And poured silver is the hedge of “c’mon man you gotta give me more than than that for thissers. I try to stick with constitutional silver or coinage. Easier to recognize, less haggling quicker sell.
Debt is fine when its return is solid, home loan, college loan. It's the kinds of superficial debt that people take on to live beyond their means for the sake of appearances that is short sighted and ridiculous.
Excellent, excellent advice! I don't have much money, but I don't have credit cards either! Got rid of ALL my debt back in 2005. All I have now is a car payment. I buy about $50 worth of silver per week, that's what I can spare right now, and I use cash baby!
that the way to do it i get about 100 at a time don't go all out on getting silver it build up before you know it you have a lot of silver i just got started about 3mo ago but im doing it for my son so when i die he have something from me and he can get a car are a home that what i'm doing it for but that me tho good luck
It's amazing that this isn't common sense to everyone - 1. Pay off your high-interest debt before investing in ANYTHING - cutting interest payments is guaranteed returns. 2. Build up an emergency fund - 3-6 months of expenses minimum 3. Now start considering investing.
Great advice slacker. . I'm working on saving 6 months worth of expenses at the moment although I still make it a habit of buying one silver eagle every other paycheck. 😉
When to buy silver: when the economy begins to contract. When to sell silver: when the economy begins to expand. Bullion acts as a ratchet effect. You move your money to securities in a good economy so that it grows and move it to bullion in a bad economy so that it doesn't shrink.
Salboy I bought SILVER on CC and keep transferring the balance to keep it at ZERO PERCENT THE ADVANTAGES OF THIS IS NOT ONLY AM I NOT PAYING INTEREST BUT I CAN SELL THE SILVER AND TOTALLY PAY OFF THE CC POINT IS IF SILVER GOES UP UP UP I'M GONNA REALLY CASH IN
There is lots of people living like that, even myself did it before i got into silver. Best thing about silver is that not lots of people need to know about your saving. Great advice to your sister. Thank you!
I agree with you 100% dont be saving or investing in PM's if you have any debt, and never ever buy PM's on Credit Cards if you dont have the funds in you account to settle it !!
OK No credit card debt- Check House paid off- Check No car loan- Check (Paid cash for them) No student loans- Check (The boys are out of college debt free) Cash reserves- Check Teacher retirement and insurance income- Check Mutual funds and IRAs- Check Can I buy a little silver now? Good Luck and God Bless!
Good advice. I use my credit card for basically everything. I accumulate points which can be redeemed as credit on my credit card, in turn I can buy whatever I want with that. I have paid zero in interest. If I don't have the money to buy something, I don't use my credit card.
Jesse Silver Me too. I make money off the banks, never let them make money off me. Just bought another couple hundred in silver eagles tonight at 5% cash back. Price is low but edging up. Love the benefits of paying off credit cards on time, I guess all the non-responsible people are paying our benefits.
Aaron Steffens your actually not making money off of them. They charge the vendor about 2 percent per transaction of which I assume you get back 1 percent. They still make their money. Plus studies show you end up spending more. Not hating I do it to just stating the facts
Shawn Silver most likely a chase freedom card or the discover card. Both have changing categories where you can get 5 percent back. For the discover card this quarter it's gas, wholesale clubs and ground transportation.
I agree to a point. if at all possible I thin it is important to put a budget toward silver, and debt. when were were paying off our first set of student loans, we put a ton towards those first but still put $100 into silver and some into savings. its important to be extremely intentional about paying off the debt, but you also have to build assets at the same time. for those looking for a buying guide, I am starting a weekly deals playlist. going to try and help find the best pries for the under $100, $100-$200 and 200+ price ranges. love you videos man! keep on showing us the amazing choices out there!
My Silver on my desk does the same, it looks cool, Same shit here, no Dept, House paid for, Making dam good money and putting 20 % in Gold and silver, I just like the cool silver items, bigger on gold since I just love holding thousands in one hand..makes you feel like a king!
Well said Silver Slacker! The only thing I can say about stacking is that it gets you looking at money from a completely different point of view! I have no debt except for a small mortgage cheaper than most people's but I didn't pay off my car loan until AFTER I started stacking. I wanted to get the money out of the bank while satisfying a debt. I was at the drive thru today and in the past I would have given them exact change. Now I give them greenbacks only and inspect my change for real copper or silver! I usually don't find it, but the point is I never cared before I started stacking! I could go on, but you get the idea! Thanks for your video!
LadyLibertyStacker Thanks LLS :) I guess that is another way to look at it, but I think her situation is a little different. Having so much credit card debt is taking all her spare money for the interest on that debt. So if she was to buy silver it would go on the credit card which I think would put her in an even worse situation. I have tried to talk sense into her for many years, but she just likes the instant gratification I guess.
As always, I love your vids Slack. Great advice--I too am a frugal saver and love to stack my cash silver-style. Keep up the good work my friend. I'm a loyal sub.
My sister is the same way. I don’t like debt, my generation graduated from college into the Great Recession. Everyone I know has been laid off and suffered a period of unemployment at some point. I have everything paid off and savings before I was able to start stacking. Very good advice
My silver stack is puny compared to yours, I have a small collection of vintage paper money to go with it, mostly just because of how cool it looks. But I'm proud to say that at 31 I am 100% debt free. Never had a credit card, everything I own I bought with cash! This channel is great, I just found it yesterday but I'm inspired. Cheers, man.
Thanks for the info. There are certain types of debts though that are a benefit rather than paying to the government, Home loans and leases. Much to consider that I didn't think about before I heard this.
What a great service this video provided! It does my heart good to see when key YT people give this type of advice. As you know, I worry that some are getting in way over their head! Listen to Silver Stacker, as building wealth takes a lot more than just stacking! Thanks Silver Stacker :)
Cull Silver Yup, even if 1 other person listens to this advice it would have been worth it. I hate to see people in debt buying PM's. Or even worse, go into debt to buy them.
+D Tsa I own a small real estate business that is just me and my wife. The money I put into silver is from my Rental properties that I own. I did a video on it about 2 years ago: ua-cam.com/video/si8VW3Vt9Ko/v-deo.html
I tell people don't invest in outside things first. Getting out of debt is the best investment to start with if you owe more then you have you have nothing. #2 do not in vest in what you don't understand even if you saw it on tv do your home work. I spent at least 4-10 times as much time researching an asset then working with the asset.
Well obviously if cash becomes worthless then it would be easy to pay off any debts. But who knows how long that will be before that happens. They have kept this ponzi scheme going for a long time now and it could be another 20 or 30 years before it all busts. All the while people with a lot of debt are pretty much owned by their lenders because they have to pay so much in interest.
Very good points you made, I would, however, recommend you let her buy a couple hundred $ of metals for two months so she can see what her dollars can buy. Her trigger is buying so you have to redirect her purchases somewhere else. This will be her motivation to save and pay off credit cards. I'd even recommend her first purchases are a few semi numismatic pieces like lunars so she can see an increase in her investment soon. Then you can talk to her about diversifying her stack later on.
