A lot of people want to become precious metals after reading The Richest Man In Babylon. This is one of the best investing books of all time, and it’s almost 200 years old. So, why are people still buying into the ideas that have been laid out there?
The answer is simple. It’s because those principles work. The advice that has been offered is still valid, and it perfectly describes the human condition. Here’s a quick summary. Two thousand years ago, two friends started talking. One of them was a musician, and the other one was a manual worker. Click on this link to read more.
Both of them had been working hard their entire lives, and yet, they had absolutely no financial success. They kept living week for week, month for month. After a quick discussion, they agreed to go to the richest man in town and ask him about how he got wealthy.
Because he wanted to help, the richest man told them his secrets, and they were quite simple. Out of everything they earn, they needed to put aside ten percent of their earnings. Then, with that small amount of money, they needed to find a way to make more money.
That could be buying copper for new soldier shields, precious metals from a foreign country, or another idea that might come to mind. After doing this for many years, they, too, would become wealthy. Those are the same principles that modern middle-class people are using.
You put aside a sum that you can live without and put into the stock market, life insurance, or real estate. The thing that has changed in the past two thousand years is that investing has gotten a lot easier. Here are some other tips that could help you become wealthy in the future.
Keep some gold nearby
If you’ve watched a lot of movies, you’ve probably noticed that a lot of pirates and cowboys want to bury their treasure. That’s not a cliché that’s passed. A lot of people nowadays use the same strategy to keep their precious metals safe. Follow this link for more info https://www.investing.com/news/commodities-news/gold-up-but-heads-towards-second-consecutive-weekly-fall-2589052
In the event of a burglary, the criminal would never think to dig around in your yard. That’s a secure place, and only you’ll know where your gold or silver will be. Another option is a safe, but that can easily be seen. Both of these options are perfect, depending on the type of person you are.
If you’re extremely cautious, you can bury the safe in your backyard. The goal here is to keep your metals close to you in case an emergency happens. This doesn’t stand for your entire reserve. You only need to keep a little bit close to you.
The place to keep large amounts of insured metals is outside your own country. A lot of governments have done this too. In the 1930s, the United States seized a lot of gold. The same thing happened during World War II when Germany was ruled by Hitler. The Soviet Union did the same when it was commanded by Stalin.
These are a few examples, but they should be remembered. The best place where you can safely store your assets is in Switzerland. This was the last country that abandoned the gold standard. That’s because they really love their metals.
Even during times of war, they could exchange their currencies for metals. Even better than that, there are laws that are protecting the citizens from politicians trying to take hold of their gold, silver, and platinum. Keeping it outside your own country makes sense if you’ve invested more than 100 000 dollars.
How secure are the jurisdictions of other countries?
We mentioned keeping some of your gold nearby and a large amount outside of the country. Here’s why constrained political authority is something that should be important to you. You can visit Hard Assets Alliance review and read more. When a country is ruled by the people, it becomes more decentralized.
Let’s look at the United States, for example. The top 1 percent are completely detached from anything that happens to the other 99 percent. They can’t even fathom the mindset of those that think differently than them. Switzerland, on the other hand, was created on the concept of subsidiarity.
What this means is that only if a municipality is unable to resolve a problem it can require the assistance of the state. This means that all problems are handled locally, and the opposite way never comes to fruition. A problem must start in a small community and then work its way up.
This means that the state can’t introduce new laws when it wants to. Instead, new rules must come from the people. In America, if the government wants to install a new rule from the top, it can do it and ignore the masses.
Another similar country is Lichtenstein, where financial principles are taught even to kindergarteners. Other options include either Hong Kong or Singapore, which are trying to make their names known in this niche.
A few final words
During times of economic imbalance, precious metals are the safest medium of exchange. Paper money can be printed infinitely, but there will always be a finite number of precious metals. That’s why it makes sense to allocate a small amount of your portfolio and keep it safe. You never know when you’re going to need it. This is one of the best ways to become more certain in times of uncertainty.