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1、0贵金属投资技术分析英文版(5)1Chapter 11Real Estate and Other InvestmentsWhat Youll LearnSection 11.1Explain the different types of real estate investments.Discuss the advantages and disadvantages of real estate investments.Section 11.2Identify the different types of precious metal and gem investments.Describe c
2、ollectibles investments.Analyze the risks of investing in precious metals, gems, and collectibles.贵金属投资技术分析英文版(5)2CollectingQ: Are collectible action figures a smart investment for retirement?A: Although collecting can be an enjoyable and sometimes profitable pursuit, collectibles are not a mainstay
3、 of retirement planning. It would be best if you focused your retirement planning efforts on building a diversified portfolio that may include stock and bond investments. You could still use collectibles as a small part of your portfolio, but their returns are very unpredictable.Go to to complete t
4、he Standard & Poors Financial Focus activity.2Personal Finance Unit 3 Chapter 11 2007 Glencoe/McGraw-Hill贵金属投资技术分析英文版(5)3Why do you think so many Americans invest in real estate?3Personal Finance Unit 3 Chapter 11 2007 Glencoe/McGraw-HillMain IdeaReal estate investment opportunities vary widely. Con
5、sider the advantages and disadvantages of each type of investment opportunity.Section 11.1 Real Estate Investment贵金属投资技术分析英文版(5)4Real Estate InvestmentsReal estate has always been a favorite investment for Americans.Unlike stocks and bonds, a piece of property is something you can:SeeTouchTake pride
6、 inIf you are new to the real estate market, you may be confused by all the different choices you have.Section 11.1 Real Estate Investment贵金属投资技术分析英文版(5)5Section 11.1 Real Estate InvestmentDirect Real Estate InvestmentsReal estate investments can be either direct or indirect. Direct investments incl
7、ude:Single-family housesDuplexesApartmentsLandCommercial propertydirect investmentan investment in which the owner holds legal title to the property he or she has purchased贵金属投资技术分析英文版(5)6Section 11.1 Real Estate InvestmentA Home as an InvestmentHome ownership is most Americans largest financial ass
8、et.Owning a home is a good investment because:Home prices have risen steadily over the years.Most homeowners have mortgages, which can provide certain tax benefits.Second homes, or vacation homes, also provide tax benefits.贵金属投资技术分析英文版(5)7Section 11.1 Real Estate InvestmentCommercial PropertySome ex
9、amples of commercial property include:DuplexesHotelsOffice buildingsStoresMany investors start by purchasing a small commercial property. Then they buy larger properties as the equity in their original investment mercial propertyland and buildings that produce rental income贵金属投资技术分析英文版(5)8Section 11
10、.1 Real Estate InvestmentLandWhile land investments often promise tremendous gains, they also pose enormous risks.For example, you might not be able to sell your property at a profit, or even at the price you paid for it, if:Construction in general slows.Business activity declines.Unlike an apartmen
11、t building, land in urban areas usually does not produce any income.贵金属投资技术分析英文版(5)9Section 11.1 Real Estate InvestmentIndirect Real Estate InvestmentsIf you want to invest in real estate but do not have enough money to purchase property on your own, you might want to consider an indirect investment
12、.Indirect investments include:Real estate syndicatesReal estate investment trustsHigh-risk mortgagesParticipation certificatesindirect investmentan investment in which a trustee is appointed to hold legal title to the property on behalf of an investor or group of investors贵金属投资技术分析英文版(5)10Section 11
13、.1 Real Estate InvestmentReal Estate Syndicates or Limited PartnershipsA real estate syndicate invests in real estate. A syndicate may be organized as:A corporationA trustA limited partnershipA real estate syndicate offers you and the other partners a variety of benefits.syndicatea temporary associa
14、tion of individuals or business firms organized to perform a task that requires a large amount of funds贵金属投资技术分析英文版(5)11Section 11.1 Real Estate InvestmentParticipation CertificatesIf you are looking for a risk-free real estate investment, then participation certificates might be a good choice for y
