I have better things to do with my money than spend it on silver. However I still buy silver. I could pay down my debt, but... the debt I have is business/investment debt, and my silver is personal silver. If I pay down my business/investment debt with personal silver, and it all goes horribly wrong, then I lose my investments and I have also lost my personal silver. Over time it would make more sense to spend the money on the debt and not more silver, it would cut down the overall amount of money I pay servicing the debt and the money I save could be put into silver later. But this removes any possibility of a safety net. It is not as if I could pay off all the investment debt by liquidating my silver or by putting all the money I spend on silver into the debt. It is a big debt, a couple of houses size debt, so paying it off with silver is not going to happen, and paying it off at all is not going to happen in a short time frame. The time frame we are looking at could well include another Global Financial Crisis or a popping housing bubble, who knows? If all goes well in the world then in ten years time I can kick myself for being too cautious and not paying off the debt sooner, but I will still have some silver and the properties. If it all goes to hell, then I lose the properties but I still have a stack of silver to start again with.
Well said Jislizard. I only spent money on PM from some of my Overtime income. This is my way paying of myself 10% 1st. I wish myself is mortgage free, but like you said its a huge debt. However, in my case, it is a good debt because my mortgage produces positive cash flow from its monthly rent. And since we are now more cautious on what we spend our money on and we still have everything we need plus some money for the things we want. So to answer the OP question, we dont have anything better to spend our excess money on except silver and gold.
I agree there is always something better to spend the money on but I don't smoke, have zero interest in spending money on cars or other such things and silver is a hobby. Albeit though, the fun is in the anticipation of the purchase. Once I receive the purchase I rarely look at it again for some time.
It helps me save some money. I'm a bad online spender. Extra money seems to vanish. I get the same feeling from buying silver I get from other stuff, the hours of research and then the anticipation of the package. It atleast hypothetically will preserve my wealth more. That and direct deposit to my 401k are my 2 biggest things that keep from spending. Once the money is spent on something It feels like its gone...even If I just buy boxes of Nickels....which I have a handful. I like nice things and always feel like I need something, I'm also very bad at giving gifts to people all the time like for no reason.
I move paper currency into tangible money with anticipation to when the cartel loses control over both. I have not purchased inventory for my ebay business in 6 months for fear I will get stuck with an inventory worth only a small portion of what I paid for it. The last economic "correction" really affected my profits and I can only imagine what a large scale correction or depression would do. I keep a small amount of cash should a killer deal come along but that has not materialized. For now I take the net selling $ and put it into silver.
I figure it's pretty hard to find something better than getting to spend the money and then still have it afterwards.
YES. I COULD spend it in 100s of other ways. But I can NOT think of any better way to spend/save money. Buy SILVER, wait for a HAUSSE and then convert it into REAL ESTATE. Wait until silver is down again. Then BUY again!! WAIT! CONVERT! BUY! . . . Hope this goes on a few more times within our lifetime! Its like a Phugoid circle
