Being successful in life comes in many forms. Some people achieve success because they manage to go through life maintaining a positive attitude. Others have successful careers and achieve their financial hopes and dreams. Still others lead lives of health, spirituality, and peace of mind.
Depending on your goals, you can become successful in each category through dedication, the right mindset, and focus.
But what about investing? Many of us struggle to keep up with the ever-changing economy. We’re tempted to invest in the next big thing and hope we don’t lose our shirt.
Is this really the best approach to generating wealth for the long-term? Hardly.
Gold and silver are investments that withstood the test of time. Gold, for instance, is an acceptable form of currency in use for thousands of years.
According to Wikipedia, silver “… has been regarded as a form of money and store of value for more than 4000 years.” Obviously, these metals possess lasting value. They wouldn’t have existed as legal tender for thousands of years otherwise.
There are a number of positive reasons to invest in a gold IRA that we’ll share today. We want you to master this aspect of life as well. Just like you’ve mastered your mind, body, and spirituality. Please keep reading to discover the reasons to begin investing in a gold IRA.
1. Earn a Substantial ROI on Your Investment
Some people may find this statement hard to swallow. They hear about the latest hot Internet stock or tech company and dollar signs sparkle in their eyes. Guess what? Investing in gold, silver, platinum, and palladium can lead to huge returns over the long term.
Sure, you can buy the latest Internet stock and ride the wave until it comes crashing back down to earth. Or you can take the safe bet and invest for the long-term. That’s where gold IRA investing takes the cake. By investing in precious metals for the long-term, you’ll continuously grow your wealth for many years to come.
Right now is the perfect time to open a precious metals IRA. The US government is completely at odds and political and economic turmoil rules the day. Pundits across the globe are screaming that a recession is imminent. Gold and precious metals thrive in this environment. In fact, they are the perfect hedge against a struggling economy.
When the stock market goes down in value, gold and other precious metals rise accordingly. Investors want a safe haven to park their money during a recession and gold is the ideal parking space.
2. The Tax Consequences Work Beautifully in Your Favor
There are many tax benefits to investing in a gold IRA. If it’s a traditional self-directed IRA, you can use your pretax earnings to grow your investment account for years.
You’ll only need to begin paying taxes once you begin withdrawing from your account. You can start making withdrawals at 59 ½ years old. Or you can wait until you’re 70 ½ years old. This is the latest you can begin withdrawing from your account.
A Roth self-directed IRA operates a bit differently. With a Roth self-directed IRA, you are funding it with money that was already taxed. So anything earned within this account is yours to keep.
You will not have to pay income taxes on this money once you begin making withdrawals. You already paid income tax before each deposit into the account, so according to the IRS the money is all yours.
Depending on your style and personal preferences, you can choose a traditional SDIRA or a Roth SDIRA. Examine each option closely to decide which style meets your personal needs and preferences.
3. Gold Can Protect You and Your Loved Ones during Times of Crisis
Nobody wants to think about the worst-case scenario, but it’s important to consider nonetheless. Our world is a scary place at times and bad things do happen. It’s important to think positively and maintain your peace of mind. But it’s just as important to prepare for the worst just to be on the safe side.
We live in a world of elevated risks. We live in a world where countries crumble, economies fall, and money becomes valueless.
Guess what? For thousands of years, gold has withstood the test of time and maintained its high standing.
And as far as value goes, it’s continuously risen in value for years, decades, and even centuries. Although the only sure things in life are death and taxes, it’s safe to assume that gold will continue to maintain its value for many years to come.
As an investor and future retiree, it’s your job to protect your wealth and loved ones. Investing in gold provides a bigger upside, greater safety, and lower risk than many other investments. Owning physical gold can protect you in situations like:
- a technological crisis
- a financial crisis
- a regime change
- an overthrown government
- and many other examples
Protect yourself and your family today. Make sure your loved ones are safe in the event that the worst happens. Don’t spend your life focusing on the worst. Remain positive and develop a strong and healthy mind. But protect yourself at the same time too.
4. Precious Metals Investing Doesn’t Require Specialized Knowledge
Contrary to popular belief, it’s relatively easy to invest in precious metals. You aren’t buying metals because they’re rare coins or collectibles. You’re buying them for their gold, platinum, silver, or palladium content and nothing more.
So you don’t need expert knowledge or specialized skills to get started investing in a gold IRA. Anyone who attempts to tell you otherwise is just yanking your chain. Don’t listen to them because they are passing on shady information.
As you can see, retiring in health is more than possible. A simple way to achieve your financial dreams is through gold IRA investing. You’ll have to work hard and remain focused in order to fund your account. But once you begin, you’ll really get the ball rolling.
The more you invest in your IRA account, the more you’ll earn for your retirement. When all’s said and done, you’ll retire from work with a healthy nest egg. And you’ll find it easy to sleep at night knowing your precious metals investments will keep you and your loved ones safe and secure for many years to come.
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