Erli niner Well that sounds like a great plan, but my fear is that she would just go even further into debt buying silver. It isn't like she is maxed out on her credit cards, so she could buy another 10-20k in silver which she would then have to pay about 20% on a year. Unfortunately she just isn't disciplined like many of us stackers. I have tried to show her what I have accumulated making even less money than her. I was hoping that would inspire her to work off her debt since it was costing her so much more money.
I agree, but i think you & I could spout off that advice until we are blue in the face & there would still be people buying who are paying massive amounts of interest on debts at the same time. I think you already know this, but being the wise old git that I am, I paid off my mortgage early which was a great middle finger to the banks & has given me the ability to choose what i spend the money on that would have been going in the bankers pockets.
CyberCurtainTwitcher Yup, paying off not only all your debts, but your mortgage also is an impressive feat! It is crazy how different people can be. Some people want instant gratification and spend every dollar they have while like many of us stackers we want to plan for the future. It is just as hard for us to talk them into living below their means for awhile so they pay off their debt as it would be for them to tell us to go charge up all our credit cards lol.
vulcan5678 Thanks I'm glad you enjoyed it! Yeah the privateer round is starting to look really nice. Looking forward to how it turns out. I will share it with everyone.
Great advice. People should have a pretty good sum of cash on hand in case of an emergency. Precious metals should be seen as dead money. The moment you buy them, you should look at them like a 401K. You can't cash it out in you're 60. Unless you're already 60, in which case I don't think precious metals are a wise way to invest your money.
I have recently started silver stacking, hope to add a few grams of gold and platinum eventually. but i only buy a few ounces at a time since i know that is what i feel comfortable spending every few months. I do love the privateer silver round. I received mine not too long ago and it was much bigger then i thought it would be.
Good for you to speak up and stand up for your sister. Procting her from even more debt. This doesnt really apply to me since im kinda young hahaha. But for a lot of people debt is a HUGE deal. And defintely a topic that needs to be spoken off on terms of silver. Keep up the great work man!
Silver Slacker my parents have debt on their house and cars. But they arent into silver or raking control of it. They just ride it out. Haha. Cant control some people. Happy stacking
I too am a saver. Which is why silver and I have a bond. When I buy silver I don't buy thinking about selling it regardless of spot. My reason to stack it is when its the year 2040 and I can retire and the fiat in my bank has limited purchasing power and retirement savings is taxed beyond belief. Silver is my black market retirement fund.
morelli tech Oh I agree 100% I could care less what the current price of silver is doing. Actually I guess that is a lie because I want it to go down so I can continue buying since I am in accumulation phase lol. My time frame is about 20 years from now, and I like the fact that is it "off the books" wealth.
Tomorrow makes 2 months stacking I have 0 credit card debt.. Thank God… Im looking as a goal 10/500 gold/sliver as of today I’m at 9.1/332 oz. I really enjoy the community ✊
You think just like me. Before I started stacking I paid all my CC off and have a very nice stack in the bank. You really never know what will happen. Oh that other video you had on gold, I just bought my first 1/2 ounce gold lunar coin. Year of the goat. The lunar coins look like they are doing good. Thanks for sharing and keep the videos coming
I use silver stacking to help build my credit! I'm 20 going on 21 pretty soon. I don't make a hell of a lot of money, still in university, but I allot myself a certain amount of money per two weeks to buy silver. $100 on my credit card and $100 on my debt card. The reason I do that is I then can pay my credit card, with no problem, building my credit up. Been doing this for a while. This has allowed to me have a very very good credit score, especially for my age, which will hopefully help me out as I grow older.
simple and informative, good video. I have a question how and where do you store your silver, would it be better at a safety deposit at a bank (IM Canadian if tht matters), at home in a safe or something or another spot.
Thanks! Everyone is a tad different when it comes to how they are comfortable on keeping their stack secure. I actually did a video on it a couple weeks ago: ua-cam.com/video/G_eJ7798Zr8/v-deo.html
I just recently cleared all my debt with the exception of monthly rent in car insurance. I am now stacking silver with every remaining dollar left of paycheck. I tried to keep a little cash set aside. but I don't make those big bucks like you do. I only hope I can stack as much as you have before it gets out of reach. and I do agree banks are not a good place to keep your wealth. man I got a lot of catching up to do. wish I would have been smarter 20 years ago.
+Dano Themano Dano, that is awesome! Congrats on getting out of debt! That is the first step to becoming wealthy! Most people can't say they are out of debt, that's for sure!
I've had no experience from CC debt as I'm too you to own a CC but from what I've learnt it's a nightmare. Buying silver when In debt that is increasing would be ridiculous unless you had some sort of inside knowledge on a price fixing boom of silver. I've also been looking forward to see the toning of that tombstone, it's looking very nice but that privateer! Now that's toning very nice and very fast.
Young SilverStacker Thanks, and very smart of you to stay out of CC debt when you get older! Yeah I am amazed at how quickly this Privateer round is toning! So looking forward to how it turns out.
Some very good advice especially since I can't even apply for a cc yet...I don't have any debt to get out of and from some great advice, I will only use CCs when I know I can easily pay it back
+CrimsonGreaver The best advice for someone new to stacking is to buy what you like, and to shop around for the best deals and be mindful of the shipping costs some companies charge.
+Silver Slacker Thanks SS. I'm in Canada so shipping is a concern. Also the exchange rate US to Cad is a bit high at the moment. I'm not sure if I should buy or wait. Any ideas or advice you can give to foreign stackers?
im the only one of my parents kids that knows how to work and save money. I used to be 6 grand in cc debt. It took me 2 yrs to pay it off. When it comes to silver I buy a few ounces here and there. I dont need a monster box of silver eagles. 96% of my savings are in cash. I have accumulated around 130 ounces of silver in the last year. I can buy more if I want I just choose not to. Your giving some damn good advice. Why I watch your videos, you have quite a bit of knowledge.
Ideally, it's better to leverage CCs rather than get leveraged by them. There's a saying, "Cash is King". Silver is nice to have, but fiscal responsibility is a whole different ball game.
MrVegiita Yup! I use CC's all the time for the cash back of them or special offers they give. I never carry a balance that makes me pay interest though.
It's sad you have to explain this to people. A guy at my work stacks as well, he saw the price dip and ran out and got a credit card and bought about 30k worth of silver. Granted he makes very good money, but betting on the prices sky rocketing like we have all been waiting for, is a little much. Stay in shape, stay financially free, always learn, always forward movement! Keep stacking!
Very sound investment advice. As being financialy stable is important before investing into any commodity. Have u got a silver stacker shop ? As some of the items you collect are not available over here in England .
It is good advice but stacking and collecting can be the vehicle to get someone more focused. When i started stacking i had debt and was only able to buy a few coins now and then but in time my interest grew and i wanted more and more and i realised i had to get my monthly expenses down so i could save more and eventually gave up smoking because i wanted more coins. What i mean is although it is good advice to pay off debts first it could be that buying a couple of coins could have the snowball effect which would not occur if a person just pays down a debt or saves currency to be a good stacker you need to desire the ounces more than the waste and start valuing everything in terms of the metals. Had i took your advice when i first started i wouldnt of bought my first coin because i had debt and never altered my perception of wealth and in all likelyhood still been a smoker and in debt, just another point of view to add to the complexities of our irational brains lol.
