my thoughts on money in this new age (i'm well past 60)

[fatercat]

back in my day, most people had their 401k or whatever the people they worked for ,were saving their money invested in the markets. i am sure their employer were getting kick backs from them.  so my point is this.  all you guys have your savings put your money in cash savings at some bank. your employer will match and you will take the stock marker thieves out of your life.  i know when i was a worker, i did not know anything nor do i now, about the markets.  RIGHT OR WRONG

[bilmac]

I was lucky and got out of paper investments before it got too bad. Thing is, if you just put your money in a CD or savings account, or just a checking account you are still exposed to a bank failure. And, savings accounts just barely keep up with inflation. Also, you can't really trust government numbers on inflation any more, they are fudging the numbers.

Stick your money under the mattress, and inflation is hitting you even harder.

The only safe thing I can think of is precious metals but they are really high right now. I am investing in the poor real estate market. I bought a fixer upper before the crash, and it is bringing in some rental money. Since the crash I bought a few acres that were being foreclosed and am trying to get the place to where I can make my large gardens at least pay the taxes and water charges. This week I am going to bid on another place in the country. I may loose my shirt on the real estate, but I doubt it, everybody's got to eat , right.

[magooch]

I'm not sure there is any absolutely safe place to park your savings.  Precious metal--my wife believes in that; she could live quite nicely on what she has on her fingers and wrists, but she has misplaced a few and that isn't good.
 
Having actual possession of precious metals presents a bit of a problem with where do you keep it that is absoulutely safe?  My daughter kept a safety deposit box that someone else was somehow able to access.  Luckily there wasn't anything of great value in it.
 
We are lucky to belong to three very stable credit unions that offer insured CD's that are paying a little better than what banks offer and they can be upgraded without penalty if interest rates go up.
 
There are still some good investments in the stock market, but I've learned to never, never, never trust an investment advisor and never, put more than maybe 5 percent of your stash into any one thing.

[BBF]

IMO the stock market is really the only place you can make money legally or have enough $ to start your own Loan Co.
To protect yourself from the volatility  we have our money in Mutual funds. You can select the various types depending on the risk factor you are willing to endure.

[BUGEYE]

put your money in utilities.

[ratdog]

  well ira's suck you take you money out the gov takes 1/3 then that puts you in higher tax bracket because you got more money this year.silver is about the only thing a man that doesn't make a lot money can afford. and dont put in a bank or credit union if they go under you can't get it.but you know where the paper money is going worthless. cd's are a joke.houses are still going down mine is worth 40 thousand less. tried to sale mine what a joke it's a good thing my wife likes it. i think this country is headed for trouble like Libya.i hope not.

[BUGEYE]

we have somewhere around 120oz of silver.  we didn't buy it as an investment per:se
but to have something to spend if the dollar goes kaput.
I also keep 1981 and older pennies because these, being all copper, would be spendable.

[3006softpoint]

bugeye: how would you be able to buy groceries with metals like gold and silver.....if market went broke....Not everyone would know what that gold ring is worth... might be worth only a loaf of bread....but might be able to buy more with a box of canning jars or canning lids or ammo or empty brass ,bullets,rusty  rifles...I think people would be more worried about saftey and saving  fuel.... You might be left holding the gold or silver ........ Or melting it down for bullets...... Just thinking outside the box....Dale

[magooch]

Well, my thought is that if things really get bad, the only currency that is going to be of any value is going to be guns and ammo.  When, or if that happens, I'm good, but I don't mean that I will be trading those items off.

[BUGEYE]

bugeye: how would you be able to buy groceries with metals like gold and silver.....if market went broke....Not everyone would know what that gold ring is worth... might be worth only a loaf of bread....but might be able to buy more with a box of canning jars or canning lids or ammo or empty brass ,bullets,rusty  rifles...I think people would be more worried about saftey and saving  fuel.... You might be left holding the gold or silver ........ Or melting it down for bullets...... Just thinking outside the box....Dale

if the dollar dies, I see people becoming small groups and pooling resources.  my silver would not necessarily be spent at a store.  but buying a cow from a farmer or home can-goods etc.
a currency would be needed and that's gold, silver and copper.
I also have guns and ammo to share..... I don't see peopled huddled in seclusion waiting for someone to kill them.  people want to be with other people in cooperation.
if the dollar dies it will bring back a sense of community kinda like the early settlers.

[bilmac]

At first I think the value of precious metal will float a lot. It will be worth whatever you can get for it a lot like bartering a chicken. Over time I expect values would stabilize, and you will have a pretty good idea what an oz. of silver will get you.

I think silver will be a lot more useful, because it's value is a lot more in line with what you will want to be buying like a tank of gas or a pair of shoes, wheres how often are you going to be buying a couple thousand dollars worth of stuff all at once that an oz. of gold is worth.

[BBF]

 Basic staples, clothing/footwear, meds, drinking water and shelter. Everything else is luxury.
OK, I know you guys got to throw arms and ammo into it so you don't feel naked, so be it.

[3006softpoint]

This is a topic I think about alot... So this one drives me to respond...Not all people prepare....there will be people that don't prepare....They will come knocking....Some of them you do not want in your circle they will starve you out of your silver and food then move on....I have 2 gardens and me and my wife can alot... Jars ,Lids and rings would be worth lots.....To trade  a farmer for meat....silver vs gun & ammo I'd take gun and ammo anyday....My throw is not as good as it use to be... but my eyes are real good......bottom line is there are allot of items that are worth the same as gold and silver in hard times....Some of them only cost a few dollars to have on hand....I compliment anyone that prepares....But not in excess...(.I'm still using the pallet of charcoal from W2K... Just a funny little joke) Good job to all of you for at lease thinking..Dale

[bilmac]

I think that there are lots of calibers of ammo, so that except for 22 rimfire, counting on them for trade may not be too profitable. That said, I reload,and I wonder if I could fill empties for folks. I have bullet molds in several calibers and I try to keep a large stock of powder and primers on hand. I probably need to buy some of the common caliber dies for cheap.