What is your opinion? Do you think people who invest in gold or silver and other precious metals are smarter than the rest of us who invest in pieces of paper, or are they “survivalists, conspiracy theorists and flakes” as the LA Times says? They even talked to the head of financial planning firm Glowacki Group in West Los Angeles, who said “That’s for the guys we don’t want as clients”. Wow, that’s…interesting…that they would actually turn down clients interested in precious metals.
In the face of losing $38,000 in the stock market, a man in Hong Kong lept off a railroad bridge – and lived. Whether you believe that you should invest more, take some time out, buy gold, or whatever your belief is in this down market, trying to commit suicide because of lost money is not a solution. After all, it’s just money – money that if you were alive, you could get back one way or another.
I am no financial genius – let me be clear about that. But lately, when I start adding the numbers together, the future of this country’s economy is not a pretty picture. 7 of our top trading partner countries are considering dropping the U.S. dollar; the euro is at an all time high against the dollar; the amount of real estate foreclosures and the credit crunch in this country is staggering. Ugh, it’s all getting to be a bit much. Sure, a lot of people will tell you to invest more money because of the dropping prices, and I cannot say I disagree to a certain extent…but still, these are some scary times for the old U.S. of A.
I know a lot of people think that they cannot afford to save money because they have too many bills or don’t make enough money every week to actually put anything aside. But for those of you in this situation, I wanted to point out how even $20 a week can add up over a long time. You may not think that $20 is a lot of money and that you have better things to spend it on right now. But $20 is a very attainable goal that you should set for yourself even if you are strapped for cash. The figures below figure you are only putting the $20 into a Money Market Account (Like ING Direct), earning 4.3% interest. Sure, there are ways to make more money on your money, but we are only talking about a safe, automatic investing program. People without a lot of money are always cautious of investing in anything risky, and money market accounts are probably the safest way to invest.
A while back I was sent an advance copy of the book “The Quiet Millionaire” by Brett Wilder. Mr. Wilder is a Certified Financial Planner and President & CEO of Financial Management Group, Inc.. Get where I am going with this? Before I even get into the book, you know this guy knows his stuff – and this book is one of the most thorough and well laid-out books on the subject of personal finance. It is a book not about picking stocks or following trends; but rather it makes the case for steady and conscious investing, making “correct” lifestyle choices and working towards becoming a “Quiet Millionaire”. The author puts it this way after chapter one, which could be the most important one of all – “What Is Important About Money To You?”: