Author Archives: schatzi

Mar
27
2023

Tax Advice for Gold Investment – Think Before You Invest

It is no doubt that gold is a luxurious kind of investment, but come to think of it, its luxury can you lead you to a wealthy lifestyle. Investing in gold is surely an excellent business opportunity. While some businesses are too risky to engage with, gold is an absolute win-win scenario. You will never lose what you have invested. Thus, no matter how erratic the economy is, still you are at a winning end. Your money will never be put to waste. The reason why gold is valued this much is that there is a scarce resource for this precious metal. Investing in gold is more secured because its value does not depreciate, unlike currencies. So is it worth it? Definitely! However, before you start investing with the first gold dealer you meet, you should first understand some tax advice for gold investment. Most gold dealers say that gold is exempted from tax. This is completely untrue. Read on to get more information on gold investments.

You must always consider gold, not just a form of investment, but an instrument that represents money. Buying gold is not like buying a tangible object that loses its value when consumed. Gold is equal to money and its value does not depreciate. Therefore, gold purchase is like money saving in the long run.

Current Gold Tax Rules

The current tax rules for selling gold in the United States should be understood by individuals and companies who are planning to invest in gold. If necessary, consult a financial planner to explain the mechanics to you and to guide you with regards to your investment plans. Gold is classified as a “collectible” according to the Internal Revenue Service or IRS. This is why this precious metal incurs a tax rate of 28%. This is applied to gold no matter what form it is. It is also applied to other precious metals such as silver, palladium, and platinum.

Specifically, the rules with regards to gold tax are designated to all types and forms of gold bullion coins. This also includes those rare coins collected by numismatics. It is designated to other precious metals such as those mentioned earlier, no matter what weight and regardless of where it is held (i.e. home or banks). Tax is also designated to gold wafers and gold certificates, as well as pool gold, rounds, and those commemorative coins.

Although the current regulation does not require buyers to report the sale of gold, it is the seller’s obligation to report the gain you got from the sale and pay 28% of what you have gained. This is one important tax advice for gold investment. It may seem alright not to report any sale you have made with your gold investment, however, IRS has a method to track unreported sales. How would IRS know? All gold dealers are obligated to report any unreported sales from sellers due to the Patriot Act. Never underestimate this because it may lead to imprisonment. Hence, gold dealers shall be suspended, or worse be terminated from their business, once they are caught with any illegal activity.

To Invest or Not To Invest

This tax information and tax advice for gold investment is stated not to scare off interested investors but to make them aware of the real deal. Buying and selling gold is a type of transaction. Every transaction comes with rules and regulations. Ask a financial planner about everything with regards to taxes to ensure that you are on the legal side. It is indeed an assurance and a form of security on the part of the seller and buyer to know about the current tax designation with regards to other precious metals. This will save time, effort, and a great deal of money for both parties to be knowledgeable about these types of taxes. Remember that the success of a gold investor lies on his knowledge about investing in gold.

Mar
26
2023

Importance of the Whole Life Insurance

Most of the people around the world feel confusion and ambiguity when they think about whole life insurance. If you are worried this issue also, we have all the solutions of your confusion. Our highly experienced team members are here to help you in this regard. They provide you with the most useful information regarding your whole life insurance policies.

The importance of selecting the best available insurance company cannot disregard. You must know the basic factors necessary for the selection of best available insurance company in your locality. You must also know the basic purpose and advantages of life insurance. In fact, majority of the people, prefer life insurance just for leaving something special and costly to their family members and beloved ones after their death.

If up to now you have not made any firm decision for joining any insurance company, this is a golden chance for you and others like you to take keen interest in it. It is usually recommended to gather complete information about several insurance companies, so that you could get more profit for you as well as for the members of your family. This is necessary to find out the best contract with the best life insurance company. You can find out the best insurance policies using Internet by seeking out the best insurance sites. You need to select insurance companies that best meet all your requirements. Different companies may have different policies.

Do not simply rely on internet for finding the best whole life insurance policy. Try to make visit of several life insurance organizations close to your locality. Try to compare policies of various organizations and then select the life insurance company having the best policies and plans. Some times it is beneficial to arrange a meeting with the customer services representative of insurance companies, so that you can have all the possible answers to the questions in your mind. Try clearly to tell them that you want whole life policy that best fulfills all your family requirements, so that they offer you the best available insurance plans for your members of family.

Every entire insurance policies devote a definite amount of regular monthly income for your family members and your beloved ones. Some plans are very economical to get started. Select the insurance policy according to your financial status and your requirements. A good entire insurance policy will definitely help your family members when you will no longer live in this world.

Two main principles of life policies are variable global life and global life. The fundamental configurations of all insurance companies are usually similar. However, there might be differences in benefits you earn through their companies, and various options of savings.

In practice, the entire living insurance policies are the more conventional type of life policy. Those who can achieve superior premiums should try to go for constant premium. It is also very useful for non regular savers, because it helps them to make a good saving policy.

