I am a 78-year-old retired Venezuelan man and I live with my wife with a daughter, her husband, and her grandson. Much of our expenses (for my wife and myself) are borne by our children, but I need to protect a small savings from inflation and any contingency.
I want to invest 10,000 dollars in gold and silver here in the USA, but since I am a foreigner in the process of legalizing my residence, I don’t know where to do it in a safe and risk-free way.
What do you advise me?
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Are you able to invest in a gold/silver ETF?
Also, have you looked into investing in TIPS (inflation protected bonds)? It might not yield a big return but will keep your money protected from any inflation. Gold/silver might protect you from inflation but can be a bit more volatile.
I’m not too sure what all the rules are though for a foreigner in investing in these, and whether or not they’d differ for you.
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Que es un EFT?
You’ve probably already figured this out, but investing in U.S. securities without a Social Security Number is tricky and complicated. Sometimes it’s impossible.
My suggestion is to find a certified financial planner (CFP) to speak with. Try Googling “CFP non US citizen clients” or “CFP for foreign investor.” Something like that.
A CFP can listen to your situation and recommend specific online brokerage accounts you might be able to use to purchase bonds, gold/silver ETFs, etc. They can also explain tax implications and other important details.
CFPs are required to only make recommendations in your best interest. Speaking with this type of professional is the best way to get objective, honest and customized financial advice.
The hourly rate for CFPs can be rather high — usually $100-$250. But nearly all of them offer free consultations. Just explain your situation during the free consultation and see if they’re experienced enough in that area to help you. From there, you can decide if you want to pay for an hour of their time.
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