by Sheikh_yer_Bu'Tay » Sun Jul 24, 2011 11:49 pm
Seriously, you need to look at your goals in savings. What percentage of your income is dedicated to savings? How much of your savings do you want to dedicate to physical, hard assets? How much risk are you willing to take. Saving metals is a very low risk investment and is a terrific hedge against other, more risky investments. They are very liquid in case of an emergency.
My old man lived through the Great Depression. In fact, in 1936, he was richer at 16 yrs. old than most men twice his age. He trapped for furs in his spare time when he wasn't doing chores on his dad's farm. Ran a 7.5 mile trap line twice a day during fur season. Tough kid. He passed on some of that savings mentality on to me.
Here is some of it. Never trust anyone else to hold all your money. Diversify. Cold, hard cash in your possession is a good way to keep it safe. Keeping metals that appreciate with time is a wise choice.
Once you have decided on a budget for savings, set your plan into action. If you want to dedicate, say 2% of your income to brass pennies, that is a good start. Stick with it.
Same thing with other metals, too. First decide how much of your income to spend on them and then stick with the plan until you are comfortable with how much you have accumulated. As time goes by, you can dollar cost average the expenses and see your wealth really add up.
Good luck!
When I die, I want to go like Grandpa did. He died in his sleep..... Not screaming and hollering like all the passengers in his car.