How Precious Metals Can Help Fund Your IRA4 min read
Guiding your children in the right direction in life is not always easy but as a parent, you try to do it to the best of your ability, and this may mean that introducing them to the world of financing and securing a future could come sooner than they may think.
It is never too early to set up a savings account or have a plan in place to be financially comfortable when you eventually hit retirement age, so finding the best way to do this according to their budget is where professional help may be needed.
It would be nice to not have to think about paperwork and account setups or even asset evaluations and simply put the money we earn into a jar at the back of the cupboard. Or like the old wives tales we hear about in pirate adventures where the elderly couple put their bills under the mattress and eventually end up sleeping near the ceiling, wouldn’t that be an interesting conversation when visitors come around.
Where to put your money.
But, as reality sinks in, we understand the need for sound and conclusive decisions and need to base them on research, homework, and if possible advice from family and friends in the know.
There was once a flurry of interest and need to put your money into the property business, to buy as many assets of land and buildings as you could afford which would then essentially be your safety net in troubled times. But as we know with the times of recession, this no longer became as viable an option.
The one product and investment option that didn’t seem to be as affected, if at all, was that of precious metals (see what they are here https://www.investopedia.com/terms/p/preciousmetal.asp ), and this could be since they are highly sought after and have a high economic value.
If you look back to Roman or even Egyptian times we can all see evidence of jewels, metals, and sparkle, and this only goes to show that even back then people were well-aware of the status of owning precious metals. It had a social status that created the nation’s hierarchy, it was used in barter and trading, and it elevated individuals up the economic ladder in a sense.
What makes it so ironic is that the same principles are still used today and are one of the reasons why so many business owners and entrepreneurs opt for IRA accounts funded with the earnings from precious metal investments.
An Individual Retirement Account does what it says on the tin, it is essentially a financial safety net that gets stronger over time as you add funds to it, the earlier you begin the more secure your options.
It is easy enough to set up and begin funding, but ideally, you want an asset to accumulate your funds and all you need to do is transfer it to the account. So how can you do this, easily, from investments? Putting your hard-earned money into something that gives back, and that is precious metals.
Grandparents will tell you about stories that their parents would pass onto them and how gold or platinum heirlooms were passed down from generation to generation, and although it may look small, that gold coin or cross could more than likely buy your next car. And most probably the reason why it is safely tucked away in the safe. If platinum or silver is not for you then gold is your best bet, and you may begin out small with only one or two pieces or nuggets, but it can soon be increased, and it will never lose value. Once you have conducted your extensive research and homework (these processes should never be rushed into), all that individual retirement account information you have learned can be put to good use. Knowledge is never wasted and the more you know about a subject the better.
Which metal is for you?
There are pros and cons for each type, it all comes down to preference, but most importantly budget. There are, however, certain features to look for when considering which is best.
Above all, be sure that the metal you do choose grants direct ownership, thus being the physical object under your entitlement. Also, the firm from which you purchase the nuggets, chunks, or bars will most likely offer a storage facility, this is a great option to not have the products on your property or at the office, but before any signatures make it to the dotted line check that they have insurance and that you are 100% covered.
This will also mean that you need to take into account that there will be ongoing costs, the rental storage as well as any management of the insurance policy, and if you think insurance is not that necessary, click this link to remind yourself of why you shouldn’t simply glance over it. Protect what you have worked so hard for, you have earned it.
At the end of the day the more you put in the more you will get out, always make sure you buy from a reputable and reliable source, the last thing you want is to be purchasing a bag full of gold or silver coins which end up being counterfeit. Nightmare. Do your homework, research, and if necessary get an outside source to verify the items.