Well 2014 is behind us and we now begin a fresh new year. Happy Freaking New Year 2015, let’s reflect on the past year then plow ahead to this year.
In January 2014 a barrel of oil reached $105 a barrel, at the end of December a barrel of crude was hanging around $53. The nationwide average for Gasoline was at $3.70 a gallon at the beginning of May 2014 and plummeted to $2.00 a gallon at years end. Gold Bullion hit $1386.76 on March 14, 2104 and dropped to $1183.25 on December 31. The ever popular Silver Bullion reached $21.96 on February 22, 2014 and was hanging at $15.68 at the end of 2014.
According to the NASDAQ, many other commodities also dropped in price during 2014: Copper, Platinum, Palladium, Natural Gas, Corn, Soybeans, Orange Juice, Sugar, Rice, Cotton, and Lumber among others.
So what does this all mean for our pocketbooks? Plenty, I haven’t been this excited about our economy in many years. Now that you’re saving a ton of cash on gasoline alone, may I ask what you are doing with this new found money?
Don’t let the extra cash burn a whole in your pocket, here is a financial plan for 2015 that I recommend. First increase the amount taken out of your paycheck for your 401k or other retirement plan. With compounding interest this could add up to a small fortune by age 62. Next with the price of gold and silver being so low, why not pick up a few ounces bullion on your way home from work each payday. Then if Silver hits $32 an ounce again, you have just doubled your investment. Don’t have the stomach for higher risk investments? Then a nice option would be to throw the money in a “do not touch” savings account and forget about it. Your money will grow faster than you think.
Happy Freaking New Year 2015
If you can’t get ahead financially these days it’s because you haven’t taken any action. Bottom line, plan ahead for the New Year to be a healthy and prosperous one for you and your family.