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A Practical Financial Tip From A Successful Investor

A Practical Financial Tip From A Successful Investor

Investing in gold and silver can be a smart financial strategy in today’s markets. As governments inflate the paper money supply, investing in precious metals is a way to mitigate your financial portfolio risk. Investing in gold and silver online will provide a safe haven as you diversify your holdings.

Increased demand

When it comes to gold and silver, your chances of making money frequently increase over traditional investment portfolios. There, you can make money when times are good and lose as much during economic downturns.

Metal exchange, on the other hand, is far less complex. You buy it at one price, and you sell it at a higher price. In their millennia of existence in human society, gold and silver have never been worth nothing, which makes them not just secure investments, but very profitable ones due to the consistent demand for them.

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Inflation is not an issue

In metals exchange, your inventory is never truly lost, since they never depreciate, and their prices are not affected by inflation. In fact, when real estate and bank equities can’t cover debt, gold and silver get cashed in, which places yet another demand on your secure investment.

Not a matter of if, but when

Since gold and silver are one of the safest investments ever, the only essential issue is to buy it and sell it at the right times. You don’t need to study stock quotes, dividend payouts, IPO announcements, and/or industry news. With gold and silver, it’s not a matter of “if” you will make money, only a matter of “when.”

Where to purchase?

You can buy gold or silver coins directly from the U.S. Mint. This is the best way to acquire these precious metals, due to the safety of the transaction, quality of the goods, and fair pricing.

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Collectible coins like the American Eagle are generally sold for a premium on the secondary market, so buying from the U.S. Mint directly protects you from scams and shady coin dealers.

How to sell?

The first step is to figure out the price of your metal by going to Kitco. Prices are quoted in ounces, and the site also provides historic prices, so you can determine whether you want to sell now or wait for prices to rise even more.

Industry standards say that 70 percent of the metal’s market value is a good deal, but you should expect most places to offer 30 to 40 percent. You have to decide how much you want to make, and investigate who might give you more, since not too many places will offer up more than 50 percent.

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Physical or non-physical gold and silver?

If you want to invest in gold and silver to protect your investment portfolio, hand it down to your children, or in the case of hyperinflation or currency collapse, then you will probably want to invest more heavily in the physical metal. This means you will be buying gold or silver coins and bullion. On the other hand, if you are interested in actively ‘trading’ your gold and silver investments to make money, then you should invest in precious metals ETFs (these are electronic funds) or shares in precious metals mining companies.

For more information

At Scottsdale Bullion and Coin, you can find some additional information as to the current state of the gold and silver markets.

Different from some other firms, SBC does not regard customers as profit margins, but as people who are seeking in-depth insights, so as to make sound and informed investment decisions.

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For most people, the greatest hurdle to begin investing in gold and silver is logistics. It’s foreign territory, and some hand-holding might be required. SBC works collaboratively with its customers and educates them on the intricacies of the precious metals markets.

By so doing, the company will allow you to formulate a well-supported decision about investing in gold, silver, and other precious metals.

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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