Page 3 of 7 FirstFirst 1234567 LastLast
Results 21 to 30 of 64

Thread: Focus on student loan or buy PMs

  1. #21

    Default

    Quote Originally Posted by HeavyMetalIronSteel View Post
    If you end up getting Alzheimer's disease you may not know where you stashed away your six months of money and may lose 60 to 80 grand. Best of luck remembering. It's not just healthcare and jobhunting.
    Yes. There are two signs you are getting older.

    1) The first is forgetfulness.
    2)
    Legal Disclaimer: I am not a doctor, nor do I play one on TV.

    "It's tough to make predictions, especially about the future." -- Yogi Berra
    A variant of this has also been attributed to physicist Niels Bohr, and others.

    "Tis against some menís principle to pay interest, and seems against othersí interest to pay the principal." -- Benjamin Franklin

    The School of Hard Knocks is where you get the lesson after you fail the test.

    Book title: "The Best Way to Rob a Bank Is to Own One"

  2. #22

    Default

    Quote Originally Posted by AZcats View Post
    I don't think OP gives is enough information about his situation for asking the question he is asking.

    Does the OP have a job currently? How much is he making? Does he even need an emergency fund? Maybe he just finished up school and is living with family holding down a temp job as a server that he isn't intending on making a career. We don't know his age, his goals with silver, or anything at all. Is he going to be making 75k a year in a 2-5 years? Does he plan on buying and holding silver for the next 20 years? Does he want to pay off the debt as soon as possible? Or does he not care if he pays interest on it for 20 years.

    There are too many vague threads started on these boards. A college grad should be able to realize that he needs to give more info with respect to his question, to get better answers. But you are on the right track/mindset OP.
    True . . . but not knowing anything . . I'll offer up that I would like to tell my younger self . . .

    Max out the 401k company matching, pay the minimum toward student loan debt, try to get 200 month into a mutual fund / roth ira to get compound interest under way . . . Yes, one needs a savings of 3-6 months . . in cash . .and the discipline not to spend it. . . after that. . maybe PMs . . no . probably hit the debt repayment harder . . guaranteed 3%. . then PMs . . no probably then more investment in stock markets . . you're young, go with a high risk / reward and hope for he best. .. after that works. . and after there's a goodly amount of wealth to preserve . .then get some income earning real estate, rentals, farms, oil wells, parking lots, laundry mats and other small businesses, and then . . after that .. put aside a portion of the portfolio in PMs . . .




    Quote Originally Posted by SilverStocker View Post
    I didn't invest in anything until my mid 30s. I surely wish I would have started much sooner.
    Yes indeed. See chart.

  3. #23

    Default

    Quote Originally Posted by The Sage View Post
    True . . . but not knowing anything . . I'll offer up that I would like to tell my younger self . . .

    Max out the 401k company matching, pay the minimum toward student loan debt, try to get 200 month into a mutual fund / roth ira to get compound interest under way . . . Yes, one needs a savings of 3-6 months . . in cash . .and the discipline not to spend it. . . after that. . maybe PMs . . no . probably hit the debt repayment harder . . guaranteed 3%. . then PMs . . no probably then more investment in stock markets . . you're young, go with a high risk / reward and hope for he best. .. after that works. . and after there's a goodly amount of wealth to preserve . .then get some income earning real estate, rentals, farms, oil wells, parking lots, laundry mats and other small businesses, and then . . after that .. put aside a portion of the portfolio in PMs . . .
    You have laid out a good plan of action in an ideal world, where one doesn't live paycheck to paycheck. For most, that plan is not practical. I suppose you're suggesting in a way that most shouldn't invest in PM's since most will never achieve half the investments/plan you have laid out and ever get to the invest in PM's part at the very end...

  4. #24
    Join Date
    Jul 2015
    Posts
    8

    Default

    Wow! I am very appreciative of the advice and the number of people who commented. I wish I was as young as some have assumed, but I am in my mid-30s already. Married with a family, a mortgage and a bunch of school debt (engineering degree plus masters). Messed around for about 5 years after high school and got somewhat of a late start on career. I got into silver in 2008ish and bought my first 10 oz bar at $15.50/oz. Held onto about 80 ounces and then sold in 2010 to pay for family stuff. Been checking the charts about weekly ever since. My wife and I got into the Dave Ramsey thing a couple of years ago and have eliminated her student loans, all credit card debt. Just the student loan debt at 3% now. Ramsey would say pay off the debt and then build the emergency fund, and that has been my plan. But at 3% fixed its not like credit card debt (debt is debt, i know).

    The 401k table above is incredible and really disappointing for me at the same time. I don't think I am an idiot, but I sure missed the mark on learning about how to be financially sound. Anywho, after reading the comments I have a plan.

    1) Continue to pay minimum SL monthly payment
    2) Get a part time job
    3) Reserve those earnings for 1/2 emergency and 1/2 extra debt payments
    4) Build emergency with 50% cash and 50% PMs

    I figure the part time job money is extra so this wont impact our other obligations much. Thanks again for the advice.

