I’m not sure there could be a worse time to come into money, but I need recommendations that I don’t think I can get from traditional financial counselors and I’m hoping you pedes can give me some food for thought.
I’m about to come into several hundred thousand tax-free (US) dollars from a family trust. My husband and I have no debt, our mortgage is paid, and we already have a couple of small investment accounts and modest savings. We receive three pensions and our health care is covered. So this is “extra” money for us. (No bashing, please – we have worked hard to get where we are and we are generous with others.)
In light of what I expect to be a tanking stock market and imploding economy (at least in the near future), what’s the best thing to do with this money to either grow or at least maintain its’ value over the next turbulent period?
We’re retired. We’re moderate risk takers. We run a small fruit farm that will provide for us and our immediate neighbors, we grow our own vegetables, and we live on a fish-filled river. We will not starve.
I have a hard time seeing how gold and/or silver will be useful if fiat money tanks. You can’t eat it. But few people will have money to buy things, either, if the economy tanks. Correct my thinking if I'm wrong.
Can some of you based finance-educated pedes give me some ideas to start thinking about this?
not a financial guru here...i agree with others about precious metals, especially silver, but be sure to have it in your hands, not in certificates, and not a lot of it...our future may include some bartering of goods/services at some point...since you have your own garden and fruit farm, suggest heirloom seeds for future use, and whatever kinds of fertilizer/ground nutrients you may need for future crops...if you need to update equipment for your farm, now may be the time to buy new or good used...suggest investing in a stand-by generator for your house also...maybe a new food freezer too...if looking at banking, look for small independently owned and financially sound banks in your area, not the big banks...can max out to $250k fdic, or several banks, smaller amounts...best of luck to you and your family...this is just my 5cent opinion, which would have been my 2cents worth before bidenflation...
You're sitting pretty, modest investments in precious metals may well be what you want to preserve Capital. No, gold isn't gonna rise 100% but silver is still under-valued. Either of those will preserve your Capital, as opposed to stocks moving up hopefully but as you say, the Markets are not looking to be strong for most of us. In times where Markets are uncertain precious metals have always been stable, and the demand for silver is increasing.
Yet many companies are posting gains....even as the larger Market waffles.
If you want a small risk, DWAC stocks might be about to rise dramatically or at least healthily. If you aren't familiar, DWAC is the holding company which Trump's media is using to prepare their launch, it may or may not be a rival to the big tech guys but it looks to pay off as an investment because millions of us are buying, we invested in Trump and Truth, you see. My own investment there has risen by 100% and more in just a few months.
Or, Real Estate. Invest and flip properties.
If 'I' had a couple hundred thou to consider playing with I'd buy more DWAC, not yuge amounts but a few hundred shares maybe, and then let it ride. You don't seem to need immediate income so let it ride. Same thing about precious metals, you don't seem to need the immediate income so bolster your Market positions with the hedge of owning gold or silver. Take possession of the actual metals tho, do not simply accept certificates as they print more of those than should exist, more than can be covered by the amount of metals available. Take physical possession of any precioius metals you purchase.
Take your time and look around for what makes 'you' comforyable. You do not need to get maximum performance from your monies, seems like, so be 'comfortable' instead, preserve your Capital and enjoy your deserved financial rewards.
Silver, dwac, cattle/livestock, & land.
Uranium.
DWAC
Land is always good. Here in Texas undeveloped land is hardly taxed.