Recently in Wealth: Financial Independence Category
Just a quick post for those who have followed my suggestion to buy into gold earlier this year. Gold and the ETF GLD have experienced a nice run during the first quarter of 2008. With this past week's decline in commodities, I decided to take some of my profits from GLD. If you have yet to place a stop loss order, I suggest that you do now. Consider the fact that the price has dropped below $90 a share. My target was $95 and I ordered the stop loss late last week. I hope you reaped some benefits as well.
Keep in mind all is not lost in GLD, the commodities expert Jim Rodgers who co-founded the now closed Quantum Fund with George Soros has been quoted saying that Gold will continued to surge as much as $3,500. But remember- you gotta know when to hold’em and when to fold’em. To your success.
It is rare for me to post 2 postings in a single week, let alone posting twice in a single day. However I wanted to give everyone access to this latest posting from The Rich Dad Company. The clip is one of a series of videos promoting an upcoming Rich Dad event hosted by Robert Kiyosaki in April 2008 call The Psychology of Winning. Unfortunately I will not be able to attend the event personally because it is my wife's birthday weekend and we have other plans. The event will no doubt be a great experience for all that attend.
What I love about these postings is that they are more than just a pitch for a seminar- they always contain a great deal of insight and value for viewers. This clip in particular features Ken McElroy, one of Robert's real estate advisors/partners. In this segment Robert & Ken highlight some of this issues facing the real estate market as a whole- particularly the downfall of the high end apartment/condo market.
More so, for those readers who live here in the Lehigh Valley, you will no doubt see the correlation of how this relates to the slowdown and downturn of the high-end condo market (ie Riverport and Eastonian). I found the A-B-C concept very insightful and I am certain that you will as well. Don't miss the hidden lessons of this clip! Opportunity is EVERY WHERE! http://www.richdad.com/RichDad/RichContent.aspx?cpid=65
Alright I know what you are thinking...
"Tony what the hell are you talking about? Do you have any clue? Right now "the market" is tanking? Don't you watch CNBC? Get a grip the dow is around 12,000? Where have you been? What are you smoking????"
Well I will tell you what I am smoking- GOLD! That's right the shinny stuff that they stockpile at Fort Knox. When I say "this" market is booming I am referring to the gold/silver and precious metals market. Not "the market" (aka the dow) which most people commonly refer to.
I have been tracking the price of gold for the past 3 years and have been investing in gold for the past 2 years (when everyone was hyped on RE). Where did I learn about this underreported asset... from my mentor Robert Kiyosaki and The Rich Dad Company. As a matter of fact so can you if you visit www.RichDad.com and view his predictions for 2008. So far he has been right on the money (pun intended!).
You can purchase physical gold in the form of coins and bullion via companies like www.Monex.com however you may offset your gains due to insurance and storage costs. For the common investor, like myself, I prefer to hold the majority of my gold holdings via an exchange traded fund such as GLD. Even though Gold is at an record highs, I still believe that it is a good time to buy gold as a long term hedge over the next few years.
The larger lesson to keep in mind regarding this post is that when someone asks... "How is the market doing today?" The intelligent investor will ask- What market are your referring to? The dow, the nasdaq, the RE market or Wegmans?
If you are looking for a great way to increase your financial literacy so you to can become an intelligent investor they remember to join us for our monthly Cashflow 101 Game night.
Have fun, learn about money & network with other likeminded people. To learn about our upcoming game night be certain to visit www.LehighValleyBusinessCoach.com.
To your success!