Investing is broad, but necessary, category in a person’s personal finance world. Leaving your savings in just cash never made much sense nevertheless at today’s rates. Investing is often thought about in terms of buying stocks, but it is more than that, you could invest in an insurance based product, real estate, a business, yourself, etc.
Securing a bright financial future is the goal of many Americans. You may already have a 401K through your current employer. However, any investment in the stock market comes with risks and this can affect your investment. The good news is that there are other ways to achieve wealth in your retirement. Listed below are a few tangible collectibles that you may consider adding to your portfolio for retirement.
Economic uncertainty is an unpleasant fact. However, when you are financially in a good spot, you can make investments in purchases like famous portrait paintings. A great strategy for your art collection is to acquire over time and preserve your pieces in their original state. Just make sure that you use reputable sites and purchase from places such as auctions to acquire your paintings.
The collecting of old coins is something that many people do as a hobby. However, if you have some coins in excellent condition and that are rare, they can be worth a premium. On the downside, collecting coins through companies can be very expensive with no guarantee that the coins will increase in value.
Owning real estate can provide you with extra money for your retirement. While there are risks such as a slumping economy and continued repairs, overall if you own property or land in a desirable location and maintain it, chances are pretty good that you’ll benefit financially.
Investing in Silver/Gold
Over the past few years, those who invested intangibles like silver and gold have enjoyed huge profits. Generally, they are a safe investment in the long run. So if you have many years before retirement, having a few gold or silver bars on hand can make your retirement years financially stable.
Antique jewelry, especially that which contains silver, gold, and precious gemstones, can increase significantly in worth over time. Of course, there are many contributing factors that buyers will take into consideration to determine their value. This can include the condition, cuts, and weight of the gemstones. Heirlooms passed down from one generation to the next and preserved in their original condition can sometimes increase in worth to record highs based on the demand.
If you are somewhat of a connoisseur when it comes to wine and enjoy traveling to many different countries, collecting wine can provide extra income in your retirement. As a tangible investment, you won’t have to pay additional taxes and fine wine naturally increases in value over time.
Most people collect older cars as a hobby instead of an investment. However, if you choose the right make and models, they can prove a sound investment that offers a large payout. Unfortunately, there’s no way of knowing which cars today will be something that people will pay to own later. If you are lucky enough to know someone who has an older car such as a mustang, and it’s in good condition with low mileage, this can pay dividends. You will have to restore it and then hold onto it for a few years. However, it will increase in value and be an appealing asset that a true car collector will want to own.
Things from your past such as old toys, sports cards, memorabilia, and antique furniture are all tangible assets that can turn a profit. However, as with all collectibles, supply and demand and the condition they are in will dictate their value. Preserving items in their original packaging whenever possible is the best way to achieve the “mint condition” status that most buyers prefer.
The stock market comes with many risks for your retirement. In addition to your 401K or other retirement funds, you should also have a portfolio that includes tangible assets. No investment is without risk factors. However, taking the chance to invest in tangible assets could prove lucrative in your retirement.