15、ouYou can buy participation certificates from these federal agencies:Government National Mortgage Association (Ginnie Mae)Federal Home Loan Mortgage Corporation (Freddie Mac)Federal National Mortgage Association (Fannie Mae)Student Loan Marketing Association (Sallie Mae)participation certificate (PC
16、)an investment in a group of mortgages that have been purchased by a government agency贵金属投资技术分析英文版(5)12Section 11.1 Real Estate InvestmentReal Estate Investment: Pros and ConsBefore you invest in real estate, you will want to weigh the advantages and disadvantages.贵金属投资技术分析英文版(5)13Section 11.1 Real
17、Estate InvestmentAdvantages of Real Estate InvestmentsThe advantages of certain types of real estate investments include:Hedge against inflationEasy entry into commercial property ownershipLimited financial responsibilityFinancial leveragefinancial leveragethe use of borrowed funds for direct invest
18、ment purposes贵金属投资技术分析英文版(5)14Section 11.1 Real Estate InvestmentDisadvantages of Real Estate InvestmentsSome of the possible disadvantages to real estate investments include:IlliquidityDeclining property valuesLack of diversificationLack of a tax shelterManagement problemsProperty management can be
19、 a full-time job, and many investors are not willing to take on that much responsibility.贵金属投资技术分析英文版(5)15Section 11.1 Real Estate InvestmentInvestment OptionsIf you decide that real estate investment is too risky or too complicated, you might consider other tangible investments, such as:Gold and ot
20、her precious metalsGemsCollectibles However, these investments can also be risky.贵金属投资技术分析英文版(5)16Do you think investments in precious metals, gems, or collectibles are risky or safe?16Personal Finance Unit 3 Chapter 11 2007 Glencoe/McGraw-HillMain IdeaUnderstanding the risks and rewards of investin
21、g in precious metals, gems, and collectibles will help you build a sound, diversified portfolio.Section 11.2 Precious Metals, Gems, and Collectibles贵金属投资技术分析英文版(5)17Section 11.2 Precious Metals, Gems, and CollectiblesGoldMany people invest their money in precious metals as a hedge, or protection, ag
22、ainst inflation.The price of gold rises in times of:WarPolitical unrestInflationAs international tensions ease or the political situation stabilizes, the price of gold falls.precious metalsvaluable ores such as gold, platinum, and silver贵金属投资技术分析英文版(5)18Section 11.2 Precious Metals, Gems, and Collec
23、tiblesSilver, Platinum, Palladium, and RhodiumOther precious metals that rise in value during times of political or economic trouble are:SilverPlatinumPalladiumRhodiumRemember that while stocks, bonds, and other interest-bearing investments are earning money for you, precious metals sit in vaults, e
24、arning nothing.贵金属投资技术分析英文版(5)19Section 11.2 Precious Metals, Gems, and CollectiblesPrecious GemsPrecious gems appeal to investors because of their:Small sizeEase of storageGreat durabilityPotential as a protection against inflationprecious gemsrough mineral deposits (usually crystals) that are dug
25、from the earth by miners and then cut and shaped into brilliant jewels贵金属投资技术分析英文版(5)20CROWN JEWELS Throughout history, precious gems have been associated with great royalty. Why do you think diamonds, rubies, and other precious stones fascinate people?贵金属投资技术分析英文版(5)21Section 11.2 Precious Metals,
26、Gems, and CollectiblesRisks of Investing in Precious GemsDespite the attraction of precious metals and gems, the investment risks are sizeable. These risks include:You cannot easily convert diamonds and other precious gems into cash.You may have difficulty determining whether the gems you are purcha
27、sing are of high quality.The primary risk is the great fluctuation in prices of precious gems.贵金属投资技术分析英文版(5)22Section 11.2 Precious Metals, Gems, and CollectiblesCollectiblesCollectibles are another type of investment. These items offer the knowledgeable collector or investor:PleasureAn opportunity
28、 for profitMany collectors have been surprised to discover that items they bought for their own enjoyment have increased greatly in value while they owned them.collectiblesa type of investment that includes rare coins, works of art, antiques, stamps, rare books, comic books, sports memorabilia, rugs
