Important Facts About Gold IRAs

gold coins and bullionA gold IRA is an account in which gold or some other approved type of precious metal is held for an Individual Retirement Account owner’s benefit. A gold IRA works the same way as a standard IRA except physical bullion bars or coins are held instead of paper assets. Precious metals IRAs are a type of retirement account which allows the custodian to hold more diverse investments in their account.  Self-directed IRAs may include 401(k)s, SIMPLE IRA, Roth IRAs, and Thrift Savings Plan. There are four precious metals which can be held in these types of accounts. They are gold, palladium, platinum, and silver.

Types Of Gold IRAs

Gold in the IRS-approved form of bars or coins is the metal most commonly purchased. Hence the term “gold IRA” is the industry slang term used to denote an IRA which contains any precious metal combination. Occasionally the terms palladium IRA, platinum IRA, silver IRA, or precious metals IRA are also used. Precious metals are used by investors to hedge against inflation and to diversify their portfolio. According to IRS code, there’s a specific storage method approved for precious metals. They may be held in-house or in third party metals depositories.

Gold Investments

Investors were allowed to have a portion of their IRA invested in gold, palladium, platinum, silver bullion or platinum coins beginning in 1998. This was because the Taxpayer Relief Act of 1997 broadened the investment types that were permissible. Having gold coins in your IRA has a number of advantages over gold bars. Coins are easier to sell and to be delivered because of their smaller size and lower value. Coins are also more difficult to be counterfeited. There are number of precious metals which the purity requirements for inclusion in a gold IRA account. Some gold IRA companies argue against inclusion of certain coins in a precious metals IRA.


In order to comply with requirements of the IRS, trustees or custodians must be in possession of all assets. This includes those IRAs that contain precious metals. The IRS also requires the custodian or trustee be savings and loan associations, federally insured credit unions, banks, or entities approved by the IRS. Some custodians or trustees store their IRA metals in private depositories. Those depositories usually have excellent security and insurance policies sometimes in excess of $1 billion. Two types of Gold IRA storage are permitted. Segregated and unsegregated.

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How You Can Repair Your Damaged Credit

Credit CardNo matter what you’re trying to accomplish in today’s financial market, having good credit is paramount in its completion. Having bad credit can prevent you from getting a loan, financing money towards purchases, invest in passive income streams, and prevent you from renting in certain areas. In conjunction with being a financial burden, bad credit can be an embarrassing topic to converse about with your friends, family, or banking institution. Many individuals who suffer from bad credit are too intimidated to ask for assistance in order to change their current financial situation.

The first step that one needs to make in order to repair their credit is applying for a secured credit card. These secured credit cards can be applied for within your current bank despite what your credit score is at the current moment. A secured credit card is acquired when the individual pays the deposit fee required by the bank in order to get the card in question. While this deposit fee may vary, the common consensus is between $100 and $1,000 for first-time appliers.

Once the credit card is setup through your bank, you will be able to use a credit limit up to the initial amount that you’ve deposited. In theory, a client of the bank will be able to make purchases up to said amount on a monthly basis. Not only is this a fun way to control your financial status, it also builds your credit as you make purchases moving forward. It should be noted that although this credit limit looks very appealing to the client, the full amount should be paid off entirely at the end of the month. Failing to follow this step will further impact your overall credit score in a negative way.

Financial Competence

Being financially competent with your purchases is often those most over-looked step in repairing your damaged credit score. Individuals should only use the credit card when they are absolutely certain that the charged amount can be paid off in full. When you make the purchase and charge it to your credit card, immediately pay the amount off in full within 48 hours of completing the transaction. Following this tactic will further allow you to make vital purchases routinely while also helping your overall credit number grow.

Furthermore, taking out multiple credit cards can weigh heavy on your credit score and cause it to fall over time. If you’re an individual that uses an excessive amounts of cards to make routine purchases, limit your spending between 1 and 3 cards. This paints you in a trustworthy light with credit unions and puts your financial future back in your hands.


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