Whether you’re a beginner or a seasoned trader, setting goals can only be a good thing! We’ve put together 3 questions to ask when setting your short and long-term stock market goals.
#1 - Will stock trading be one of multiple streams of income for your family?
TRADEway presenter, Mark Wilburn, is a firm believer in having multiple streams of income. His trading is just one of four sources of revenue for his family. “Many families” Mark says, “just have one revenue stream, maybe two, if their spouse also works. So they’re trading time for money. [Stock trading] allows an additional revenue stream to come in, where you’re not just trading your time for money, but your money for money.”
If you’re making money at your full time job, as well as making money in the stock market, you might be able to use that second income stream to do some conservative things, like pay off your debt, pay off your cars, then start saving and building your retirement. That’s certainly something you may want to consider when setting short and long term trading goals.
#2 - Will your stock trading income be used to fund another business or mission?
If you watch any of the popular entrepreneurial TV shows, you see a lot of average people with great ideas that create millions. The common problem is having capital to fund these ideas. We meet people just like this at TRADEway events; people that feel God has placed a mission or business on their heart and they’re passionate about seeing it come to life. What’s exciting is that stock trading could potentially be the extra income that helps people in that process.
If you have a business or mission you want to fund in the future, it can be easy to get lost in long-term goals, but setting and meeting those short-term goals might actually be what gets you there faster.
#3 - Will stock trading be your sole or primary income?
At TRADEway, one of our goals is to help people create their family business. If becoming a full-time trader, and passing your stock market skills on to your kids is your ultimate goal, TRADEway will see you through that journey! Top Gun Elite is a program designed for people whose primary source of income is trading. Director of Top Gun Elite, Geoffrey Nance, works one-on-one with students to set monthly goals, and provide special services to help them meet those goals.
Think on these questions when you’re setting your stock trading goals, and don’t hesitate to call on TRADEway to help you start taking small steps to reach your biggest goals!