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Learn How To Become A Stockbroker

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The job of a stockbroker is certainly one of the more coveted ones. Many people see it as a path to wealth and it is true that this profession can indeed be lucrative. However, you should have a clear understanding of what the job entails if you want to learn how become a stockbroker.

 

What is a Stockbroker?

Other terms for a stockbroker include financial advisor or securities broker. Both terms refer to registered representatives. A registered representative is someone who is acting on behalf of a broker or dealer and who is paid commissions on trades that the firm makes on behalf of its customers.

 

What Stockbrokers Do

The stockbroker’s job is to make money for their clients. They do this by:

  • Buying and Selling Stocks

Stockbrokers purchase stock on behalf of their clients. If the client has a discretionary account, the stockbroker is able to buy stocks without consulting the client. If the client has an advisory account, then the stockbroker will only provide advice to the client on which stocks to buy. With an execution account, the client will tell the stockbroker which stocks to buy. The type of client/broker relationship will similarly control the selling of stocks.

  • Stock Research

A stock broker cannot make money for their clients without knowing which stocks to buy and when to sell them. Much of a stockbroker’s life will revolve around research stocks.

  • Acquiring Clients

Stockbrokers are expected to create their own client list by calling potential clients. Networking is therefore another one of a stockbroker’s important tasks. Some brokers may also get referrals from clients who are satisfied with their services.

The job is intensely competitive and requires brokers to be highly motivated. This is especially so when the broker is still a rookie. They will have to face difficult targets and daily stress.

 

Stock Broker Salary

According to the Bureau of Labor Statistics, the median annual stock broker salary was $71,720 for 2012. In most cases, stockbrokers are paid a minimum salary by their firms along with commissions on the products they sell. Rookie stockbrokers are usually paid a salary until they are able to acquire clients. As their client list grows, their salary is reduced.

 

Stockbroker Skill Set

If you want to learn how to be a stockbroker, you will need to master certain skills; essential stockbroker skills include:

  • The Ability to Analyze

Stockbrokers have to look at many stocks every day. Having good analytical skills can give you a significant advantage.

  • A Love of Numbers

It is not necessary for a stockbroker to be a mathematical genius, but is good to be competent and confident with numbers.

  • Good Communication Skills

As so much of the job involves interacting with clients, the ability to do so effectively will go a long way towards your success.

  • A Good Understanding of Financial Markets

Stockbrokers act as guides to their clients, helping them to gain a better understanding of finance and investing. A thorough understanding is necessary to be able to fulfill this role effectively.

  • Sales Skills

At its core, being a stockbroker is all about making sales. The ability to sell is the main skill that stockbrokers use to earn their living. If a stock broker is unable to call up a client and pitch a stock, they will have a hard time succeeding.

 

Education for Stockbrokers

It is possible to become a stockbroker without earning a degree; however, it will still be necessary to become qualified. In order to offer general securities, you will need to take the Series 7 Exam. Only registered representatives who have passed this exam are called “stockbrokers.” The Series 7 exam was created by the New York Stock Exchange and is administered by the Financial Industry Regulatory Authority.

Other examinations are available for registered representatives who want to offer a specific set of securities; for example, a representative who wants to offer only corporate securities would take the Series 6.

While it is not necessary to take a degree course to learn how to be a stockbroker becoming a stockbroker, having a degree can greatly improve your chances of getting a job from a reputable firm. It is important to remember that you will be competing with many other people for a limited number of jobs. Employers prefer hiring individuals who have earned degrees in relevant areas.

How to Shop for Metal Detectors Online

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If you’re interested in trying out metal detecting, you are certainly not alone. Today, many people enjoy going out and looking for valuables, such as coins and rings, with their metal detector devices.

However, all of these fun toys are not created equal. They vary widely in terms of quality, features and price, as well as user-friendliness. This is why learning how to comparison-shop for metal detectors online will be so practical and useful. To help you learn the best comparison-shopping strategies, we’ve created a sensible quick guide.

