Indians and gold have a deep connection. All-important occasions such as birth, weddings, birthdays, and anniversaries commemorate the buying of gold. It is in Indian heritage to pass this asset from one generation to another. It also forms a major investment goal.
Additionally, gold acts as financial security at a time of crisis. Selling gold for cash during emergency situations is a common scenario in India. People try to look at numerous avenues while trying to sell their gold. One understands the value of this prized asset when there is a requirement for urgent cash. Therefore, investing smartly in gold can be very helpful to reach your financial goals.
At this point, you might ask, is there a strategy that can help you buy gold? Of course, there is.
Keeping aside the traditional sentiment attached to the yellow metal, it would be great if you would invest in gold just like any other investment. It is best to categorize your goals, whether life goals or financial, in a proper timeline. Having a fair idea about your goals will give you clarity on how much you should invest in this asset.
You may think, is there a formula for how much of your total investment should you invest in gold? Let’s find out.
Selling gold for cash can be your best bait to pull you out of an emergency situation. However, financial experts recommend that your gold investment should not exceed 5 to 10% of your total investment amount. And, this clearly means that gold investment should never be your primary form of investment.
So, is there an opportune time when you should invest in gold?
Before deciding your strategy to invest in gold, one should know that the price of gold worldwide depends upon the US market rates.
We would like to mention an important point here. If you are seeking quick results, then the gold investment is not for you. One should understand that gold makes for one of the best long-term investment plannings.
To conclude, here are some quick tips for you-
The following smart pointers will help you make decisions while deciding to buy gold. You can use this gold later as an asset to reach your financial goals:
- Plan a clear-cut strategy both for your life goals and financial goals
- Invest in gold only if you are 100% clear about your financial aspirations
- Seek gold investment only as a long-term plan
- Gold investment should be only a small percentage of your gross investment plan
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