Paying Down DebtPaying Down Debt

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Paying Down Debt

When I started taking a closer look at my finances, I realized that I had a serious spending problem. It seemed as if I could never keep money in the bank, and I knew that it was all because of my issues with using my credit cards. I was paying more every month in interest than I was on the actual things that I was purchasing, and it was like a bad cycle. I worked hard to pay down the debt, and when I was finally able to do so, it felt as if a load had been lifted off of my shoulders. This blog is all about paying down debt so that you can enjoy your life again.


Tips For Selling Your Gold Jewelry For The First Time

The gold market has long been one of the most stable and thriving markets in the economy. This can be good for you if you have old jewelry around the house that you're looking to get rid of. There are many gold buyers that you can deal with, both locally and through the mail, but if you've never sold any gold jewelry before, there are a few things that you should know first. Understanding the process will help you to ensure that you get the fairest price for your jewelry. Here's a look at a few tips that you should keep in mind before you sell your gold for its weight.

Appraisal – Know What You Have

Before you sell gold to any buyer, you need to make sure that you know what you're selling. Some pieces of jewelry are worth far more sold to a collector intact than they would be if sold for gold weight. The best way to find out is to have the piece appraised by a licensed jewelry appraiser. He or she will examine it carefully to determine its origin and its estimated value.

For example, a standard gold tennis bracelet might be worth $50 for the gold weight based on the current market price, but if that tennis bracelet has a history, such as being owned by a royal family, it will be worth far more as a collector's piece. The appraiser may even be able to direct you to a collector who would be interested, simplifying the entire process.

Even if you think that you know what you have in your jewelry box, an appraisal is never a bad idea. You may be surprised to uncover a hidden trinket that was passed down for generations without revealing the actual history. The appraisal process is important for this, because it can save you from making a costly mistake and selling something valuable just for gold weight.

Weight – Clarify the Scale

When you sell gold, its value is partially determined by its total weight. That means you need to know exactly how that weight is going to be measured. After all, when weight is a factor, you need to be able to rely on the accuracy of the scales used as well as the method of weight measurement.

For example, most traditional scales that are used rely on the standard ratio of 28 grams per each ounce. Gold is weighed based on a Troy ounce, though, which is 31.1 grams per each ounce. Gold buyers who measure in Troy ounces are using what's called a pennyweight system.

You'll want to know which way the buyer is measuring before they calculate your payment. Because the actual weight is a little over 3 grams different between the two, if a buyer measures your gold by pennyweight and calculates your payment by gram, he or she may inadvertently pay you less for your gold than you'd get based on the standard scale.

Purity – Know the Karat

All gold is rated according to its purity. That rating indicates how much actual gold present. The more pure the gold is, the higher the price you'll get when you sell it by weight. That's why it's important that you understand exactly what you have. Gold that's rated at 14-karat is a mixture of gold and less expensive metals, while gold that's rated at 24-karat is considered pure gold.

Separate your gold by karat before you take it to sell. That way, you can be sure that each of the pieces are weighed and priced appropriately based on the actual purity of the piece. Otherwise, the buyer may inadvertently weigh everything together and price it all as one karat rating.

Selling gold is a great way to bring in extra cash quickly and easily. With these tips, you'll be able to approach the process with confidence and get the most from your jewelry.