How to Get Started

First, you should consider your own needs. Comparison-shopping experts advise looking at what you want from products before searching for them online. Knowing your budget will help, as will familiarizing yourself with the features of popular metal detectors which are sold online.

So, do a leisurely browse online and see what’s out there. You may look for these styles at Amazon or at Home Depot. There are tons of suppliers who offer these types of machines on and offline. Once you’ve found out which features are common and how much various styles cost, you’ll have a better sense of what you want and how much you’re willing to spend. This will make the process of performing targeted and efficient comparison-shopping more successful.

Once you’ve set a price point and pinpointed attractive features, you may narrow down the hunt by checking online retailers and bookmarking products which fit your needs and budget specifications. You should pay careful attention to product reviews during this phase of comparison-shopping. It’s important to look for highly-rated products.

In general, it’s safer to buy best-selling items and most online retailers will allow you to search for metal detectors based on a range of criteria, from price to best-selling status to review rankings and beyond. Use internal search engines in order to streamline the comparison-shopping process.

Look for a product which earns a lot of great reviews, such as hundreds, rather than one which earns just a few raves. Real-life customers who have bought metal detectors love sharing their experiences with these products online. Reading what they have to say will assist you in finding what’s exactly right.

 

Look for Online Tutorials

Once you’ve found the right model, it will be time to order it online. While you’re waiting for your new metal detector to arrive, you may bone up on how to use it by looking for online tutorials. For example, there may be YouTube videos where metal detecting fans use the same model that you bought in order to hunt for treasure. When you watch such videos, you’ll be able to learn so much about what certain signal sounds mean and how to avoid digging up trash, rather than treasure.

There will always be a learning curve with metal detectors, so be aware that you’ll probably have to dig up a lot of pennies and pop tops before finding a ring or coin or something else with tangible value. However, as metal detecting fans know, the thrill of the hunt is really what metal detecting is all about.

Are Credit Scores Losing their Importance?

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When the Collateralized Debt Obligation (CDO) Crisis caused such problems to Wall Street and beyond, the days of easy credit and complacency came shuddering to a halt. The traditional financial institutions had always been fairly conservative and put great store on an applicant’s credit history, the basis for the score that often determined an applicant’s ability to borrow money.

Within months as businesses struggled and unemployment rose there were many more people with a poor credit score as they became increasingly unable to meet their financial commitments. Things would have been even bleaker if these institutions were the only ones listening to loan applications. They were listening but mostly rejecting all but the very best applications.

It still makes sense to have a good credit score. It is something that can even be taken into account when someone is applying for a job; it is seen as indicative of self-discipline and organization. If you are unconcerned about your credit score you should consider a number of aspects of your life where it may have an influence

 

Credit Cards

Companies marketed their cards aggressively prior to the recession. Many people had multiple cards and juggled their debt using 0% balance transfer offers. Few people were not offered an increase in their credit limit if they were approaching their current one. As long as they were paying the minimum monthly payment no one seemed to worry. The difference today is that the credit card companies are far more circumspect. Cards are so convenient if used in a disciplined way and if you want that convenience, your credit score is still likely to be a determining factor of what you can get both in the interest you will be charged and the limit that will be set on a card.

 

Automobiles

If you are looking to buy an automobile on finance, the dealer is likely to have finance available when you sit down to do the deal. Your credit score will be one of the elements that will come into the equation with such financial agreements.

 

Mortgages

The real estate market certainly took a hit when the recession came. It is functioning again and is dependent upon mortgages. Buyers may need a bigger deposit than they needed a few years ago so lenders are reducing their exposure. That said lenders still want to avoid the toxic debt that was widespread and largely hidden in those CDOs. A loan and the interest rate applicable will take your credit score into account.

 

You

If you are typical of most people you will be looking for credit a number of times during your life whether as a student, to buy your home and automobile or simply to get a personal loan for a variety of things. The better your credit score the less interest you are likely to pay over the years.

 

Repair

It means that if you have been a victim of the recession and your credit history has a few blemishes as a result you should try your best to repair the damage. You do not need the traditional financial institutions in any way. There are modern online lenders who are far more concerned about your current circumstances and apparent ability to repay any borrowings in the future. That means your having regular income and proving it in your loan applications. Although you may pay a point or two above the most competitive interest rate you will receive financial help when you need it. As you begin to pay the installments successfully you will get some positive entries in your credit history at the same time as old blemishes carry far less weight.

It will not happen overnight but your credit history will improve. You can expect that in future you will receive better rates when you are looking for loans of any kind. It is unlikely that there will be such a devastating recession in the years to come. That does not mean you can be complacent about your financial situation because there is always some financial situation to address even if it is retirement or an emergency fund. It is worth doing your best to have a good credit score to help you along the way.

What Do Personal Finance Books Do for You?

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It was about a year ago when my interest in personal finance sparked. I had heard so many people speak so highly of Dave Ramsey, that I just had to read his books. I started out with The Total Money Makeover and then went on to read Financial Peace and More Than Enough.

When I read The Total Money Makeover there were some things that I didn’t understand right off the bat. Like Dave suggesting that you shouldn’t care about your credit score and that all debt was bad. After all, I was reading this book right after my house flip that I had  used debt and my credit score to acquire.

Even though some of his ideas didn’t feel right to me, I thought “what do I know, he is the expert.” So, I took the money I had in my savings account paid off my car and credit cards and had just over a thousand dollars left in the bank for my beginning emergency fund.

I then began to conform to his way of thinking, or at least I thought I was. I tried taking my frugality to the extreme. I attempted to refinance my house to a 15 year loan with a lower interest rate. BUT the extreme frugality fizzled pretty quickly and my husbands credit score wasn’t good enough for us to refinance.

At this time I had become a regular at the library, devouring every personal finance book I could get my hands on. I wanted to know others views on the subject, instead of just following the first plan I read.

I’ll admit, a lot of the books felt very repetitive. Obviously most everyone agrees that debt is bad, you need to save money, and live below your means. But, isn’t that obvious?

Now I love when I can get my hands on a book with a unique viewpoint. Recently I’ve been reading books by Robert Kiyosaki and it is a breath of fresh air to hear another side of the story.

It’s great if a book like The Total Money Makeover can improve somebodies financial situation. However, following someone else’s plan didn’t satisfy me. I have read from various authors, had my own financial trial and errors, and I continue to learn.

Learning about personal finance from different perspectives and mapping out my own plan, even if it is constantly changing, has kept me interested and motivated financially.

What do you think about personal finance books? Do they make an impact on the decisions you make?

How I’m spending my loose change

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Don’t you love it when you have extra money that you never expected to have. It doesn’t happen all that often for me, but when it does I actually really struggle to know what to do with it. I know that I am best off saving my money and putting to good use later when I need it, but I also think it’s not that bad of an idea to use some of the money on things you might have been wanting for a while.

So how much money do I have to spend? As chance would have it I managed to save up enough coins that the coin counting machine paid me $513 dollars – what a score!

I have been collecting my loose change for well over 5 years now. I have filled numerous coin jars to the top, but never thought it would amount to much more than a few dollars – how wrong I was. who would have thought all those small coins could add up to so much money.

I think it’s a good lesson. It’s important to remember that even the small stuff adds up. That goes for both saving money as well as spending money. In the future I will be sure to cash in my loose change far more regularly. After all, money doesn’t grow on trees, and having that money offsetting my debt would be a far better use than sitting in a coin jar.

So what am I going to do with my new found wealth? Well, first off I am planning on purchasing the Game of Thrones Season 4 DVD set (something I have been wanting to quite a while now) think of it as a small reward for being such a good little saver. The rest will be put into my loan so that I can pay off my debt faster, it’s the best use of my money at the moment, and is the obvious choice.

What would you do with your money?