Quick Cash in (Not-so) Unexpected Places
As you definitely already know, living in today’s society requires a lot of money. Daily expenses pile up quite rapidly between necessary things like food, rent, and taxes, and the more frivolous expenses like monthly subscriptions only add flames to the burning hole in your pocket.
This grim reminder of reality is not always pleasant to think about, especially as your bill payments come up. And you really don’t want to worry about being small amounts off each month, right? But you’re already extremely busy working too many jobs in a market that makes it harder to find more, so what can you do?
As unfortunate as it is, making money often requires spending money, and in large amounts. Various scams and con artists will promote “the next big thing”, but those trends usually die within a few quick months. There is, fortunately, one thing that has remained a constant in the world of money-making: gold.
As is defined here, the gold standard was used for centuries to determine the value of money, but even if it isn’t as relevant now, it still holds weight. Gold – as well as other precious metals like silver – is a lucrative, fluctuating market with plenty of opportunity hidden within. It is a product with constant demand, and not so constant supply, which makes it a hot commodity, with prices skewing up and down depending on how much people are buying. Does that sound familiar?
Of course, if you simply want to make a quick buck, you may have some old jewelry lying around. Maybe you have an old necklace tucked away? Or maybe a shiny bracelet you never wore? Selling it can earn you cash, sure, but there is something else you can do, something a bit more “high-risk, high-reward”.
Precious Metals Investing
That’s right! Much like stocks, gold is a medium to invest in. While somewhat less reliable due to a lack of interest growth or dividends, precious metals investment is also a lot less volatile thanks to the reliable and tangible nature of its medium. Precious metals are inherently and universally valuable, as well as impossible to inflate, making them a reliable way to store money.
When you buy a silver coin, you aren’t just buying a certificate that says you own a silver coin. No, you own a silver coin, allowing you to sell it whenever you want. The price of silver also won’t vary depending on less predictable things like corporate controversy or the weather, so you can sell your own silver at prices that may exceed what you spent on it.
Believe it or not, this “precious metals investment” process is common. Many people purchase gold bars, hold onto them until the price of gold rises, then sells the bars to make money. As long as you know what you’re doing, and don’t undersell your own goods, you will likely be able to make significant gains on your investments.
The real benefit in precious metals investing, however, is its security. Inflation is a constant problem when it comes to paper money, so having assets that can be liquidated is a way to keep your wealth safe. After all, having $1000 worth of gold today is better for you in ten years than simply having $1000 would be.
There are many options when it comes to investing. Purchasing the physical product is almost always more secure for you, as you can physically store your precious metal in whatever way you find best, but there is another way. Exchange-traded funds are quite diverse and allow for easier access, but they don’t allow you to actually touch the gold you buy, so choose carefully depending on your goals and desires. More information can be found at https://www.investopedia.com/terms/e/etf.asp.
The State of California has an intimate history with gold. After the famous Gold Rush that began in 1848, much of the United States found itself with more money than it knew what to do with. And while the negatives of the Gold Rush were significant, the profit cannot be understated.
Nowadays, ordinary regulations sit upon the exchange of gold. The sale of precious metals is taxed like anything else. While this tax does not apply under certain conditions, it is always better to see for yourself whether or not these regulations may impact your financial decisions.
It is also important to note that various places within California have different taxes. The state has a universal 7.5% tax on the sale of precious metals, but San Diego has an 8% tax while Los Angeles County has an 8.75% tax. This information may have changed recently, so be sure to look into the regulations where you are and see if traveling a short distance could be worth it.
Especially in a state as large as California, there are many places for you to find help when it comes to precious metals investing. Certain places, such as Beverly Hills Precious Metals, may be less reputable despite the fancy name, so look deeper into your options if you don’t want to risk getting scammed.
Now you have a starting idea on how to secure or earn money. Gold is the ole’ reliable when it comes to marketing and having some tucked away for the future is not a bad idea. You can always sell it, after all, and while buying it may be risky, there are ways to do so safely and intelligently.
Research is the biggest step when it comes to investing. Learning about the processes and history behind your medium is an essential skill. And while it may seem confusing at first, your wallet will be a lot happier once you pull it off. They say investing can be risky, so do your best to minimize that risk whenever you can.
With that said, I hope you’ve learned something today! If this article helps you make a more informed financial decision, then congratulations. Be safe, be smart, and go make some money!