Hi Frens,
I have a small IRA from transitioning between two companies that were divesting.
Not really actively managing it so I thought maybe it would be useful to use to get into precious metals investing. I understand there are self-directed IRAs that let you invest in silver.
Anyone do this and could recommend an investment company? I'm only dealing with about $1k here - while it would sting, I could afford to lose it.
There is NO IRA PM solution where YOU hold the metal IN HAND at your designated location. NONE - by design.
This is where you have to pick a lane.
You're either gonna just do a traditional/Roth IRA and play the game of "deferred tax" bs - whether that's metal or whatever that some other asshole controls in your name
OR
Buy physical and HAVE IT in your hand and do whatever the hell you want with it with NO middle man.
It's a matter of principle...and it requires maturity and embracing your sovereignty
This. Long term only hold physical. If it's retirement I'd consider gold over silver. While silver may have gone to the moon, a part of it's value is industrial, which is cyclical. I'd do something like 75-25 gold to silver. I've always looked at it as gold is "savings", silver is "money". FWIW, realize retirement is a lie. Sitting on your ass and watching TV for 20 years like most retirees I know isn't a way to live. Consider finding a profitable hobby or interest that can generate income and invest in that. I plan on starting a homestead and growing a majority of my food. That can be scaled so I can sell off excess.
Retirement is your freedom to not have to go to work anymore. If you choose the sit on your ass and watch TV by all means. If you want to be adventurous, ok. Once you reach retirement your free to choose not forced to choose. Im retired 4 years now and I take the kids to school, go work out, pick the kids up from school, rinse and repeat. Its a simple life and I like it better then dragging myself out of bed to s9t in traffic for an hour everyday
I wish I was leveraged at 3:1 Au to Ag...More like 1:33 right now.
I probably could swap some Ag for Au but...for now, I'm gonna let it ride.
Some real changes have to be made in order for the proverbial "profitable hobby" thing to even be remotely feasible. There's no money in ANY of that shit unless you are VERY specialized and have a SPECIFIC niche product/service that you can make a few bucks on for a SHORT time...
That is until someone else gets a whiff of what you're doing and then proceeds to undersell you or fk it up in one way or another. Been there, done it for 25 years using VERY high tech equipment and specialized skills that covers a lot of ground. There's NO money in it. Nobody wants to pay for ANYTHING anymore made by real people...I've literally seen them at craft shows ans swap meets looking on Etsy and Amazon for a similar product for less vs supporting local artisans. Sorry...but public are assholes.
c19 was a good yardstick for things...
Essential vs non-essential. Boy there sure were a LOT of unessential aholes that weren't out clogging up my roads - AND there was NO perceivable shortage of really anything at all - aside form horse stall mats because everyone "just had to have" their own home gym (fat fks never used it either) or things like alky wipes etc. What does THAT tell you? It tells me that the economy runs fine with WAY less people than we've got...
Everybody and their brother were suddenly going to start doing fabrication, CNC, 3D printing etc etc and nearly ALL of them failed...Raced RIGHT to the absolute bottom making excuses for their work and GAVE AWAY everything for nothing...Every dbag with a tablesaw was doing cutting boards...or 3D wood flags or resin poured live edge tables that were already played out 15 years ago...but you can't tell them that....
There IS NO side hustle left...Nobody wants to pay anything for anything anywhere...AND it's pretty hard to market your stuff without falling into "we sell exclusively to cheap, demanding assholes that want everything but don't want to pay for it" like Etsy et al. Which is a shame...because we used to be able to make ends meet with things like this...Not anymore!
So until our financial system gets fixed...we're a LONG way away from any of us really making an honest living again...or even going back to just Dad working while Mom took care of everyone...I wonder if we could even get back to anything like that again...