How Can You Get Wealthy With Gold? 

A lot of people are interested in the road to success. It takes a lot of hard work and a bit of luck to earn a sum of money that would make you retire early. However, even though most people make good choices when it comes to their investments, the biggest thing you need to pay attention to is to not touch your money once it has been invested. 

This takes a lot of willpower if you notice that the market has been tanking for a couple of months. The inner voice inside your head starts talking to you, and sometimes you listen. Now, even though there are thousands of ways to earn extra income and get true wealth, the best thing you can do is remain wealthy over time. Click here to read more. 

No matter what everyone senses, there are a couple of things that can help you do that. First of all, you need to be paranoid about market shifts, as well as your investments. If you don’t trust your judgment, that will force you to keep researching and be on top of your investments at all times. 

This is great because you can transition your wealth from one place to another. This could be from real estate into precious metals and the other way round. Combining paranoia with a sense of frugality is the winning combination. 

You don’t want to be overspending. Let’s say that you make a million dollars per year. However, if you’re expenses are more than a million every year, then you’re not wealthy since your net profit is in the negative.  

Getting money vs. losing money 

Whenever there is a market correction or decline, the general public starts to panic. Let’s say that stock goes down 10 percent. That’s a nightmare for everyone that deals with margins and leverage, but it’s not of much concern for the average investor. 

Yet, they’re the ones who start selling as soon as they see a decline in the graphs. Here is a scenario that’s quite common and well known told through the example of two people. A hundred years ago lived a man called Jesse Livermore. He was the Warren Buffet of his day. His career was exceptional, and at the time, he was worth more than 100 million dollars, adjusted for inflation. 

In the year 1929, more than a third of the entire stock market was wiped out during the course of three days. A lot of traders committed suicide because they lost their livelihood in the market. When Livermore came back home on the third day, his wife and kids greeted him at the door while his mother was crying in the other room. 

They expected him to be sad and angry, but he wasn’t. When he realized what was going on at his home, he told his family that he betted that the market was going to short and made 3 billion dollars in a single day. It was his best day ever. 

They became incredibly rich. However, this win made him want to bet bigger and bigger sums when he went back to work. Four years later, when the next bull cycle happened, he overleveraged his position and lost all of his money. 

Livermore was incredibly good at making money and wealth, but he was terrible at maintaining it. Almost everyone would agree that 3 billion dollars are more than enough to live the best life possible. Yet, a lot of the people that make so much money lose it in the short term. 

What should you do? 

The best thing that you can do if you want to gain wealth and maintain it over time is to invest in precious metals like gold and silver. They’re the best option by far, compared to stocks, real estate, and cryptocurrencies. Gold is a slow but powerful mover. 

When it moves, the entire world knows about it since there’s probably a destabilization that has happened. The yellow metal is older than history itself, and there’s nothing that can remove it from the throne. Most people that believe in real estate should keep in mind that the houses they’re trading are a hundred years old at most. 

Gold, however, has been around for thousands of years. The more modern alternatives are gold IRA companies and similar institutions.  The cycles have well been established, and if you know what you’re doing, you can create wealth and keep it for a lifetime. When you ask billionaires what has made their companies successful, they often answer that they’re afraid of going out of business. 

They’re paranoid about the future, and they fear that another competitor can swoop in and take their place. If you implement this strategy on a large scale, then gold and silver are definitely the best options for investing. 

The worst thing that can happen at any moment is that the dollar can crumble. If that happens, then everyone would start panicking, and hyperinflation would take the world by storm since a lot of other currencies are connected to the dollar.  

What should you do when you buy gold? 

The simplest answer to that is to keep it and wait. How long should you keep it? The answer is decades. There are a lot of things that made Warren Buffet rich, but the things he didn’t do made him even richer. During his lifetime, there were 14 recessions. 

He never sold his positions, and he let compound interest do its thing. He also changed his worldview a couple of times to keep up with new generations of investors. When you live for so long, you learn a couple of lessons. 

The best lesson he has ever given is that you should let time do its thing. When you’re dealing with gold, it’s going to be tempting to sell a lot of times. Instead of selling, remember that you need to wait and make use of the best moment that you’ve got. You need wealth to be able to keep it. That’s why storing gold is so important.