Category: Shop

Not everything you buy needs to be new; instead, it can be new to you. This works for clothing, jewellery, furniture and more. Who doesn’t love to wander longingly around an antique store and wonder if their haggling skills are up to scratch? 

Then there are the more significant, bolder and bolshier flea markets. But don’t be mistaken, you can haggle to your heart’s content here – and most of them expect you to!

So how do you get the most from a flea market? Or second-hand shopping in general?

Photo by Nikola Đuza on Unsplash

Early 

While there will be hundreds of stalls with thousands of products – the good stuff goes quick, and it goes early. If you want to bag a bargain and walk away with something unique, then make sure you rise, shine, gulp your coffee and go. 

If you do go later, you’ll never know what kinds of unique pieces you might’ve missed out on!

Make notes

Before you plan your excursion to the flea market, you should have a clear idea of what you are looking for. It can be a costly expedition if you buy everything you like at the moment, only to find out you don’t need it later on. 

It is very easy to get caught up in the haggle for a forest green velvet chair when what you wanted was an antique clock.

Perhaps you are on the lookout for some particular period pieces or designers. Whether it is a sofa, chaise lounges, side tables or jewellery – you need to know the details. How to spot fake jewellery, how to tell a replication piece from a real piece, and the branding marks you should be looking out for – write them down and keep them with you. This will stop you from parting with more than you need.

In the end, if you want the piece regardless of its authenticity, at least you were informed in advance.

Sections

The more significant flea markets offer so much to look at that it can be overwhelming! Instead, look at your list and take it one piece at a time. If you have a lot to buy, it can take a while. If you arrived early enough, though, you can peruse without the hustle and bustle – and maybe even get the opportunity to look at a piece more than once. 

Try to take a photo of the pieces you had your eye on the first time around, but always keep in mind that they could be gone by the time you come back.

After you have done the first tour of the whole flea market, it is time for round two. Round two is where you will part with your cash for the things you really want. You have had a moment to think about them and look at the pictures. Compare them with other things you have seen, and you know for sure.

Haggle

When you want to haggle, you need a balance of smooth talk and the right price. Tell them you love the item, but the price is a bit steep. Point out any marks or scuffs that mean the price should be lower. Ask them for their bottom price, and see what they say. They will often start at a high price but might be willing to knock off a decent percentage. 

Haggling should be respectful, and you can both walk away happy.

Always keep in mind the room you are buying for – with so many people working from home, the biggest one has been Buying Office Furniture – Future Positive – so here is what to look for.  

 

One question that keeps on floating online when it comes to making an IRA transfer is “how much can I transfer from a traditional IRA to my gold individual retirement account? Well, Certain factors decide this. This page will enlighten you on all the factors that decide how much money an individual can transfer from their traditional IRA to a gold IRA.

But First, what is a Gold IRA?

A gold individual retirement account (IRA) works just like any other retirement depository. However, there are added benefits to this. With a gold individual retirement account, you have the benefit of more control over your investment.

Also, you get to hold valuable precious metals such as physical gold coins and bars, platinum, silver, and palladium. Keep in mind that all precious metals accounts must be IRS-approved.

How Does this Work?

With a precious metal individual retirement depository, you get to invest all your retirement funds based on specific tax treatments. Then in the future, you take the distributions. The specific tax treatment is either pre-tax treatment or after-tax treatment. With a gold IRA, you continue to get beneficiaries. You also get quarterly statements and can check your balances anywhere.

How Many Accounts are there?

Just like any conventional retirement depository, the precious metal individual retirement accounts are made up of three types. There are as follows:

Traditional Gold IRA

This is a special type of retirement account that is tax-deferred. And, in respect to tax, works in similar ways as a pre-tax traditional individual retirement account. All your contributions and gains wouldn’t be taxed. The annual contribution limit set by the IRS on this depository is $5,500, for those under the age of 50. Whereas, if you are above 50, the contribution limit is set at $6,500.

Roth Gold IRA

This works just like any conventional Roth individual retirement account. This means that it is an after-tax retirement savings account. Although there isn’t any tax deduction upfront, the better part remains that when you take distributions, you do not have to pay taxes down the road.

SEP Gold IRA

This account is specifically for self-employed individuals and business owners. This savings account is similar to a pre-tax traditional retirement depository in the way it operates. This is because all contributions you make aren’t taxed. However, it offers a much higher contribution limit. So, rather than the $5,550 contribution limit, you contribute about 25% of your income.

How Do You Set up this account?

Setting up a gold individual retirement account is quite easy. Several companies can help. The best companies will provide a senior portfolio manager and a specialist to ensure you make the best decision.

You can choose to complete your setup via the internet. You can also choose to complete the setup using a specialist assigned to you. The specialist will help you fill all the necessary applications, and ensure the process runs smoothly.

How Much Can I Transfer from my Tradition IRA to my Gold IRA?

As already stated, certain factors determine your transfer limit. Your age is first and foremost a deciding factor. For example, if you are 50 years or younger, you are legible to transfer up to $100,000 per year. However, if you are older, this increases. At this time, you are legible to transfer up to $200,000 per year.

What is an IRA Transfer?

This is when you transfer money from one retirement account to another. For instance, you can move funds from one traditional Individual retirement account to another. You can also switch from a traditional retirement account to a self-directed IRA.

The transfer takes place between different banks. Your custodian i.e. your bank or broker is responsible for protecting the money in your retirement account.

When transferring funds from an old IRA to a new one, your old custodian would provide the funds. Once you are provided the funds, you have about 60 days to fix that funds in a new account. 

Failure to do so at the given time frame will attract a 10% penalty tax. The custodian you choose to work with will take charge of the transfer. This means you wouldn’t have to worry about penalty tax. You can check this link https://www.metal-res.com/gold-ira/how-much-can-i-transfer-from-traditional-ira-to-gold-ira/ for more details on how to make transfers without any hitches. 

Are There Added Fees on my Gold IRA Transfer?

There aren’t any rollover fees, or government-sanctioned fees applied to moving your traditional IRA to a gold IRA. Your custodian whether a bank or a broker will charge for their work. Some charge a fee to start the process. Some might charge for the completion of work. However, the transfer fee on average doesn’t exceed $50.

What are the Benefits of Doing this Transfer?

There is a lot to gain when you transfer out of your retirement account. And in most cases would depend on if you are adequately guided on making the switch. It is always best to seek financial advice when making such decisions regarding your investments and assets. Some of the benefits of making this type of transfer include.

Diverse Portfolio

It is risky to put all eggs in one basket. With a transfer, you get a more diverse portfolio. Precious metals can help to secure your money. It is a lot safer than paper currency as well.

Protects from Inflation

If the price of the dollar drops, it affects your ability to buy things. Gold and other precious metals help in this case because the price of gold is much higher than the US dollar. This page has more on how you can safeguard yourself from inflation. 

Take Away

You can choose to transfer money from your traditional retirement account to gold. It is a secure way to stay financially solid. The value of precious metals keeps on increasing. This means that your retirement depository will be a lot more valuable.