29、, ceramics, paintings, and other items that appeal to collectors and investors贵金属投资技术分析英文版(5)23Section 11.2 Precious Metals, Gems, and CollectiblesCollectibles on the InternetThe Internet has made buying and selling collectibles efficient and convenient. As an online buyer or seller, you can easily:
30、Search for items to add to your collection.Comparison shop.Reach people all around the world.Some drawbacks of online buying include:Being unable to examine objects for flaws or trademarksThe ever-present danger of fraud贵金属投资技术分析英文版(5)24贵金属投资技术分析英文版(5)2525Collectible GiftsSuggest to your family and
31、friends that you make gifts for each other instead of buying them for special days and holidays. You will all save money, and your gifts may become family heirlooms.How much money do you think you could save each year by making gifts instead of buying them?Personal Finance Unit 3 Chapter 11 2007 Gle
32、ncoe/McGraw-Hill贵金属投资技术分析英文版(5)26Section 11.2 Precious Metals, Gems, and CollectiblesLet the Collector BewareA wise collector must always be alert for scams.The safest way to steer clear of collectibles-related fraud is to:Learn everything you can about the items you collect.Buy and sell only with r
33、eputable dealers and auction Web sites.贵金属投资技术分析英文版(5)27Section 11.2 Precious Metals, Gems, and CollectiblesPlanning InvestmentsInvesting in collectibles may seem interesting, but it may not be the best way for you to achieve your financial goals.When making investment choices, you should:Research t
34、he types of investments that are available.Weigh the advantages and disadvantages of each type of investment.Ask yourself how much risk and responsibility you are willing to assume.贵金属投资技术分析英文版(5)28Chapter 11Real Estate and Other InvestmentsKey Term Reviewdirect investmentcommercial propertyindirect
35、 investmentsyndicateparticipation certificate (PC)financial leverageprecious metalsprecious gemscollectibles贵金属投资技术分析英文版(5)29Chapter 11Real Estate and Other InvestmentsReviewing Key Concepts1.Compare and contrast direct and indirect real estate investments.The owner of a direct investment in real es
36、tate:Directly holds the legal title to the residential or commercial propertyIs responsible for its maintenance and managementAn indirect investment is similar to investing in mutual funds, in that:A group of investors buys property.Legal title is held by a trustee.贵金属投资技术分析英文版(5)30Chapter 11Real Es
37、tate and Other InvestmentsReviewing Key Concepts2.List two advantages and two disadvantages of real estate investments.Advantages of real estate investments include:Its use as a hedge against inflationThe ease of entering the marketLimited liabilityDisadvantages of real estate investments include:La
38、ck of liquidity and diversificationRisk of declining property valuesFewer tax incentivesPotential management problems贵金属投资技术分析英文版(5)31Chapter 11Real Estate and Other InvestmentsReviewing Key Concepts3.Describe precious metal and gem investments and why they remain popular despite their speculative n
39、ature.Precious gems appeal to investors because of their:Small sizeEase of storageGreat durabilityPotential as a protection against inflation贵金属投资技术分析英文版(5)32Chapter 11Real Estate and Other InvestmentsReviewing Key Concepts4.Explain what is meant by the term collectible, and give some examples of co
40、llectible items you or your family may own.Collectibles are items that appeal to collectors and investors.Some examples of collectibles include:Rare coinsWorks of artAntiquesStampsRate booksComic books贵金属投资技术分析英文版(5)33Chapter 11Real Estate and Other InvestmentsReviewing Key Concepts5.Explain why so
41、many fraud complaints are related to online auctions.Fraud is an ever-present danger on the Internet because:You cannot assess a dealer face-to-face.You cannot examine the objects for flaws or trademarks.Some online auction and exchange sites are less reliable than others.贵金属投资技术分析英文版(5)34Newsclip:
42、A Piece of ChildhoodAnimation art, hand-painted images from which cartoons used tobe made, is a popular collectible.Log On Go to and open Chapter 11.Learn more about the different types of alternative investments,such as collectibles. Write a paragraph about the kinds of thingsyou like to collect. Could any of them be valuable?贵金属投资技术分析英文版(5)
