Life is highly uncertain; nobody knows what is there in store for you tomorrow. You may lose all your assets due to wrong business decisions, your spouse may divorce you and refuse to pay alimony or demand a really huge sum for alimony from you, or you may face a severe accident that requires surgical interventions causing you to pay in millions. At such times, if you don’t have a good insurance coverage or fall short of liquid money, where will you go? And what if you don’t have enough property to mortgage to obtain a loan from the bank too? To be bluntly honest, you would be doomed!
In order to avoid this unfortunate eventuality from coming upon you, you must be proactive in your savings since an early age. If you make sound financial investments when you are young, your whole life will sail along smoothly, and you won’t be left helpless in the event of a major downfall.
Tips to Grow Your Money:
- Invest Wisely: Even if you are extravagant and like to spend money in lots like a gambler, saving helps. If you really can’t make yourself save money, go for investing. This way, you will not only save money but grow money. Investing in mutual funds, fixed deposits, health insurance, gold, and other intelligent schemes is a great way to increase your money over the years. Don’t make the mistake of putting all your eggs in one basket. If the basket is crushed, all your eggs will be broken at the same time leaving you with nothing at all. This only means that in the wake of constantly changing market conditions, you can’t afford to depend on one scheme to save your in times of trouble. If one thing fails, there will be something to fall back on and sustain yourself. So, invest wisely!
- Gold Investment: Investing in gold is a very wise financial decision indeed! Gold has been lauded since the ancient times as a rich and worthy metal, and it is the very basis of world economy. Rich countries are rich owing to their high gold resources, and poor countries are accorded such a status due to their poor gold reserves. Gold is the prime ingredient in jewellery-making in countries like India. India is the highest consumer of gold in the world. Their tradition of turning to gold in times of trouble has been followed since ancient times. Now, this trend is being increasingly followed by western countries. Many people have increasingly started to invest in gold coins and gold bars considering their low risk quotient and higher stability in the face of volatile market conditions and other factors like social, economic, and political turmoil in the world.
- Gold Trade Benefits: If you wish to invest in gold, you may buy gold bars this year when the prices have dipped considerably low. It is smart to buy gold when the prices are low and sell it when they have increased. This way, you can earn a significant profit margin if you are not interested in long term investments in the form of gold savings. It is preferable to buy gold bars of smaller dimensions as you have the flexibility to sell a small bar or coin if you need a small amount of money. When you have a huge gold bar, you will have to sell the whole of it even when you don’t need that much money.
- Gold Price Stability: The advantage of gold over others is that its prices remain stable over the long term though there are short term changes due to volatile market. So, if you don’t get richer over a period of time, you certainly don’t become poorer too. But, this is not the case with other financial schemes like stocks. Stocks are highly risky investments, and it is highly likely to get a nil amount of money even when you have paid lacs at the time of investment.
- No Vagueness: Insurance policies are a good investment and necessary too, but there are a lot of clauses when you need to claim your money, and insurance companies are shrewd enough to trick you into believing that your claims aren’t valid. So, very few people actually benefit from these policies, and so you must have other ready sources of money to rely upon.
On the other hand, gold investment is a clear deal. Nobody’s going to tell you that you don’t stand valid when it comes to getting money for your gold, be it bar, coin, or bullion. There are no hidden clauses or complications in interpretation of gold value. You get an amount for your gold as per the market prices and nothing else. So, there is a guarantee and financial security here. Gold is surely going to get you out of trouble like no other!