Is It Too Late to Save Precious Metals?
Almost one year ago, I posted my very first tiny button of 999.9 to save aside, when it was still $50 USD per gram cheaper; but this round, with so many things happened at home, medical bills to pay, I could only get a tiny miserable dot, not even a button, and I have to pay 142% more expensive....
Is it too late to set aside precious metals for rainy days? 😢
By the grace of God, this is actually more expensive, but I got some discounts from all the "in-app games" I played and checked in daily for bill payments, and I got around $2 discount plus free shipping; but that cannot deny the fact that it is really getting harder and harder to get a proper savings for the rainy days like this 999.9% purity yellow gold (which supposedly the highest purity and better re-sell value).
However, recently I just got to know about something interesting from my fellow Muslim friend in Malaysia, that if they hold this status of gold coins, they will have to pay tax (to help the poor, because you are wealthy enough to store gold... something like that).
Probably this could be one of the reason why Malaysia has one of the lowest gold repository in South East Asia / the world compared to other countries ?
That, I am not certain...
However
There seemed to be a "loophole" to reduce taxes, is that when the gold is worn it cannot be taxed, because it is being used(?)
(Maybe the value depreciates because of more oxidation? I am still lost of words for that)
found in google image search
Maybe looking into these might be of a better deal for my fellow colleagues, because at least it is usable and if it is just one tiny button, how much can they monthly tax it?
(I heard this is monthly tax, but compiled annually. I may be wrong)
How about you?
Do you set aside something like this, or is it too dangerous for you to keep this because of the condition of the place you are in, or crypto, though volatile, is still more secure than precious metals?
Until Then
Stay healthy, stay curious and learn new things, and stay happy!
If you would like to give some encouragement outside HIVE with some fiat backing, please feel free to visit: https://www.buymeacoffee.com/littlenewthings
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I'm expecting to see U.S. Pocket Change increase 100 Fold in "Spending Power"... I think it will "out-perform" Silver, Gold and all the Cryptocurrencies, including Bitcoin...
Urm.... is it about old US spare change coins? 🤔
I am a bit lost. Malaysia's coins if not minted in pure gold has only copper, nickel and some are zinc. 😅
Don't worry. Little steps forward is still forwarding ya.
AN,KL,KT,MKThanks so much for the console and encouragement 😊 🙏🏼
I love ya little gold bean and saving precious metals is a good investment.
I dislike this
Firstly tax is never to help the poor, tax only benefits the people in government.
My reasoning is every country is woking from a debt point of function.
Which means they could borrow to help the poor the govenment is already in world debt so solving the poor people issue could be solved easily.
The tax act in it's self of helping the poor is not accurate regardless of the lies spun by rich government officials.
Isn't it funny our countries are in debt, we have poor and homeless on our streets yet everyone that works in government positions are rich although the country is broke.
Someone needs to make it make sense.
Regardless collect your gold, love the post, great to see you alive and thriving
@littlenewthings 😎
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Totally agree. But what can I say? Their faith requires it.
Oh, by the way, the tax I believe is a religious tax, like tithe for Christians, but in Malaysia there's law bound to theirs, if I understand correctly. Because of the Shariah law (that I think is above the secular law for their believers)
Ah i understand
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Oh I also got to know that if they pay this sort of tax that is supposed to reserved to help the poor, they don't have pay much tax (deductable) annually when there is a recalculation.
The poor people's fund includes medical fees that the poor family cannot pay for the sick patient family member.
(If the patient dies in the general hospital, the hospital will absorb most of its spending through government aid from income tax from the public if I get it right)
It is no different here in Canada, the Government only enrich themselves under veil of helping the poor, but they continue to get poorer and more numerous. The Christian Bible says,God loves a 'cheerful giver' and not out of obligation or under compunction but rather out of love. There are poor already among my neighbors, people that I know are struggling. How could I not help a neighbor I love?
Yeah, but I just got to know about the Shariah law a tiny bit better from my colleague in Malaysia, the tax is a religious tax for the poor (supposedly) and it can be used to relief income tax.
They must keep the receipt because it is an annual recalculation.
In Malaysia, Christian tithes are not recognised by the government hence there is no tax exemption; but any elderly above 65 gets free medical from general hospitals because of the concept of taking care of the old in medical expenses (but family members must bear taking care of them personally should they are hospitalised unless in need to work or a caregiver to another elderly at home like me in my recent case of my dad's hospitalisation due to septic shock from blood infection)
I live in Canada where our economy is reasonably stable and crime is relatively low for now. But that can change soon. The cost of living is rather high with a high rate of personal and governmental debt. I saw this happening years ago that our country is heading for economic trouble and every year the signs pointed to it. I started stacking 10 years ago. I lived below my means but without denying the needs of my sons. I live close to my job so I didn't require a car. Took overtime and extra work shifts and a side jobs. Every month I stopped by a coin shop and bought a silver coin or two depending what excess of my Emergency funds reserve. My Emergency reserve is about two months pay saved in a savings account. So any excess over that I buy precious metals.
I can understand that unexpected expenses can happen and the cost of living can exceed your wages.
It's not too late if you're resourceful or creative, but I admire you having already started @littlenewthings
That's admirable for being able to start staking silver in such an early stage.
I only had my first silver coin during STEEMIT days (before HIVE was born through fork) and I got my silver coin.
Since then, I haven't been really able to stack aside due to a lot of debts to settle especially something that happened really bad in end of 2023 that I am still paying off; but setting aside essential payments for 2 months is a great idea.
I have only managed to save up the first month of mortgage payment. Think I need to write everywhere that I need to be more thrifty and save up the 2nd month before I can relax a bit.
That had to include utility bills 🤔 at least the highest amount paid in year and use that as the rainy day target.
That being said, the gold is supposed to do just that as it is still a bit easier to trade off but might lose around 10% if sold back to the goldsmith, unless a fellow friend/trader would love to buy over directly according to market price