…We often assume that only the ultra-rich can access the precious metal, when in reality, it’s available to everyone….Here’s how to save in gold, whatever your income:
1. Understand the threat of inflation
Many people assume that saving can only be done with fiat currencies via a bank. This simply isn’t true, and in fact, saving in cash can actually mean you lose money. Inflation…dilutes how much your money is worth… the money you have won’t be able to buy the same number of goods that it used to.
Gold can be a smart alternative because it holds its value and is more resilient than paper currencies. According to a report by the World Gold Council, gold “is a ‘real’ asset that lacks credit or default risks”, and so in times of inflation, gold is one of the few assets that actually increases in value.
2. Start small
…Gold comes in all shapes and sizes…[be it] gold coins, jewelry, bullion or stocks [so] you aren’t limited to an expensive purchase to start your savings journey with gold.
Begin by…identifying areas that can be trimmed back or that you can substitute for a gold purchase. For example, if you’re spending $30 a month on coffees, consider getting a thermos to make your drinks at home and take out with you. You can then use the money you’ve saved to get gold in small increments…By building up a routine where you set aside a few dollars to buy gold, you’ll soon have significant gold savings to fall back onto if you need it…
3. Keep it simple
Saving is a crucial part of life, and saving in a new way can certainly be overwhelming – especially if you feel like you’re not seasoned in the space. That said, you don’t have to be a gold expert to identify a good deal and a safe way to buy gold.
- The U.S. mint is always a top starting point, as it’s an official, trusted source where you can buy gold coins. JM Bullion, Money Metals Exchange and Dillon Gage (Coro Global Inc.’s official gold provider) are also credible.
- A more simple and modern option is through digital services like the CORO app, where, in a matter of steps, you can buy gold using money from a connected bank account. You then have a clear overview of how much gold you own, along with the daily rate for the price of gold…
4. Automate your savings
One of the best habits to develop when saving in gold is to make the process automatic…make buying gold an ongoing process that doesn’t impact your livelihood…
Although you will have to manually purchase gold, if you get into the mentality that every first Monday of the month (for example), you’re going to save $100 in gold, you’ll naturally adapt to living without that money burning a hole in your pocket…
No matter your income, there are pathways to build a strong financial foundation and save for the future – and gold can be one of the routes to do so. Saving in gold is not only effective for the long-term, it’s a step towards shielding yourself from the worsening cracks in the existing financial systems.
No longer is gold kept for the few. It’s not even for the many – it’s for all.
Editor’s Note: The above excerpts from the original article have been edited ([ ]) and abridged (…) for the sake of clarity and brevity. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.
(The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.)