I think the TFSA is one of the best gifts that the Canadian Government ever gave to us. What is surprising is how many people don’t understand the benefits of this – especially if you are self-employed, such as I am!
I started automatically contributing to my TFSA on a weekly basis about 2 years ago and have built up a considerable savings, within the contribution rules of course. See here for more information on how much you can contribute each year!
The problem I was having was how to maximize my returns or interest earned. It’s no secret that the interest offered by institutions is ridiculously low. We bank our hard-earned money with these institutions, which they then borrow from and lend back out at a higher interest rate! I will save this rant for a future post.
So initially I had my TFSA with Tangerine as they were offering the best rate at the time – currently I am getting avg 2% a year – yoo hoo! Then I switched my TFSA to a self-directed account at QTrade out of Vancouver. I can invest in any fund, ETF, etc with a fee of $8.95 CAD for each transaction I make. While I am averaging 8%, I don’t like the fact of paying fees to play!
I started investing in Gold stocks but I also did not like the fluctuations I was seeing in the market.
Then I found the opportunity to save in physical gold and I have been able to finally put my TFSA into something physical with a stellar return to boot! Many people will say but Gold is inaccessible to many people due to it’s cost – what if I told you, you could purchase Gold in smaller increments and have a forced savings of gold on a weekly or monthly basis, which makes it accessible? Would you be interested?
Here are some reasons why I decided to start saving Gold with this company and why Gold in the first place:
- Found a 6 yr old e-commerce company out of Stuttgart Germany, called Karatbars http://www.Goldmoneytoday.com/24KGoldGal
- Specialize in production and sales of Gold Bullion(9 24k bullion same gold as central bank holds) in small increments starting as small as .10 gram
- Company is doing business in 120 countries world-wide
- There is a positioning now for the next big wave of growth
- Obtaining smaller amounts or increments allows you to sell quicker and allows you to build up smaller by offsetting against higher prices – finding buyers for the bigger bars is harder so smaller increments are easier to sell
- In high economical times, Gold holds it’s value and when hard times hit, Gold increases in value; thus in 2008 those that were hard hit but had Gold were able to make a quicker come-back financially than those did not
- Gold is a great hedge against inflation because it’s price tends to rise as the cost of living also rises
- I like diversifying my investments – real estate, private lending, (won’t do stocks but will do dividend reinvestment stocks), mortgage investments and Gold just to name a few.
- People such as Warren Buffett and Robert Kiyosaki invest in Gold and attest to it’s addition to any person’s portfolio. Remember putting all of your eggs into one basket (ie, only having a real estate portfolio, or all of your money into the stock market) puts you at risk if that particular strategy takes a major financial hit, such that we saw in 2008.
I recently heard something that is apropos to this strategy:
“When you find a lone nut doing something out of the ordinary – don’t just stand by, join in! They might be onto something you don’t know about but may miss out on if you don’t join”.
Interested to learn how you can save in Gold and build up your wealth? Contact me and we can discuss how to start your Gold savings off to a great start!