Posted by Money Tips Staff

While gold and silver are considered commodities on the stock market, meaning that their value is based on supply and demand, they often act more like a currency in that their value seems to fluctuate not in relation to the overall supply or the market demand (which is speculative at best, since these items are used to back currency but are rarely used as currency themselves), but rather to the climate of the global economy.  This was seen most recently during the housing market crash, when the value of precious metals plummeted in response to an economy plunged into recession.

So, the question is whether or not to invest in silver and gold.  But the answer is not as simple as yes or no.  Precious metals tend to be good investments on the whole, but since they can fluctuate up and down in tandem with the state of the economy (rather than following predictable patterns like other types of commodities), those who wish to invest can profit best by purchasing stocks in a timely manner.  Since the cost of these precious metals is fairly high at the moment, it’s not the ideal time to invest your money.  Although gold and silver have been on a slow uptrend over the last couple of years since the bottom dropped out, and they could continue to go up, the truth is that you stand to gain a lot more if you hold out for another drop.

However, you should definitely consider investing in precious metals.  Because these materials are finite (meaning there is only a limited amount in the Earth to be mined), they will always have some value.  And once you make the decision to invest, you can start monitoring the market in order to take advantage of the price drops to buy and increases to sell.  If you wait long enough, gold and silver will always go up and down (although not always in a timely manner).  And while you may choose to invest in other precious metals (like platinum or palladium) while you wait for gold and silver to come down, you might also want to think about simply buying gold (rather than investing in stocks).

You can always opt to purchase gold and silver bullion online (which is gold or silver in a bar form), but you might not necessarily want to store these heavy and expensive bricks of precious metal in your home.  For one thing, they commonly come in pound or kilogram increments.  Considering that the price of gold is currently running at well over $1,500 (USD) per ounce, a 2-pound bar could be way out of your price range.  Silver is definitely more manageable at slightly over $30 per ounce, but still, a 2-pound bar will run you more than $1,000.  For this reason, you may be better off investing in coins.  They’ll cost you a bit more, ounce for ounce, but considering that their value is based not just on weight in gold or silver but also their collectability over time, they could end up being worth even more that the precious metal they’re made of.

Posted by Elizabeth Retton

Lurking beneath the sadness and sense of loss which inevitably accompanies every divorce are the numerous financial consequences that dissolving a marriage can produce. Because of the often contentious nature of the circumstances, divorce proceedings can easily devolve into a proverbial match of “tug of war” in which both parties refuse to give ground. What should be a simple legal matter can balloon into a convoluted mess of briefs, motions and other legal wrangling. The cost of divorcing your spouse can become crippling when one remembers that assets are typically divided according to a judge’s determination. While the decision to obtain a divorce is a drastic one which should only be used as a last resort, it is an unfortunate truth that many marriages are not sustainable. In cases such as these divorce is the most prudent option, and fortunately, there are many ways to save on legal fees during a divorce. Below you will find the six most effective methods of reducing the legal costs of your pending divorce.

1. The maxim reminding us that “Time is Money” should always be remembered by those coping with divorce. Nearly every lawyer in the country bills by the hour so it is of paramount importance that you resolve your divorce in a timely manner. Organize relevant records and make your lawyer’s work as straightforward as possible and your final legal bills will be significantly lowered.
2. Providing your lawyer with the information he or she needs to pursue your case is your responsibility. Make sure that loan documents, bank statements, joint tax returns, vehicle title certificates and all other links between you and your former spouse are readily available to your lawyer. Every minute your lawyer does not have to spend researching this information equates to money saved on legal fees.
3. No matter how personally motivated you may be to secure personal belongings or other assets in your divorce, you must not let personal vendettas affect your bottom line. Simply put, spending thousands of dollars on legal fees to gain possession of your spouse’s favorite books or other mementos does not make sense financially.
4. The concept of compromise is usually forgotten during a heated divorce but if you remember this crucial negotiating ability your legal fees will be reduced. Your goal should always to reach an amicable settlement, and even if this means surrendering a few household items the eventual savings will prove to be worthwhile.
5. Remember that your lawyer should never become a surrogate psychologist during a divorce. Even though divorces are emotionally draining, if you spend time unloading worries and fears on your lawyer the resulting legal fees will leave you with another source of distress.
6. If your divorce is relatively simple and there are no custody issues to be decided, you may want to consider acting as your own legal counsel. Many of the forms needed for a standard divorce are straightforward and can be completed with the help of innovative websites like LegalZoom.

Elizabeth Retton is a contributing writer for the Maryland Injury Lawyer Group at Price Benowitz LLP. The firm has offices in Washington, DC, Maryland, Virginia, and New York and handles DUI, criminal, immigration, personal injury, and disability cases.

Posted by Money Tips Staff

Most homeowners go into the purchase of a property knowing that it needs some work in order to be the perfect home for their family.  Or they may simply decide to do a few upgrades down the road to improve the resale value.  Unless you buy a house in the building stages, it’s pretty unlikely that you’ll get everything you want right off the bat.  So if you’re looking to do some improvements to your property but you don’t have a lot of cash for the remodel, here are a few suggestions that can help you to get what you want without breaking the bank.

1. Opt for touch-ups. Not every upgrade has to be a major renovation, especially if you don’t have the budget in place to secure the labor and materials needed for the job.  So instead of replacing cabinets that are structurally sound, simply reface them.  And if the kitchen and bathrooms are in pretty good shape (even if you aren’t particularly fond of the color scheme), see what you can do with some paint and a few new fixtures.  It may be enough to update the space and make it livable without spending a ton of dough for complex renovations.
2. Buy reclaimed. If you have your heart set on hardwood flooring and cabinetry, marble countertops, and designer furnishing, you can get what you crave and still manage to save by purchasing reclaimed products.  While you might refer to these items by their more common name (secondhand), you’ll find that there are plenty of sources for refurbished items that look like new at a fraction of the cost.  Don’t hesitate to take advantage of these resources to create the beautiful space you’ve been dreaming of (for less).
3. Help the contractor to help you. If you’re on a tight budget, you can pretty much guarantee that your contractor is not going to lower his price to help you out.  But you can help yourself in a couple of ways by simply asking.  First, see if your contractor has past clients with leftover materials that may work for your project – perhaps you can get them free or at least at a discount.  And don’t hesitate to ask if you can help with the demo and cleanup.  Just about everyone can swing a mallet and haul a trashcan, and that’s one less laborer you’ll have to pay to do the work.
4. Get the most bang for your buck. Some projects are going to be more expensive than others (moving walls with plumbing and electrical, for example), and they may not show a significant return on investment down the road.  So if you’re on a tight budget, try to spend money where you know you can make it back and save the splurging for when you have the cash on hand to tackle pricy renovations.
5. DIY. There are some things you simply may not feel comfortable doing on your own, like welding plumbing, moving electrical outlets, wet-cutting ceramics, or installing acoustic ceiling tiles, for example.  It’s okay to know your limitations and hire professionals for jobs that you don’t feel confident you can complete on your own.  But for easy jobs like painting, laying down flooring, or installing fixtures (lighting, sinks, toilets, etc.), see if you can get the job done on your own with a few tools and a home repair guide.  This could save you a lot of cash in the long run.