# A talk with my finacial person today



## Megamom134 (Jan 30, 2021)

I pulled my money out of the stock market when I retired and have it in my credit union. I was talking to my financial person about the upcoming financial collapse and she says the chatter is it is coming in April. She says my money is insured and safe but if the dollar isn't going to be worth the paper it's printed on it does worry me. A lot. I have silver and gold but not as much as I would like. How do I prepare for this. Any tips and hints would be welcome. I have been working at barter supplies and being self sufficient with gardening etc but how do I pay bills? I am so ticked this election was taken and I have to deal with this but it is what it is. Please only nice comments because I need to get in a better mood.


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## Chiefster23 (Feb 5, 2016)

This exact subject has been discussed here a few times over the last year. Unfortunately there doesn’t seem to be a safe investment (other than silver, gold, or real estate) available to normal folks who aren’t filty rich. I’ve just tried to get out of debt and stay out of debt. I have a small amount of precious metals that can cover my property taxes for a while. I just do the normal prepper stuff. If/when it all goes south, we will all be struggling together.


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## NotTooProudToHide (Nov 3, 2013)

This is just me, but if I had extra money I would invest in crypto currency rather than silver/gold. Elon Musk just dropped 1.5 billion into bitcoin and Telsa started accepting bitcoin as payment. Outside of cryptocurrency I would invest in land.


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## ND_ponyexpress_ (Mar 20, 2016)

Megamom134 said:


> I pulled my money out of the stock market when I retired and have it in my credit union. I was talking to my financial person about the upcoming financial collapse and she says the chatter is it is coming in April. She says my money is insured and safe but if the dollar isn't going to be worth the paper it's printed on it does worry me. A lot. I have silver and gold but not as much as I would like. How do I prepare for this. Any tips and hints would be welcome. I have been working at barter supplies and being self sufficient with gardening etc but how do I pay bills? I am so ticked this election was taken and I have to deal with this but it is what it is. Please only nice comments because I need to get in a better mood.


If the dollar collapses I wouldn't worry about your bills..... because if the mailmen aren't getting paid, your bills or checks won't be delivered anyway.... there will be bigger fish to fry.


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## Denton (Sep 18, 2012)

Chatter from where that the crash and burn will occur come April? Your financial person; Fidelity, who? 

I hope they aren’t citing King World News.


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## Annie (Dec 5, 2015)

Don't panic. Be frugal and cut costs as best you can. Pray, hope, work hard and don't worry.


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## Nick (Nov 21, 2020)

Take all the money you had invested and buy gold and silver. If the value of the dollar really does take a dive gold and silver will skyrocket. 

And even if it doesn't happen your still going to get a return on your investment in the future.

Historically even though it has it's ups and downs gold has always been a good long-term investment.


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## stevekozak (Oct 4, 2015)

Megamom134 said:


> I pulled my money out of the stock market when I retired and have it in my credit union. I was talking to my financial person about the upcoming financial collapse and she says the chatter is it is coming in April. She says my money is insured and safe but if the dollar isn't going to be worth the paper it's printed on it does worry me. A lot. I have silver and gold but not as much as I would like. How do I prepare for this. Any tips and hints would be welcome. I have been working at barter supplies and being self sufficient with gardening etc but how do I pay bills? I am so ticked this election was taken and I have to deal with this but it is what it is. Please only nice comments because I need to get in a better mood.


I would suggest you start by getting a new financial advisor.


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## rice paddy daddy (Jul 17, 2012)

I guess sometimes it’s good to be poor.
With Social Security as our income, we are at the level where we pay no property tax, no income tax. What the Feds deduct from the paycheck from my part time job I get refunded every year.
BUT, we have everything paid off, farm, vehicles, no loans of any type. We have no credit cards, nothing.

So, while the dollar collapses, we will just keep on growing vegetables and eating fresh eggs from the coop.
If we really need to get to town and there’s no gasoline, wife can saddle up her mare and ride on in. Of course, at 6 miles there and 6 miles back it will take most of the day.


