I'm in agreement with Contrarian. When the bubble burst and everything started to go to hell in a hand basket, the news agencies were looking for stories as to how this could have happened and several firms less than honorable business practices were uncovered. When the bailouts came, the top got taken care of while the little guy was given the shaft. I know quite a few people that lost their entire life's savings and watched the heads of their investment firms get outrageous bonuses and go on expensive retreats. So ultimately you are responsible for your own financial security. There are firms out there who try to do the right thing by their clients but they are few and far between. As far as I'm concerned, I'm part of the "If you can't hold it, you don't own it" crowd.
Seeing that you are making the minimum repayments I'd definitly plough the extra cashola into pm's. Little downside potential and massive upside potential. If your strictly doing the mortgage thing i's dip my toes into precious metals definitly, to diversify.
Pay down debt (mortgage) as much as possible. Then in 6 months or whatever if you have done more research and decided to invest in X, then you can draw-down the mortgage.
Right on Yippe-Ki-Ya; I always say a Good Accountant and Good Legal is all you need, the rest you need to work out yourself. A Financial Adviser has 1 goal and that is to sell you a financial product so they and/or their supervisor can take a commission. They are the used car salesmen of the financial world, that is why their so called advice is most times free, they are in sales. If they really did have an edge on the financial game then why do they have to go to work each day? Oh an yeah I agree with the 50:50 split that sounds like good advice, half in the mortgage and half into an inflation hedge of some sort
Agree with Contrarian/auspm If financial planners had your interest at the core of their investment recommendations there wouldn't be a need for the Oz government to implement a "put the clients interests first" clause into financial planning association regulations. My only recommendation is that if you go to see a financial planner, ask him about his financial situation and where the majority of his income comes from. That may seem too personal, but in my view you wouldn't employ a builder without inspecting some of his previous work so why would you take advice about money from a guy who is just as broke as you (no matter how many certificates he has on his office wall). If he won't discuss that with you he's a broke salesman not a financial planner
Use the extra cash to buy a small lot of farmland, something affordable and maybe with a water source. Then buy a gun.
And instead place it in someone who's a perpetual property bull instead? Of course everyone has a bias, no one is denying that. But would YOU honestly come to a place like SS and ask for serious investment advice? Be honest... A lot of new members come to SS under the assumption that stackers are somehow investment gurus and if you are a seasoned stacker, you can tell in the first few seconds of reading these forums it's a mix of sensible advice and a LOT of nonsensical crap. As I mentioned before, I don't bother with financial 'advisors' either, I still maintain that you think for yourself at the end of the day. My advice more or less pertains to the fact that if someone is naive enough to actually make financial decisions on the plethora of self assuming 'professionals' on this forum, they are simply going to flush their cash away in any case. More to the point, SS doesn't need the crap associated with people getting upset that they came here for advice, made a bad bet and want to blame someone else for it. Recent cases in point : http://forums.silverstackers.com/topic-28452-i-wish-i-never-bought-silver.html http://forums.silverstackers.com/topic-28672-selling-silver-is-a-major-mistake.html Without knowing the first thing about the OP, who in their right mind would offer ANY realistic advice beyond ask someone who does it for a living? I am not condoning the integrity or bias of professional investment advisors - I'm saying that asking for investment advice on a public forum with people who give less than a crap about your financial well being is a very poor move and what's more, if you open your trap to offer 'sagely' investment advice and it goes bad, you're a sucker if you think someone - at some point - won't have a crack and trying to sue either you or this forum's owners... 'terms of service' be damned! I'd warn anyone coming to SS to ask for specific financial advice simply to take everything written here with a very large grain of salt and if you are serious, check in with people who are qualified and do it for a living. Strangely enough NR, there ARE actually financial advisors out there who are not all out to just rip you off blind and can actually see investment opportunities beyond property.
Some older hands can sell you a Lion Fish aka Nemo coin. You could probably pick one up for issue price. For those not in on that joke Nemo was a sure fire winner, everyone here agreed. I sold my collection for what I paid for it and I consider myself lucky
The "consult a financial advisor" line is one of those memes in society that basically encourages people not to think for themselves imo. "Just trust these guys. They know what they are doing. They are the experts" My general sdvice is, don't trust anyone unless they have the reputation and evidence to back up what they say, not some silly certificate on the wall from the govt saying they are an expert. And that goes for any field. Everyone wants the government to declare them an expert in something because there is this general idea in society that the government knows what they are talking about and won't ever steer you wrong.
Newbie here. While I am in agreement with members on the benefits of stacking ( I just started not long ago; have very little to talk about but would seriously want to stack more), my concern is, even if the price of silver goes up etc, etc, how can it help if you cannot sell the silver you have; like if you buy from members here or elsewhere, I.e., not from bullion dealers with buy back scheme? Correct me if I am wrong, but I notice PM is not easy to liquidate. I would really like to stack more but am holding back because of this. Please advise.
In my experience PM's are generally very easy to liquidate if you live in a major city. Much easier than nearly any other possession you might have. Unfortunately it's currently not as easy to liquidate if you live outside of a major city except through the post. (One of the potential catches however is what price you get when you sell, but that's a whole different conversation.)
I'd like to hear more about how you guys go about liquidating your silver in the city I'm also quite new to owning silver. For example, right now a PAMP 1KG Cast Silver costs about $1,013 to buy from the dealer (ABCBullion). How much would I get if I were to sell the same cast in the city?
I'm old school so I would pay down the mortgage asap and then look at investing in PMs.The interest you save may add up to be a large amount of fiat.That being said I see nothing wrong with putting a few dollars every pay period aside for buying say 5 or 10 ozs of silver or saving for a kilo as you pay the mortgage down.
IF it were $1013 right now then you could probably sell it now for between $1000 - $1010 and it would be gone very soon. The reason is: 1. confidentiality 2. you have it (and ABC does not ...) i.e. no wait period. Point (2) becomes even more important during a bull run.
Yes, I have asked for advice. I asked for opinions not long ago on whether I should build an investment property or spend the money on silver. I got some very usefull opinions and a well balanced argument which helped in my decision making. If you read some of my recent posts you'll see I'm not a perpetual property bull. I've actually sold 3 properties since 2009 in to better prepare myself for the downturn. C
