Your Questions About Invest In Gold Bullion

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Ken asks…

Money question for the Susan Orman Type?

This is a question for those Financial Gurus out there, AKA Susan Orman Type.

About three years ago I was taken to court over a frivolous law suit. Although I did not loose per say, the court battle ate through my finances like acid. I went from a 80K net worth to 0.

Determined to put it all behind me, I started all all over. In two years my net worth went from 0 to 30K. Here is my financial portfolio.

21k in very strong Bank Stocks. Strong meaning those banks that survived and thrived.
9K in physical Gold Bullion.

I think I also have 3k in a company savings plan.

In addition I have about 40K in credit available to me.

although my career has been pretty lucrative for me, I would like to plan an exit strategy. I love my job but hate my schedule. I hate the area and apartment I live in. I would like to start investing a bit more aggressively so that i can maybe move to another city. Here is what I think my options are:

1. Work with family members or other trusted investors to buy distressed real estate for rental income.

2. use about 10k of my credit to start day trading.

3. Work with family members or other trusted investors to start a social coffee shop and or juice bar.

4. Works with friends to start a part time business repairing computers and cell phones.

5. change nothing and tough it out a bit longer, and try to save up to 70K

What do you think? what would you do?

Justin answers:

Your thoughts and my thoughts:

1. Work with family members or other trusted investors to buy distressed real estate for rental income.
If you’re good at real estate and are reasonably hnd with the ability to fix up properties this could be a good idea for you.

2. Use about 10k of my credit to start day trading.
Day trading is glorified gambling. You have as much of a chance of losing money as making any. Not a good strategy for long term reliable income.

3. Work with family members or other trusted investors to start a social coffee shop and or juice bar.
You’ll put more time into a job like this than a regular job. You also better have a good business plan and good start up capital. If you do your home work and are willing to work hard this could work.

4. Works with friends to start a part time business repairing computers and cell phones.
Same as above. If you’re qualified to fix computers and phones, have a good business plan and enough start up capital you might do very well.

5. Change nothing and tough it out a bit longer, and try to save up to 70K
The most conservative idea.

Whatever you do, good luck.

Donald asks…

Is it still illegal for Americans to own gold bullion?

I read recently that when the government moved off the gold backing of our paper money, they actually made it illegal for Americans to own gold bullion, and the only gold we can own is in the form of jewelry, coins, etc. Does that law still apply today?

Justin answers:

Owning gold was made illegal in the 1930’s so that the government could inflate the currency and stimulate the economy out of the “Great Depression”. You can inflate a “Federal Reserve Note”. You can’t inflate a $20 gold piece.

It was made legal, again, to own bullion and coin in the early ’70’s so that the wealthier among us could invest and protect their money from the runaway inflation that was going on.

Once things reach a critical point where too many U.S. Citizens are investing in hard assets, such as gold, the Congress may be tempted to collect all the gold again.

David asks…

What plans for how to spend it can you think of?

I’m inheriting over 16 Million Dollars and personally I’d like to figure a way to invest it so that I can make more money. I’m thinking gold bullion but I’m not sure how much of it I can afford to get without my permanent plans being interupted.

Justin answers:

First , figure out how much you need for your permanent plans, and put that aside … With a little extra for what ever may come along… Then invest the rest with perhaps 90% going into a stable secure investment stocks/bonds Cd’s etc .. And the other 10% into a riskier but higher yield investment . So if the market dips at least you don’t have all your money in it , but if it grows you make out !. Best wishes!

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