I still remember the first bad financial decision I ever made. My seven-year-old buddy told me that if I lent him a few dollars, he would pay me back ten a few weeks later. Unfortunately, he forgot all about his debt, and I was left without my allowance. Although it might seem like a silly example, bad financial decisions like that one plague adults everyday. I have had my fair share, and so I decided to create a blog dedicated to helping you to invest your money properly. Before you take your hard-earned money and throw it at a cause, think about the advice on my website to make a great decision.
If you're struggling for money, selling stuff that you don't need is a common way to get some extra cash. There are many different ways to sell your gold jewelry. If you're trying to figure out which type of gold buying operation to use, here are 3 ways that you can sell your gold and the pros and cons of each one.
Mail-in Companies
You've probably seen commercials for cash for gold companies that strictly do mail-in operations. You call them to request a free kit, and they'll send you a prepaid envelope and some paperwork to fill out. You mail back your gold jewelry in the prepaid envelope, and then they mail you a check for the gold with an itemized list of how much they paid you for each item. If you live in the middle of nowhere, don't have a car, or you're busy, this is a convenient way to get money for your unwanted jewelry.
A downfall about mail-in gold companies is that it can potentially be time-consuming. If you don't end up getting the amount you need for your gold and request a return, you have to wait for your jewelry to be mailed back before trying somewhere else. Some mail-in companies might offer a certain percentage less than other places as a convenience charge. If aren't particularly worried about how much you'll get for your jewelry, this is an easy way to sell what you have.
Traveling Gold Buyers
You may or may not be aware that these operations exist. There are traveling gold buyers that travel around the country and set up shop at a hotel in the city. They'll advertise a few commercials for the area that they will be going to and give the time and location to show up and sell your gold. They claim to pay top dollar for your gold, making it an obvious choice.
One drawback of the traveling gold buyers is that you have to be patient. If you need money now, you're going to have to choose another option if one doesn't happen to be in town. If you're patient, you can wait until a buyer hosts an event near you. An upside is that they often buy items other than gold. You might see a commercial that says they buy old electronics, antiques, and more. You can get rid of a ton of unwanted items in one swoop.
Shops
This is the most common way that people sell their unwanted coins and jewelry for cash. When the price of gold went up years ago, you probably saw these shops pop up all over town. It's fast and easy because it works just like a traditional pawn shop. You walk in with your jewelry, they weigh your gold, offer you a price, and if you accept it, you walk out with your cash.
The convenience of the gold shops are the best perk. If you need money today, you can drive to one and get your cash. The downside is that they are running a business so they will try to give you the lowest offer that they think you'll accept. You need to know how to haggle. Don't just take the first offer you get. Different shops will offer different percentages of your gold's worth, so don't be afraid to drive to a few to get offers and then go back to the highest one.
These are 3 ways that you can sell your gold for some extra cash. If you want to know how much your gold is worth ahead of time, you can use testing acid to find out how many karats for gold is, or use a magnifying glass to read the inscription with the karat amount. Make sure you investigate current prices since gold prices change every day; but always remember, you won't get the full value, because the buyer has to make money off of your gold, too. For more information or assistance, try here before you pick a definite buyer for your gold.
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