Building Wealth With Silver: How to Profit from The Biggest Wealth Transfer in History by Thomas Herold
I just finished reading Thomas Herold’s book entitled Building Wealth with Silver
Browsing Tag
Investing
Imagine you just received an unexpected gift of money, won a lottery, or your business did much better than expected. Suddenly you have extra money that you need to decide what to do with. What do you think you would do with it?
The answer will be different for everyone as we all have different ideas for what to do with extra cash. Due to our unique situations in life, it might make more sense for some of us to pay down debt, while others should be topping up their emergency fund a bit more. Still others might be wise to invest in the stock market or start up that business project they’ve always wanted to work on.
There is nothing quite like tough economic times to bring frugality into brilliant focus. Survival issues drive every decision. Priorities suddenly assume an importance beyond what was ever thought possible. Health issues give way to paying the rent or putting food on the table. The price of gasoline reduces driving a car to when it is only absolutely necessary. Clothes and furniture are now luxury items that must be put off. And then you are reminded of saving for retirement. Surely, that can be put off, too?
Unfortunately, time is not on your side when you put off saving for your future well being. The price for living an older life with dignity keeps increasing, right along with everything else, and probably more so due to the hyperinflation in the medical industry. Social Security may only supply 40% of your desired retirement income. You will need additional savings, and the best time to start is always now, even if economic times are tough.
It is truly amazing how many people entrust their entire life savings to stockbrokers who know absolutely nothing or very little about investing. In their defense, many stockbrokers may be honest individuals who truly want to help their clients. However, the problem is that they were never trained to be investors but instead were trained to be salespeople, and they are constantly being pushed by their employers to sell. After being recruited by a brokerage company, they are subjected to intensive sales training where they are taught how to cold-call, prospect for clients, and counter various clients’ objections. The actual education on how to select and analyze particular investments is limited.
While at a concert recently, I met a young woman who told me that she and her husband took a course a few years ago that taught them how to trade individual stocks.
She said, when she first heard about the training she almost didn’t take it, because the course was quite expensive, almost $9000. However, they decided to take it despite the cost, and she said they were able to recoup the cost of the course within one year of trading stocks.
She recommended that married couples should take the course together, so that both partners are on the same page. It is much more difficult if only one spouse understands what is going on.