In last Saturday's post on Investing in Bullion, an interesting line of questioning came forth from Khengsiong. He asked, "Which is better, gold or silver? How about property?"
The wise Pandabonium shared an illuminating response:
"Gold and silver are good ways to preserve value. They are not "investments" in the sense that they do not grow like a business. Rather, they are ways to hold onto money already made and protect it from the foolish monetary policies of various countries.
Property in today's world is problematic and varies greatly from place to place. Certainly in the USA today it is not a good place to put one's savings."
Thank you, PandaB, I could not have done any better.
On the similar note on wealth preservation, I came across this article in The Star on strategies for preserving wealth.
Many people have the capacity to make great amounts of money but sadly, the same people may not have the knowhow as to preserving the wealth they amass. As fast as wealth can be accumulated, it can just as quickly be lost or greatly reduced. Wealth preservation is no mean feat but with the right strategies, one can make sure one's wealth is not being eroded away. The article above may offer some useful tips.
However, with regard to taxes, this point in the article is applicable for Malaysia only - "One of the simplest ways is to keep fixed deposit amounts below RM100,000 as this could save the investor withholding tax on the interest. "
This means that in Malaysia, interest earned from an amount above RM100,000 in a fixed deposit account is taxable. Not many people are aware of this.
Dang!! I didn't know that either! Hmmmm... interesting, interesting...ReplyDelete
The rich has got to help the poor, right? ;)ReplyDelete