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Blog

April 16th, 2012
Gold at the bottom of the draw

Saving money is about having the discipline to put aside money and not touching it. It is the power of accumulation rather than just interest that allows an investment to grow. If you were to put aside 5% of your weekly income every week from the time you started work and put it into a tin that you could not open imagine what that would have accumulated to. The problem is that most savings plans are really spending plans. We accumulate and then we spend.

Recently, a client rang wanting information on how he could sell some gold. He had bought some gold ingots 15 years ago and kept them in his bedroom drawer. On many occasions he had been tempted to cash them in but always resisted. Now, he had a family member that needed assistance and it was time to sell. The point is that he bought them cheaply as keepsakes and now as a result of a rising gold price sold them for $28,000, enough to help out the family member.

The point of the story is that we may all have gold at the bottom of our own drawers, and we need to check them on a regular basis. Some of this gold may be in the form of old-style Endowment and Whole of Life Insurance policies which were once a common form of savings, set up by parents in their children’s names and in many cases forgotten about. Many people do not understand how these policies work, their living value and how they might be utilised in a personal financial plan.

A regular review with a Financial Planner will help you to assess the value of those old share investments, old style policies, cash deposits and other forgotten investments. The planner can assist you in determining the real value of these investments, their maturity values and when is the most appropriate time to realise the value of these investments relative to your life financial plan. Together with a planner and have a financial check-up and you might be surprised by the value of the gold at the bottom of your drawer.

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It is an absolute pleasure to work with Angelo, Frank and the Brisbane team and highly recommend PFG for any financial services that our members require.

Brad O’Carroll
PLUMBERS UNION QLD

Accredited by AMP Financial Planning
PFG Financial Services Pty Ltd ABN 23 052 977 189 and PFG Global Pty Ltd ABN 50 679 416 839 trading as PFG Financial Services (Global) are Corporate Authorised Representatives and Credit Representatives of AMP Financial Planning Pty Limited ABN 89 051 208 327 Australian Financial Services Licence 232706 and Australian Credit Licence 232706. For further details including financial services we can offer you and how we are renumerated, please read the Financial Services & Credit Guide V 4.1 & FPFG Global Pty Ltd Financial Services & Credit Guide V 4.0 General Advice Warning: This website contains general information only. It does not take into account your objectives, financial situation or needs. Please consider the appropriateness of the information in light of your personal circumstances.