Most of us are doing our best to save for our future. We do what we can to buy wisely and put what we can aside. But, we all have a tendency to rely on just one form of savings.
For many, this approach works out OK. But, it is still a good idea to at least consider other ways of building up assets for yourself and your family. Here are a few approaches you may not have thought of.
Precious metal coins
For centuries, people have used at least some of their cash to buy gold, silver or platinum. More recently, rhodium, copper and palladium have started to become available in a form that ordinary people can buy.
Right now, silver quarters are becoming particularly popular. You can easily sell a handful to raise some cash and keep the rest to be sold at another time. A lot of preppers like to have access to small gold or silver coins because they reason that in time of disaster they can exchange them for the goods that they need. So, there is another potential reason to own some.
Jewelry you can use for a rainy day
A similar approach is to use any jewelry you are given as an asset. You get to enjoy wearing the piece, knowing that should you need money you can sell or pawn it.
If you have a tendency to spend your savings, jewelry can be a good way to keep some of your money in a form that you cannot easily fritter away. The fact that you need to find a buyer for it provides time for you to pause for thought and do the wise thing.
It is important to realize that I am not suggesting that you go out and buy precious metals as a way of making your money work harder for you. The price can and does go up, which means you can make a profit when you sell it. But, it can go down as well. Plus, you have to understand that when you buy jewelry or coins usually what you pay is more than the value of the precious metal itself. But, they are a convenient way to diversify your assets.
Invest in yourself
One of the biggest assets you have is yourself. You can go out and earn $8 an hour or $100 an hour. To some extent, how much you earn is up to you. With the right training and ambition, most people can find better paid work. So, why not use some of the cash that you have to invest in training and securing better qualifications for yourself.
This excellent article tells you about over 90 skills that you can learn in under a year. For example, did you know that these days you can become a computer programmer without having to study for four years to get your degree?
Well, you can, there are some really great boot camps out there, some of which you can attend for free. So, if you have not done so for a while, I suggest you sit down and consider your options. There is no reason that your learning and acquiring new skills should stop when you leave school.
