Beginner's Guide to Investing in Digital Silver
You already know that investing in digital silver can be a great way to diversify your portfolio, protect your wealth against inflation, and take advantage of rising demand for precious metals. But with so many things to look for while investing, it can be challenging how to invest in silver online. In this beginner's guide, we'll walk you through everything you need to know about investing in digital silver.
Investing in silver for beginners like Planting a Seed to Grow a Plant
To start investing in silver, it's essential to understand the basics. Just like planting a seed to grow a plant, investing in silver requires some crucial steps that must be taken.
The Seed: Purity Matters
When investing in silver, the first thing to consider is the purity of the silver. Karat is a manipulative measure and can be misleading. Instead, you should look for silver with a purity of 999, not 24k silver. This ensures that you are investing in high-quality silver that will provide you with the best returns on your investment.
The Soil: Check for BIS Hallmark
To continue with the above point, it's crucial to check for BIS Hallmark when investing in silver. BIS Hallmark is a certification of quality that assures the purity of the silver. Always look for this hallmark to ensure you are investing in high-quality silver.
The Pesticide: Cutting extra charges
If you're buying silver for investment purposes, it's recommended to purchase bars & coins instead of jewelry to eliminate making charges and GST. This ensures that you are getting the most value for your investment.
The Sunlight: Look for a Trusted Platform
Choosing a trusted platform to Invest in Digital Silver is like finding a spot with the right amount of sunlight for your plant. Look for a platform that offers flexibility in investment amounts and physical delivery. DIGIGOLD is one such platform that most people trust in India.
The Weather: Managing the Rainy Days
Ultimately, it all boils down to your finances when investing in silver. You should cut your expenses and not the necessities to invest in silver so that you can invest consistently throughout all the price cycles of silver. It's essential to have a sound financial plan that aligns with your investment goals.
The Water: Take a Long-Term View
Investing in silver is a long-term game that requires patience and time. Monitor your investments regularly and add more silver to your portfolio whenever you get a price dip to accumulate huge wealth over time. Taking a long-term view is crucial for the magic of compounding to work on your investments.
For eg. - Below are the figures of Rs.2000 invested across 10 Years V/s 40 Years at 12%/annum returns.
One exercise you can perform is to think as if you are here to save money for your kids not for yourself or think as if your investment is your second child & you need to support him/her at all times.
The Investment Plant: Nurturing is Key
Just like any other plant, Future Financial Planning with silver requires nurturing. Choosing the right platform is crucial to ensure that your investment grows steadily. DIGIGOLD is an online platform trusted by many investors in India. With DIGIGOLD, you can start investing in silver with as little as Rs. 1, making it easy to start small and grow your investment over time.
Some final investment tips for beginners
Investing in silver online can be a great way to diversify your portfolio, protect your wealth, and take advantage of the rising demand for precious metals. By following the above steps and choosing a trusted platform like DIGIGOLD, you can start investing in silver with confidence. Remember, investing in silver is a long-term game that requires patience, time, and a sound financial plan.