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 Replies: 37 / Views: 4,428 |
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Bedrock of the Community
13014 Posts |
Quote:
bb21, true, I didn't look at it that way. I read it as he has 11 months worth of emergency savings as in he sets aside a certain amount each month for his emergency fund and he's currently got 11 months worth set aside, not he's got enough to live for 11 months. so I figured it wouldn't be that big of a setback as in 2 months he would have gotten back up to 11 months worth of savings. I see what your saying. I would have had less of an issue if he could get it back up that fast though still dont like the idea of taking anything out of it. I'm okay with taking a little out for a one time thing like getting married, but not a significant amount of it. Between the two I would rather have to work to build my coins back up then my emergency fund since they seem to like to happen when youre least prepared |
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Pillar of the Community
United States
561 Posts |
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Cash is king and you can buy your silver back at a later time. If cash is king why would you ever hold anything else? Quote:
For emergency funds, liquidity always wins and unless you're prepared to use the silver at face value, cash is more liquid by definition. Only an idiot would ever use the silver at face value. You may not be able to get full silver value for it in a pinch but you can certainly always get more than face within 24 hours. As a matter of fact, I will personally offer to western union any established member of this community at least half of current melt value for any silver usage coinage they need to move within 12 hours of sending me a PM. And on top of that, nowhere did the OP indicate that he considers the silver part of his emergency stash. The question was, sell the silver OR temporarily reduce the emergency fund from 11 months to 9 months. Personally, I don't see the point in having more than 6 months is CASH given that in an EMERGENCY you would still have at least 6 months to liquidate anything that was less liquid than cash. But that is what makes this such a wonderful country, we can all make our own choices on how we live our lives and can discuss these topics freely. |
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Bedrock of the Community
13014 Posts |
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Personally, I don't see the point in having more than 6 months is CASH given that in an EMERGENCY you would still have at least 6 months to liquidate anything that was less liquid than cash. The whole idea of the fund is so that you dont have to sell everything you own to keep going. Aside from that though depending on your health insurance a single medical emergency can blow through your funds much faster than 6 months and not necessarily take more than a few weeks or days |
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Pillar of the Community
United States
759 Posts |
I'll spell it out for you differently next time Merc so you understand. Clearly, you didn't.
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Pillar of the Community
United States
1796 Posts |
It's for an engagement ring?
Perhaps one should go about it this way: What is worth *more* to you? The silver or the cash? Which would make the bigger statement to your future spouse?
Another suggestion: Titanium rings. Better than silver or gold. Cheaper, but stronger and longer lasting. You might be able to keep half your stash and get a better ring than you would if you sold the lot :-)
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Pillar of the Community
Canada
834 Posts |
Sell the silver
keep the emergency fund, future wife would appreciate that
happy wife, happy life
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Pillar of the Community
United States
561 Posts |
OneBowl since you want to take personal shots what exactly is it that you think I didn't understand about your original post?
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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
5833 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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Replies: 37 / Views: 4,428 |
First Page
Posted 05/08/2013 9:10 pm