Russell Bury That is a very good point, but I know my sister. She always wants what other people have (like the saying keeping up with the Jones). So I don't think she would be buying it for the right reasons or get out of it a new idea on how to live your life. (within your means instead of going into debt) I think all it would do is put her further into debt.
Great info Silver Slacker. My parents taught me at a very young age not to carry any credit card debt and I am so thankful for that. Most of the people I know have credit card problems. Seems the norm and the American way is being a slave to your credit card. I guess I'm not in the norm and less American. Oh yeah... the toning is looking good my friend.
Silver Streak Thanks bud! Yeah my parents carried a lot of credit card debt also, so watching them taught me not to lol. I think the toning is looking great and I am really surprised how quickly it is darkening. Looking forward to seeing how it turns out!
Well said. Need both before making long term investments - and PMs are long term for all but the best of flippers. And many of the flips we see here are by stackers who occasionally flip. CC debt is a killer - buy nothing but food and shelter until it is paid off.
Yes good advice.. I only have 1 CC and I'm about $700 to pay it off.. And of course Mortgage is around the corner so that Needs to be paid.. the vehicle is drive is paid for.. Utilities are a must to be paid.. My aunt told me Your rent/mortgage paid.. Utilities/bills paid.. if you have a little left over Then get what you need/want... But don't over do it..
hey slacker sorry you cant reply to me dont know why .if you wanted to buy silver now what would you invest in silver bars ,silver bullion coins or silver proof coins .ive been looking at the perth mint atm .
Not sure about where you are but here in Aus we have constant balance transfer offers from banks, like 0% for 18 months with a once off 2% charge and the balance reverts to the purchase rate afterwards if not paid off. Could be worth looking into if your sister is really paying 15-20% pa on cards when she could be paying zero. I worked out I could cash advance $10k, then do a balance transfer (cost $200), put that $10k in the bank and earn 3% pa interest (earn $450+). Not my style of earning money but technically it works! Anyway good advice from you man.
+Silver Slacker I appreciate your video bro. Good advice regarding debt. The past couple years I've started collecting silver, but mainly just rounds. Can you tell me the benefit of the "tone" that you're referring to? Does this add to the value or simply for character? You have some really interesting pieces! When buying the kilo did you pay simply by weight? Spot? Thanks again for any advice or help.
+itscork The toning is just for looks and brings out some more character. Sometimes they can bring more money if the toning looks really good. But I don't normally tone items, just a couple that I thought would look really cool that way. As far as buying the kilo, it is the same as buying any size. There is a premium per ounce over spot that the company charged. Apmex sells them. www.apmex.com/product/83861/1-kilo-silver-bar-tombstone-silver-nugget
exactly I buy silver and gold and am debt free and have enough cash for three months (£1,000) as well as my assorted business dealings which allow me to buy silver under spot and I can sell to a dealer if I need as yet I haven't had to liquidate other than to buy the odd bigger piece (so I'll get a few fractional bars and eventually trade for a 10oz bar that sort of thing)
Silver going to go up in the future. Even if she is in debt it still be a great idea to put some aside as well as paying down the debt. I get the interest but the turn over in the future will outweigh the current interest rates that she's paying...
Was married for 18 years to a spender. No more. To quote Dickens' 'Tale of two Cities'....it absolutely was the best of times/it was the worst of times. Nothing, but nothing is more difficult than having a spouse who is a spender, when you are a saver. Free advice. Please take it. (Slightly off the Ag subject, but felt the need to also give my 2 cents).
Good advice! Thanks for your time slacker. I'd say gold is more liquid when trying to sell in a rush, at least that's how it is here in Dubai, you could sell it instantly to many sources available at any time for spot or very slightly less.
great advice and info. I only would add, $1's $5's $10 and $20 is better. Something I learned living in a 3rd world Country. Nobody has change. Toning looking good.
Silverino I have a lot of lower denominations also. I just grabbed the stack of $100's for representational reasons. Yeah I am pretty excited about the toning and how quickly it is happening.
I agree SS for the most part. The only part I don't is the amount of cash for emergencies. For me most emergencies would be covered by various insurances I have. The other worry is a bank closure situation, due to natural (weather) or financial reasons and you can't get your $$. Had an ice storm here cut power for two weeks , all branches of local bank were closed. Only arm was 45 min drive and 300$ max. So if you say to keep that much cash in your house I'd add you better have it protected under surveillance and weapons. ;-)
PharmSilver LOL well protect it is a given, just like I protect all the silver I have :) If someone tried to break into my home, they will end up having a very bad day lol...
I think watching the gold/silver ratio is a good way to make profit long term. Say it's 76-77:1 now. If/when it gets down to 25:1 I'd trade all the silver for gold. Then when it gets back to 75:1 trade back to silver. You make oz's of profit without having to buy anything..
This is so true. I think it is so dumb when people don't pay of their credit cards each month and end up paying 18% on a damn hotdog. I HOPE THEIR $5000 HOTDOG WAS WORTH IT.
Hey just wondering what kind of work you do? Also I wanted to let talk know I started January 3rd after watching your guide is and I hit the 1000 oz mark last week..I'm super excited..I know you said you had rental properties how many of those do you have now?
Brian Madding I run my own small real estate business with just me and my wife. I have 6 rental properties. Congrats on hitting the 1,000 oz mark! That is quite a milestone!
Thank you..yeah I did it in 7 months..nit bad for me..I don't make a lot of money but am amazed at how quick it adds up after you get the silver bug...lol
I don't have debt and I had 3-4 months of cash savings and short change stacked up, but I used all that cash and change to purchase a couple ounces of gold and ounces of silver.
If you do nit turn your bar or coin the reverse side will not tone. If you want both sides you should be turning it over once in a great while. Also the sun will tone them too.
Very sound advice and very nicely put. Cash in reserve, I like it. Ask the people of Greece if they wished they had kept a few months worth of cash outside the bank. I've seen most of my friends fall into the trap of credit. I feel bad for them but you can't really say anything. Live within your means and only buy what you can afford. Sadly the modern translation of that has more to do with how much room they have on their credit card.
You've given your sister some good advice pertaining to paying off her debts. Investing should be about increasing your wealth, not about diminishing it by digging a deeper hole for yourself.
4:07 ... "you're gonna take a loss on it" ... I think so. I am new to coin collecting. I was debating whether to get into buying Silver Eagles, but decided on numismatic coins. I think collector value will stay the same or rise, but bullion prices can fluctuate wildly over the years or months.
+John A for those buying bullion for the short term, for me, doesn't make sense unless they already bought lower and it starts to jump. If prices drop more like some posts here suggest, you only lose if you sell. But if it does drops several more dollars, just buy more, much more. A good option for preppers are the Silver Combi Bars. One size is a 100 - 1 gram sheet, helpful in bartering. I have 4 to add 6 more. Along that line I also have a couple of $100 bags of junk silver; 50 & 10 cent coins each as part of my war chest.
This is some VERY good advice! I was guilty in a similar way when I first started stacking, in regards to student loan debt. Was putting more into silver than the payments *facepalm* Its pretty humbling when you get good advice, don't take it because you think you are smarter, then after the fact you realize how right they were. Thanks for this video, I think it is very much need for beginners!
