What does it take to get rich? By rich I mean richness that has an organic growth. Wealth that grows and keeps increasing. For me growth has to be constant and sustainable. Growing wealth that augments my source of income is what I look for in an investment.
You could be making a lot of money yet living from salary to salary or earning a low wage salary yet over a period of time grow prosperous and wealthy.
Where you and me end up financially is a result of financial discipline and making use of the financial opportunities.
Take for instance the case of my uncle Joe. Every month he would spend on an average $100 on buying lottery tickets. He said he could afford it and one day he would hit the jackpot and get rich.
My other uncle Jack was relatively not that well off yet he wanted to give his family and his daughter the best. Thus he saved $100 each month and bought gold with it.
By the time Uncles Joe's daughter was of college going age he had technically saved about $1200 every month for 20 years and his invested money was about $24000
However in a period of these years the value of the gold that he had purchased every month had grown and as a result his kitty of wealth stood at a valuation of over $150000
Even though Uncle Joe never really won any jackpots he lost $24000 over a period of 20 years.
In the same period Uncle Jack's wealth appeared nothing short of winning a small jackpot.
Gold, Silver and other precious metals are a hedge against inflation. Money loses value but precious metals only gain in value as compared to the weakening monetary currency. So we as a family have always believed in investing in precious metals as an investment.
This is our family’s open secret and following this trend I started my journey of investment by opening a goldmoney account by registering at https://holding.goldmoney.com/sign-up/personal
For me operating an account with goldmoney is a journey of Discovery in which I can further tweak my style of investment and enhance my gains.
Opening this account is a simple yet powerful first step towards getting wealthy and financially prosperous.
The beauty of this account is that I can use this account in a number of ways.
I can fund this account using a credit card, debit card, pay from bank account with net banking, do a wire transfer. Paypal is also an accepted mode of payment.
Goldmoney also lets you send ctyptocurriencies as a mode of funding the account.
A very common misconception about buying gold is that you need a lot of money to do so.
In the real world it is very true because beyond the price of gold there are so many added charges.
When it comes to buying and holding precious metals this restriction with a goldmoney account these restrictions are lifted.
Even the fee of purchase and selling is kept low to 0.5% to encourage people to carry out the trades to suit their needs.
Normally what would happen a lot in the real world is if I bought silver for say a certain amount and then realized that another precious metal say Platinum or Gold had better prospects then the option would be to first sell off the Silver and incur the fee and thereafter buy the desired metal with the proceeds.
This way first one has to pay the price differential of Silver which a shopkeeper buys back at a discount or lower price then his selling price.
Some sellers even charge commissions in addition to the buy back price. In this way we end up paying commissions to the seller multiple times and the buying and selling price differential is a killer. Even before we can make a single penny in profit the seller has already made his share of profit which can be quite unfair.
From my goldmoney account I can trade one precious metal for the other. Since here I can do this electronically from within my account it is much quicker and saves me crucial time which I can utilize to ride the trend that I am hoping to capitalize upon.
The whole operation is very transparent and happens right in front of my eyes without any hidden charges or negative surprises.
Whatever precious metals I buy through my goldmoney account remains my property and is securely stored in a vault by goldmoney on my behalf. This gives me a direct ownership of my metal.
Since it is my metal I can take physical delivery of the metal anytime I want to lay my hands on physical gold.
Researching the various features and steps involved while purchasing gold I found there are certain distinct advantages when I acquire gold through my goldmoney account Vs. buying it from a shop or store.
The GoldMoney Price advantage
When I compare the price of gold I find the price of purchase of small units of Coins and bars from most shops is up to 7-10% higher as that paid at Goldmoney.
When I asked what would be the buy back price from the dealer at a shop, I did not get a straight forward answer. Upon prodding I discovered that it is 2-3% less then the selling price and can be higher depending upon the shop.
The Goldmoney lower insurance premium advantage.
I could keep this gold at home without any charges however I would have to pay money to get it insured. This would be in the range of 1-2% of the value per year.
However if I were to keep the gold in my goldmoney account then I need to pay only 0.12% of the value of gold. This is possible due to the wholesale rate of insurance.
With my goldmoney account I can redeem my gold value into coins and bars. This is due to the association with their subsidiary Schiff Gold.
I can initiate the process of converting my gold into bars and coins. Following this a representative of Schiff Gold can call or email the user in order to help the customer.
Goldmoney customers also get the option of selling their old bars or coins. Schiff Gold can arrange a buyback and fund your GoldMoney account with the proceeds.
I can take a goldmoney credit card which is offered against the value of my holding.
Not only can I hold precious metals but also acquire crypto currencies with my goldmoney account. This helps me balance the volatility of crypto currencies with the stability of Gold.
Experience has taught me that crypto currency valuations can be very volatile yet rewarding. Thus I play it against Gold. When crypto currencies are on a rise I keep a part of my investment in crypto. When I feel a top has been reached I covert it to gold. After a correction when the uptrend resumes I convert my predefined amount of investment into crypto. This way my investment strategy finds the perfect balance of stability of gold and returns of crypto. All this is possible due to the flexibility and options of my goldmoney account.
As a strategy I keep a part of my investments when
This way I can enjoy multiple benefits of my goldmoney account.