Financial Prepping

[DrHenley]

My son decided to opt out of finishing his Computer Science degree and took an intensive training course in Java Development instead.

He is now making more money that I ever did...and I have three degrees and went to college and grad school for 13 years...

 

[Brent S]

I honestly think going to a trade school is better than a basic 4yr degree now. It’s a lot cheaper and at least you get a job when you’re done. Honestly I think it’s wiser to even skip that, get a job in 5he field you’re interested in and just start at the bottom, learning as you go. At least this way you get paid to learn vs paying fo it.

 

[DrHenley]

As Einstein famously said, if he had to do it all over, he would would have been a plumber.

His exact quote was

If I would be a young man again and had to decide how to make my living, I would not try to become a scientist or scholar or teacher. I would rather choose to be a plumber or a peddler...
- Albert Einstein in an October 1954 letter to the editor of The Reporter

I think I would have been a machinist.

 

[brandx]

I would have joined the Air Force right out of 2 year college.

 

[Brent S]

I was thinking gigalo. Getting paid for my favorite pastime, what could be better?

 

[Brent S]

Man, did we get off topic here or what.... anyways, Back to financial prepping. I have looked into gold pretty thouroughly. The problem with it is when you buy it there is a markup, or fee, from the seller. I did a lot of digging and found the lowest fee transaction is from ebay. It’s also on 1oz coins or ingots as well. If you buy any amounts smaller than 1oz the transaction fee is a lot higher percentage wise. For example, I got a 1oz gold ingot for 7dollars above spot gold price. If you buy a tenth ounce coin the fee can be 20% higher. Of course it’s a lot harder to afford one ounce at a time, but from a fee prospective, it is the only way that makes financial sense. I remember the one ounce gold coins selling for 300.00 a piece, now they are just over 1300.

 

[Arcticdude]

Man, did we get off topic here or what.... anyways, Back to financial prepping. I have looked into gold pretty thouroughly. The problem with it is when you buy it there is a markup, or fee, from the seller. I did a lot of digging and found the lowest fee transaction is from ebay. It’s also on 1oz coins or ingots as well. If you buy any amounts smaller than 1oz the transaction fee is a lot higher percentage wise. For example, I got a 1oz gold ingot for 7dollars above spot gold price. If you buy a tenth ounce coin the fee can be 20% higher. Of course it’s a lot harder to afford one ounce at a time, but from a fee prospective, it is the only way that makes financial sense. I remember the one ounce gold coins selling for 300.00 a piece, now they are just over 1300.

When I had my gold mine the placer gold assayed at .900. So I was able to sell the fines at 90% of spot. Nuggets brought 2-3 times spot price, depending on size and character. When it comes to buying gold and silver I like to buy based on the gold to silver ratio.

 

[DrHenley]

The problem with it is when you buy it there is a markup, or fee, from the seller. I did a lot of digging and found the lowest fee transaction is from ebay.

I was able to buy some gold Sovereigns close to spot (some actually below spot when the gold prices were fluctuating wildly) with no shipping on EBay. Sovereigns were made by the hundreds of thousands.

The gold Angels (Isle of Man) are lovely coins you can sometimes get really cheap too.

 

[Robinjopo1]

Here's a great place to learn more: daveramsey.com . He's a radio guy, with Christian-based financial advise. Don't worry, he won't beat you over the head with the Bible. But he offers great common sense guidance on how to get out of debt, how to live within a budget, and how to make your money work for you. It is not 'prepping', but it's just as good if not better.

BTW, if you think silver/gold aren't valuable post SHTF, do you really think cryptocurrency will be worth a lick? Precious metals are good as some of your last prepping items, but 95% of preppers are not to that point.

Dave's a local. Used to be on same station as my husband. He has some really good ideas about getting and staying out of debt.

 

[Robinjopo1]

When I think of SHTF, in my scenario, there isn't any internet or computers. Guess I watch too much The Walking Dead. All of the gold in the world, is worthless.

Bare essentials are the best bartering tools. I have alcohol, medicine, honey (?) and gardening abilities.

If we are able to use money. I try to keep some hidden from my husband for use at a later date. Also, I have some silver squirreled away.

 

[bigpaul]

I agree, in my scenario too there would be no computers or internet, commerce would have collapsed and gold and silver would have no value.
money would only be good for the first few weeks, as long as any store owner would accept it, after that you might as well light a fire with your paper notes.
best stuff to accumulate after food is hand tools.

 

[Arcticdude]

When I think of SHTF, in my scenario, there isn't any internet or computers. Guess I watch too much The Walking Dead. All of the gold in the world, is worthless.

Bare essentials are the best bartering tools. I have alcohol, medicine, honey (?) and gardening abilities.

If we are able to use money. I try to keep some hidden from my husband for use at a later date. Also, I have some silver squirreled away.