TheJwb7111 Thanks, I'm glad you enjoyed it and agree with it! Yeah debt is the main way the system holds us down and once you are free of it, life is just so much easier.
Honest and fair advice...however...I do think they should buy an oz a week for each person in the household. Family of 4 is 200 ozs a year..not horrible to have some PM's accessible in your home. In 5 years it's 1000 oz. not too bad for an oz a week for a family of 4 (once a month buy 16 -20oz)
Silver ByTheOz That would be a $200 a month cost for them ($ 2,400 a year). Putting them that much further into debt each month. Just the interest on buying that much silver on Credit Cards would cost them $480 in interest per year. She would be better off putting that $200 a month toward paying down her credit cards, then she would be saving herself $480 in interest charges rather than costing her.
Silver Slacker Of course I agree about paying one's debt off first and foremost. But again, I am always thinking of paying by check when I buy PM's (thus cash) never on credit. They make great livings, ironic how it all goes out..Iike you I am a saver and an investor of sorts so it is VERY difficult for me to imagine being such a spend thrift. Making $100-$200K a year $300 a month should be a cakewalk to put aside for PM's but people are people and want their "things". Thank you for responding back. I hope they get that debt paid off.
Silver Slacker It is an interesting psychological concept and feeling when one sees and feels all that PM in hand. It's ironic how someone can spend so much on insignificant things that end up in a landfill in a short period of time. And PM's which come out of the ground never end up back there....go ponder that one! lol
Eric J Yeah it is definitely crazy how different people can be. My sister and I had the same upbringing, but just turned out as 2 completely different types of people.
I have a stable job, decent income for my age, credit card paid off, a student line of credit balance of 5 grand with 4 percent interest and I'm paying off my student loans comfortably. Would it be a bad idea to purchase silver? I really want to stack now as prep for retirement, but the student loan debt is not from private loans and the interest rates are very low. I'm 23 years old. Should I just focus on paying it all off or would it be safe for me to start purchasing since current silver spot prices are pretty low?
A Goharpour Yeah student loan debt is a low lower interest than Credit Card debt. So it sounds like you are in a good financial place to start buying silver if you want to.
Great Advice! Thanks for this post. My justification for stacking is that it is my emergency fund. Banks don't pay much in interest and I like having tangible assets. I do plan on building up some cash reserves too as a first line of defense. I also say my goal for stacking is 3 to 6 months income equivalent.
I had a wife like that once, 4 maxed out cards when we split. She took those with her. When I paid off my debts I realized I wasn't as poor as I thought. Thats when I heard about silver prices. The rest is history.
Gold is the money of kings; Silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves.
Absolutely!
not necessarily.
Amazing
And poured silver is the hedge of “c’mon man you gotta give me more than than that for thissers. I try to stick with constitutional silver or coinage. Easier to recognize, less haggling quicker sell.
Debt is fine when its return is solid, home loan, college loan. It's the kinds of superficial debt that people take on to live beyond their means for the sake of appearances that is short sighted and ridiculous.
Excellent, excellent advice! I don't have much money, but I don't have credit cards either! Got rid of ALL my debt back in 2005. All I have now is a car payment. I buy about $50 worth of silver per week, that's what I can spare right now, and I use cash baby!
Eddie Sandoval Thanks Eddie! It sounds like you have it all figured out! Great job!
that the way to do it i get about 100 at a time don't go all out on getting silver it build up before you know it you have a lot of silver i just got started about 3mo ago but im doing it for my son so when i die he have something from me and he can get a car are a home that what i'm doing it for but that me tho good luck
Cheers dude. Cash is the way to go. Debt free club!!
It's amazing that this isn't common sense to everyone -
1. Pay off your high-interest debt before investing in ANYTHING - cutting interest payments is guaranteed returns.
2. Build up an emergency fund - 3-6 months of expenses minimum
3. Now start considering investing.
Or 1 Get a loan. 2 Build a company that gets profit. 3 Pay off the loan with money built up from profits.
Great advice slacker. . I'm working on saving 6 months worth of expenses at the moment although I still make it a habit of buying one silver eagle every other paycheck. 😉
shes excited because she wants your stash
When to buy silver:
Always
plasterofparisify HOARD IN TIMES OF CRISIS.....IT'S TIME !!!!
Everytime I have a spare 20.00 I buy silver! so in a week's time I buy 10 oz a week
now it's going to go up soon way up i hope
When to buy silver: when the economy begins to contract.
When to sell silver: when the economy begins to expand.
Bullion acts as a ratchet effect. You move your money to securities in a good economy so that it grows and move it to bullion in a bad economy so that it doesn't shrink.
@@laquintonpiggee5855 woah
I got no debt.
I got bills.
I got self control (I hope).
I got PMs.
I got it going on.
Salboy LOL, that is great! "I got it going on" all I could think of was HiHo's video :)
Salboy I bought SILVER on CC and keep transferring the balance to keep it at ZERO PERCENT
THE ADVANTAGES OF THIS IS NOT ONLY AM I NOT PAYING INTEREST BUT I CAN SELL THE SILVER AND TOTALLY PAY OFF THE CC
POINT IS IF SILVER GOES UP UP UP I'M GONNA REALLY CASH IN
Salboy got my cake and eat it too
Silver Slacker and have shit credit
100% correct on the credit card dept issue, pay off depts first.
Debt not dept
The best revenge is to live well :)
There is lots of people living like that, even myself did it before i got into silver. Best thing about silver is that not lots of people need to know about your saving. Great advice to your sister. Thank you!
Mike´s CoinShow Thanks! Yeah unfortunately there are a lot of people living with a lot of credit card debt. Glad to see that you turned it around.
I agree with you 100% dont be saving or investing in PM's if you have any debt, and never ever buy PM's on Credit Cards if you dont have the funds in you account to settle it !!
24K ArabiaFelix Yeah, it is crazy how some people do that...
Very well said. I owe nothing to no one and that's how I've lived my whole life so I hear you man. Great video, great advice for people
Thanks so much, I'm glad you enjoyed it!
OK
No credit card debt- Check
House paid off- Check
No car loan- Check (Paid cash for them)
No student loans- Check (The boys are out of college debt free)
Cash reserves- Check
Teacher retirement and insurance income- Check
Mutual funds and IRAs- Check
Can I buy a little silver now? Good Luck and God Bless!
silverhair stacker LOL you have my full approval to buy some silver my friend :)
Good advice. I use my credit card for basically everything. I accumulate points which can be redeemed as credit on my credit card, in turn I can buy whatever I want with that. I have paid zero in interest. If I don't have the money to buy something, I don't use my credit card.
Jesse Silver Oh absolutely! I use my credit card all the time for the points and cash back. But never carry a balance as interest charges are evil!
Jesse Silver Me too. I make money off the banks, never let them make money off me. Just bought another couple hundred in silver eagles tonight at 5% cash back. Price is low but edging up. Love the benefits of paying off credit cards on time, I guess all the non-responsible people are paying our benefits.
+Aaron Steffens just curious what card you are using that gives 5% cash back. My current card only gives 1% cash back.
