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 Replies: 13 / Views: 1,628 |
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Pillar of the Community
Canada
1177 Posts |
hello, so I just recently picked up my monthly investment goal. i would like to purchase 7 ounces of silver, 1 coin that I've always wanted and sort through enough pennies to complete 1 box of copper per a month. all together this will cost me under 275$ a month (depending on the coin I get) now I now that doesn't seem like a lot, but I'm 18 and just paid off 11.000$ to paramedic school! do you agree with what I'm doing, I figure if I purchase 7 ounces of silver once a month, after three years of school, i'll have accumulated about 250 ounces, and as for the copper pennies, well everyone needs a break from studying! I'm kind of iffy about the pennies, not because every penny I have contains 2 or more cents of copper and I'm hoping they lift the law against melting them, but I do believe certain dates will become more scarce and more valuable. so all in all, I'm asking, do you agree with the silver, the pennies? both, none?   |
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Valued Member
United States
116 Posts |
I agree with the silver but the pennies I think you should wait until you can actually melt them.
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Pillar of the Community
Canada
834 Posts |
I had somewhat of a similar plan when I was in college 8 years ago. I planned on investing my money in coins and bullion.
I soon found out it was way more fun to invest in beer, bars, and strippers
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Pillar of the Community
United Kingdom
2624 Posts |
^^ I like that... beer, bars and strippers....I hope you didn't waste the rest.
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Pillar of the Community
United States
5832 Posts |
$11K to paramedic school and you still have money to buy PM? And you're only 18.
I wasn't even thinking about investing at that age, more power to you!
I agree forget about the pennies, just study and buy your PM within your budget.
Edited by macmercury
07/10/2012 8:54 pm
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Pillar of the Community
 Canada
1177 Posts |
luckly my parents had a 50% college fund for me! I pay half, books and res, they pay half tuition.i saved up and have all 3 years of college paid for, so whatever I make during school is gravy!
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Pillar of the Community
 Canada
9865 Posts |
Good to see you have a goal,a budget and a realistic plan.A big step towards success.
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Pillar of the Community
United States
759 Posts |
I commend the fact that you have investment goals. Well done.
Your best investment will be school. After that, if you already have enough "emergency" cash set aside to get you through a few months and little to no other debt, go for investing.
The silver? OK by me, but you might want to consider some diversification by throwing some gold in there once in a while, maybe $50 a month into some fund and keeping the silver buys as close to spot as you can.
The cents? I'd consider that more no cost entertainment than investing, but if you enjoy it, go for it.
Best of luck to you!
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Pillar of the Community
Canada
1177 Posts |
thanks for the advice guys!
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Pillar of the Community
Canada
2781 Posts |
I'm swrbxxx... you can always collect pennies after your 3rd divorce.
silver?
why not 1/4 oz gold instead?
it wont take up as much room and will be easier to hide from your 4rth wife.
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Bedrock of the Community
Australia
21788 Posts |
If you have a lifelong interest in coins, with an addiction that needs continuous feeding, the best thing to do is work to a budget and don't overspend. Then set aside an amount which you can afford for discretionary income, in this case, to spend on silver.
I do a weekly budget, and an annual budget to get a good idea of where I am heading. I have absolutely diddly squats in term of training, when it comes to estimating. That means that anybody can do it.
If you want to buy a larger amount of silver than you can afford, buy it in smaller amounts over a period of time. This buying strategy is known as 'Dollar Cost Averaging' and is proven to be a very sound investment technique.
I will not have a credit card, because that forces me to do a weekly budget. I work out all of my expenses for the week, add a small percetnage on top of that to allow for contingencies and put that aside. What is left over is for investment, or discretionary spending. A similar process is used for working out tender prices in the building indutry.
You HAVE to get your tender right. Too high, and another contractor will take the business, too low, you get the work, but you can loose a lot of money, if your tender price is below your expenses. And there are guys who are depending on you for their livelyhood to keep them in work.
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Pillar of the Community
United States
3184 Posts |
sure sounds good add some gold to your mix. Always best to diversify. Have fun with this and make sure to enjoy life as well and make this a hobby vs a lifestyle
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Pillar of the Community
Canada
1177 Posts |
how would you recommend me buying gold
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New Member
Canada
8 Posts |
I like the pennies, I have been dealing in scrap on and off your a couple years now so I have seen the prices fluctuate, but it is still going up over all. I would spend the time to sort out the copper from the box now that way if you need the money for an emergency.
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Replies: 13 / Views: 1,628 |
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Posted 07/10/2012 8:17 pm
