Fast money is the name of the game in this fast paced society that thrives on instant gratification. If you have to work hard for something and then don’t get it right away either, well that is just lame. So gone are the days of having the same job for 30 years and slowly building your fortune in strong solid secure types of growth funds. Hello world series of poker, good buy bond investment and working slowly up the corporate ladder. Hello .com companies and goodbye factory and labor industries.
So is there something wrong with fast money? Not necessarily but you must be careful. Things that come fast tend to leave just as fast. Take a look at the .com fiasco of the late 1990s that was merely a flash in the pan. Sure, there were guys that made fortunes, but they were in the right place at the right time and they either moved on (which is what you have to do most of the time) or found something that they could do that much better than others for longer or that they could protect from competition in legal and complicated ways. The moral of the story is that you have to thrive on a feast or famine type of income.
Another problem with fast money is that you can only save up so much of it at once. Most savings funds have a maximum contribution, and you can only write off so many things then you have to bite the big one and pay lots of taxes for this money that you got all at once. If you spread that money out over years of income (which often times you end up having to do for your own personal budget) than you wouldn’t pay nearly as much in taxes and you could put away a relatively larger percentage of your income away for retirement.
Now there are methods of making fast money that certainly aren’t worth the cost. I am talking mainly about robbing banks, selling drugs, and other “wrong-side-of-the-law” types of things. There are also many things that aren’t necessarily illegal but would be a major compromise of you ethics like selling filthy magazines or being involved personally in the “entertainment” industry.
All that to say that fast money isn’t automatically bad but you should think twice before you jump in head first imagining that life is going to be all roses and marshmallows. Either you have to be lucky or better at something than everybody else in the world and able to keep it from being imitated. Otherwise fast money is money that is fleeting and regreattable.
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Note: When You register your Live Account, it is still best option for every medium experienced trader to use our MT4 platform, and remember that you must enter a reference in the registration form. Here is the referens details from your broker, you may need:
Reference name: Roger K. Olsson
linership@yandex.com
Reference ID: 18973
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