The struggle to save is very real and too many of us are becoming part of the statistics that says we would not be financially ready for an economic downfall or if faced with a financial emergency. As stressful as it may seem, saving isn’t impossible.
Whether you can save RM1 or RM100, putting it away in your bank isn’t sufficient as it doesn’t protect its value. Instead, one of the better ways to protect the value of your ringgit would be by putting it in gold. Not paper gold, but real, physical gold.
Did you know, gold is one of the oldest savings commodities in the world, that’s trusted by central banks, savvy investors and everyday people like you and me? However, with insufficient information, many do not realize how easy it is to save in gold or what they lose from not including gold as a financial asset in their portfolio. By combining technology and financial products, there are several safe and secured platforms that allow you to save in gold at the best gold price, starting from small amounts.
Today, gold savings is possible for anyone and everyone. If you haven’t saved in gold, here are 5 financial risks you’re taking.
You risk your financial security during inflation
Studying a gold price graph will show you that gold is an excellent hedge against inflation. When you own gold, your finances are protected against the falling dollar / ringgit because the value of your gold increases as the value of paper currency reduces. A quick liquidation or sell-off will ensure you’ve got sufficient finances to help you through a difficult economic period. You’d be saving today, for an easier tomorrow.
You risk not owning a crisis commodity
Gold doesn’t just hold its value during financial distress but during geopolitical uncertainty too. Should there be government or world crisis, your gold would be your crisis commodity as its value will outperform other investments, instantly becoming your safe haven.
You risk having a singular financial portfolio
Gold is an excellent way to diversify your savings because of its increasing value, limited quantity and low risk nature. Financial experts often recommend that at least 10% of your savings should be held in gold. Without it, you lose out on a well diversified portfolio.
You risk not securing your wealth
Historically, gold price has never hit a zero value and gold trends shows us that it’s unlikely to occur. As gold price maintains or increases in value through the years, investors view physical gold as a means to maintain their wealth to ensure a comfortable future or as a way to pass on their wealth to the next generation. Skip the family tapestry and pass down a gold bar instead.
You risk not owning a tangible asset
Did you know that gold is a superior tangible asset and its value cannot be removed, erased or hacked? Unlike notes, coins and paper based financial assets, this is an asset that will always have a significant value regardless of your location, or time of liquidation. No one can remove your wealth when its stored in gold!
The benefits of saving in physical gold are plenty and not starting puts your financial health at risk in the long term. While many avoid saving in physical gold from fear of theft and personal security, there are companies around the world that offer secure platforms to digitize this process. Such companies take care of the security and insurance of your gold, offering you more than just a savings plan, but a peace of mind too.
Gold is the sort of financial product you can purchase and not worry about until you need it; and we highly recommend it.