Starting your career can be a harrowing experience. It is a journey where you can fill out tons of applications, send out hundreds of resumes and still never get a call back. A path where you can veer off into one cubicle, start drawing a salary, fund your Roth IRA and get your life off the ground. The possibilities are endless. But the independence is hard to come by.
Which is why day trading could be the answer. Day trading is a path toward financial independence, where you don’t have to fund a Roth IRA if you don’t want to. You can build yourself up into a profitable business, through hard work and dedication, with the ultimate goal of being your own boss.
Even if you don’t go the day trading route right away and you take a regular desk job, you want to take a stab at saving your salary right away. Start saving 10% as soon as you get your first paycheck. And put some of that savings directly into a Roth IRA, so you can enjoy tax-free growth. You put your after-tax dollars into a Roth IRA account and then you will have it sit there for a few decades, grow and then you will be able to take money out without paying taxes on it. That is the beauty of the Roth IRA.
When you do decide you want the freedom and the lifestyle of a professional day trader, then it is time to get serious about day trading education. Be subject to so many dead-end retail jobs, with the step up being a cubicle job of very little importance in a company that is impersonal and barely knows that you exist. So, the proper path is to take a boring job, grab a Roth IRA or some other safe investment vehicle for your golden years and sock away lots of money.
But the Roth IRA is a nice, tax-sheltered investment and will pay off at the end, if you manage it correctly. First introduced in 1997, the Roth IRA is a nice option for middle income earners that can afford to put away a few bucks after taxes and make a nice nest egg for themselves. The distributions after age 59 and a half are tax-free under certain conditions, so you won’t be paying Uncle Sam a bunch of money after you stop working.
One other alternative is to become a day trader and be your own boss. No one wants to answer to another person, work your whole psyche and schedule around the whims of another human. So, becoming a day trader is a great way to get to that point where you are a great self-employed profitable business. You need to make a commitment to learning as much as you can about day trading strategies so that you can make the leap.
Becoming a real day trader takes a lot of dedication. You need to learn how to spot stocks that are going to spike up during the day. Searching for volatility is very important for day traders. Finding the trends that lead to profitability is very important to being a good day trader.
Article Submitted By Community Writer