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 Replies: 37 / Views: 4,429 |
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Pillar of the Community
United States
561 Posts |
On second thought, nevermind. curtism1234 you seem to have a good handle on things, either decision will be right because it is the one you choose. Congrats on the engagement and best of luck!
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Pillar of the Community
United States
5837 Posts |
Cash is king that's what accepted worldwide, and it would be hard for anyone to go into a supermarket and pay your grocery with a silver dollar and expect to get the right change! How many places would be able to understand its worth more than its face value?
Edited by macmercury
05/08/2013 10:19 pm
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Valued Member
United States
410 Posts |
It is important to understand what an emergency fund is for. It is not a standard saving account. An emergency fund is money set aside only for when true emergencies strike. Medical illness, accidents, job lose, tornado destroys your house, etc. It is important to have the disciple to set aside that money and not use it for non-emergencies or when a true emergency strikes you may not have the money in the bank.
As others have said, you may be surprised how much comfort an emergency fund may give your soon to be wife. That is something I didn't understand when I first got married. I was dead set against having money sitting in the bank doing nothing. I wanted my money to be making money or at least paying off debt. However, my wife was equally convinced that we needed an emergency fund and having that money in the bank helps her sleep at night and not worry about the future. We ended up compromising and the emergency fund started out small, only $1000. Over time, it has grown as our finances improved until we hit 12 months of expenses.
Another piece of unsolicited advice. Involve your fiance in the purchase of the ring or at least make sure the jeweler has a good exchange policy. This is going to be a ring she wears for the rest of her life, so make sure she likes it.
Edited by JSH
05/08/2013 10:26 pm
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New Member
 United States
34 Posts |
Thank you all for your replys and best wishes  As far as my finances, I am living week to week breaking even. I was fortunate enough years ago to save agressivly before buying my house. But yes, I do have 11 months to live on should something happen. We have been talking about moving her in and thus splitting expenses. Should that happen in the Fall, I should (in theory) start saving $500 a month. Of course anything could happen in the meantime  I think at minimum I will sell 1/2 of it, perhaps the whole lot. I guess I need to get a more specific idea about the cost of the ring before making that decision. On another note, where would be the best place to go to sell it and get spot price --- ebay, craigslist, local shop? Are there any tax implications? Thanks |
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Pillar of the Community
United States
2543 Posts |
I would try craigslist first, no fees, no shipping, get cash, easy peasy.
Taxes are: it is income, must be reported as such. If you have the receipts from the original purchases, subtract that amout, pay long term capital gains only on the profit.
Purchasing an engagement ring unfortunately does not qualify as a reinvestment. If it doesn't work out you should be able to write it off as a gambling loss, but..................... just kidding..........good luck to you and your fiancee. [:-)]
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New Member
United States
34 Posts |
I'm assuming local shops report the sale to the IRS?
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Bedrock of the Community
13014 Posts |
Local shops will probably note their buy whether or not they tie you to it is a different story.
What about the idea of melting some to have the ring made assuming the work wouldn't cost more than buying one new
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Pillar of the Community
Canada
746 Posts |
 Take the oldest silver half you own and get a jeweler to make a ring out of it (cost less than $50). Then, give it your fiancee as an engagement ring and say it is from your grandmother (family tradition). Keep the silver for your kid(s)' college fund in the future... your wife will thank you later...  |
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Pillar of the Community
Canada
1354 Posts |
I'm a little confused. From the original post I've interpreted that...
1. The amount of your stash = the ring cost
2. If silver prices come up,, your stash is worth $700
3. If you purchase now you delete 2 months of emergency funds...
So... The engagement ring costs less than $700? And that you only need $350 a month to survive? I thought rings and cost of living were way higher than this...
Edited by Coin Chick
05/09/2013 3:27 pm
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Pillar of the Community
Canada
2019 Posts |
Why don't you just make a ring out of a silver coin, if she really loved you then that will be enough, if not then maybe you need to rethink the engagement thingy. With a silver coin, some tools, and a little bit of time, you can skip the jewelry store and make a simple ring at home. http://www.wikihow.com/Make-a-Ring-...-Silver-Coin |
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Pillar of the Community
Canada
746 Posts |
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New Member
United States
34 Posts |
Quote:
I'm a little confused. From the original post I've interpreted that...
1. The amount of your stash = the ring cost
2. If silver prices come up,, your stash is worth $700
3. If you purchase now you delete 2 months of emergency funds...
So... The engagement ring costs less than $700? And that you only need $350 a month to survive? I thought rings and cost of living were way higher than this... Sorry for any confusion. The current value of all this is about $3700 at the current $24 per ounce. The $700 I was referencing was an example of what would be the additional value should silver rise to around the $27ish per ounce. I was just estimating. The basic point being I could be losing out on money if it goes up short term...or I could lose money if it goes down. Just working through different examples Edited by curtism1234
05/09/2013 5:29 pm
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Pillar of the Community
Canada
1354 Posts |
Lol. I thought I'd been getting ripped off these years with expensive jewelry and houses!
I would personally sit on the silver. And spend the cash.
Like others have said,,, it's awesome you've saved for unexpected happenings. I would wait for the silver prices to come up
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Pillar of the Community
United States
1088 Posts |
I would pay with cash. Silver is bound to go back up in the future. You will not be able to find 90% for a while to add to your collection but you can work to add cash to your emergency fund.
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Bedrock of the Community
13014 Posts |
Quote:
Silver is bound to go back up in the future. At some point yea, that some point very easily could be 30 years from now though. Its a huge misconception that its new value has been priced in the 30s and 40s because of the last couple years |
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Replies: 37 / Views: 4,429 |
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Posted 05/08/2013 10:18 pm
