The top five misconceptions about silver and gold are a cumulative result of information compiled over the past few years.
For many the mention of silver and gold creates an immediate reaction in wanting to ‘avoid’ the topic opposed to it piquing their interest and wanting to hear more. Over the past few years, I have been jotting down notes on why the majority of people do not ever look into precious metals, i.e., silver and gold, as a means of saving for their future.
Through in-person conversations, live zoom calls, surveys and casual conversations at business events, there has been a consistent pattern that I have discovered, all of which fall into a ‘misconceptions’ category.
The top five misconceptions about silver and gold I have uncovered:
1st – People feel they need to have a lot of money in order to start.
2nd – They feel it requires a special type of knowledge in order to save or invest in it (simply put, they do not know how to go about it, because they never learned how)
3rd – They would have to pay someone to do it for them.
4th – Do not understand the concept of building wealth over time (long term value).
5th – They feel that only wealthy people are afforded that luxury.
All 5 of these misconceptions are exactly that. A ‘misconception‘ because of not knowing, not having the education … and being afraid to ask.
Lack of understanding has cost many thousands of dollars over the course of a lifetime, simply because they didn’t understand what their options were.
When mentioning gold and silver, I have found that those that had parents or grandparents that understood the importance of it, and actually did save in physical gold and silver, were more receptive to learning more. These people would openly admit they wanted to but didn’t know how to go about it.
While those that had no family history of it, simply had no idea how to go about doing it or why they even should.
On some occasions when silver and gold were mentioned, a “deer in headlights” response is what I witnessed. All things aside, 5 years back that would have been my reaction as well. In these instances, the subject would change quickly. Instead of being inquisitive about silver or gold, I would be asked if I knew anything about crypto.
Before my Dad passed away, I was trying to get insight from him as to how he approached precious metals, but due to various health issues, we never had the chance to finish our conversations.
All top 5 misconceptions about silver and gold are justifiable and understandable. All 5 misconceptions come down to a lack of understanding because of a lack of education. I will openly admit that 3 of the 5 misconceptions are what I would have said half a decade ago.
Here in the United States, the public school system does not teach the importance of precious metals as part of the standard curriculum. I recall when I was growing up it was never discussed in school. Two full-grown kids later, I come to find out that schools still do not teach students the importance of it, or even why they should consider it.
If you have never seen the
1.2 million dollar mistake video, I recommend you check it out. A very eye-opening video, which if I would have known this when they started minting the American Silver Eagle in 1986 – my life would look a lot different right now.
There are ways to save incrementally, even by your own due diligence. However, there are also
companies that offer
auto-saver programs (as part of a membership) where you can have physical silver or gold sent to you each month. Or, save incrementally and have it accrued to when you could have the physical gold shipped directly to you.
Imagine being able to purchase 8 dollars of gold or fractional amounts at midnight from the comfort of your own home? I shared a
video last week doing exactly that. Purchasing 8 dollars of gold. There are very few companies out there that allow you to do this. Some companies offer
memberships that have this feature tied into as a bonus (along with many other benefits including educating their members on precious metals and what types they may want to purchase or save in).
I know there are several large online companies that also offer a ‘vault’ type storage; however, you are required to purchase full coins or bars in order to do so.
The key to everything when it comes to saving or purchasing gold and silver comes down to having the right education. I recommend following Mike Maloney for his insight into short and long-term potentials of each precious metal. Mike has his own YouTube channel and posts new videos on a regular basis.
I also share wealth strategies presentations at least two times a week that give a detailed overview of a company I personally have experience with. You can find current information on both
Worksmarter4u as well as
Silver And Gold Solutions.
Even if you are someone that does not have the ability to save or make purchases now, I highly recommend at least learning what your options are. With the uncertainty in the US dollar as well as crypto markets, having physical silver and or gold is not a bad option to consider.
The key again is education. Having the right information so that you can make an informed decision, and no longer fall into the top five misconceptions about silver and gold.
Silver and gold have stood the test of time for a reason. It’s unfortunate that our education system does not focus or teach about something that can really make a huge impact on someone’s life.
As always, my very best to you for continued success and happiness in business and in life.
~ Rick
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