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## Megamom134 (Jan 30, 2021)

Since I also get a pension and my state is really big on property taxes that will be my biggest money issue. Before I retired I made sure every single thing was paid off. no credit cards, no car payments, no house payment. I do need to make my house less dependent on state utilities. About my financial person, I have been dealing with her for 30 years so do put a lot of trust in what she says since she has never steered me wrong yet. I think I will see about taking out a chunk and getting more gold and silver. I sometimes don't feel I will ever get prepared enough.


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## Chiefster23 (Feb 5, 2016)

I would not buy precious metals until I have everything else taken care of, and that includes preps.


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## NotTooProudToHide (Nov 3, 2013)

Chiefster23 said:


> I would not buy precious metals until I have everything else taken care of, and that includes preps.


Exactly. I would invest in crypto before I invested in precious metals and both are far down the list of priorities.

The first thing that you should shoot for is being debt free with a decent car and your home. You need transportation and a place to lay your head. From there you need to build a supply of food, water, and alternative sources of energy independent from the grid. I'm far from a financial genius but what I'm doing now is working towards the goals above while doing modest investments into mutual funds. You have to do your research, but a well managed Mutual Fund is one of the easiest and best ways to increase your wealth. The key is not to panic sell when the market dips, when you look at past recessions you see the rich keeping their investments and buying more shares while they're low and reaping the rewards when they bounce back.


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## Smitty901 (Nov 16, 2012)

Pulled it all out of the market and put it in a CU. You lost your ass. They made a bundle off you. Time to talk with advisors is as you go no after you act.


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## Nick (Nov 21, 2020)

NotTooProudToHide said:


> Chiefster23 said:
> 
> 
> > I would not buy precious metals until I have everything else taken care of, and that includes preps.
> ...


Easy to say invest in crypto now because it's gone up so much. I think Bitcoin closed at $54,000/share today. When it first came on the market it was $0.001/share. So $1 invested would be $5,400,000 today. Wish I saw that one coming.

But assuming you have your assets paid off and have $ just sitting in a bank account collecting less than 1% internet, why not invest in gold and silver?

They are both going to go up in value over the next 10 years. And if you go by what gold has done in a 10 year period going back 100 years the returns have been huge.

If the value of the dollar goes down, like everyone thinks it will, then gold and silver will go up significantly.


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## rice paddy daddy (Jul 17, 2012)

I'm heavily invested in precious metals.
Copper, lead, brass............................................................:vs_cool:


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## LetsGo (Feb 16, 2021)

I am not sure I get the gold and silver part, I do get that at some point the reset will be reestablished and then maybe gold and silver will help set the "standard" again. But, during the collapse, if someone wants something I have, I don't want to trade it for gold or silver - it will not bring me any immediate results. If I barter it will likely be for fuels (gasoline and propane) or a very particular hunting ammo or a generator or something that satisfies a more immediate need. Not saying those who have planned for years cannot take advantage of bartering for metals if they don't need anything else, but unfortunately, I am only kinda ready. My mind is wondering though...starting to think about that generator deal some....


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## Chiefster23 (Feb 5, 2016)

LetsGo said:


> I am not sure I get the gold and silver part, I do get that at some point the reset will be reestablished and then maybe gold and silver will help set the "standard" again. But, during the collapse, if someone wants something I have, I don't want to trade it for gold or silver - it will not bring me any immediate results. If I barter it will likely be for fuels (gasoline and propane) or a very particular hunting ammo or a generator or something that satisfies a more immediate need. Not saying those who have planned for years cannot take advantage of bartering for metals if they don't need anything else, but unfortunately, I am only kinda ready. My mind is wondering though...starting to think about that generator deal some....


I don't think gold and silver will become normal for barter. I believe precious metals will be used as a way to preserve your wealth until after things stabilize after inflation or the reset event. For example, gold is going for about $1800 per ounce now. Lets say inflation goes crazy and sometime in the future a loaf of bread costs $100 per loaf. At that point your US dollars are basically worthless. All that cash and CDs you had in the bank are now basically toilet paper. But gold should have appreciated to keep pace with the inflation. In case of a reset and the minting of 'new money', american dollars become worthless but your gold will still have value and be readily convertable into the 'new money'. Even if gold is outlawed by law, there is always a black market for gold and silver. People covet gold so it retains value. US dollars are just paper and really are only good for starting fires and wiping your butt.


