Another holiday in quarantine? We have the top ways to spend the holiday doing something meaningful and beneficial for your future.
Staying on top of your finances is a great way to maintain your budget and ensure that you are well prepared for the future. Since most of us will have the day off on Labor Day, it’s the perfect time to catch up on any financial issues or concerns that affect our everyday life.
Here are 5 key tips to manage and get ahead of your finances this Labor Day:
- Manage your budget. With the end of summer in sight and holidays approaching, it’s often easy to lose track of your budget and spendings. Take some time to sit down and crunch numbers to make sure you’re staying within your ideal allotment. Be realistic with how much you need and want to spend months in order to properly save for your future.
- Plan ahead for the holidays. The holiday season is not for a couple of months but it will sneak up on you sooner than you think. Planning ahead for the holidays, whether gifts, travel, or any expenses, especially with the ambiguity of this unprecedented year, is a great way to stay ahead of the game. The more you can budget ahead of time, the more you’ll be prepared moving forward so you minimize the risk of overspending.
- Organize your documents. With the social distancing still intact due to Covid-19, most of us are spending more time at home but rarely set aside time to organize important paperwork so everything is in order. In the event you have any sort of potential emergency, you want to make sure to have your financial documents organized in one place. Doing this may take a while, but can ultimately save you hundreds of dollars a year, so using this holiday to get started is a great way to prepare.
- Look into your savings options. If you already have a retirement account such as an IRA or 401K, now is the time to look into how it can further help you secure your assets for the future. Is your retirement account well balanced or is it mostly in high-risk stocks that could potentially have you lose it all if the market crashes? Many retirees have been rolling over their IRA and 401K to include commodities and precious metals like gold and silver. Gold has recently made headlines by breaking unprecedented records and scorching to new highs. The metal has increased by 30% in value in the past 6 months alone. A Gold IRA allows ownership of physical precious metals. With a Gold IRA, you are no longer holding paper assets such as stocks and bonds but rather physical precious metals in the form of gold and silver coins or bars. Rolling over a retirement account is simple, efficient, and tax-free.
- Invest like a billionaire. Warren Buffett recently made headlines for taking 26% of his investment funds out of banks such as Goldman Sachs, JP Morgan Chase, and Wells Fargo, and investing $565 Million in gold. While some of us may not be living on Buffett’s budget, gold investments can be made on any budget, in both physical purchases like coins and bars as well as hedging your investment portfolio with gold. For example, if you invested $100,000 into Gold back in March of this year, by Labor Day, it would be worth around $130,000. If you invested back in 2008 when we had a similarly rocky economy, it would be worth closer to $240,000 today. Given the current economic crisis, a dollar decline, and the spreading pandemic leading to higher unemployment rates and increased national debt, it only makes sense that investors are safeguarding their wealth and investments with a safe-haven metal like gold.
There is no doubt that during this quarantine and pandemic period that we have seen a rise in the price of gold and other various precious metals. Investors are resorting to gold and precious metals as they are both bullish investments. Gold will continue to rise, and opportunities to invest in gold at a low price are diminishing. Learn about investing in gold, investing in precious metals, and rolling over your IRA into a gold IRA to secure your financial future. To learn more get your FREE investment guide below!
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