Well I Sold All 65 Oz. Of My Silver.....

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Author	Replies: 25 / Views: 3,356	Page: of 2
Silverhawk74 Pillar of the Community United States 3670 Posts	Posted 02/02/2012 01:08 am I am not the best budget master by any means, and I have an ebay spending habit that would give a tight frugal person a heart attack if they saw how I toss around credit and items, lol, dying dollars an what not..... I owed about a grand in CC debt. That is my limit, I will never allow myself to go beyond that, as I had one get out of jail free card, and that has long since been played. No room for error now on debt, as I have to be able to square it all back to zero by selling off net worth.... With bills an all debt, I was back about 15 hundred, not to bad.... I could have sold at work at 75 cents under spot. Seems crazy I know with all my nice quality silver, but I would rather be back to little or zero PM's, an all bills paid an NO DEBT..... I have two jobs now, should not have to worry about money now right, but I can't bar-tend on Thurs-Sat nights now much, and this put a big hit on my wallet. Yeah, nice having coin shop job an ten easy bucks an hour, but it is a pay cut to what I was making. No big deal, as I am now closing bar Sunday nights, Tues nights, and some Sats, so it was just a transition period to get both schedules worked out at both jobs, which I have now taken care of.... Anyhow I knew The Throw back kid can't pass up a good deal so I told him to better my works offer which he did nicely, and paid immediately as always and helped me out of a bit of bind for the SECOND time I might add. heck of a nice guy, and real easy to work with.... So for the first time in some time I have ZERO PM's at the house or in my possession. However, I squared everything back to zero (all CC debt an bills) and had a little bit left over and made a bit more on a paycheck so I added a Goldas 10 oz. bar, 250 gram bar (or just over 8 oz.), and a real nice 2000 Statue of Liberty 4 oz. silver round plated in platinum with box an COA.... Seeing as how I have my two jobs worked out now, an 22 oz. of nice silver back in hoard already I should be able to stack it all back an beyond pretty fast. I also have a couple more thousand in some vintage collectible die-cast robot stock, that I have no need to sell an can add to that stock as well... Now then, it would be real easy to max all credit an bill me later ebay back out on silver, and hope to pay it off IF an when silver hits 50 an oz. or beyond after selling again. But that would be foolish in my estimation and I will not do that. It may work for some of you gamblers, but I prefer to only spend a hundred on them at a time is my new plan pushing up my credit, knowing I can pay them off immediately with the next paycheck. And then repeat the process, as opposed to maxing them out, creating worry, interest payments, and worst off all, TWO MORE MONTHLY BILLS.... If you have a bunch of PM's on credit, remember you don't own it until you can pay off the debt you created to acquire it with to begin with, just not a solid plan.... Lastly, I am thankful to this site, and the great members who inhabit it. As without all their information and business, I may have long since lost interest in silver an Pm's an coins in general an moved on, but now I just plan to keep adding more when the prices are right..... Edited by Silverhawk74 02/02/2012 01:16 am Report this Post to the Staff

sel_69l Bedrock of the Community Australia 21788 Posts	Posted 02/02/2012 01:17 am Well timed for two reasons: 1. you needed the cash and, 2. you sold when the price suited you, not when you had to. It is important to define in your mind to define the difference beteween 'wants' and 'needs'. If you are able to clearly maintain that difference in your mind, you will save yourself a fortune over a lifetime. Report this Post to the Staff
Silverhawk74 Pillar of the Community United States 3670 Posts	Posted 02/02/2012 01:28 am True dat Sel, as wants an needs is definitely a grey area for me, lol.... In the end, not a big deal as I have already added essentially a 3rd of the silver I had back, and some new an different that I had been wanting to add. And I past some great silver along to another member who I am sure in time will do the same for his friends or customers. Just the cycle of the Pm's in the end.... I did hate to sell, as it is gonna keep getting higher I figure and harder to add back at a logical price, even though the price line has been moving strange the last few days, stuck in-between 33 an 34 bucks per oz..... Edited by Silverhawk74 02/02/2012 01:29 am Report this Post to the Staff
bekiz Pillar of the Community Japan 666 Posts	Posted 02/02/2012 01:37 am rule number #1: payoff your debt (which you did) rule number #2: do not get into much debt rule number #3: do not forget rules #1 and #2 what you did by selling silver is better than keeping debt Report this Post to the Staff
sel_69l Bedrock of the Community Australia 21788 Posts	Posted 02/02/2012 02:12 am "Neither a borrower or lender be." (Shakespeare) Report this Post to the Staff
