Podcast Summary
Monetize your assets with Airbnb or profit from high gold prices: Airbnb lets you make money from home with minimal investment, while high gold prices offer opportunities to sell physical gold or invest for potential gains. Consider market trends and the Fed's actions to maximize profits.
Monetizing your existing assets, such as becoming an Airbnb host, can be an effective and easy side hustle. While there are other profitable side hustles, they often come with significant startup costs. Airbnb simplifies the process, allowing you to make money from your own home without additional investment. Meanwhile, in the world of investing, high gold prices present an opportunity to profit. There are two ways to do so: selling physical gold or investing in gold. Both strategies involve buying low and selling high, but their implementation varies. Currently, it's advantageous to sell physical gold due to the market trend, while investing in gold might not be the best decision. Understanding the gold price trend and the Fed's potential interest rate actions can help you make informed decisions to capitalize on this trend.
The value of the dollar and gold move in opposite directions: When interest rates rise, the dollar strengthens and gold prices drop. Conversely, when rates are expected to fall, the dollar weakens, causing gold prices to rise. Gold is near record highs, and appraisals can help determine its value for selling or profit.
The value of the dollar and the price of gold move in opposite directions. When interest rates go up, the value of the dollar strengthens, making international travel cheaper. However, when interest rates are expected to go down, the value of the dollar may weaken, causing the price of gold to rise. Gold is currently near record highs, with prices over $2,000 an ounce, equivalent to the weight of 11 pennies. If you have gold items, getting them appraised can help determine their value, which can be influenced by the item's purity and whether it's solid gold. Gold components in jewelry, furniture, and other items can also be sold for profit. The American Society of Appraisers offers appraisals starting at $25.
Gold's purity influences its value when selling: Understanding gold's purity, selling scenarios, taxes, and alternatives like gold stocks or ETFs is essential for informed gold decisions
The purity of gold, as measured by karat, influences its value in various selling scenarios. For instance, 18-karat gold contains only 75% gold, while the rest is made up of metals like silver and copper. When selling gold to a refinery, the focus is on the purest gold, but other places like consignment stores, jewelry stores, and pawn shops also buy gold. However, selling gold doesn't guarantee substantial profits due to fees, commissions, and taxes, such as capital gains tax. The tax rate decreases if the gold is held for more than a year before selling. To determine the appreciation of a gold piece, an appraisal is necessary. If you don't own gold but want to invest in it, consider purchasing gold stocks, mutual funds, or exchange-traded funds (ETFs) instead. In summary, understanding gold's value, purity, and tax implications is crucial for making informed decisions regarding buying, selling, or investing in gold.
Investing in Gold: Physical vs. ETFs: Considering the convenience and potential for higher returns, investing in gold ETFs like GLD, BGLD, and DBPIAUM is a preferred choice over buying physical gold. However, determining the optimal time to buy and sell can be challenging.
While there are two ways to invest in gold – buying physical gold or investing in gold ETFs – the latter is a preferred choice due to its convenience and potential for higher returns. For instance, popular gold ETFs like GLD, BGLD, and DBPIAUM have shown impressive returns, with BGLD leading the pack with an over 8% ROI last year. Renowned investors like Ray Dalio also recommend allocating a portion of one's portfolio to gold. However, it's essential to note that buying physical gold now, when its price is high, might not yield significant profits, making it a challenging decision for investors. The uncertainty lies in not knowing whether the current price represents the peak or if gold prices will continue to rise. To mitigate this risk, setting price alerts on brokerages and considering dollar cost averaging are recommended strategies. In essence, buying low and selling high is the ultimate goal, but determining the exact low and high points is a challenge even for experienced investors.
Tax rules and LinkedIn jobs: Turning stressors into opportunities: Explore tax benefits like step up in basis and hire efficiently through LinkedIn jobs. Monetize underused spaces with platforms like Airbnb.
There are tax rules that can benefit individuals in specific situations. For instance, the step up in basis rule allows you to only pay taxes on the appreciation of an asset since you've personally owned it. This could be a significant relief for those with inherited items that have significantly appreciated. Additionally, when it comes to hiring, LinkedIn jobs offer access to a vast pool of qualified candidates who may not be actively looking for new opportunities. This platform can help businesses find the perfect hire more efficiently. Lastly, there's potential for extra income by utilizing resources like Airbnb to monetize underused spaces. These are just a few examples of how you can turn potential stressors into opportunities.
Discovering the Benefits of Hosting on Airbnb: Hosting on Airbnb can generate income and help cover travel costs, making vacations more financially feasible.
Hosting on Airbnb can help offset the cost of traveling, making it a more financially feasible option for vacations. This was shared by a guest on Money Rehab, a podcast by Money News Network. Feeling guilty about the expense of traveling, she discovered the benefits of having guests stay at her home while she's away. This not only helps cover some of the travel costs but also generates income. The speaker encouraged listeners to consider the potential value of their homes on Airbnb and invited them to find out more at airbnb.com/host. The podcast emphasized that everyone can benefit from money management advice and encouraged listeners to reach out with their money questions or even request a personal intervention. Follow Money News Network on Instagram and TikTok for additional content, and remember, investing in yourself is the most important investment you can make.