In conclusion, it is wise to consult an experienced insurance expert before the selection of best available whole life insurance policy. Life insurance leads may lead you to a reputable agent. In this way he/she can help you in choosing the most excellent insurance policy.

Mar
25
2023

Electricity Saving Tips – Personal Finance Basics

Don’t Let Your Electric Bill Zap Your Budget

This post will focus on your electric bill. Electricity can be one of the biggest expenses that you will discover as a home owner. Here are a couple of tips that will help you be more energy efficient in your home. I will go over the personal finance basics regarding one of your larger utility bills. Hydro bills can be very high in the summer, with air conditioners raging. If you’re in the north and use baseboard heaters, you will discover that hydro bills skyrocket in the winter as well. Here’s 3 tips to help reduce your hydro bill.

Are You Using that Computer? – I work at a place where the computers are always on. They don’t even get turned off on the weekends. A little research in personal finance basics will reveal that a computer uses as much electricity per hour than a 14 watt compact fluorescent lamp for a full day. My work’s last hydro bill was $700 for one month. They could lower their expenses by at least 27% by switching the computers off for evenings and weekends.

Is Your Home Energy Efficient? – Easy tasks like putting a plastic heat barrier on your windows in the winter can significantly lower heat waste, and for goodness’ sake, keep your door shut. Ever heard your parents say “I’m not paying to heat the outside?” Sounds like they understood a common sense thought to personal finance basics. find other ways to make your home more energy efficient. You’ll not only leave less of an environmental footprint, but you’ll save tons on hydro.

Sometimes I Swear We Live in the North Pole – When you are looking to further your practical skills in personal finance basics one way is to look at how much energy your air conditioner consumes and reduce it if you can. For instance, try to use a fan instead of the air conditioner. Another excellent way to reduce consumption is by setting the thermostat up by 2 degrees. With heating for example, if you lower the heat by 2 degrees you can reduce the home heating costs by 5%.

I hope you’ve found these tips useful. I’ll mention it again, that as a financial consultant I teach a lot of personal finance basics to people looking to reduce living expenses. It’s important to maintain a comprehensive budget so you know where your living expenses are and to motivate you on ways to reduce those costs. If you haven’t searched Google for budget tools yet, you can now, or try the one in our resource link. See you in Part – 4.

Mar
24
2023

How To Create A Successful Business Network

Networking: What Is It?

In his famous book “Think and Grow Rich”, Napoleon Hill explains at length the benefits of the Master Mind. OK, so just what is a Master Mind? As Napoleon puts it, the Master Mind is the “Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose”.

The great American industrialists of the early 20th Century had Master Mind groups. Andrew Carnegie was said to have had a group of over 50 men who came together with the definite purpose of manufacturing steel. Henry Ford gathered experts with the sole purpose of building cars.

Today, Master Mind groups exist all over the planet… not just in the Corporate world, but also amongst small business owners as well. In many cases they exist as Business Networks. Every day of the week, you can find these formal networks of business people meeting over breakfast, lunch or dinner. From all walks of life, you will find florists, retailers, artists, internet marketers and handymen mixing with accountants, lawyers, electricians, finance consultants and personal trainers.

So, what can a beauty consultant and a plumber have in common? Probably not much to begin with, but as they get to know each other they begin to realise that they can make some great contacts by networking. For instance, plumbers have wives and they know other women. The beauty consultant sometimes needs her hot water system replaced. What about a florist and a handyman? The handyman needs flowers for special occasions like Mothers Day, birthdays and Valentines Day. The florist needs odd jobs done around her home and shop. Each of them know other businesspeople and they have customers. Business owners will refer business if they know that you do a good job. It makes sense because they are adding value to their customer’s lives at no additional cost.

Creating Your Network

There are 5 easy steps to creating a successful business network.

Step 1: Do a Google search for business networks in your area.

Step 2: Visit 3 or 4 of these events. Make a couple of strong contacts at each event by asking then about themselves and their business and then arrange to meet with them for coffee over the next few days.

Step 3: Resist the temptation to “push” your product or service onto them. They will ask you in good time.

Step 4: When you meet with your new contacts, ask more questions about them and their business. Don’t forget to throw in a few questions about their preferred network event. You can get lots of information here that will help you decide which one to join. Once again, curb the excitement you have for your business. Your goal is to learn all you can about your new friend.

Step 5: Make a decision to join at least one business network as soon as you feel comfortable.

Networking is all about building rapport, trust and welcoming new friends and important colleagues into your life. If you are friendly and you show genuine interest in your new friends, you will have no trouble creating your own little business network. From this group can eventually spring the Master Mind that Napoleon Hill speaks about in his book. The ideas that a group like this can come up with are startling. It’s incredible what happens when like-minded people get together. If you haven’t tried networking yet, why not? Do it now.