a millionaire does not happen overnight.

The short answer is yes, automated forex trading systems do work and can generate profit.

Now for the long answer, which is not THAT long, we wrote this simple guide to answer all the questions that you might have regarding automated trading.

So, let’s begin.

What is Automated Forex Trading?

Automated Forex Trading, also known as algorithmic trading, is a computer program that allows traders to turn entries, exits and other risk management rules into an automated system. Once the trading system is set, your automated trading forex program will execute these orders automatically and monitor them.

Why Do You Need an Automated Forex Trading Strategy?

First, to get rid of many sleepless nights in front of the screen.

Second, automated trading forex programs reduce the emotions in trading and work more efficiently than a human ever could.

What is the Best Automated Forex Software ?

One of the most fascinating features of MetaTrader 5 is algorithmic trading. Its user-friendly interface allows traders and programmers with any skill level to develop, debug, test and optimize automated trading systems.

How to Build an Automated Forex Trading System?

Before building one, we highly recommend you go through these 3 steps first:

• Every person has to have a skin in the game before using or developing any automated trading forex program. By that, we mean you need to learn how to trade (if you’re new to trading), practice, win, lose, make mistakes, get better, repeat mistakes, get even better… Until you grasp the concept of trading and what it is all about.

• Create a detailed trading plan by defining your entries, exits, stop-losses, your risk/reward ratio, the time frame, and the strategy you’ll be using. After you put it to the test, give it some time and you will know if your trading plan is working or not.
  If not, go back, review, find the problem, tweak it and try once more.
  If it’s still not working, then the strategy simply doesn’t have an edge, just change it and look for a better one.
  
• This step is the most important one, turn YOUR profitable trading system into a computer program. After your trading process shows consistency in generating profits, then it’s time to take it to the next level. This step can be intimidating if you don’t know how to code. For that reason, we recommend hiring a developer which will give you a minimum headache, with minimum issues in a minimum amount of time. 

Automated trading systems work exceptionally well for traders who have no time to trade but still want to take advantage of the price movements to make some money.

However, most traders will look for the “easy way” to make money with trading robots by randomly buying or borrowing a ready-made system, but unfortunately that path is a sure way to lose money.
You have to learn trading as a craft. Market cycles are always changing, so strategies don’t last forever, they always need to be tweaked according to market conditions. So, if you’re not a REAL trader that understands how markets work, how are you supposed to adapt to different market environments?

Introduction

The price of the Binance Coin (BNB) rose massively this week following the news of an attempted acquisition of the FTX exchange by Binance. FTX exchange suffered a liquidity crunch and became unable to pay its investors their pending withdrawal requests. 

The CEO of FTX exchange – Sam Bankman-Fried therefore cried out that the exchange needed an extra $6 billion to cover the high withdrawal request placed on the exchange by investors and that the exchange had only $400 Million as its convertible cash. Hence, he called on its rival exchanges including Binance to assist the exchange in raising the required funds. 

Following this appeal, the Binance CEO initially agreed to buy the exchange and to redeem the investors’ funds up to the tune of $6billion. This boosted investors’ confidence in the Binance exchange and triggered massive investment in Binance Coin (BNB).

Nevertheless, the current bullish trend for BNB slowed down after it was reported that Binance had abandoned the decision to buy the FTX exchange, citing that the issues are beyond their control and there was nothing they could do to redeem the situation. 

Why did the FTX exchange crash?

The Coindesk report which revealed that FTX  related company known as Alameda Research company, held much of its cash reserves in the FTX native token – FTT triggered large skepticism among investors. Many were unable to understand how an exchange would hold its cash reserve in a token it created.  This means they are the greatest whales holding this coin and the price was set to crash any time they decided to convert their assets.

This skepticism triggered a massive selloff of the FTT token with Binance taking the lead and selling off its holding valued at $500 Million.  As the selling pressure increased the token crashed by more than 80% from its previous high of $26 at the beginning of the month to a new low of $2.30.

Soon, the FTX exchange fell into a liquidity crunch and became unable to handle the large withdrawal request placed on the exchange. 

Next, the owner of the exchange, Sam Bankman-Fried, went public to announce that the exchange would need an extra $ 6 billion to handle the total withdrawal request placed on the exchange.

Consequently, the exchange proceeded to halt some of the withdrawal requests placed on the exchange and they proceeded to seek funds to execute them. 

What are the effects of the Binance-FTX Takeover on BNB?

The Binance-FTX was a non-binding agreement that was cut short a day after it was reached. Hence, the Binance Coin only benefited momentarily from the news after it was announced but soon dipped again after the CEO of the Binance exchange announced that they are not continuing with the decision. 

This resulted in a massive dip for all crypto assets including Bitcoin, BNB, FTT, and every other crypto asset as investors became more fearful of the security of their assets on Centralized exchanges.

Understanding the BNB coin 

BNB also referred to as Binance Coin is the native token of the Binance crypto exchange. This coin serves as the utility token for this exchange and is used in paying for all transactions carried out on the exchange. Given the popularity of the Binance exchange, its native token BNB has emerged today as the most valuable exchange native token in the world. 

Is BNB a good investment?

BNB is today one of the most traded Cryptocurrencies in the world. Investors seem attracted to this coin based on the fact that it has a maximum supply and a large trading volume.