  5. #25

    Default

    Quote Originally Posted by JoJoBlazini View Post
    Wow! I am very appreciative of the advice and the number of people who commented. I wish I was as young as some have assumed, but I am in my mid-30s already. Married with a family, a mortgage and a bunch of school debt (engineering degree plus masters). Messed around for about 5 years after high school and got somewhat of a late start on career. I got into silver in 2008ish and bought my first 10 oz bar at $15.50/oz. Held onto about 80 ounces and then sold in 2010 to pay for family stuff. Been checking the charts about weekly ever since. My wife and I got into the Dave Ramsey thing a couple of years ago and have eliminated her student loans, all credit card debt. Just the student loan debt at 3% now. Ramsey would say pay off the debt and then build the emergency fund, and that has been my plan. But at 3% fixed its not like credit card debt (debt is debt, i know).

    The 401k table above is incredible and really disappointing for me at the same time. I don't think I am an idiot, but I sure missed the mark on learning about how to be financially sound. Anywho, after reading the comments I have a plan.

    1) Continue to pay minimum SL monthly payment
    2) Get a part time job
    3) Reserve those earnings for 1/2 emergency and 1/2 extra debt payments
    4) Build emergency with 50% cash and 50% PMs

    I figure the part time job money is extra so this wont impact our other obligations much. Thanks again for the advice.
    Plan the work, work the plan.

    That plan has my stamp of approval! Recommend you also keep some actual cash outside the banking system in physical form.

  6. #26

    Default

    Quote Originally Posted by The Sage View Post
    True . . . but not knowing anything . . I'll offer up that I would like to tell my younger self . . .

    Max out the 401k company matching, pay the minimum toward student loan debt, try to get 200 month into a mutual fund / roth ira to get compound interest under way . . . Yes, one needs a savings of 3-6 months . . in cash . .and the discipline not to spend it. . . after that. . maybe PMs . . no . probably hit the debt repayment harder . . guaranteed 3%. . then PMs . . no probably then more investment in stock markets . . you're young, go with a high risk / reward and hope for he best. .. after that works. . and after there's a goodly amount of wealth to preserve . .then get some income earning real estate, rentals, farms, oil wells, parking lots, laundry mats and other small businesses, and then . . after that .. put aside a portion of the portfolio in PMs . . .





    Yes indeed. See chart.
    Until those same investments are worth zero.... could happen tomorrow
    "Compulsory altruism is none too altruistic." - me

    "All of us necessarily hold many casual opinions that are ludicrously wrong simply because life is far too short for us to think through even a small fraction of the topics that we come across." -- Julian Simon

  7. #27

    Default

    Quote Originally Posted by JoJoBlazini View Post

    The 401k table above is incredible and really disappointing for me at the same time. I don't think I am an idiot, but I sure missed the mark on learning about how to be financially sound. Anywho, after reading the comments I have a plan.
    Dude, don't sweat this at all. In fact, there is a pretty good chance the idiots will be the ones who contribute to 401k's because everyone else does it. And you will probably be high-fiving yourself for not contributing when they (most likely) get nationalized.

    The Sage does make some very good points above as far as looking for opportunities and growing and wheeling and dealing. He sounds like a successful guy and I would certainly listen to him, but he is (and I say this affectionately) CRAZY to think that that chart he posted is going to bear out going forward in today's world.

    I'll give The Sage the benefit of the doubt though, maybe he was drunk when he posted that chart, or on LSD.
    Last edited by AZcats; 07-20-2015 at 08:26 PM.

  8. #28

    Default

    Quote Originally Posted by AZcats View Post
    Dude, don't sweat this at all. In fact, there is a pretty good chance the idiots will be the ones who contribute to 401k's because everyone else does it. And you will probably be high-fiving yourself for not contributing when they (most likely) get nationalized.

    The Sage does make some very good points above as far as looking for opportunities and growing and wheeling and dealing. He sounds like a successful guy and I would certainly listen to him, but he is (and I say this affectionately) CRAZY to think that that chart he posted is going to bear out going forward in today's world.

    I'll give The Sage the benefit of the doubt though, maybe he was drunk when he posted that chart, or LSD.
    I agree that I would not to put a whole lot of faith in this plan working as it once did, I did think however that many people believe that history repeats itself. If it worked once, why can't it work again or in the future. Many hold on to the those sentiments when believing in PM's, so why not in other areas of life too?

  9. #29

    Default

    Quote Originally Posted by CookieMonster View Post
    I agree that I would not to put a whole lot of faith in this plan working as it once did, I did think however that many people believe that history repeats itself. If it worked once, why can't it work again or in the future. Many hold on to the those sentiments when believing in PM's, so why not in other areas of life too?
    What worked once with PM's, to cause people to believe in PM's?

  10. #30

    Default

    Quote Originally Posted by windweaver77 View Post
    Until those same investments are worth zero.... could happen tomorrow

    I need to make the drive down to Springfield one weekend, Windweaver, Horseshoes on me

Page 3 of 7 FirstFirst 1234567 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •