Lane’s World, Party On

Here he is: http://www.traderplanet.com/profile/avmayes

I am going to present the check to the winner today!

I am excited. Will take pictures and post them on my blog: http://www.traderplanet.com/blogs/lanemen/

Click here to view a letter from the winner:  hppscan381

Check it out. Ed is on fire!  http://www.traderplanet.com/blogs/tradered/

We had a really cool customized sign made…..check it out!

Sorry guys…..forgot to let you all know we are over 10,000 members now.

Recently I was interviewed by the Gulf Coast Business Review. Dave, the journalist who interviewed me, works out at the same gym that I work out at - I mean have a membership to

TraderPlanet.com has over 6,500 members now and I am looking forward to breaking the 10,000 member mark soon!

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A Facebook to educate investors

By: Gulf Coast Business Review

Wesley Chapel entrepreneur Lane Mendelsohn created a Web site to educate investors in 2005. But it lacked the two-way communication of social networking sites such as Facebook and MySpace.

So Mendelsohn, 29, has started Trader Planet, a Web site with the educational information for stock traders and investors, but with the capability for community dialog and information sharing.

There is no fee to join. The site makes money from advertising. Its goal is to help investors succeed. A staff of 10 keeps it going.

“As individuals we’re circling the wagon to protect what we have and position ourselves to come out of this crisis stronger,” Mendelsohn told Coffee Talk. “Investment opportunities are there. Those who can find them will make out really well.”

A lot of people on Trader Planet are looking at investments such as commodities and foreign exchange.

Mendelsohn, is also vice president of Market Technologies, a firm his father Louis Mendelsohn founded 30 years ago in Wesley Chapel, which develops software for traders and investors.

The son got the idea for the education Web site after clients bought his dad’s software, but still struggled. They needed investment education.

“It wasn’t the tool they bought, it was them,” Lane Mendelsohn said.

Trader Planet has around 4,500 visits per day and about 6,000 registered members. Most of those are not high-powered Wall Street traders.

“Trader Planet is less pinstripe, more Joe trader,” he said.

10 Secrets of Millionaires’ Money Management

Buzz up! Print It turns out millionaires are just like us–but they have a lot more money. When asked about their secrets to success, they don’t cite anything magical or rare, but rather the steady application of wise investing strategies, hard work, and, believe it or not, a degree of frugality. Here are 10 secrets of millionaires’ money management:

Start early to avoid financial pitfalls. Adrian Cartwood, 49, author of the blog How to Make 7 Million in 7 Years, made his fortune by living frugally while he built his technology-related business. People often get into trouble, he says, by racking up personal debt early on, which acts as a big drag on their earnings. “Learn how to live within your means and how to delay gratification; these are the habits that you need to maintain on the way up, so you can keep your millions when you get there,” he says.

Believe that you can do it. Before investing in real estate and becoming a millionaire, Alan Corey, author of A Million Bucks by 30, read as many biographies and autobiographies of millionaires as he could find. He says he was searching for a common characteristic that could help him in his own quest. “What I found was they all had an incredible self-belief that they would be financially successful,” he says. Corey says that embracing that level of self-confidence helped him get to the top.

Articulate your vision for success. Jen Smith, author of the Millionaire Mommy Next Door blog, says that the saying, “I want to be rich,” is too vague. Instead, she recommends imagining what your ideal life as a millionaire will look like. Smith offers this example: “I want to have $2,000,000 invested so that I can live off of the interest. Then I will quit my job so that I can volunteer, travel, learn to play tennis and watercolor, and enjoy picnics at the beach with my family.”

Smith’s vision involved becoming financially-free before becoming a parent. She cut out images from magazines of beautiful places she wanted to visit and people doing fun things and put them near her desk to help her keep that vision in mind.

Insure against life’s risks. Bankruptcy is often caused by divorce, a death in the family, or a disability that renders someone unable to work. Conversely, protecting against those risks through insurance protects wealth. In The Quiet Millionaire, financial planner Brett Wilder writes that many people either fail to get adequate insurance or pay too much for it because they don’t understand it.

