10 Ways to Stay Broke...Forever: Why Be Rich When You Can by Laura J. McDonald, Susan L. Misner

By Laura J. McDonald, Susan L. Misner

How to alter your free-spending methods, dwell luxuriously on the cheap, and construct a valid monetary future
From the founders of GoldenGirlFinance.ca comes a brand new publication on the right way to get your monetary condo so as and revel in the liberty and happiness that incorporates a safe monetary destiny. In 10 how one can remain Broke. . . Forever, you'll examine why targeting residing good now's more often than not a route to poverty later. you may have a brand new motor vehicle, a stunning residence, and a cloth cabinet to die for, yet you're shortchanging your self if you happen to haven't all started saving and making an investment for retirement.

In 10 how one can remain Broke . . . Forever, own finance experts Laura McDonald and Susan Misner allow you to begin making plans for day after today this day. With uncomplicated counsel and immediately speak about funds, they clarify the issues ladies do to stick broke and what you want to do instead.
• From the founders of GoldenGirlFinance.ca, the best own finance web site for Canadian women
• Written in a fascinating, having access to, and conversational sort that takes the terror out of the complicated international of finance
• gains sensible, actionable recommendation for taking keep an eye on of your own funds with real-life examples and convenient tools

Having funds on your pocket is a smart feeling. yet there's not more remarkable feeling than monetary defense. Having cash within the financial institution ability having energy, probability, and opportunity—and not anything feels greater than that!

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Logarithms of random numbers are themselves random (let’s stay with logarithms of strictly positive numbers). So if you add up lots of logarithms of random numbers you will get a normal distribution. But, of course, a sum of logarithms is just the logarithm of a product, therefore the logarithm of the product must be normal, and this is the definition of lognormal: the product of positive random numbers converges to lognormal. This is important in finance because a stock price after a long period can be thought of as its value on some starting day multiplied by lots of random numbers, each representing a random return.

VaR is a very useful concept in practice for the following reasons: • VaR is easily calculated for individual instruments, entire • • • • portfolios, or at any level right up to an entire bank or fund You can adjust the time horizon depending on your trading style. If you hedge every day you may want a one-day horizon; if you buy and hold for many months, then a longer horizon would be relevant It can be broken down into components, so you can examine different classes of risk, or you can look at the marginal risk of adding new positions to your book It can be used to constrain positions of individual traders or entire hedge funds It is easily understood, by management, by investors, by people who are perhaps not that technically sophisticated Of course, there are also valid criticisms as well: • It does not tell you what the loss will be beyond the VaR value • VaR is concerned with typical market conditions, not the extreme events • It uses historical data, ‘like driving a car by looking in the rear-view mirror only’ • Within the time horizon positions could change dramatically (due to normal trading or due to hedging or expiration of derivatives).

The beauty of put–call parity is that it is a model-independent relationship. To value a call on its own we need a model for the stock price, in particular its volatility. The same is true for valuing a put. But to value a portfolio consisting of a long call and a short put (or vice versa), no model is needed. Such model-independent relationships are few and far between in finance. The relationship between forward and spot prices is one, and the relationships between bonds and swaps is another. In practice options don’t have a single price, they have two prices, a bid and an offer (or ask).

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