About Me

Money Management Tips for People of All Ages

I spent my 20s mismanaging my money, and came to regret all of those impulse purchases placed on credit cards when my credit score plummeted due to missing a few payments. I didn't learn how much this would affect my life until I was denied for both an auto loan and mortgage in the same year due to my bad credit score. I spent the next few years cleaning up my credit report and putting every extra penny I had toward old debts. Having to put my impulse spending on halt was difficult at first, but it was a great learning experience and I now realize how rewarding saving and investing money really can be. I have put a lot of research into good money management techniques, so I decided to start a blog to share what I have learned with anyone who needs help!

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5 Things To Know Before Selling Your Gold Jewelry

Finance & Money Blog

Selling your gold jewelry is a great way to make quick cash. There are plenty of gold buyers who will willing pay cash for your gold. However, before you sell your jewelry, you should know these five things:

  1. Bring the Invoice: When you go to sell your jewelry, to prove that it is real gold, you will want to bring along the original invoice if you still have it. It's important to keep these when you purchase gold jewelry for these purposes. This way, it cannot be refuted that the gold you have is not real gold or is not as much gold as you claim it to be. 
  2. The Worth: Before selling gold, you should look up through an online source what the worth of gold is currently. This way, when you receive a quote for the gold that you have, you know whether or not you are getting a good deal. 
  3. The Purity: The purity of the gold is usually stamped on the jewelry. If it's not, then you will want to take your jewelry to a jewelry shop that will determine the purity for you. These shops will have specialized equipment that can determine it for you and they can provide you with a receipt that helps you prove the purity of the gold. This way, this is just another thing that cannot be refuted by a buyer. 
  4. Price Is Reduced When It's Sold: When you sell your jewelry, the gold is usually melted and there is a fee for this. This is why when you actually sell your jewelry, you receive less than what it is really worth. However, this is only a really small amount. Be sure that you check what percentage is taken off for this fee before you agree because you don't want to pay too much for it. Really, you should only be paying around 5% of what the gold is worth. 
  5. Get a Guaranteed Buyback Time: No matter who you sell to, they should offer a guaranteed buyback time to their customers. This means that nothing will be done to the gold for a certain amount of time to give you time to buy it back if you change your mind. This is a great way to ensure that you are protected. 

When you know these five things about selling your gold jewelry, you can be sure that you get it done right. 

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22 February 2017