Work hard–and you’ll get lucky. In his new book, Think Like a Champion, Donald Trump attributes his success to his hard work, which to outsiders often appears to be luck. But Trump says luck only comes from working hard. “If your work pays off, which it most likely will, people might say you’re just lucky. Maybe so, because you’re lucky enough to have the brains to work hard!” he says. That same concept, of course, was advocated by Benjamin Franklin in the 18th century. He said, “The harder I work, the luckier I get.”

Practice smart budgeting. Smith recommends tracking how much you spend each month, something she does religiously. Every month, she downloads her transactions into a spreadsheet to keep her spending on track. Smith also says that, as prosaic as it sounds, maintaining a good credit score is essential to becoming and staying a millionaire. “A good credit score can save you thousands of dollars over the course of your lifetime,” she says.

Do what you love. Sure, a career in finance might come with a hefty annual salary, but you probably won’t excel at something you don’t enjoy. That’s why Corey recommends going into the field that you find yourself reading about in your spare time. He asks, “Do you read fashion magazines? Get a job in fashion. Do you read gossip blogs? Get a job in celebrity-based enterprises. Do you read Car & Driver? ESPN.com? Yahoo Pets Forum?” Even if the field doesn’t seem lucrative, there are ways to make it to the top–something that’s more likely to happen if you love it.

Decide how much money you really want. For many people, $1 million won’t be enough. “For most Gen-X and Gen-Yers, retiring with a couple million when they are 65 won’t be anywhere near enough to maintain even an average lifestyle, because that little pup called inflation is constantly nipping at your heels as you try to run towards building your own retirement nest-egg,” says Cartwood. A more reasonable goal might be $3 million– an amount that Cartwood considers the minimum to be a “bare bones millionaire” these days. Consider your ideal lifestyle and what you would like to be able to fund. A mortgage of a certain size? Exotic vacations? College tuition for your children? Having a concrete goal in mind makes it easier to get there, says Cartwood.

Invest against the grain. Corey recommends making investment decisions based on the exact opposite of what everyone else is doing. Right now, for example, stocks are relatively cheap because so many people have sold off shares, which means anyone buying can get them at a discount to their values from a year ago. Corey’s rule of thumb doesn’t just apply to stocks. “Buy a foreclosed house, fill it up with roommates, and you can get a pretty good passive income,” he suggests.

Live below your means. Even Eminem, a celebrity and millionaire, scales back his purchases out of concern for frugality. In February, London’s Independent newspaper reported that as Eminem considered buying a $15,000 watch he liked, he started worrying that he should save his money instead. Eminem reportedly said, “I don’t want to run out of money; I want my daughter to be able to go to college.” And so far, at least, Eminem hasn’t fallen victim to the financial challenges so many other stars, from Aretha Franklin to Annie Leibovitz, have faced.

On the same note, Smith says that even though she’s a millionaire, no one would know it–and that’s the point. She recommends saving at least 10 to 25 percent of your income. She also suggests avoiding buying “status” items, such as fancy sports cars or mansions. After all, bling doesn’t make a millionaire–and in fact, too much of it can prevent you from ever becoming one.

I got some new pets this weekend - WOWsers!

Check them out: Click here for video

Rabbits, Chicks and Ducks - oh my!

Check out the Bail Out Blues single: CLICK HERE FOR Bail Out Blues

My back is feeling better. I went to NY to attend the NY Traders Expo. Went to dinner and a show with my friend Rob Hoffman. That was really fun. Also went to China Town and got some massage oil that helped my back to feel better. In case you did not know, I had back surgery last year and although my back is better, I am not 100%.

Also, we have exceeded 4,000 members on TraderPlanet and charitable donations are more than $15,000!

Have a great day!

Lane

On Saturday my friends Jerry and Darla came over to see the animals. Jerry took some great pics that I wanted to share with you. Enjoy!