The following is a guest post by Will Damon. If you are interested in guest posting at Club Thrifty, please see our guest posting guidelines.
One of the things that many people enjoy about traveling to locations abroad is that, depending on the place, their money may suddenly be worth more. Due to the disparity between different international currencies, you may be able to get more for your money in certain foreign locations, which can add a sort of bonus to your vacation. Of course, this can also work the other way around, if your destination’s local currency is worth more than your own. So, before your next vacation, instead of focusing on what you’ll get out of your currency while travelling, start giving some thought for how to make the most out of your currency on a more regular basis. This is not only a sound financial practice in general, but can also help you to have more money for your trips abroad.
Invest in Gold
One way to get the most out of your finances without taking on additional work is to make a strategic investment. Specifically, if you are just aiming at solidifying your finances and making small gains, one form of investment you may want to look into is the purchase of gold bullion. Unlike typical stock and bond investments, purchasing gold bullion allows you complete control over a tangible resource, and can often lead to more stability in the worth of your currency, as well as gradual gains. So, how exactly do you purchase gold bullion?
How to Purchase Gold Bullion
The simplest and most efficient way to invest in gold is to find a website such as BullionVault that allows you to make transactions online. The gold price charts at BullionVault will consistently be updated with accurate world prices, meaning that you can confidently buy, store, withdraw, or sell any amount of gold you please, at any time. Ultimately, this makes for a smooth and easy investment, meaning that it is one you can control as a sort of financial side project, rather than a time-consuming endeavour.
As mentioned, the reason for a gold investment tends to be stability. While currency rates across the world can vary significantly, and are occasionally prone to drastic changes, the world gold price tends to be far more stable. This makes for a relatively low-risk investment. Of course, if you are looking for significant financial gains through an investment opportunity, you may want to look elsewhere. But if you are merely attempting to make the most of your currency, and perhaps earn a bit extra for that next trip you’re planning, putting some money into gold may be a good idea. No investment is entirely predictable or “safe,” but over the past decade it has been very rare for people to lose money in gold, and small gains are probable.
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This is a guest post by freelancer Will Damon.
Just make sure that you don’t end up with tungsten if you buy physical gold.
http://www.zerohedge.com/news/2012-09-23/gold-counterfeiting-goes-viral-10-tungsten-filled-gold-bars-are-discovered-manhattan
Glen @ Monster Piggy Bank recently posted..How Much Does it Cost to Have a Baby?
I think gold is a great long-term store of value. Lots of people will debate this, but it’s a great hedge against inflation in our fiat currencies, which I think will inevitably increase.
DC @ Young Adult Money recently posted..7 Perks of Being a Full-Time Employee with Benefits
I don’t own any gold personally but I wouldn’t mind adding a very small part of it to my portfolio at some point. There are more important things ahead of that though such as P2P lending and real estate.
Jason @ WSL recently posted..Easy Spinach Tortellini Soup Recipe
I personally do not own any gold either. When/if I do, it probably would be in the form of a gold etf/mutual fund that actually holds it.
John S @ Frugal Rules recently posted..5 Easy Ways to Save Money Lost Due to the Payroll Tax Increase
Careful with the ETFs, the IRS treats them as if you actually own the physical gold and you get taxes at the collectables rate not the long term capital gains rate (28% vs 15, soon to be 20%).
Personally I feel better owning physical Gold over a paper promise. The trick is storage (personally I have a larger fireproof safe bolted to the floor in my basement). It is also a lot harder for “the man” to track the physical gold you own versus an ETF.
I personally don’t agree with putting money into gold. Diversification is the only real way to both maximize profits and minimize losses. Gold could be a decent addition to a portfolio, but don’t go putting all of your money into it.
Johnny Moneyseed recently posted..Become a big picture thinker
I never considered investing in gold bullion but when the economy crash it might be the only acceptable currency.
Just recently I started investing in gold coins. I have to say they are pretty expensive but I am sure they are worth the investment. After all, the price of gold has been going up for a long time.
Gold is the most popular vehicle as monetary exchange and investment tool since the ancient times. The price of gold is constantly going up whatever is the status of the global economy. Additionally, gold can be easily sold anytime and everywhere at live market prices, not based on auctioneers or buyers assessment value.
My Wealth Desire recently posted..How To Earn Extra Money From Your Full Time Job in 2013
Gold would have been a good investment 10 years ago. Hindsight being 20/20. I wouldn’t touch it now at its current price, just too volatile for me.
Kyle | Rather-Be-Shopping.com recently posted..Got Kids? You Can Still Enjoy Super Bowl XLVII
I think gold already had its heydey. I think it’s better to diversify. Diversification is key.. I just lost a bunch of money on that crazy apple stock.
Boris @cheapnfrugal recently posted..Why Buy When You Can Swap
I don’t own gold, but I do own silver. One thing is for sure, with the growth of China’s and India’s middle classes, the demand for gold won’t be going down.
Thad recently posted..Using Apple TV in Your Small Business: Digital Signs For Cheap
I would strongly recommend against putting money into a speculative commodity with no fundamentals. Especially if you’ve never made it past index fund investing. If you don’t understand how a given investment works, it’s better to stay away. Since only 10% of gold is used for an industrial purpose, that means that the other 90% is pure speculation. In a speculatory situation, it’s not a question of if you’re going to lose money. It’s only a question of when.
My Financial Independence Journey recently posted..8 Things To Do Before You Start Investing (or most of personal finance summed up in one post)
I plan on adding some gold to my portfolio just as additional diversification.
Grayson @ Debt Roundup recently posted..The Reality of Family Debt and How To Manage Your Way Out
I don’t own any gold myself. I’ve always been curious about it though. I often see people buying gold coins and stuff down at the currency exchange place.
CF recently posted..Being an effective public speaker
A growth of almost 450% was registered in the prices of gold in the last decade i.e. 2001 to 2010. The average price of gold was around $271 for per troy ounce in 2001 and in a period of less than a decade became about $1225 for per troy ounce which currently is more than $1600 per troy ounce. So these facts makes people think on gold investment as a smart choice to invest in.
Investment in gold is also becoming a not to chose investment. As it’s price are not stable and may not get you more ROI. However i suggest you to try empower network to earn more cash through your online business.