Funny Money Valued Member United States 424 Posts	Posted 02/02/2012 08:43 am I say smart move. When I saw the headline, and who wrote it, I had to make sure armageddon was not upon us...lol. Clearing debt is a big part of owning a hoard. If, heaven forbid, you were to part ways with the earth tomorrow, the hoard would have to be liquidated to pay for your debt. Perhaps by someone without the PM knowledge that you have. Like you said, you don't own it until you pay the debt created to obtain it. Nice... As for the mixologist job...I feel ya...It's tough going from hundreds of dollars in cash to an hourly wage...Just as tough finding another job to mesh with the hours required as a bartender. Sounds like you've got it worked out now. So, with some nice additions already, let silver hoard 2012 begin! Report this Post to the Staff
Connor Pillar of the Community United States 2130 Posts	Posted 02/02/2012 08:57 am Smart move Silverhawk...you will have that hoard built back up in no time and with zero debt at that! Report this Post to the Staff
poboxw Pillar of the Community Canada 1502 Posts	Posted 02/02/2012 11:45 am Good luck buddy! nice and easy does the trick Report this Post to the Staff
throwbackid Pillar of the Community 1283 Posts	Posted 02/02/2012 11:46 am I'm glad to help. Shoot me an email anytime. Report this Post to the Staff
mkman123 Pillar of the Community United States 3184 Posts	Posted 02/02/2012 11:47 am Dump your vintage toys and put it in metals Report this Post to the Staff
Silverhawk74 Pillar of the Community United States 3670 Posts	Posted 02/02/2012 11:56 am I do that from time to time MKman, lol. Once I acquire enough to move them. Last time I sold my robot collection last fall, I brought back in well over 3 grand (more then I have made on single PM transaction, lol), even though I had somewhere around 1800 or so in the collection, and I turned it into gold. I then sold an oz. of gold (3/4 of oz. to TBK), and traded another oz. nearlly for the silver I just sold, lol.... Report this Post to the Staff
mkfarm Pillar of the Community United States 667 Posts	Posted 02/02/2012 1:16 pm All debt should be satisfied first. PM's are a risky at best investment when you have no or low cash flow. Just a sound decision made by someone that gets it. I don't know how old you are but start small in anything, build over time don't buy with credit and you will be amazed at where you can end up. Report this Post to the Staff
Silverhawk74 Pillar of the Community United States 3670 Posts	Posted 02/02/2012 1:59 pm Yes I will be 38 on March 5th MK, so the way I figure it I have plenty of time to rebuild a retirement hoard, lol.... I got into PM's to begin with, due to an unstable economy. Now after a year plus later from learning from the wise here, even if I had 500 oz. of silver, if the SHTF situation occured, I STILL would be in big trouble like most of the shepal with blinders on. Via, the lack of land and the ability to grow my own food, and survive etc.. That is where I envy your situation Mk, as I figure the situation you are in, you are MUCH better position to survive such a bad event.... Nice to have PM's, but in the end land and food, and the ability to protect it an your family out weighs everything else I now see.... All I can do is keep trying to improve my situation each day, an hope for the best. If an when that SHTF situation gets here, perhaps I will be better positioned to survive, IF I can have enough time to keep improving my own living situation. Like I would like to get some land of my own one day an my own home, as opposssed to renting to survive, living month to month.... Edited by Silverhawk74 02/02/2012 2:00 pm Report this Post to the Staff
CaptainFwiffo Pillar of the Community United States 4132 Posts	Posted 02/02/2012 2:18 pm Smart! If you are paying interest on a credit card balance, you don't own the silver, you're renting it. Generally you should put your money into whatever has the highest interest rate (excepting minimum or mandatory payments.) Sometimes that means an unusually high-yield investment might take precedence over a low-interest loan, but for most people, it means they should put money toward reducing their credit card balance over anything else. Report this Post to the Staff
JSH Valued Member United States 410 Posts	Posted 02/02/2012 2:27 pm Paying off debt has a guaranteed rate of return. In my opinion, debt reduction is the best and most secure investment anyone can make. Report this Post to the Staff
SilverEye Valued Member United States 318 Posts	Posted 02/02/2012 2:51 pm Hawk, I'm only a few months older than you and I don't have as much silver as you just sold. But I buy a little more every week. If SHTF, you really only need enough to get you by until you can get something lined up. And a good working relationship with a metal shop and a tavern are very good friends to have. No matter what happens, people are going to trade precious metals and drink. Report this Post to the Staff
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