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## stevekozak (Oct 4, 2015)

rice paddy daddy said:


> wife can saddle up her mare and ride on in. Of course, at 6 miles there and 6 miles back it will take most of the day.


Good Lord! How old and slow is this horse that it takes most of the day to ride 12 miles? Even at a leisurely walk it would not take that long, even if it was uphill both ways (as is the case of the school I walked to barefoot as a child, as far as my kids are concerned....).


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## stevekozak (Oct 4, 2015)

Nick said:


> Easy to say invest in crypto now because it's gone up so much. I think Bitcoin closed at $54,000/share today. When it first came on the market it was $0.001/share. So $1 invested would be $5,400,000 today. Wish I saw that one coming.
> 
> But assuming you have your assets paid off and have $ just sitting in a bank account collecting less than 1% internet, why not invest in gold and silver?
> 
> ...


Gold and Silver are not good investments. They make a good hedge, though, in my opinion.


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## Trihonda (Aug 24, 2020)

Great advice already ITT..

Stay positive for starters. As worried as we all are about the state if our country, it’s a resilient country. It’ll take a lot to knock her down. That said, you’re here (on this forum), which has you better prepared than 99% of the rest of the country. 

Yes, we had similar concerns, and a similar conversation with our financial guy, but he explained the market was actually acting rather opposite of the state of our economy, in some aspects, that it did well, despite the pandemic, and he advised taking a large chunk of the cash we were sitting on, and reinvesting into the market. He is a smart guy, and didn’t believe the sky was falling. That said, we followed his advise, but we also took a good chunk of the cash on hand, and put it into precious metals, gold and silver. We dont have a huge amount, but enough to weather any apocalyptic scenario. And if the dollar implodes, and silver goes up to $500/oz, I can pay off my house mortgage. .


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## Megamom134 (Jan 30, 2021)

We have decided if we get another stimulus check we will use it to buy silver since it wasn't money budgeted anyway. Another question, I have my gold and silver in my safety deposit box since I worried about losing it all to fire or thief. Do you think that is safe or should I invest in a fireproof safe?


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## LetsGo (Feb 16, 2021)

If you do not have a lot of home break-ins where you live, I'd go with the fireproof safe.


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## Megamom134 (Jan 30, 2021)

We haven't had any break in's but obviously if things get bad that could change. I do have a hiding place built not in the house for stashing my guns and ammo if they decide we can't protect ourselves anymore and could probably put them there also. As long as I don't get more senile and forget where they are stashed.


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## rice paddy daddy (Jul 17, 2012)

stevekozak said:


> Good Lord! How old and slow is this horse that it takes most of the day to ride 12 miles? Even at a leisurely walk it would not take that long, even if it was uphill both ways (as is the case of the school I walked to barefoot as a child, as far as my kids are concerned....).


Wife is 74, horse is early 20's.
Know anything about horses? Ever owned one?


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## stevekozak (Oct 4, 2015)

rice paddy daddy said:


> Wife is 74, horse is early 20's.
> Know anything about horses? Ever owned one?


Yes Sir, I do and I have. Have ridden many many miles over country that would make your butt pucker (or at least it did mine at times). Even a broke-down 20ish year old sway-backed mare (which I am sure your wife's cayuse is only one of those things) can do more than 12 miles in a day providing her hooves are not messed up.


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## Annie (Dec 5, 2015)

rice paddy daddy said:


> Wife is 74, horse is early 20's.
> Know anything about horses? Ever owned one?


20's a good old age for a horse. I bet she's been taken good care of. :tango_face_smile:



stevekozak said:


> Good Lord! How old and slow is this horse that it takes most of the day to ride 12 miles? Even at a leisurely walk it would not take that long, even if it was uphill both ways (as is the case of the school I walked to barefoot as a child, as far as my kids are concerned....).


You can't canter or gallop a horse on pavement. You'd split the hooves.


