Last Updated on May 20, 2021 by MoneyVisual
It can happen to anyone at any time; a medical emergency, a fire at home, or even a court case, could leave you suddenly needing access to a considerable amount of cash. If you don’t have the right kind of assets, getting your hands on fast cash can be a problem. With that in mind, here are some ways to ensure that you always have access to fast cash.
Bitcoin, for example, is a digital currency that can quickly be changed into cash. Indeed, there are special ATMs in Australia and in some countries for buying or selling Bitcoin. Of course, the value of Bitcoin fluctuates, so you need to keep your eye on its value, and should you see a spike in value, sell while the going is good. Failing that, you can keep some Bitcoin only to be used in an emergency.
Gold is globally recognised, and any person that would like to sell gold jewellery in Adelaide can visit an established gold bullion dealer, who will always pay the spot price for scrap gold jewellery. You might have a few gold jewellery items that you never wear. By keeping them in a safe place, you can turn them into fast cash very quickly. Pawning gold jewellery is another way to get fast cash, although you will have to pay some interest. This might be a better option if the gold jewellery has sentimental value.
Some investors store some of their wealth in gold bars, which can easily be turned into cash, especially with the online gold bullion dealer who never closes. Whatever the spot price at the time, they would be happy to pay you the current value in dollars on the spot. There is also an informative article online that details the different weights of gold bullion you can refer to, which should help you when buying.
While you do need to have some background knowledge when buying and selling diamonds, they can be turned into cash, providing you have the certification. Many gold bullion dealers accept diamonds and are happy to pay cash, although gold does seem to be a more stable market.
Keep Cash in a Safety Deposit Box
This is yet another way to ensure that you can get your hands on fast cash in an emergency, and providing you visit the vault during opening hours, you have access at any time. Most investors do have a safety deposit, where they store gold ingots, important paperwork and other small valuables. Keeping cash in a safety deposit box is much preferable than keeping it under the bed, as there is always the risk of a fire, and with a two-key system, you can be sure that your deposit box cannot be accessed unless you are present.
We can never know what the future holds, and the canny investor will always have one or more of the above, just in case they need some quick cash. Of all of the above, gold is perhaps the favourite, as it offers a stable investment that will stand the test of time.