saving
Introduction to SAVING
At WhiteSands Trading & Mentoring (WSTM), our primary goal is to teach you how to trade successfully. However, before you can reach that level, it's essential to build a strong financial foundation. Trading requires capital, and unless you have a windfall from a rich relative or a lottery win, you need to create that capital yourself. This begins with learning how to save.
Saving is the first crucial step on your financial journey. By developing good saving habits, you lay the groundwork for investing, which in turn allows you to grow your wealth. As your savings and investments increase, you'll eventually have the disposable income needed to start learning and practicing trading.
This section will guide you through the fundamentals of saving, helping you build the financial base required to achieve your trading goals.
It is important to note that this section is designed specifically for young people who are just beginning their journey towards financial freedom. The examples are created with my own children in mind to help them understand the importance of saving. As we progress to the investing section, the examples will be more suited to young adults. While these initial examples may seem straightforward, the concepts are crucial to understand. Surprisingly, many young adults—and even some older adults—lack a solid grasp of the basics of saving.
10 Major Concepts of Saving covered in this section