Aaron Steffens your actually not making money off of them. They charge the vendor about 2 percent per transaction of which I assume you get back 1 percent. They still make their money. Plus studies show you end up spending more. Not hating I do it to just stating the facts
Shawn Silver most likely a chase freedom card or the discover card. Both have changing categories where you can get 5 percent back. For the discover card this quarter it's gas, wholesale clubs and ground transportation.
I agree to a point. if at all possible I thin it is important to put a budget toward silver, and debt. when were were paying off our first set of student loans, we put a ton towards those first but still put $100 into silver and some into savings. its important to be extremely intentional about paying off the debt, but you also have to build assets at the same time. for those looking for a buying guide, I am starting a weekly deals playlist. going to try and help find the best pries for the under $100, $100-$200 and 200+ price ranges. love you videos man! keep on showing us the amazing choices out there!
Thanks, and it sounds like you have a great plan that you have instituted.
My Silver on my desk does the same, it looks cool, Same shit here, no Dept, House paid for, Making dam good money and putting 20 % in Gold and silver, I just like the cool silver items, bigger on gold since I just love holding thousands in one hand..makes you feel like a king!
+Jay Mail Great job Jay! You are ahead of 99.999% of all other people! Keep up the great work and yeah I love how some of this silver tones up!
it feel good to
Well said Silver Slacker! The only thing I can say about stacking is that it gets you looking at money from a completely different point of view! I have no debt except for a small mortgage cheaper than most people's but I didn't pay off my car loan until AFTER I started stacking. I wanted to get the money out of the bank while satisfying a debt. I was at the drive thru today and in the past I would have given them exact change. Now I give them greenbacks only and inspect my change for real copper or silver! I usually don't find it, but the point is I never cared before I started stacking! I could go on, but you get the idea! Thanks for your video!
LadyLibertyStacker Thanks LLS :) I guess that is another way to look at it, but I think her situation is a little different. Having so much credit card debt is taking all her spare money for the interest on that debt. So if she was to buy silver it would go on the credit card which I think would put her in an even worse situation. I have tried to talk sense into her for many years, but she just likes the instant gratification I guess.
Your are probably right as you know your sister better than we do! Some things never change, but maybe someday she'll get it! :-)
I like buying silver because I get to shop and buy something and get something in the mail but I'm not actually spending money; I'm just changing it.
As always, I love your vids Slack. Great advice--I too am a frugal saver and love to stack my cash silver-style. Keep up the good work
my friend. I'm a loyal sub.
Scott Gable Thanks Scott, that is very nice of you to say!
My sister is the same way. I don’t like debt, my generation graduated from college into the Great Recession. Everyone I know has been laid off and suffered a period of unemployment at some point. I have everything paid off and savings before I was able to start stacking. Very good advice
Great job and yeah you are already ahead of 99% of most Americans. BTW I just checked out your first video and welcome to the community :)
My silver stack is puny compared to yours, I have a small collection of vintage paper money to go with it, mostly just because of how cool it looks. But I'm proud to say that at 31 I am 100% debt free. Never had a credit card, everything I own I bought with cash! This channel is great, I just found it yesterday but I'm inspired. Cheers, man.
Thanks for the info. There are certain types of debts though that are a benefit rather than paying to the government, Home loans and leases. Much to consider that I didn't think about before I heard this.
What a great service this video provided! It does my heart good to see when key YT people give this type of advice. As you know, I worry that some are getting in way over their head! Listen to Silver Stacker, as building wealth takes a lot more than just stacking! Thanks Silver Stacker :)
Cull Silver Yup, even if 1 other person listens to this advice it would have been worth it. I hate to see people in debt buying PM's. Or even worse, go into debt to buy them.
+Silver Slacker great advice. I'm always looking for your vids. What do you do for a living If you don't mind me asking.
+D Tsa I own a small real estate business that is just me and my wife. The money I put into silver is from my Rental properties that I own. I did a video on it about 2 years ago: ua-cam.com/video/si8VW3Vt9Ko/v-deo.html
I tell people don't invest in outside things first. Getting out of debt is the best investment to start with if you owe more then you have you have nothing.
#2 do not in vest in what you don't understand even if you saw it on tv do your home work.
I spent at least 4-10 times as much time researching an asset then working with the asset.
+Michael Paliden I agree 100%
+Michael Paliden That's great advice
Well obviously if cash becomes worthless then it would be easy to pay off any debts. But who knows how long that will be before that happens. They have kept this ponzi scheme going for a long time now and it could be another 20 or 30 years before it all busts. All the while people with a lot of debt are pretty much owned by their lenders because they have to pay so much in interest.
what happens when your too busy paying off ur debt and a economic collapse hits? Eat and chew people!
Very good points you made, I would, however, recommend you let her buy a couple hundred $ of metals for two months so she can see what her dollars can buy. Her trigger is buying so you have to redirect her purchases somewhere else. This will be her motivation to save and pay off credit cards. I'd even recommend her first purchases are a few semi numismatic pieces like lunars so she can see an increase in her investment soon. Then you can talk to her about diversifying her stack later on.
Erli niner Well that sounds like a great plan, but my fear is that she would just go even further into debt buying silver. It isn't like she is maxed out on her credit cards, so she could buy another 10-20k in silver which she would then have to pay about 20% on a year. Unfortunately she just isn't disciplined like many of us stackers. I have tried to show her what I have accumulated making even less money than her. I was hoping that would inspire her to work off her debt since it was costing her so much more money.
I agree, but i think you & I could spout off that advice until we are blue in the face & there would still be people buying who are paying massive amounts of interest on debts at the same time.
I think you already know this, but being the wise old git that I am, I paid off my mortgage early which was a great middle finger to the banks & has given me the ability to choose what i spend the money on that would have been going in the bankers pockets.
CyberCurtainTwitcher Yup, paying off not only all your debts, but your mortgage also is an impressive feat! It is crazy how different people can be. Some people want instant gratification and spend every dollar they have while like many of us stackers we want to plan for the future. It is just as hard for us to talk them into living below their means for awhile so they pay off their debt as it would be for them to tell us to go charge up all our credit cards lol.
CyberCurtainTwitcher Way to go-who needs banksters lurking in the shadows hoping you'll go into foreclosure! Well done!
Amen brother, good advice. Until it's fun saving, silver is not a good idea. Silver is a potential, not a consumable.
Been there, done that. 6 months out of work from an extensive hospital visit
Good vid! Thanks for taking the time to make a vid like this. Love the toning on the privateer round.
vulcan5678 Thanks I'm glad you enjoyed it! Yeah the privateer round is starting to look really nice. Looking forward to how it turns out. I will share it with everyone.
Great advice. People should have a pretty good sum of cash on hand in case of an emergency. Precious metals should be seen as dead money. The moment you buy them, you should look at them like a 401K. You can't cash it out in you're 60. Unless you're already 60, in which case I don't think precious metals are a wise way to invest your money.
I have recently started silver stacking, hope to add a few grams of gold and platinum eventually. but i only buy a few ounces at a time since i know that is what i feel comfortable spending every few months.
I do love the privateer silver round. I received mine not too long ago and it was much bigger then i thought it would be.