Sorry, but I disagree about gold/silver being worthless post SHTF. Gold and silver have always been highly valued, and always will be. I had a mining partner who once found an spear point hammered out of solid gold. It was estimated to be hundreds of years old and made by a tribe of Indians who had no idea of money. They just knew that gold made great tools, and great trade items.
I do agree that a person wouldn't want to put too large of a percentage of their preps in gold/silver. But if one can afford too, I'd recommend holding pre-64 silver coins and small size gold coins; in 1/10, 1/4, 1/2 and 1 ounce sizes.
I also think that if there ever is a truly world wide disaster, that it's foolish thinking, and somewhat insulting to Man's intelligence, that we'd never recover. Sure, it would take time, decades maybe, but I have more faith in Mankind than to think it would be all over.
Too much TV and disaster novels can be a bad thing....

 

[Robinjopo1]

Arctic, I agree the chances are small. When the brain eating zombies come to your door, your gold will not work.

I am trying to get silver, and other precious metals and some diamond rings and stuff because we never know which type of disaster we will have.

It's best to have all types of barter materials ready. I am serious though when I say that I believe the internet will be worthless and anything stored in a bank will be lost.

 

[bigpaul]

once the power goes off any access to your bank account will be lost.
it depends on how deep the scenario goes but if its serious enough and I only talk about the really serious one, anything else is just a minor inconvenience, and without a manufacturing base most knowledge will be lost over time.
if you don't believe me just look how many of the old trades have been lost in the computer age.

 

[SheilaT.]

Sorry, but I disagree about gold/silver being worthless post SHTF. Gold and silver have always been highly valued, and always will be. I had a mining partner who once found an spear point hammered out of solid gold. It was estimated to be hundreds of years old and made by a tribe of Indians who had no idea of money. They just knew that gold made great tools, and great trade items.
I do agree that a person wouldn't want to put too large of a percentage of their preps in gold/silver. But if one can afford too, I'd recommend holding pre-64 silver coins and small size gold coins; in 1/10, 1/4, 1/2 and 1 ounce sizes.
I also think that if there ever is a truly world wide disaster, that it's foolish thinking, and somewhat insulting to Man's intelligence, that we'd never recover. Sure, it would take time, decades maybe, but I have more faith in Mankind than to think it would be all over.
Too much TV and disaster novels can be a bad thing....

Couldn't agree more. All the precious metal hordes found in England over the years pretty much proves how much gold and silver have been coveted through history. From Roman coins to Anglo Saxon high status objects all are gold and silver and I doubt it will ever lose it's shine(pun intended).
It's prudent not to have all your funds in one place or set of items. Precious metals have their place and people have been using PM's as a form coinage as it's easier to barter x and y against a set amount of silver or gold than to try and come to an arrangement for swapping a shovel for a pound of onions(or whatever). Bartering one item against another only works if both parties have something the other wants.
I have more faith in Mankind too. I'm always stunned by the stupidity that seems to think people will suddenly forget everything we have learned. I would like to think that human innovation and ingenuity could overcome and adapt.

 

[Silent Earth]

I dont keep gold its to hard to cut down to use as a currency, but I do keep some silver mainly silver dollars, and with silver it can be used to make medical lotions and potions and much better as a currency.

 

[bigpaul]

if the SHTF happened tomorrow just how many people do you think would even have an inkling of how to even start growing their own food nor would know what wild plants are edible and which are deadly! in an era when everyone gets their food from a supermarket not many!! in this country most are "4 generations removed from the land" and that's where the knowledge has been lost, okay when they can get someone else to do it for them but not when they have to be self reliant, which they would have to be in my scenario, that's where the mortality rate comes in.
its all very well being computer literate but that's not going to feed them post SHTF.

 

[brandx]

Arctic, I agree the chances are small. When the brain eating zombies come to your door, your gold will not work.

I am trying to get silver, and other precious metals and some diamond rings and stuff because we never know which type of disaster we will have.

It's best to have all types of barter materials ready. I am serious though when I say that I believe the internet will be worthless and anything stored in a bank will be lost.

For some reason it comes to mind Southerners hiding their silver candlesticks in wells. Homes and farms raided by "foragers" for food, animals, valuables, and even rugs and anything else of use. Sewing needles were a huge commodity in the southern states during the WBTS.

 

[brandx]

if the SHTF happened tomorrow just how many people do you think would even have an inkling of how to even start growing their own food nor would know what wild plants are edible and which are deadly! in an era when everyone gets their food from a supermarket not many!! in this country most are "4 generations removed from the land" and that's where the knowledge has been lost, okay when they can get someone else to do it for them but not when they have to be self reliant, which they would have to be in my scenario, that's where the mortality rate comes in.
its all very well being computer literate but that's not going to feed them post SHTF.

The first and biggest mortalities will be in nursing homes. Places filled with dependent people who have caregivers paid for by the state. They will move out the walkie talkies first, the last to evac are the bedfast ones. Reason being save who you can and as quickly as you can. Taking the bedfast ones first takes longer when you could have saved multiple lives of walkie talkies. Survival will be harsh. Anyone sick and/or dependent will not make it unless there are people who are dedicated to them and their survival.

 

[brandx]

once the power goes off any access to your bank account will be lost.
it depends on how deep the scenario goes but if its serious enough and I only talk about the really serious one, anything else is just a minor inconvenience, and without a manufacturing base most knowledge will be lost over time.
if you don't believe me just look how many of the old trades have been lost in the computer age.

And no money coming in via echecks, handwritten checks either, people won't go to work if they aren't getting paid. Good idea to keep reference books.