Today I got some new gold and silver in the mail! Any gold and silver stackers out there?
I LOVE buying precious metals. There are many great coins out there to purchase. It’s a fun hobby and is a great way to save money AND introduce kids to different forms of money outside of the stock market. Today, I picked up a gram of gold, a 1 ounce silver Canadian Maple Leaf coin and 1 ounce silver eagle coin.
Gold and silver are assets that retain their value. Too many of us spend all our money on items that lose value like shoes, clothes, toys, electronics, and others,. Instead, an excellent wealth strategy is to purchase items that retain their value, such as precious metals.
Another thing to remember: if the stock market drops, chances are precious metals will retain their value. The key is to diversify your portfolio. That does NOT mean having several mutual funds, it means having a bit of your money in the stock market, some in precious metals, another portion in real estate and another portion in a business.
Not everyone can get all those things at once, so a great strategy is to slowly accumulate the assets you can get now, and one day, sell a portion of those assets to get another asset. For example, when I sell books, (which are also assets), I use those proceeds to buy gold and silver. I use a dollar cost average method, so even if I only buy a little at a time, I can still accumulate them.
In time, I will sell a portion of these metals to buy real estate rental property. So my strategy is simple: I’m using a passive income stream (book sales) to buy an asset (gold and silver), and in time I will use THAT asset to buy another asset (rental property).
This plan is VERY doable. Do you have a strategy? I’d love to hear it!
There’s more to life than the stock market. Don’t rely on the stock market for your wealth, consider other assets and investments that are available to you. Pick up a copy of my book Invest For Success: Millionaire Wealth Strategies Not Taught in School. Available on Amazon. In addition, sign up for my upcoming course Invest For Success coming in January!