If you came into a bunch of monay today, what would you do with it?

[HoyaGuru]

Imagine you had a nice windfall, you hit the lottery, you were a beneficiary in someone's will, whatever, and today you received $20k you weren't expecting. What would you do with it? Now, since I'm asking this question on a website called The Silver Forum, I'm guessing everyone is going to say buy silver, but what exactly would you buy? All bullion? Some bullion, some coins? Would you make a deal with a retailer and buy 20k worth at one time, or buy a small amount each week? Or, would you buy stock in  silver mine? I'm interested to see the different strategies.

I'm kind of in this situation (unfortunately it's not $20k, but it's a nice chunk of cash), and trying to figure out what to do with it. I've been trading stocks for 20 years, just got into silver a month ago, and I'm liking actually having something tangible in my safe, instead of a bunch of numbers in my stock program.

[ZRPMs]

Not that it's advise in any way shape or form. But if it was me. I'd first get rid of any debt. Once that's sorted. Some low premium CGT exempt VAT free gold coins (Sovereign's, Britannia's). Keep a little for topping up the emergency fund and a small amount for some thing as a treat. (all work and no play ain't good)

[MetalMandible]

It would be monster box time, baby!

[daca]

 

 

[AaaGee]

Thats what i was thinking.

[harrygill111]

Pay off the mortgage 

[AaaGee]

Half to my missus. And my lot into sovereigns 

[SilverDrum]

Buying things on here before @James32 

Seriously tho pay off any high interest debt. Then i would probably look at if a tax efficient index fund investment(maybe even an inverse tracker if you are contrarian to the market rising) to leave compounding, or if buying gold looks more appealing in the current climate. 

[Bluenitsuj]

I would stick it in a high interest cash ISA for 2 years which is when my mortgage fix ends. I would then clear my mortgage.

[Paul]

2 hours ago, HoyaGuru said:

 today you received $20k you weren't expecting. What would you do with it?

Now, since I'm asking this question on a website called The Silver Forum

I'm guessing everyone is going to say buy silver

. . . . .  Oooohhhhh that's opening a can of worms !!!!

Dave @GoldDiggerDave your services and beans advice is needed in this thread 

[Paul]

Personally I'd keep it as cash, and swap in and out of things I know I could make a drink out of it

I can get near 5% on easy access easy withdrawal saving now with chip savings  app

as the cost of living bites, bargains will appear for the quick and keen if you are happy to do some wheeler dealings.

buy your bargain make your 25-50quid readd to chip app. Rinse and repeat 

 

Edited August 22, 2023 by Paul

[BLOOMMAN101]

1 hour ago, AaaGee said:

Half to my missus. And my lot into sovereigns 

Half to my missus. And the lot into sovereigns 

[AuricGoldfinger]

Sovs

[GoldDiggerDave]

5.65%  Skipton Building society is looking attractive. 
 

Or use it to pay off debt or over pay in the mortgage.  
 

£15.6k. Is not a lot of money and I can prove it with my usual straight to the point logical thinking……..🤣

go to work tell your boss to F himself and see how long that bunch of money will last, for a family it would be lucky to last 6 months 5 if interest rates go up again. 
 

it’s not even enough to buy 1/2 a ford ranger wild track in the UK. 
 

 

[AllThingsShiny]

Buy yourself a nice watch 

[Bigmarc]

I would like my own body weight in pre 1920s half crowns, unfortunately that's about £70,000. 

But for £20,000, half in the family fund, quarter in metals fund for a later date and a quarter on crypto. 

May treat myself to some new pants also.

Edited August 22, 2023 by Bigmarc

[modofantasma]

4 hours ago, HoyaGuru said:

Now, since I'm asking this question on a website called The Silver Forum, I'm guessing everyone is going to say buy silver

@GoldDiggerDave especially 

[modofantasma]

Finish the last of the shield sov dates or a nice example of the 4 pre victoria portraits and as many of the shields with what's left 

[AuricGoldfinger]

31 minutes ago, AllThingsShiny said:

Buy yourself a nice watch 

I was actually gna also suggest this. Depends on your financial position though

[Scootermuppet]

Can't go wrong with a nice Graded Item... right @GoldDiggerDave ? 🤔 🤭

 

Edited August 22, 2023 by Scootermuppet

[HoyaGuru]

Well, not what I expected... My situation is, I don't have a mortgage, car payment, no debt at all. Most investing I've done over the years is in the stock market, which is how I got interested in silver, as I was buying stock in a silver mine that was very volatile, made a nice bit of money off of it, decided to look into just buying silver to hold onto, and immediately got hooked.

My immediate plan is this: The best prices I've found on silver bullion is through Walmart, and I can get a Capital One Walmart credit card that will pay 5% cash back on anything I buy through their website for one year, so that cuts my premium practically in half. I have the card on the way to me, once I get it, I figure I will buy whatever is the best deal each week, until I use up all the cash, and end up with a nice little stack to sit on. Does this seem like a good idea, or could I do something better?

I only have a few silver coins, don't know enough about them to make the best decisions on buying them, so I'm going to stick to bullion until I can educate myself. Should I be concentrating more on coins, or just stay the course with the bullion?

I appreciate your posts, I'm frustratingly new at this whole silver thing, any suggestions would be most appreciated.

[Roy]

Heya, Hoya!

I don't think everyone guessed you are in the US, so some things may not fit.

If you have no mortgage or debt, then it's ok to buy a lil' silver. The ASE (American Silver Eagle) is your 'sovereign' coin, so best start there perhaps?

The Walmart/Apmex association sounds good, try a bit to see how it goes!

It's interesting that a fellow American's first thought (above) was a monster box 👍 

 

Oh, and research DCA (dollar-cost averaging) rather than all in.

[ZRPMs]

Hadn't noticed your in America sorry.

Great that your debt free. You will benefit from no Vat or sales tax on your silver, so silver is perhaps a bit better to purchase where you are rather than here in the UK. Then if you can get a 5% discount on top your on to a winner. I'd still grab yourself some of your low premium sovereign gold such as your American eagles but check on the premiums as they can be a little high. I believe Canadian Maples are good ones to get also in the US, premium wise. Some pre33 gold might be nice for you but I think the premiums might be quite high for you. Have you checked out Yankee stacking on YouTube. He has some good regular chats with an old school coin store guy and the things they talk about are defiantly more relevant for people in the states. I'd still add a bit to the emergency fund and get yourself a treat. 

[GoldDiggerDave]

@HoyaGuru  What is the real world cost of buying silver in the US?   spot + (what dealer premiums and taxes is there)  

[HoyaGuru]

2 hours ago, Roy said:

Heya, Hoya!

I don't think everyone guessed you are in the US, so some things may not fit.

If you have no mortgage or debt, then it's ok to buy a lil' silver. The ASE (American Silver Eagle) is your 'sovereign' coin, so best start there perhaps?

The Walmart/Apmex association sounds good, try a bit to see how it goes!

It's interesting that a fellow American's first thought (above) was a monster box 👍 

 

Oh, and research DCA (dollar-cost averaging) rather than all in.

Yes, I've been doing that so far, but just starting out, just hit my first 100 ounces.