+Wing Raim Very cool! Congrats on starting your stack! Yeah I am a big fan of the Privateer rounds also.
I gotta say, this can be very tough words of wisdom to live by but it truly is really good advice. Debt sucks.
Thanks, and yes it does. It is so sad so many are in such debt they pretty much work for the banks to pay all that interest :(
Good for you to speak up and stand up for your sister. Procting her from even more debt. This doesnt really apply to me since im kinda young hahaha. But for a lot of people debt is a HUGE deal. And defintely a topic that needs to be spoken off on terms of silver. Keep up the great work man!
Silver Grabber Thanks SG, luckily you seem to have a good head on your shoulders so you should never get yourself into debt like that!
Silver Slacker my parents have debt on their house and cars. But they arent into silver or raking control of it. They just ride it out. Haha. Cant control some people. Happy stacking
I too am a saver. Which is why silver and I have a bond. When I buy silver I don't buy thinking about selling it regardless of spot. My reason to stack it is when its the year 2040 and I can retire and the fiat in my bank has limited purchasing power and retirement savings is taxed beyond belief. Silver is my black market retirement fund.
morelli tech Oh I agree 100% I could care less what the current price of silver is doing. Actually I guess that is a lie because I want it to go down so I can continue buying since I am in accumulation phase lol. My time frame is about 20 years from now, and I like the fact that is it "off the books" wealth.
Gold is for Kings. Silver is for the rich.
So true.
Only buy what you can afford and store away for a while.
Buying silver and gold with no revolving credit debts is good advice.
Silver Orgold Thanks bud! Yeah I think some people get a little to excited and buy more than they can really afford.
Absolutely on point. I got rid of my credit card debt thanks to one of my best friends in life. Now I buy silver and gold and never plan to sell it.
Tomorrow makes 2 months stacking I have 0 credit card debt.. Thank God… Im looking as a goal 10/500 gold/sliver as of today I’m at 9.1/332 oz. I really enjoy the community ✊
Please keep us updated as they tone. I'm interested. I might keep something out in future to watch it tone. 👍
Bullion Head Thanks, I absolutely will!
You think just like me. Before I started stacking I paid all my CC off and have a very nice stack in the bank. You really never know what will happen. Oh that other video you had on gold, I just bought my first 1/2 ounce gold lunar coin. Year of the goat. The lunar coins look like they are doing good. Thanks for sharing and keep the videos coming
roadkill2342 Thank you my friend, I am glad that you liked both videos and congrats on the gold lunar. They seem like they do pretty well.
By far the best non biased video produced by a stacker
Thanks so much Rodney, I'm glad you enjoyed the video.
I use silver stacking to help build my credit! I'm 20 going on 21 pretty soon. I don't make a hell of a lot of money, still in university, but I allot myself a certain amount of money per two weeks to buy silver. $100 on my credit card and $100 on my debt card. The reason I do that is I then can pay my credit card, with no problem, building my credit up. Been doing this for a while. This has allowed to me have a very very good credit score, especially for my age, which will hopefully help me out as I grow older.
That is awesome great job! It sounds like you have it figured out!
simple and informative, good video. I have a question how and where do you store your silver, would it be better at a safety deposit at a bank (IM Canadian if tht matters), at home in a safe or something or another spot.
Thanks! Everyone is a tad different when it comes to how they are comfortable on keeping their stack secure. I actually did a video on it a couple weeks ago: ua-cam.com/video/G_eJ7798Zr8/v-deo.html
That is a great sound opinion. You have your head in the right place
I just recently cleared all my debt with the exception of monthly rent in car insurance. I am now stacking silver with every remaining dollar left of paycheck. I tried to keep a little cash set aside. but I don't make those big bucks like you do. I only hope I can stack as much as you have before it gets out of reach. and I do agree banks are not a good place to keep your wealth. man I got a lot of catching up to do. wish I would have been smarter 20 years ago.
+Dano Themano Dano, that is awesome! Congrats on getting out of debt! That is the first step to becoming wealthy! Most people can't say they are out of debt, that's for sure!
I've had no experience from CC debt as I'm too you to own a CC but from what I've learnt it's a nightmare. Buying silver when In debt that is increasing would be ridiculous unless you had some sort of inside knowledge on a price fixing boom of silver.
I've also been looking forward to see the toning of that tombstone, it's looking very nice but that privateer! Now that's toning very nice and very fast.
Young SilverStacker Thanks, and very smart of you to stay out of CC debt when you get older! Yeah I am amazed at how quickly this Privateer round is toning! So looking forward to how it turns out.
Is the privateer round starting to get toning?! Post a video about it! How long have you been keeping it out on your desk?
Some very good advice especially since I can't even apply for a cc yet...I don't have any debt to get out of and from some great advice, I will only use CCs when I know I can easily pay it back
SilverStacking pro Thanks, yeah when you can get CC use them to your advantage and pay them off each month so you don't pay any interest on them.
Agree, pay off that debt first and then start stacking. Great advice. Tell me what you think about my stacking video.
Great advice. Agree 100%. Silver is toning very nicely :)
Iggy Reserve Thanks Iggy, yeah I am pretty excited the toning is happening so quickly.
Ok 17 and ok getting into silver, I’m buying my first ounces ($100 with) in a few days
how that going
what a good entry to a video, just loads and loads of silver raining down. looks cool
LOL thanks Alex, I'm glad you like it :)
This is some of the best advice for a beginner stacker.
+CrimsonGreaver The best advice for someone new to stacking is to buy what you like, and to shop around for the best deals and be mindful of the shipping costs some companies charge.
+Silver Slacker Thanks SS. I'm in Canada so shipping is a concern. Also the exchange rate US to Cad is a bit high at the moment. I'm not sure if I should buy or wait. Any ideas or advice you can give to foreign stackers?
im the only one of my parents kids that knows how to work and save money. I used to be 6 grand in cc debt. It took me 2 yrs to pay it off. When it comes to silver I buy a few ounces here and there. I dont need a monster box of silver eagles. 96% of my savings are in cash. I have accumulated around 130 ounces of silver in the last year. I can buy more if I want I just choose not to. Your giving some damn good advice. Why I watch your videos, you have quite a bit of knowledge.
Joshua Rose Thanks Joshua and it sounds like you have it all figured out! That's great!
Ideally, it's better to leverage CCs rather than get leveraged by them. There's a saying, "Cash is King". Silver is nice to have, but fiscal responsibility is a whole different ball game.
MrVegiita Yup! I use CC's all the time for the cash back of them or special offers they give. I never carry a balance that makes me pay interest though.
MrVegiita Credit is King,
oil man Its the king b/c it enslaves you.
bob boberson oil man LOL, in many ways, Credit has become close to the King.. Maybe call it The Queen ;)
MrVegiita credit is king if leveraged properly... since credit can maximize "cash is king" but it is very tricky...
It's sad you have to explain this to people. A guy at my work stacks as well, he saw the price dip and ran out and got a credit card and bought about 30k worth of silver. Granted he makes very good money, but betting on the prices sky rocketing like we have all been waiting for, is a little much. Stay in shape, stay financially free, always learn, always forward movement! Keep stacking!
ROBINSON4942 Wow, that is crazy! It amazes me how different people can be!