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## stevekozak (Oct 4, 2015)

Annie said:


> 20's a good old age for a horse. I bet she's been taken good care of. :tango_face_smile:
> 
> You can't canter or gallop a horse on pavement. You'd split the hooves.


I guess I will ask you the same question RPD asked me: Have you owned and ridden horses a lot? Ever-walked one for an hour? Do you remember how far you got in that hour? Do you know what this is:


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## Prepared One (Nov 5, 2014)

I am no economic genius but it's clear to me our economy is not sustainable at the rate the government is spending our tax dollars. Biden and his band of thieves won't help matters. When does it crater? Who knows. I think one can only mitigate but can't protect assets 100%

As for me, I've paid everything off including the house. I have moved money to safe harbor and have some in the market still but I am debating that. Oh, and I am still looking for that woman who will take care of me in the manner in which I want to quickly become accustomed. :tango_face_grin: If it really gets bad then I say screw it, liquidate everything an spend all the money on hookers and booze. Decisions, decisions. :devil:


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## Annie (Dec 5, 2015)

stevekozak said:


> I guess I will ask you the same question RPD asked me: Have you owned and ridden horses a lot? Ever-walked one for an hour? Do you remember how far you got in that hour? Do you know what this is:


double double


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## Annie (Dec 5, 2015)

stevekozak said:


> I guess I will ask you the same question RPD asked me: Have you owned and ridden horses a lot? Ever-walked one for an hour? Do you remember how far you got in that hour? Do you know what this is:


Sure, I've ridden a lot. :tango_face_smile: Won me some ribbons and a silver cup as a kid. Er, for riding, not walking. I'm no horse expert, but as I recall we weren't allowed to go more than a trot on the pavement in horse camp. Some of the happiest times of my childhood, for sure.


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## rice paddy daddy (Jul 17, 2012)

stevekozak said:


> I guess I will ask you the same question RPD asked me: Have you owned and ridden horses a lot? Ever-walked one for an hour? Do you remember how far you got in that hour? Do you know what this is:


None of our horses have ever been shod.
Unnecessary unless on pavement.


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## Nick (Nov 21, 2020)

stevekozak said:


> Gold and Silver are not good investments. They make a good hedge, though, in my opinion.


I do agree that it's better as a hedge. Gold and silver won't go down in value when the dollar does, they'll go up. Depending how bad the dollar gets they could go up significantly.

As far as an investment let's look at the last 20 years.

In 2001 the high price for gold was $292.85

In 2021 the high price for gold was $1,954.50.

Even accounting for inflation that's a pretty good return on your investment over a 20 year period.

Sure there are several stocks that significantly outperformed it. But unless you have a crystal ball or insider information it's like gambling.

Nobody thought that Bitcoin was going to get to $1.00/share when it first started, nevermind $54,000/share.

I do agree that in a complete SHTF long-term scenario that neither gold & silver or cash are going to be worth anything.

The problem is that is impossible to predict also. Sure it will happen eventually. But will it be in 2 years or 200 years? Nobody can know for sure.


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## The Tourist (Jun 9, 2016)

Megamom134 said:


> Any tips and hints would be welcome.


Well, I can only speak for myself. If I have "spare money," I give it to my Cousin Alan. As a young boy, I had two quarters, and Alan asked if he could "borrow them." A few days later, Alan stopped me with a smirk. He reached into his pocket, set my two quarters down on the table--and then put *four new quarters on top of mine*!

Now, my older cousin played lots of poker, and as was his custom, he might come home in a new convertible or just his underwear! Now this was never much of a problem. My Aunt Clara, my mother's sister, was _the real gambler_ of that family. Or as my dad would later remind me, "_Clara started with a pocket of loose change. Two months later she started a local butter and egg business..._"


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## stevekozak (Oct 4, 2015)

rice paddy daddy said:


> None of our horses have ever been shod.
> Unnecessary unless on pavement.


Depends on where you live.


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## stevekozak (Oct 4, 2015)

Nick said:


> I do agree that it's better as a hedge. Gold and silver won't go down in value when the dollar does, they'll go up. Depending how bad the dollar gets they could go up significantly.
> 
> As far as an investment let's look at the last 20 years.
> 
> ...


