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Lemonmint

Pay off debt or buy silver?

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In the current economy would you pay off your current debt (lump sum)and then buy silver with the amount you used to spend on your debt payments...OR.. would you buy silver (lump sum)and continue paying your monthly debt payments?

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I'm struggling with the same thing. I payed off all my debt except for low interest student loans, now trying to decide where to put the money that was going to other payments. Pay off low interest loans, or invest in precious metals? I'm going to continue buying ammo, food, and other preps with the same part of my income I've been using but I've reached a level where I'm fairly comfortable, don't have anything I feel is an immediate need. I want to keep working on building up financial assets also. I don't have the option of a 401k or similar plan so I have no interest in the stock market, I want hard assets.

 

I guess my advice would be to make sure all your basic preps are in place and that you are comfortable with your current level. If you are at that point I'd probably pay the debt first if the interest is very high.

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i'd probably pay off the debt first then go silver...i wouldn't do ALOT of silver but some to get you through a bad spot. for the most part i would buy prep items but like catfish says if your good on preps then go silver.

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I agree on paying off first some debt in certain states can be binding up and to the point of having your home forfeit

 

and other personal belongings school loans can be taken from your social security so you need to know where you stand

 

in relation to your debt before you buy silver etc... and remember when it hit's the fan metals fall also but generally they

 

still have value compared to cash which could end up like Zimbabwe's money cut up news paper is worth more.

 

hard assets can be vegetable seeds machinery hand crank flour mills corn grinders fruit presses processing grinders

 

ammo tools, hardware like nails and sheet metal corrugated or "R" or AG panel roofing tar etc.

 

Chemicals for cleaning water treatment food curing pickling and salt to brine with barrels and buckets.

 

silver may be a good choice but how much 5 pounds or 100 and what can you get if people are scared ammo, food and medicine

 

will not be sold so what good will silver or gold do you it is a balancing act IMO.

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I'm with the posters here that said pay of dept first. Then invest in food, meds, ammo, firearms, gardening seeds, farm land, live stock, silver & gold. Clean water would be top of my list, for survival. I've invested in silver & gold, just afew ounces of both. Make sure it's physical silver/gold that you have in your hands & not a piece of paper that states you own X amount, which to me is worthless.

 

 

 

 

 

 

 

 

In GOD I Trust, Everyone else keep your hands where I can see them!

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In the current economy would you pay off your current debt (lump sum)and then buy silver with the amount you used to spend on your debt payments...OR.. would you buy silver (lump sum)and continue paying your monthly debt payments?

 

unfortunately, personal debt cannot be avoided. Even when a currency collapses, this doesnt mean personal debt disappears.

Lets say you have a total debt of $30k as example. Then the Dollar collpases. OK your debt was in Dollars, the dollar is no more so rationally you think your debt disappears too. But one thing that isnt being taken into account is that 'they', the banks, the IRS etc. ALWAYS get thier money. 'They' will simply convert your Dollar debt into the new currency with compounded interest. Or... thats the way i see it.

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IMO, pay your debts now, with your fake paper monopoly money.

 

I thought Canadian money was monopoly money. Various dollar bill of different colours. LOL.

 

 

 

 

 

 

 

 

 

 

 

In GOD I Trust, Everyone else keep your hands where I can see them!

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In the current economy would you pay off your current debt (lump sum)and then buy silver with the amount you used to spend on your debt payments...OR.. would you buy silver (lump sum)and continue paying your monthly debt payments?

 

Personally, my husband and I are paying extra on our mortgage, which is the only debt we have. But, we decided to take a lump sum and buy silver now rather than put that cash toward the loan debt. Our reason for doing so was to further diversify our assets (we do have some stock market stuff in the forms of IRAs and 401(k)s, some of which we have moved into precious metals as well, other stuff we can't move). I think silver has gone up something like several hundred percent in the past decade. Anyway, even if my figures are incorrect slightly, silver (and gold) have continued to rise. And, there's no reason to think they'll stop.

 

My vote is to buy the precious metal...have that peace of mind...build that aspect of your preps. Buy low now. BTW, be sure to buy from a reputable dealer. AND don't buy any collector's coins! Just buy either "junk silver" - which is the used silver U.S. coinage from prior to 1965 or buy 1 troy ounce coins. You can buy bars too but those are difficult to transport (BOB) and they are tough to break into smaller units, as needed.

 

Plan on having a secure place to store this. There are benfits to bank safe deposit boxes, but then you run into the accessibility issue...

 

Then, put extra money toward the loan debts to get rid of them as quickly as possible.

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