Watch, we are all "shame on you credit card user!" Tomorrow silver goes up to $600 an ounce. Shit.
ROBINSON4942 LOL, well that wouldn't bother me much :) I would admit I gave people the wrong advice, while selling for huge profits :)
Very sound investment advice. As being financialy stable is important before investing into any commodity. Have u got a silver stacker shop ? As some of the items you collect are not available over here in England .
DALINKUP Thanks, and you are correct! Nope I don't have a shop, because I'm not really selling anything right now.
My son is like your sister...but lately he's been turning a corner and saving more....hope she does also...Great vid. And topic S.S. :)
PART TIME PREPPERS Thanks PTP! I am hoping she follows my advise and starts paying off some of that crippling debt!
You always have the best visuals in your videos. I could turn the audio off (which I don't) and still enjoy the video.
+proofset Thanks, I'm glad you enjoyed it :)
It is good advice but stacking and collecting can be the vehicle to get someone more focused. When i started stacking i had debt and was only able to buy a few coins now and then but in time my interest grew and i wanted more and more and i realised i had to get my monthly expenses down so i could save more and eventually gave up smoking because i wanted more coins.
What i mean is although it is good advice to pay off debts first it could be that buying a couple of coins could have the snowball effect which would not occur if a person just pays down a debt or saves currency to be a good stacker you need to desire the ounces more than the waste and start valuing everything in terms of the metals. Had i took your advice when i first started i wouldnt of bought my first coin because i had debt and never altered my perception of wealth and in all likelyhood still been a smoker and in debt, just another point of view to add to the complexities of our irational brains lol.
Russell Bury That is a very good point, but I know my sister. She always wants what other people have (like the saying keeping up with the Jones). So I don't think she would be buying it for the right reasons or get out of it a new idea on how to live your life. (within your means instead of going into debt) I think all it would do is put her further into debt.
Thanks for sharing good advice. I have no bank debt now and such a good feeling. No credit cards. If I don't have the money I don't spend. Take care.
silvernut FL That is a great way to live your life!
Great info Silver Slacker.
My parents taught me at a very young age not to carry any credit card debt and I am so thankful for that. Most of the people I know have credit card problems. Seems the norm and the American way is being a slave to your credit card. I guess I'm not in the norm and less American. Oh yeah... the toning is looking good my friend.
Silver Streak Thanks bud! Yeah my parents carried a lot of credit card debt also, so watching them taught me not to lol. I think the toning is looking great and I am really surprised how quickly it is darkening. Looking forward to seeing how it turns out!
Well said. Need both before making long term investments - and PMs are long term for all but the best of flippers. And many of the flips we see here are by stackers who occasionally flip.
CC debt is a killer - buy nothing but food and shelter until it is paid off.
Irish Folly Thanks bud! Yeah I buy for the long term. Pretty much a 20 year outlook on silver for me.
Yes good advice.. I only have 1 CC and I'm about $700 to pay it off.. And of course Mortgage is around the corner so that Needs to be paid.. the vehicle is drive is paid for.. Utilities are a must to be paid.. My aunt told me Your rent/mortgage paid.. Utilities/bills paid.. if you have a little left over Then get what you need/want... But don't over do it..
Christopher Sanchez Yup, it appears most of us stackers have the same mentality and we are savers and stay out of debt whenever possible.
hey slacker sorry you cant reply to me dont know why .if you wanted to buy silver now what would you invest in silver bars ,silver bullion coins or silver proof coins .ive been looking at the perth mint atm .
Not sure about where you are but here in Aus we have constant balance transfer offers from banks, like 0% for 18 months with a once off 2% charge and the balance reverts to the purchase rate afterwards if not paid off. Could be worth looking into if your sister is really paying 15-20% pa on cards when she could be paying zero.
I worked out I could cash advance $10k, then do a balance transfer (cost $200), put that $10k in the bank and earn 3% pa interest (earn $450+). Not my style of earning money but technically it works! Anyway good advice from you man.
Sum bloke Thanks for the advice and that is a very smart way to do it.
+Silver Slacker
I appreciate your video bro. Good advice regarding debt. The past couple years I've started collecting silver, but mainly just rounds. Can you tell me the benefit of the "tone" that you're referring to? Does this add to the value or simply for character? You have some really interesting pieces! When buying the kilo did you pay simply by weight? Spot?
Thanks again for any advice or help.
+itscork The toning is just for looks and brings out some more character. Sometimes they can bring more money if the toning looks really good. But I don't normally tone items, just a couple that I thought would look really cool that way. As far as buying the kilo, it is the same as buying any size. There is a premium per ounce over spot that the company charged. Apmex sells them. www.apmex.com/product/83861/1-kilo-silver-bar-tombstone-silver-nugget
exactly I buy silver and gold and am debt free and have enough cash for three months (£1,000) as well as my assorted business dealings which allow me to buy silver under spot and I can sell to a dealer if I need as yet I haven't had to liquidate other than to buy the odd bigger piece (so I'll get a few fractional bars and eventually trade for a 10oz bar that sort of thing)
Silver going to go up in the future. Even if she is in debt it still be a great idea to put some aside as well as paying down the debt. I get the interest but the turn over in the future will outweigh the current interest rates that she's paying...
Just my brother knows about my silver, gold, and BTC. The No Prey No Pay coin is awesome.
Was married for 18 years to a spender. No more.
To quote Dickens' 'Tale of two Cities'....it absolutely was the best of times/it was the worst of times.
Nothing, but nothing is more difficult than having a spouse who is a spender, when you are a saver.
Free advice. Please take it.
(Slightly off the Ag subject, but felt the need to also give my 2 cents).
Good advice! Thanks for your time slacker.
I'd say gold is more liquid when trying to sell in a rush, at least that's how it is here in Dubai, you could sell it instantly to many sources available at any time for spot or very slightly less.
Fivology Thanks! Yeah gold is a little easier to sell in a pinch a little under spot price.
you sir are very wise. in retrospect this should all be common sense but then again the silver bug is mighty
Thanks so much Tom, and yes you can be bit by the silver bug pretty hard :)
Excellent advice. I agree completely.
Awesome advice. I agree with you completely.
SILVER ROOKIE Thanks bud :)
Great video my friend, your bringup some great points. I agree with you, it is very important to stay out of debt. Thanks for sharing:)
SilverPicker Thanks SP, I'm glad you liked it! :)
Anytime buddy and i dont know who wouldnt like your videos, they are awesome!!
great advice and info. I only would add, $1's $5's $10 and $20 is better. Something I learned living in a 3rd world Country. Nobody has change. Toning looking good.
Silverino I have a lot of lower denominations also. I just grabbed the stack of $100's for representational reasons. Yeah I am pretty excited about the toning and how quickly it is happening.
I agree SS for the most part. The only part I don't is the amount of cash for emergencies. For me most emergencies would be covered by various insurances I have. The other worry is a bank closure situation, due to natural (weather) or financial reasons and you can't get your $$. Had an ice storm here cut power for two weeks , all branches of local bank were closed. Only arm was 45 min drive and 300$ max. So if you say to keep that much cash in your house I'd add you better have it protected under surveillance and weapons. ;-)
PharmSilver LOL well protect it is a given, just like I protect all the silver I have :) If someone tried to break into my home, they will end up having a very bad day lol...