Your method of "investing" in PMs is equivalent to trying to time the stock market. If you guess correctly, then hooray, money made! But 9/10 times, long term, you going to lose. I take a John C. Bogle approach to investing.


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## rice paddy daddy (Jul 17, 2012)

stevekozak said:


> Depends on where you live.


Yes, it does.
We live in an area where shoes are not needed.
We have had the same farrier for 20 years who comes every 6 to 8 weeks to trim hooves and take general care of feet and legs.

We had three horses, all rescues, but two have gone on to the Great Pasture in the sky.


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## Nick (Nov 21, 2020)

stevekozak said:


> Your method of "investing" in PMs is equivalent to trying to time the stock market. If you guess correctly, then hooray, money made! But 9/10 times, long term, you going to lose. I take a John C. Bogle approach to investing.


No offense, but you have no idea of my method of "investing". The last time I made a large purchase of gold it was around $500/oz.

As far as gold it's not really a matter of "guessing correctly" when to buy. You can buy it anytime. As long as you don't sell it if it gets down to less than what you paid your going to make $.

That seems like a fairly obvious statement, but what I mean is historically it will always go up over a certain period of time.

I'm not saying it just for the hell of it. I've invested in gold and have never lost $ on it.

The only people who have lost $ on gold are people who panic sell it.

People can do whatever they want with their $. It doesn't affect me how someone else invests their $. But I can at least give advice from my own experience.


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## stevekozak (Oct 4, 2015)

Nick said:


> No offense, but you have no idea of my method of "investing". The last time I made a large purchase of gold it was around $500/oz.
> 
> As far as gold it's not really a matter of "guessing correctly" when to buy. You can buy it anytime. As long as you don't sell it if it gets down to less than what you paid your going to make $.
> 
> ...


No offense taken. Perhaps I more correctly should have said "your implied method of investing in PMS". I have nothing against PMs. I own plenty of them. I am just very careful in my thinking to not confuse the hedge they represent for my wellbeing with my actual investing. Sure, if you never sell any of your PMs, you may never lose any money, but you are not going to gain any either. If things go wrong, and you have to sell your PMs, then you are hoping that the market for them is up. For instance, if you bought gold in mid 2011 and held that gold until today, and had to sell it forthwith, you would not only have less cash in your hand today than you handed over in 2011, but inflation would have made the dollars you do have buy less food than they would have in 2011. By the way, statements like "I've invested in gold and have never lost $ on it." may be similar to saying, "I have ridden motorcycles for 10 years and I have never been in an accident". Tomorrow that inattentive left-turner may turn you into a smear on the highway. I like PMs and will continue to buy them, as I assume you will as well. I think we just perceive their purpose differently. :vs_wave:


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## The Tourist (Jun 9, 2016)

Nick said:


> No offense, but you have no idea of *my method* of "investing".


Agreed. And frankly, my 'system' is superior.

For instance, if you ever go to Milwaukee, be careful using the word "cousins." This implies a connection you might never want to ever hear again.

Here's a quaint story. I was five years old when my dad decided as a family we had to move out of the neighborhood. I felt bad about it, because all my friends and most of my kindergarten class lived in that neck of the woods.

Now, my Dad did have to go back to that 'hood every month. We had nice neighbors, (I knew those adults as "Mic and Ray"), and since I had never seen a color TV before, I stayed out of the way and my Dad "paid the piper."

About one month later we had to return to that 'hood so my dad could make another payment. Dad was warmly greeted at the neighbor's front door, and the guy was laughing his butt off. "_Hey, Dick_," he began with a wry grin, "_Let's go over and see your old house..._"

Now, there was only four feet of space between their house and my Dad's old house. The neighbor pointed to a section on the aluminum siding and said, "_Right there, Dick, looks like buckshot to me! And right under Chico's old bedroom window!_"

Sure enough, N.36th Street was at war. My Dad must have had a hinky feeling, and he didn't smile until two days later. Being a kid, I did not know the implications of the word "cousins." But I did know that my Dad got ahold of some really serious cash, and we never went back to that old neighborhood again.

