Gold & Silver: The Better Savings Account
Many people have trouble remaining financially disciplined. Spending money is almost a cathartic exercise for so many of us, but more than ever, it is important to save. We’ve always heard the refrain that we ought to put our money in the bank and save. But, how easy is it to make a withdrawal? Quite easy.
So, is a savings account really an effective manner of “saving?” That it is so easy to withdraw funds with little to no effort seems to go against this line of reasoning.
What’s not quite so easy is liquidating, say, a bunch of coins. In my experience, buying gold and silver coins has allowed me to save more effectively than I would otherwise. For instance, if I was short on money in the past, the thought of digging through my collection or going to my safety deposit box seemed to daunting. I would either tighten my belt as much as I could or transfer money from my savings account to my checking account.
But, selling some of my precious gold and silver coins was too much to stomach. And, because it was too much to stomach, I was forced to hold onto an appreciating asset.
At a time when 30% of Americans don’t have emergency savings, it is time we rethink the “savings” account.