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investing – Luv Saving Money

Tag: investing

What Is A Gold IRA?

One of the most important steps that people need to take to protect their financial health is to save for retirement. While there are lots of options that people can use to save for retirement, one example is called an Individual Retirement Account, also known as an IRA. Some of the most common IRA examples that people know include Roth IRAs and regular IRAs. One commonly overlooked option is a gold IRA. This is an important retirement savings vehicle that people should know.

What Is this IRA?

Also called a precious metals IRA, this is an Individual Retirement Account that uses gold and other approved precious metals as a way to benefit the retirement savings of the account holder. Like other IRA options, there are rules regarding how and when someone can withdraw assets from the IRA. In contrast to a regular IRA, which holds papers and other virtual assets, a precious metal IRA holds bars and bullion coins. This is a self-directed IRA, meaning that it is run by the account holder instead of a third-party. Furthermore, this type of IRA also allows the account holder to have access to more diverse investments.

What Can Be Held in this IRA?

If someone has a precious metals IRA, there are four separate items that can be held in this account. They include gold, platinum, palladium, and silver. These items must be held in an IRS-approved bar or coin form. Without a doubt gold is the most common item purchased, leading to the name of this account.

Why Does Someone Have a Precious Metals IRA?

The main reason why someone might want to have a precious metals IRA is that this can be used as a hedge against inflation, helping people manage their risk. Over time, the value of paper money is going to drop due to inflation. For example, the price of a gallon of milk today is far greater than it was fifty years ago. This is largely due to inflation. While paper money loses value over time, precious metals do not. For this reason, this type of IRA can be a valuable asset for those looking to save for retirement.

Use an IRA to Save for Retirement

A precious metals IRA can be a key retirement vehicle. It is critical for everyone to plan for the future. This means taking care of their financial health using an IRA. 

How to Start Investing in Stocks You Want With Only a Little Money

This post does contain affiliate links. Any opinion expressed is my own

Years ago, when I wanted to start investing in stocks, I was a bit timid. I mean you hear people talking about investing thousands of dollars. You pull up an account with one of those big trading sites and it says stuff like “fund your account with at least $2500 and get 25 free trades” or something like that. I work part-time outside my home and have 4 kids I don’t have $2500 to just throw into the wind, especially if I don’t know what I’m doing!

My husband educated me a bit, I read a few resources, but still the big sites intimidated me. Then I learned about buying fractional shares. Not all sites give you the ability to buy fractional shares in a company. I mean I don’t have $300 to buy just one share of a company. That’s where Stockpile comes in.

Stockpile allows you to buy fractional or whole shares. It’s user friendly, they have easy to understand resources on the site, and you can start your account with as little as $5. No kidding.

Let’s pretend you want to buy stock in company X well company X’s stock is at $100 a share. Let’s say you only have about $25 to invest right now. You can invest $25 into company X and own 1/4 share of Company X. Now let’s say payday comes around and you have another $25 you want to invest. You an either invest that in a different stock or keep investing in company X ever time you have a few extra dollars until you eventually own a whole share.

That’s what I like about Stockpile, it makes owning stock in companies you actually want, attainable. I started off with a fraction share in 1 stock and over about 2 years time I now own about 10 shares of stock (with 1 share being a combo of fractionals) in 7 different stock. 2 ETFs, Apple, Spotify, DowChemical, and 2 pharmaceutical companies. I only invest anywhere between 10 – $25 a paycheck depending on what I can afford. Some times I might go a month and not invest anything. I love it. I don’t feel pinned down or feel like I have to save so much just to invest it.

Stockpile only charges 99 cents to buy, sell, or trade. a LOT cheaper than some of those other trading sites!

You can even set up custodial account for kids. Gift them Stockpile gift cards for holidays to save for their future!