BTW, go check out my old house. It's 6065 N. 36th Street. Don't hang around too long, just sayin'...


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## NotTooProudToHide (Nov 3, 2013)

Nick said:


> Easy to say invest in crypto now because it's gone up so much. I think Bitcoin closed at $54,000/share today. When it first came on the market it was $0.001/share. So $1 invested would be $5,400,000 today. Wish I saw that one coming.
> 
> But assuming you have your assets paid off and have $ just sitting in a bank account collecting less than 1% internet, why not invest in gold and silver?
> 
> ...


Really no reason to or not to invest in precious metals or bit coin. Its all a matter of personal preference and personally I think crypto is a better investment. I could be very wrong about it though


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## Nick (Nov 21, 2020)

Crypto absolutely was a better investment if you invested in it at the right time. 

It might still be, but there's no way to know. The problem with crypto is it could literally lose all it's value overnight, which is a little unsettling to me. 

That doesn't mean I wouldn't invest in it at all, I just wouldn't bet the farm on it.

I don't put any $ in the stock market that I can't afford to lose. 

You can look at PM's the same way I suppose. I certainly wouldn't recommend gold to anyone as a short term investment. 

Also if I thought I would ever be in a situation where I had to immediately sell my PM's I wouldn't invest in them.

The gold that I still own is basically my insurance if the US dollar collapses.


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## NotTooProudToHide (Nov 3, 2013)

rice paddy daddy said:


> I'm heavily invested in precious metals.
> Copper, lead, brass............................................................:vs_cool:


I wonder how much I could get for the ammo I was picking up before COVID, the riots, and election screwed up the market. I suspect I would have a hefty return although I won't be selling unless its absolutely necessary.


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## LetsGo (Feb 16, 2021)

Occasionally I see some stuff (ammo) out on the shelves that I do not need, half tempted to buy it for bartering purposes but then my conscious gets me


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## rice paddy daddy (Jul 17, 2012)

NotTooProudToHide said:


> I wonder how much I could get for the ammo I was picking up before COVID, the riots, and election screwed up the market. I suspect I would have a hefty return although I won't be selling unless its absolutely necessary.


Pssst!! Shhh!! Keep it quiet, but I can give you a score on some 440 round spam cans of 1954 Bulgarian military surplus 7.62X54R. :tango_face_wink:

(Guy thought they were 100 round cans, was selling them at the going price for 100 rounds. Me, being an old guy when it comes to milsurp, knew what it really was. I bought all he had.:tango_face_grin: It is corrosive as all get out, but still works fine after over 65 years in storage)


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## NotTooProudToHide (Nov 3, 2013)

rice paddy daddy said:


> Pssst!! Shhh!! Keep it quiet, but I can give you a score on some 440 round spam cans of 1954 Bulgarian military surplus 7.62X54R. :tango_face_wink:
> 
> (Guy thought they were 100 round cans, was selling them at the going price for 100 rounds. Me, being an old guy when it comes to milsurp, knew what it really was. I bought all he had.:tango_face_grin: It is corrosive as all get out, but still works fine after over 65 years in storage)


I've got some good old russian spam myself and I'm always down for collecting more!!


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## TookyTooker (Oct 5, 2020)

I've heard that right now is not the best time to invest money in bitcoin. It was very profitable a bit earlier, but right now it's not worth it. What do you think about bitcoin casinos, especially about fortunejack? I thought that it can be a good way to make some extra money. At least my experience with crypto gambling was really positive.


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## Kauboy (May 12, 2014)

TookyTooker said:


> I've heard that right now is not the best time to invest money in bitcoin. It was very profitable a bit earlier, but right now it's not worth it. What do you think about bitcoin casinos, especially about fortunejack? I thought that it can be a good way to make some extra money. At least my experience with crypto gambling was really positive.


Depending on what the economy of President Houseplant ends up doing, the stock market could take a serious hit. In that case, crypto could be a good investment alternative. Many can be "staked" for an APY that's better than many other investment options (5-6% in many cases).


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