Welcome to Sensametrics. We are an innovative and creative Financial Services that makes things. Keep reading to learn about what we can do for your business and Personal Development.
“If everyone is moving forward together, then success takes care of itself.”
– Henry Ford
None of us is born with the knowledge of managing our finances. All of us learn it as we grow and not all of us learn it perfectly. We, humans, make mistakes and but there is always another chance to learn and correct ourselves. When we start out your first job, we all tend to make desperate choices and tend to believe many misconceptions about financial management. It is very important to understand these mistakes right at a young age so that you will not be making them when you grow older.
Falling behind on your bill payments:
Most of us have the habit of procrastinating things and end up procrastinating the task of paying our bills too. One thing you need to remember here is that you never keep hold of other people’s money, once you have this in mind you will start to pay your bills properly. Try to make it a habit that you will pay all your bills at the right time. If you keep falling behind you will end up paying a huge sum of money, and this can damage your credit score.
Using a credit card for your daily purchases:
One of the other mistakes which people do is use their credit cards for daily expenses. They think that they will pay the bill at the end of the month but as they are using it on a regular basis the bill ends up being more, and if they miss on paying it at the right time, they will have to pay a huge sum of interest.
Borrowing money is one of the biggest mistakes which people do. It is a trap in which people fall into and struggle to come out. When you live paycheck to paycheck, it is very wrong to borrow money as you will keep borrowing to pay your debts and interests. There might be situations in life where you will need more money than expected but if you happen to manage your finances properly, then you would have set aside money for emergency cases.
Not having financial goals:
If life we need to have a goal in anything we do. Cause without a goal we will not be able to achieve anything in life. The same concept applies to financial management and without any goals you will not be able to save any money. Without goals, people often do not have anything to keep them motivated and end up spending a lot of money.
Not having insurance:
People think that paying insurance is a waste of money but insurance is actually like a safety net. It is almost impossible to pay medical bills these days if you do not have insurances.
Being an investor or business industry opportunist, you’ve probably thought to yourself that you have no clue as to what you must buy. Do you buy gold because its gold and the status of it sounds better? Does gold have more value than silver because that’s what we’ve ultimately been taught? Why do investors prefer silver above gold and is there a big difference in both price and value when comparing the two?
These are all questions investors need to be informed about. These minerals are mined from the earth’s crust and are a rarity. Thus, buying gold or silver is like a long-term investment. Not necessarily on paper, but when you buy these minerals, you should know what your buying in to.
Comparing Gold and Silver – The Biggest Differences
- Silver is in higher demand when compared to gold but is less valuable and least traded with when compared to gold.
That doesn’t make any sense, does it? Growing up, we were taught that gold is ranked the number one mineral when being compared to silver. While that statement is true in terms of value, silver is in much higher demand when compared to gold. Nearly eight times as much with the annual supply of silver reaching a high of 1 billion ounces, where gold is at a mere 120 million ounces. This big difference in demand does, however, not affect the market value, as gold costs much more than silver. Even with its high demand factor, silver reaches an annual value of only $16.8 billion, where gold reaches a value of $148.8 billion. This is due to golds presence in the market. When having a look at the stock market, it is also much more popular.
- Silver costs less than gold
While silver is very similar to gold, it is to no surprise that it indeed costs less. Both silver and gold are considered hard assets. Silver has an advantage over gold that allows it to benefit from the market at a much more affordable price. Selling silver is also considered much easier due to its low price. It is also more practical for daily purchases and is thus a more convenient investment. It is an ideal investment for those with a smaller budget and those who seek short-term over long-term investment.
- Gold requires much less storage space than silver
When you purchase gold, the amount you purchase will be much less when compared to silver. While silver seems like a better, more practical option to invest in, it is much larger than gold. Pure silver is about 84% bigger in volume than gold. If you think about that comparison in terms of size, you will be paying a proper price for storage space. The cost of professional storage is much higher for silver than gold. Gold costs 0.385% per month, while silver costs 0.485, which is applied according to its weight.
The Verdict: To invest in either gold or silver?
Both silver and gold are long-term investments in both maintaining a proper value in the market. They have similar aspects. Both are divisible, portable, tangible and are finite. When looking at their affordability, volatility and storage factors, however, the mineral that is best to invest in is gold. While gold costs much more, there are factors such as the storage of silver that will cost much more if invested in long-term. It all depends on what the investor is looking for and as well, the use they have for these minerals. If one seeks a long-term investment, gold is the way to go but if you’re on a low budget and just interested in trading on a daily or short-term basis, silver is the preferred mineral.