The wealthy are dumping money.

SomeSoldier

SomeSoldier

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livingston said:
I have posted this before .
A friend of mine (now passed on ) grew up in the depression. His father borrowed 5 thousand dollars to build a barn before the 29 depression. . They had over that amount in the bank. . The bank closed for a few says and when it opened told everyone you have now 10 % of what you had on deposit. . His father asked if the money that they had in the bank before the crash could be applied towards that loan. ... No was the answer ... They still owed the full amount. ... They struggled for years to pay off the farm loan for the barn.
He had an uncle that owned 5 farms free and clear that he rented out. .. Any body that rented from him could not pay the rent. .. Every farm that he owned was sold on the courthouse steps for non payment of taxes. ... No rent collected meant no taxes paid. ... Folks that worked for the government. fared the best.. Often many people that lost their homes bought them back a few years later .. At least some people did.

This book has some stories about the depression or living in the aftermath.

Amazon.com: Customer reviews: We Didn't Have Much, But We Sure Had Plenty: Stories of Rural Women

Find helpful customer reviews and review ratings for We Didn't Have Much, But We Sure Had Plenty: Stories of Rural Women at Amazon.com. Read honest and unbiased product reviews from our users.
www.amazon.com
One thing for certain .. The children that grew up in the depression had a different outlook than we have today. ..Money wise .. Ethics .. Working
Some almost have a type of PTSD . Dirt poor back then was dirt poor. .
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Basically don't have debt, and don't expect to keep your fiat money.
 
I

ICEMAN

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GOPerfect said:
I am currently buying everything that I think I may need and all that will come in handy.

We are currently looking in Tenn for acres of land for down the road.

I still buy gold and silver
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Where do you recommend buying silver and gold?
 
spat

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Blimey said:
Gold has a long history due in small part to its utility, to maintain value.

The problem with metals is they are not productive investments. They are hedges; speculative purchases. You buy gold and it doesn’t grow. So, if you’re not at end times you get less return on gold than with actual income producing assets (historically it does worse than stocks).

People fail to appreciate certain things such as if you print your own money and your debt is denominated in the currency you print you avoid runaway printing press inflation of the kind we see when nations desperately try to print out of a debt spiral.

Real estate as in buying land Is almost always inferior to stock purchasing for a number of reasons:

- it’s illiquid
- it costs money to maintain (property upkeep and taxes)
- In almost all Of the country it appreciates slowly

I’m really surprised inflation has been so low for so long but it’s been decades since we even had double digit inflation despite gobs of borrowing the entire time.
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Stocks generally do better than gold. If the market survives, and you can wait out the down turns, they are the best.

Gold does pretty good long term too though, and barring outright theft by your government (it may happen again here if things go south) it will weather a downturn better.

Who here wouldn't like to be sitting on gold you bought in the 90's for $50k ?
 
repete

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phatfarmerbob said:
Ok so what do we buy to save our money from being worthless?
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Just about ANY physical object that will not go down in value and may go up. I've been looking at a backhoe, don't really need it but it would be nice to have and depending on how good of a deal I get it will be a money maker or at minimum maintain it's value. And as far as gold/silver it hurts to buy at todays price's but who knows, we may look back a year from now and say " sure wish I bought more in 2020!"
 
Drinkthekoolaid

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GOPerfect said:
We are currently looking in Tenn for acres of land for down the road.
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I'm sitting here after a long day of working having a beer trying to mentally analyze some issues in my family right now and the world in general.

I'm starting to get some crazy ideas.

I'm trolling zillow right now looking at properties in middle and east TN.

Im sitting here daydreaming about selling my house, cashing in my 401k (yes I know it will get taxed to hell) saying to hell with it all and buying a small homestead in TN that I could either buy outright or very close to it. I'm looking into it and there are a fair amount of places with rural areas and high speed internet so if I had to get a remote job I'm sure I could. It wouldn't pay what I make now but that's the point of trying to have no mortgage or a very cheap mortgage it wouldn't matter.

With IMO the country and world going to shit and uncertainty what's going to happen to the economy cashing out a "sure thing" now and getting something tangible is becoming more enticing. Like it's subconsciously pulling at me in ways I can't understand.
 
Drinkthekoolaid

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repete said:
Just about ANY physical object that will not go down in value and may go up. I've been looking at a backhoe, don't really need it but it would be nice to have and depending on how good of a deal I get it will be a money maker or at minimum maintain it's value. And as far as gold/silver it hurts to buy at todays price's but who knows, we may look back a year from now and say " sure wish I bought more in 2020!"
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A friend with a backhoe can be very beneficial.....

Or so ive heard anyway....
 
