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Home >> Why Pay Yourself First In Gold Bullion Coins?

Author: Gold Why Webmaster
Date: July, 2009
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Have you ever heard about the financial principal of paying yourself first? I really like the concept. Paying yourself first means you basically set aside each month a fixed amount of money that you save for yourself before paying any of your bills. If you pay all your bills first and pay yourself last, there's often very little left - it's amazing how many easy, little ways there are to spend money. However, if you pay yourself first, you will always be able to save more money. You're basically saying to yourself that your savings and your personal bank account are your top priority - as they should be! With a lower amount of money left to spend on your bills and everything else, you will need to stretch a bit but you'll find that you will be able to make ends meet if you are careful to pay yourself first a reasonable amount that's not too high. So what does all of this have to do with gold bullion coins? It's easy: I personally recommend paying yourself first in gold bullion coins each and every month. Read on to learn why!

Why Pay Yourself First In Gold Bullion Coins Vs. Other Methods?

I would like to argue that gold bullion coins are the absolute ideal way to pay yourself first. One of the main reasons I love gold bullion is it's not always practical to sell. Sure it's one of the most liquid markets of the world, but there are a few barriers. First, I like to store my gold in my safe deposit box. It's not super easy to visit the bank, withdraw the coins, and then sell them at my local reputable coin shop. Second, I think it's plain bad luck to sell gold coins. However, keeping your gold coins will only bring you good luck. What does all this mean? If you pay yourself first in gold bullion coins, you're in it for the long haul. You're really setting money aside that you won't spend anytime soon! You're accumulating real wealth. Moreover, you're converting a bit of fiat money to real money each and every month.

Alternately, many people like to pay themselves first by putting some money each month in their savings account. There's nothing wrong with this for sure. However, from personal experience, online banking makes it way too easy to transfer this money out of your savings account and spend it. You're not truly paying yourself first if you tap into your reserves. When you pay yourself first, you need to avoid tapping into your savings at all costs. Gold bullion coins as your savings vehicle make this super easy.

In Addition To Gold, Pay Yourself First Via Your 401k

One other method of paying yourself first that I must call out is your 401k. If you have a company-sponsored 401k, I highly recommend participating. This is a great way to pay yourself first because it's hard to get money out before you retire. Like gold, it's a super way to really force yourself to save money. The downside? Your hard earned money is not in a hard asset. My solution? Try to pick mutual funds and investments that focus on hard, tangible assets, but of course I'm not an investment advisor and make sure to consult your advisor and do your research! Because the government taxes us so highly, and because your 401k is funded with pre-tax dollars, it's amazing how much you can force yourself to save each month without seeing a huge decline in your actual post-tax paycheck, another reason I love 401ks.

How To Pay Yourself First In Gold Bullion Coins

Now, back to the fun part: paying yourself first each month with gold bullion coins. If you're like me, you don't have a huge budget to buy a 1 oz gold bullion coin each month with the price of gold topping $900. My solution: Pick up a fractional gold coin each month. My favorite gold coin for the purposes of this exercise is the tenth ounce variety. One of the best candidates is the tenth ounce gold eagle. However, I also recommend turning this into a real fun hobby by diversifying amongst over tenth ounce gold coins such as the tenth ounce Chinese Panda. Another fun option if you have a bit more money? Check out the quarter ounce maple leaf. To close out, I really believe in paying yourself first in gold bullion coins. It's the best way to save real money. Another fun byproduct: Gold coins bring good luck and you will see your luck and good fortune steadily rise over time. How cool!

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