I’m glad you found your way here. If you’re reading this, you are one of the few lucky people in this world to find this little finance blog gem. I am going to teach you to manage your money so you will be a happy old person. First and foremost, it is very important to get out of debt. I highly recommend you invest your money into assets that will allow for a happy retirement, but it is equally important to pay off all credit card debt and student loans, if you have them.
So what is a precious metals IRA? If we take a look at the Wikipedia page for this, we find that it is a type of self-directed individual retirement account in which you can hold various types of metals like gold, silver, platinum, and palladium. These are in the form of government coins and bullion. A classic choice would be the 1 oz gold bar. These have been traded all over the world since 1979. These asset prices have been rising for quite some time now and are a popular choice.
Now if you want to get scientific, I came across this excellent video which explained what the rarest precious metal in the world is. A large portion of this video consists of random lab experiments but when he does talk about the rarity in metals it’s pretty nuts. The answer will most definitely surprise you. Take a watch below and let me know what you think in the comments.
Anyways, which precious metals are right for you? Well, I would personally advice everyone to diversify their investments amongst the different options you have. Do you research and check out some of the resources I mentioned as well as some of your own. One of the most popular metals to invest in is gold. Gold has historically risen and been a huge national asset to America and the entire world since the 20′s.
If you were to put your money into a physical gold IRA, your money would compound for years in an account you can eventually retire from. The idea is that you set aside a specific amount of money every month to invest into your retirement account. This money then compounds through the years and you retire with more money than you put in. And if you prefer to actually hold and feel that gold, there’s no problem there. Plenty of companies are willing to let you see your gold, that is yours. There is a unique number on every gold bar that sets it apart so you can be assured that you actually own that bar. Now that you have an understanding of how that works you are ready to take the plunge. Rollover your current 401k or roth ira into gold. Even if you have a fidelity 401k already it is worth stepping back and figuring the projections for your future.
If you were to invest 100 dollars at this very moment, it is likely to be valued at $1,000 when you retire. Please don’t let his pass you by.
I hope you found this post helpful. Please ask me questions in the comments and interact with your fellow financiers. We are all in this together as they say in High School Music. Now get out there and start buying some precious metal.