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Just toss the first bit out, that's the alkey that will make you go blind, don't boil it too fast or it will burn.
 
Chicken Shoot

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fresch said:
Moonshine, drugs both kinds, medical supplies, shoes, seeds,
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Remember when Walmart refused to sell seeds and had them roped off in early 2020?? Yeah .... seeds will be a hot commodity soon enough. If the leftist POS major corp's are showing that they won't sell them, that means you NEED them!!! Kinda like Walmart refuses to sell certain firearms ..... you need those too!!
 
Blimey

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Karpteach said:
I’m coming to the end of my career. I don’t have time to wait for another up market. Better safe than broke.
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But I bet you retire with many, many years of stock market gains left in it. Everybody will agree to take some money off the table through fixed income, bonds whatever, but keep some in stocks :)
 
BerettaGuy

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Cuomo may be gone but his Gun Squad remains.
We have a generation or two and maybe even three that thinks nothing throwing a package of strawberries in their cart in January here in New York. They don't have a clue on what it takes to grow strawberries, or when they are in season. Fruits and Vegetables have seasons and it wasn't too long ago that they were not available year-round. We today have it better than any king or queen that ever lived, ever and we don't have to hire armies and deal with plots to overthrow us. We are cool in the hot summer and warm in the cold winter. OUr poor drive cars and can also use public aid money to buy fresh strawberries in winter. When things go south. When the trucks stop running and a gallon of gas cost 15.00 and bread cost 25. That last thing we need to worry about is what the rich people did with their money. Worry about what the people in power are going to do you. After every other communist takeover, there was a purge using the poor and the "workers" to take everything from everybody, because in a communist state, everything belongs to the state. Get ready for it. What will a generation or two or maybe even three do when they are used to strawberries in winter and promised strawberries in winter again if they do this or that?
 
GOPerfect

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Drinkthekoolaid said:
I'm sitting here after a long day of working having a beer trying to mentally analyze some issues in my family right now and the world in general.

I'm starting to get some crazy ideas.

I'm trolling zillow right now looking at properties in middle and east TN.

Im sitting here daydreaming about selling my house, cashing in my 401k (yes I know it will get taxed to hell) saying to hell with it all and buying a small homestead in TN that I could either buy outright or very close to it. I'm looking into it and there are a fair amount of places with rural areas and high speed internet so if I had to get a remote job I'm sure I could. It wouldn't pay what I make now but that's the point of trying to have no mortgage or a very cheap mortgage it wouldn't matter.

With IMO the country and world going to shit and uncertainty what's going to happen to the economy cashing out a "sure thing" now and getting something tangible is becoming more enticing. Like it's subconsciously pulling at me in ways I can't understand.
Click to expand...

I have been doing the same. I started a thread a while back in regards to my stock investments. I have a lot of money socked away, I am on the verge of wanting to get away from it all.

www.landsofamerica.com great place to land/ property shop.
 
H

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phatfarmerbob said:
Ok so what do we buy to save our money from being worthless?
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Gold Silver. Gold and silver have always held their value against a falling currency. So if you had 10K in cash and 10K in gold when the dollar loses say 10% of its value due to inflation. Your now now holding 9k in cash, but still retain your 10K in gold .Precious metals retain their value against a falling currency.Again , if your holding 50K in dollars and the dollar loses 3-4 percent per year over a few years, your 50K value is being stolen through inflation, its now worth around 40K .

the price of gold in 2000 was $272 today its 1800. 2005 the price of gold was $513.00 in 2010 the price was $1400.

Its not so much that gold has increased in value but that the dollar has lost value . Long term saving in gold will maintain its value where as long term saving in dollars will lose value.

You can definitely make money in Precious metals during the spikes and drops of price change , I expect a price spike in silver to hit 38-40 this year where Im going to sell off some metals if it does because I expect the price to settle back down to the high 20's or low 30S and keep the change. If it doesn't drop , I still made a good profit on my buy at 15 an oz and might buy another metal to retain value .

the thing with gold and silver is that they dont spike and drop often enough for investment only , unless your playing the game with millions .

one of the reasons they hold thier value is because there is a limited amount and always a demand . Ask your self why the central banks around the world hold gold and silver? Because it retains value.
 
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One thing for sure is that the dollar is going to drop in value. Without a doubt the value of your money this year will be less than next year. the Fed already said it is going to allow 2% inflation this year, which means 4-5 % minimum ,and I anticipate it being even worse the year after due to the colossal printing of money, which is basically counterfeit. So Without question, the price of precious metals along with guns ammo food are going to rise this year. With civil unrest and riots and inflation, and demand , the price of guns and ammo should rise sharply.
 
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