What NOT to do when starting a Gold IRA - learned the hard way (so you don't have to)

• •When I first looked into Gold IRAs, I had about $150k I wanted to move over, mostly from an old 401k.
• •Thought it was simple, right?
• •Made a few bonehead mistakes I thankfully caught early, but they probably cost me some peace of mind and maybe a few extra bucks.

I’ve been in the gold game with an IRA for a few years now, and let me tell you, running a tourism business in Savannah means I’ve seen enough economic ups and downs to know a thing or two about needing stability. When I first looked into Gold IRAs, I had about $150k I wanted to move over, mostly from an old 401k. Thought it was simple, right? Just buy gold. Nope. Made a few bonehead mistakes I thankfully caught early, but they probably cost me some peace of mind and maybe a few extra bucks. Hoping this helps some of you who are just starting out.

First big one: Not vetting the custodian and dealer thoroughly. I initially went with a company that had a fancy website but seemed a bit pushy on the phone. They pushed certain types of coins that had higher premiums and didn't really explain why they were recommending them over others. I almost pulled the trigger with them, but a gut feeling made me pause. Started looking at online reviews on Trustpilot and BBB, and saw a pattern of complaints about high fees and poor communication. Ended up switching to another company that was much more transparent about their fee structure and took the time to answer all my newbie questions without making me feel stupid. It’s like picking a good tour guide; you want someone knowledgeable and trustworthy, not just flashy.

Second mistake: Impulse buying based on market highs (or lows). I got a bit FOMO when gold spiked early on and considered dumping a big chunk of my portfolio in at once. Luckily, I talked myself down. That’s not investing, that’s gambling. I've since learned to dollar-cost average my contributions, putting in a set amount every few months instead of trying to time the market. This strategy has smoothed out my entry points and reduced my overall risk. For a guy whose income fluctuates seasonally, this steady approach just makes more sense for my peace of mind. Also, don't just blindly buy what the dealer suggests without doing your own research on premiums and types of eligible metals. There's a difference between a Gold American Eagle and some niche collector coin in terms of IRA eligibility and liquidity.

So, what else have you all seen or heard are common beginner traps? What should people be looking out for when they're first dipping their toes into the Gold IRA waters? Any other Savannah business owners out there specifically hedging with gold, and what's your strategy?