I think watching the gold/silver ratio is a good way to make profit long term. Say it's 76-77:1 now. If/when it gets down to 25:1 I'd trade all the silver for gold. Then when it gets back to 75:1 trade back to silver. You make oz's of profit without having to buy anything..
+Siris Mc Oh I agree, that is why I did a video on it: ua-cam.com/video/fLeoqi5pye0/v-deo.html
This is so true. I think it is so dumb when people don't pay of their credit cards each month and end up paying 18% on a damn hotdog. I HOPE THEIR $5000 HOTDOG WAS WORTH IT.
Such a good video it's needs to be bookmarked.. Thanks
+Bullion Showcase Thanks, I'm glad you enjoyed it!
Hey just wondering what kind of work you do? Also I wanted to let talk know I started January 3rd after watching your guide is and I hit the 1000 oz mark last week..I'm super excited..I know you said you had rental properties how many of those do you have now?
Brian Madding I run my own small real estate business with just me and my wife. I have 6 rental properties. Congrats on hitting the 1,000 oz mark! That is quite a milestone!
Thank you..yeah I did it in 7 months..nit bad for me..I don't make a lot of money but am amazed at how quick it adds up after you get the silver bug...lol
I don't have debt and I had 3-4 months of cash savings and short change stacked up, but I used all that cash and change to purchase a couple ounces of gold and ounces of silver.
Great job on having no debt! Very few people can say that!
Yeah, because I've never built up my credit yet and i dont even have a credit card.lol.
If you do nit turn your bar or coin the reverse side will not tone. If you want both sides you should be turning it over once in a great while. Also the sun will tone them too.
+Construction And Stacking Yeah I keep mine standing up on my desk, so both sides are to the air.
This is the video ive been looking for, Thx
a very responsible man he is.
Very sound advice and very nicely put. Cash in reserve, I like it. Ask the people of Greece if they wished they had kept a few months worth of cash outside the bank.
I've seen most of my friends fall into the trap of credit. I feel bad for them but you can't really say anything.
Live within your means and only buy what you can afford. Sadly the modern translation of that has more to do with how much room they have on their credit card.
Fiat2 Bullion Yup, I have done very well for myself actually living below my means. It is crazy how many people over spend all the time.
You've given your sister some good advice pertaining to paying off her debts. Investing should be about increasing your wealth, not about diminishing it by digging a deeper hole for yourself.
Tom Samad Thanks Tom, I thought so. Now if she would only listen! :)
Thanks for the video. Great job
+Jesse DeGroat Thanks!
Your advice is as good as gold! I live by it.
Domo Thanks Domo :)
4:07 ... "you're gonna take a loss on it" ... I think so.
I am new to coin collecting. I was debating whether to get into buying Silver Eagles, but decided on numismatic coins. I think collector value will stay the same or rise, but bullion prices can fluctuate wildly over the years or months.
+John A They sure can, all you have to do is look at the past to see how much bullion prices can fluctuate!
Thanks for these videos though...I am watching a lot of different opinions on collecting. I still might have a diversified collection >
+John A for those buying bullion for the short term, for me, doesn't make sense unless they already bought lower and it starts to jump. If prices drop more like some posts here suggest, you only lose if you sell. But if it does drops several more dollars, just buy more, much more. A good option for preppers are the Silver Combi Bars. One size is a 100 - 1 gram sheet, helpful in bartering. I have 4 to add 6 more. Along that line I also have a couple of $100 bags of junk silver; 50 & 10 cent coins each as part of my war chest.
This is some VERY good advice! I was guilty in a similar way when I first started stacking, in regards to student loan debt. Was putting more into silver than the payments *facepalm* Its pretty humbling when you get good advice, don't take it because you think you are smarter, then after the fact you realize how right they were.
Thanks for this video, I think it is very much need for beginners!
TheJwb7111 Thanks, I'm glad you enjoyed it and agree with it! Yeah debt is the main way the system holds us down and once you are free of it, life is just so much easier.
Just great advice you never know i was healthy my entire life then got very sick so slacker is giving great advice
Honest and fair advice...however...I do think they should buy an oz a week for each person in the household. Family of 4 is 200 ozs a year..not horrible to have some PM's accessible in your home. In 5 years it's 1000 oz. not too bad for an oz a week for a family of 4 (once a month buy 16 -20oz)
Silver ByTheOz That would be a $200 a month cost for them ($ 2,400 a year). Putting them that much further into debt each month. Just the interest on buying that much silver on Credit Cards would cost them $480 in interest per year. She would be better off putting that $200 a month toward paying down her credit cards, then she would be saving herself $480 in interest charges rather than costing her.
Silver Slacker Of course I agree about paying one's debt off first and foremost. But again, I am always thinking of paying by check when I buy PM's (thus cash) never on credit. They make great livings, ironic how it all goes out..Iike you I am a saver and an investor of sorts so it is VERY difficult for me to imagine being such a spend thrift. Making $100-$200K a year $300 a month should be a cakewalk to put aside for PM's but people are people and want their "things". Thank you for responding back. I hope they get that debt paid off.
Silver ByTheOz Thanks my friend, I hope so to! I think I got through to her by showing her how well I am doing making less money than her.
Silver Slacker It is an interesting psychological concept and feeling when one sees and feels all that PM in hand. It's ironic how someone can spend so much on insignificant things that end up in a landfill in a short period of time. And PM's which come out of the ground never end up back there....go ponder that one! lol
Eric J Yeah it is definitely crazy how different people can be. My sister and I had the same upbringing, but just turned out as 2 completely different types of people.
I have a stable job, decent income for my age, credit card paid off, a student line of credit balance of 5 grand with 4 percent interest and I'm paying off my student loans comfortably. Would it be a bad idea to purchase silver? I really want to stack now as prep for retirement, but the student loan debt is not from private loans and the interest rates are very low. I'm 23 years old. Should I just focus on paying it all off or would it be safe for me to start purchasing since current silver spot prices are pretty low?
A Goharpour Yeah student loan debt is a low lower interest than Credit Card debt. So it sounds like you are in a good financial place to start buying silver if you want to.
Great Advice! Thanks for this post. My justification for stacking is that it is my emergency fund. Banks don't pay much in interest and I like having tangible assets. I do plan on building up some cash reserves too as a first line of defense. I also say my goal for stacking is 3 to 6 months income equivalent.
+Silverbooya That is a great plan!
Great advice and super tombstone 😉
Mancunian Stacker Thanks my friend! Yeah that tombstone is looking pretty cool :)
I had a wife like that once, 4 maxed out cards when we split. She took those with her. When I paid off my debts I realized I wasn't as poor as I thought. Thats when I heard about silver prices. The rest is history.
John Hartley Yup, when you have no more debt, it is amazing how much more money you have every month.
Good advice.In my view , the purchase of PM's are a luxury allowed only if one is financially sound. Pay off your debts first.
Mr Stacker Thanks, I couldn't agree more!
Great video, being debt free is true freedom.
SilverTurtle65 Thanks, I agree 100%