Passive Income

[mcsouza]

Hi all,

If you had a passive income around £300.00/month in which you would not have to worry as it doesn't come from your salary, how would you use it to buy your precious metal? buy every month whatever you can buy, save it until you have enough to buy 1oz of Gold, put an extra and buy 1/2oz every 2 month, put a little extra to buy 1/4oz of gold every month, buy all the silver you can get with it?

Thank you very much.

 

[Midasfrog]

One sovereign every month 👍

[sovereignsteve]

9 minutes ago, Midasfrog said:

One sovereign every month 👍

Pretty much made for the situation really🙂

[Foster88]

I would also go for a sovereign a month. Maybe some months don’t buy and save up and buy an 1oz.

Have both. 😊

[Roy]

53 minutes ago, Midasfrog said:

One sovereign every month 👍

 

42 minutes ago, sovereignsteve said:

Pretty much made for the situation really🙂

This is the correct answer, of course, but don't forget to factor in postage costs. 

[KevinFlynn]

Save into a seperate account, then get the size you want. With 3600 a year I would get one full ounce bullion coin and 6 or 7 trade coins or quarter ouncers a year.

[AuricGoldfinger]

Is there anyway of putting the £300 a month into increasing your passive income?

otherwise yup sovereigns 

[Booky586]

1 hour ago, Midasfrog said:

One sovereign every month 👍

Just four words but perfectly said. 

[Scaffstacker]

53 minutes ago, Roy said:

 

This is the correct answer, of course, but don't forget to factor in postage costs. 

Very true but also don’t be shy to visit a bullion dealer for sovereigns face to face no paperwork until £1000 threshold,

but just solely to build a relationship mainly.
 

 

[Fishy321]

Personally I would go 8 sovereigns if you are lucky enough to get them for £300 you are looking at more like £320ish at the mo and 2 tubes of silver brits which you would need 2 months for but would get for a nice bit less than £600 on this site at the moment 

[Stacktastic]

save it and wait for dips.
Buy as it dips then around the bottom and again as it goes back up. 1oz easily 3-4 times a year. 
Wont be spot on but you will certainly nail the best one. £320 is my buy in rate this year - anything over is not doable. 

Edited October 1, 2021 by Stacktastic

[dicker]

Either a Sov a month (roughly) or…

Drip feed money into a Gold ETF then convert to physical at the end of the year.  

[Stu]

Put into into a SIPP/ private pension. £300 = £375. Then cash out when above age 55 or 57 depending on year born. Obviously keep drip feeding in

[KevjustKev]

13 hours ago, AuricGoldfinger said:

Is there anyway of putting the £300 a month into increasing your passive income?

otherwise yup sovereigns 

Horses. Ones at Kempton, Newmarket, Ripon, Ascot...

[mcsouza]

15 hours ago, AuricGoldfinger said:

Is there anyway of putting the £300 a month into increasing your passive income?

otherwise yup sovereigns 

There is, just in a few month time it can go to £500.00 a month  I'm asking because I'd like to get my hands on Gold as Silver is not very practical in the UK due to the VAT, although I'd love to have it too.

[Bigmarc]

Save it, wait for deals and dips or go vaulted/digital, seems to be the way forward now.

[CaptCaveMan]

19 minutes ago, Bigmarc said:

Save it, wait for deals and dips or go vaulted/digital, seems to be the way forward now.

Wouldn't be able to save it myself if I knew it going into PMs, it would be burning a hole so to speak... as others have stated, one Sovereign per month 👍

[Dan12345]

13 hours ago, Stu said:

Put into into a SIPP/ private pension. £300 = £375. Then cash out when above age 55 or 57 depending on year born. Obviously keep drip feeding in

Private pensions can be a scam so need to be careful with that. 

[Dan12345]

Interesting to see peoples views on this. I'm currently putting £400 a month in a savings pot which is getting to a nice amount might start using the £400 a month for PM's. One sovereign a month sounds nice 🙂

[Bigmarc]

1 hour ago, CaptCaveMan said:

Wouldn't be able to save it myself if I knew it going into PMs, it would be burning a hole so to speak... as others have stated, one Sovereign per month 👍

You can try to convince yourself caveman but your not convincing me, remember Ive seen how organised you are. It's ok to treat yourself every month. 

[Stu]

28 minutes ago, Dan12345 said:

Private pensions can be a scam so need to be careful with that. 

In what respect?

[Bigmarc]

@Stu

The average person doesn't understand them for a start. Had a update on my pension the other day, I have absolutely no idea what is going on. The chaps at work are putting 10% in and when I ask what they are coming out with, they have absolutely no idea.

Edited October 2, 2021 by Bigmarc

[Dan12345]

3 minutes ago, Stu said:

In what respect?

My dad payed into a private pension for years and now he's older hes only allowed so much a month which is sod all. He will have to live till he's 120 to get all his money back and also if he passed away at any time they keep what ever money is left. 

Would have been better off putting all the money under his bed 

[Dan12345]

Just now, Bigmarc said:

The average person doesn't understand them for a start. Had a update on my pension the other day, I have absolutely no idea what is going on. The chaps at work are putting 10% in and when I ask what they are coming out with, they have absolutely no idea.

Can you really trust these companies? I'd rather put my money in something I was in complete control of. 

[Bigmarc]

1 minute ago, Dan12345 said:

Can you really trust these companies? I'd rather put my money in something I was in complete control of. 

Nope, just do the minimum I have to do at work just so the missus gets the insurance money if I cark it.