Is It Too Late to Save Precious Metals?

littlenewthings in LeoFinance • 3 months ago

Almost one year ago, I posted my very first tiny button of 999.9 to save aside, when it was still $50 USD per gram cheaper; but this round, with so many things happened at home, medical bills to pay, I could only get a tiny miserable dot, not even a button, and I have to pay 142% more expensive....

Is it too late to set aside precious metals for rainy days? 😢

By the grace of God, this is actually more expensive, but I got some discounts from all the "in-app games" I played and checked in daily for bill payments, and I got around $2 discount plus free shipping; but that cannot deny the fact that it is really getting harder and harder to get a proper savings for the rainy days like this 999.9% purity yellow gold (which supposedly the highest purity and better re-sell value).

However, recently I just got to know about something interesting from my fellow Muslim friend in Malaysia, that if they hold this status of gold coins, they will have to pay tax (to help the poor, because you are wealthy enough to store gold... something like that).

Probably this could be one of the reason why Malaysia has one of the lowest gold repository in South East Asia / the world compared to other countries ?

That, I am not certain...

However

There seemed to be a "loophole" to reduce taxes, is that when the gold is worn it cannot be taxed, because it is being used(?)

(Maybe the value depreciates because of more oxidation? I am still lost of words for that)

found in google image search

Maybe looking into these might be of a better deal for my fellow colleagues, because at least it is usable and if it is just one tiny button, how much can they monthly tax it?
(I heard this is monthly tax, but compiled annually. I may be wrong)

How about you?

Do you set aside something like this, or is it too dangerous for you to keep this because of the condition of the place you are in, or crypto, though volatile, is still more secure than precious metals?

Until Then

Stay healthy, stay curious and learn new things, and stay happy!

If you would like to give some encouragement outside HIVE with some fiat backing, please feel free to visit: https://www.buymeacoffee.com/littlenewthings

You can also support me in HIVE

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#aliveandthriving #silvergoldstackers #ladiesofhive #qurator #inleo #ctp #waivio #neoxian

3 months ago in LeoFinance by littlenewthings

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kerrislravenhill 3 months ago

I live in Canada where our economy is reasonably stable and crime is relatively low for now. But that can change soon. The cost of living is rather high with a high rate of personal and governmental debt. I saw this happening years ago that our country is heading for economic trouble and every year the signs pointed to it. I started stacking 10 years ago. I lived below my means but without denying the needs of my sons. I live close to my job so I didn't require a car. Took overtime and extra work shifts and a side jobs. Every month I stopped by a coin shop and bought a silver coin or two depending what excess of my Emergency funds reserve. My Emergency reserve is about two months pay saved in a savings account. So any excess over that I buy precious metals.
I can understand that unexpected expenses can happen and the cost of living can exceed your wages.
It's not too late if you're resourceful or creative, but I admire you having already started @littlenewthings

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3 votes

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littlenewthings 3 months ago

That's admirable for being able to start staking silver in such an early stage.
I only had my first silver coin during STEEMIT days (before HIVE was born through fork) and I got my silver coin.
Since then, I haven't been really able to stack aside due to a lot of debts to settle especially something that happened really bad in end of 2023 that I am still paying off; but setting aside essential payments for 2 months is a great idea.

I have only managed to save up the first month of mortgage payment. Think I need to write everywhere that I need to be more thrifty and save up the 2nd month before I can relax a bit.

That had to include utility bills 🤔 at least the highest amount paid in year and use that as the rainy day target.

That being said, the gold is supposed to do just that as it is still a bit easier to trade off but might lose around 10% if sold back to the goldsmith, unless a fellow friend/trader would love to buy over directly according to market price

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pocketechange 3 months ago

I'm expecting to see U.S. Pocket Change increase 100 Fold in "Spending Power"... I think it will "out-perform" Silver, Gold and all the Cryptocurrencies, including Bitcoin...

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3 votes

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littlenewthings 3 months ago

Urm.... is it about old US spare change coins? 🤔
I am a bit lost. Malaysia's coins if not minted in pure gold has only copper, nickel and some are zinc. 😅

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dbfbfutures 3 months ago

Don't worry. Little steps forward is still forwarding ya.
AN,KL,KT,MK

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2 votes

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littlenewthings 3 months ago

Thanks so much for the console and encouragement 😊 🙏🏼

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ladytoken 3 months ago

^{View or trade LOH tokens.}

@littlenewthings, You have received 1.0000 LOH for posting to Ladies of Hive.
We believe that you should be rewarded for the time and effort spent in creating articles. The goal is to encourage token holders to accumulate and hodl LOH tokens over a long period of time.

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