Posts made in February, 2015

Is Gold Really A Viable Financial Resource?

Gold is an actual tangible resource that can be collected and used for purposes other than simple commerce. This means that even scrap gold jewelry or reclaimed metal from circuit boards can hold great value. Value fluctuates over time due to the amount of gold on the market versus the number of people purchasing it. The gold price on February 20, 2015 was over $1200 when the main trading houses closed down for the day. 

This tells us that even a single ounce of pure gold jewelry, regardless of the condition it is in, will be worth at least that much on the open market. If you have any scrap gold jewelry or rings lying around, weigh those items and compare it to how much a single ounce is worth in early 2015. Gold, is valuable and will remain so.

Why is Gold Valuable?

Gold has been considered a financial resource for well over five thousand years. The oldest gold valuation known is from ancient Egypt in the year 3100 BCE. One part of gold was considered to be equal to two and a half parts of silver. As an actual currency that was made in the form of gold coins, it can be traced back as far as 700 BCE. However, these coins crafted by the Lydians were actually a gold and silver mixture known as electrum. True gold coins came about a little later, however the value of gold as a financial resource has remained in public awareness since this time.

The structure of gold allows it to avoid issues of corrosion that other metals face. Items made from gold will last a very long time if it is not damaged directly or melted down, so much so that it might as well be considered an eternal item. Due to the longevity of gold it gained value over time. It also has an appearance that many find beautiful, pristine. This has caused it to be seen as something useful for jewelry making purposes.

Modern gold usage has gone beyond making items like a gravy boat that will not corrode, or a pretty necklace. The precious metal formerly owned by kings and the wealthy elite has become a common place material that many people from all walks of life utilize every day. Electronic circuit boards, dental implants, and specialized insulators are all formed using varying amounts gold. As long as we have a need for a non-corroding material that can be used for technological components, gold will always have a decently high value per troy ounce.

Gold will always have value as a resource, and that means that it will always have a financial value as well. Even if civilization comes crashing to an end and technology reverts to the stone age, gold will still have some value. If nothing else it can be used to make easily cleaned cups and cookware that will not corrode over time. A non-corroding malleable metal with many uses cannot be overlooked as a viable and useful resource to have, regardless of its value compared to the euro or the US dollar. Talk to experts like Rocky Mountain Coin Inc for more information.

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4 Tips For Financial Planning

When it comes to taking an early retirement, there are a number of tips that may help you accomplish this goal. Being able to do what you want to every day, rather than spending time at work is typically top of the to-do list for many. Knowing specific tips that can help you reach your retirement goal sooner, rather than later, are ideal in this situation.

Tip #1: Create a budget

Make a list of your monthly bills each month and make certain these get paid on time. This will allow you to know the total amount of your monthly expense and will ensure you maintain a high credit score by getting bills paid.

You can set aside a certain amount of money each month to invest in your  savings once you fully understand how much it will cost you to live. It is recommended by many financial experts to place at least 10% of your gross earnings aside each pay period to help you effectively plan for retirement.

Tip #2:  Pay off credit cards

One of the biggest ways to waste your money is by paying huge interest fees. These are typically associated with credit cards and the higher your balance is, the greater amount of fees you will be required to pay.

Tip #3: Invest in a 401K plan

If your employer offers a retirement plan where you work, this can allow you to build up a significant amount of savings. In most cases, your employer will match your contributions up to a certain amount and this can help your account grow quickly.

Additionally, you may be able to qualify for a number of tax deductions because of contributing your money to a 401K account.

Tip #4: Create a Last Will of Testament

Regardless of how little or how much you own, you should have a will in place. This will identify who you want to inherit your assets once you are deceased.

This can help your remaining family members enjoy the efforts you put into financial planning without the possibility of this money going to the state.

Finally, taking the necessary amount of time to set a course of action for you to follow is critical in your being able to have success with retiring early and taking care of your estate. Be sure to consult with a financial planner, such as Vahanian & Associates Financial Planning Inc, who can provide you with all the steps you will need to reach your goals.

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