Simple question:

[Wickaboag]

Is investing in silver a good idea for a sixteen year old?
I have 80 or so ounces so far. Bought half. Found half.
And I think the price is way low so I bought 400 silver dimes. Thinking about buying some more, maybe provident metal generic rounds. Or maybe some more 90% coins.
I figure I got time to stick out the low, and sell at a high.
Any information, comments, opinions would be more than appreciated!
Thankyou
Wicka.

 

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[jim4silver]

Is investing in silver a good idea for a sixteen year old?
I have 80 or so ounces so far. Bought half. Found half.
And I think the price is way low so I bought 400 silver dimes. Thinking about buying some more, maybe provident metal generic rounds. Or maybe some more 90% coins.
I figure I got time to stick out the low, and sell at a high.
Any information, comments, opinions would be more than appreciated!
Thankyou
Wicka.

I think owning silver and/or gold is good for people of any age. Nobody knows for sure what the future holds, but silver and gold have been considered money and/or valuable for 1000s of years right up to the present day.

I doubt that will change for the next 100 or so at least.

Just keep the amount you have in PMs a level you are comfortable with relative to your total assets and liabilities. You don't want to have to sell your stash to pay bills, etc.

Just my opinion.

Jim

 

[mercury1]

Wicks, I agree with jim4silver. It's fine to invest but don't overdo it. You only want to sell at a time of your choosing, not to cover a routine expense. I think you already know this but you are young and it doesn't hurt to hear it from others also. You are on the right track.

 

[Wickaboag]

Wicks, I agree with jim4silver. It's fine to invest but don't overdo it. You only want to sell at a time of your choosing, not to cover a routine expense. I think you already know this but you are young and it doesn't hurt to hear it from others also. You are on the right track.

I'd hate to sound spoiled. But I don't have bills yet. I don't own a car. So I don't pay gas, insurance, Maintainence, or a loan. And my expenses are awfully low. Right now... I think I've spent 700$ total on silver. And have over 80 ounces so I'm doing alright. ;-)
My goal is to sell around 30-35. That will leave me a pretty penny to put into a CD for a year or two until I have to hit the bank for college. If I decide to go that route. I don't want to own a house, but a trailer. And I could live without a shiney new car.
If I could get a steady job out of highschool id be more than happy to stay there. I figure silver is a cycle. High-low-high-low. With "stagnant" spots Inbetween. I figure it was 30-34 for a while last year and it's 18-20 for a while this year. If it goes back up I win. If it goes back down for 10 years... I wait :P
Happy hunting
Wicka

 

[Wilmingtonsilver]

Putting your money into a CD right now is a waste. Interest rates are still too low to make them practical. If you have money to invest, I would suggest doing some research on the stock market, and maybe get into some good ETFs.

 

[Wickaboag]

Putting your money into a CD right now is a waste. Interest rates are still too low to make them practical. If you have money to invest, I would suggest doing some research on the stock market, and maybe get into some good ETFs.

I'm 16. Can't exactly trade on stock market (yet)

 

[Gold Maven]

My advice to you, when you enter the work force full time, be sure to start a 401k.

Start it at a young age, and you will be set when you retire.

I didn't start one until my mid 30's, and losing 15 years makes a huge difference.

GL.

 

[TreasurePirate69]

At this point the amount of money you are talking about is peanuts in the grand scheme of things. If silver goes up by 10% on your $700 investment then you've made a whopping $70. I can spend that much money in one night taking my family to a moderately priced restaurant. And 1% on a CD is even worse.

It's easy to get caught up in the excitement of investing and making money. But until you have some REAL money to invest you are probably just wasting your time. That doesn't mean you shouldn't get educated. But to think that investing say $1000 at 1% is going to do anything at all for your long term financial stability is just wishful thinking.

Don't get discouraged. We've all been there. When I started my first job at 16 years old I already had a passbook savings account with money that I had saved from all of my birthday gifts and chores over the years. This was 28 years ago so the dollar was worth more back then. But my bank account had a whopping $75 in it at the time I got my first job. My very first paycheck for a 20 hour work week was about $50. By the time I had worked 2 measily weeks I had made more money than I had saved in a lifetime. Boy was I bummed.... You might have thought that I'd have been excited. But what I realized is that I had deprived myself of spending that $75 on things that I had wanted all those years. It turned out that the amount of money I had been saving was way too small to make any real difference.

So unless you have several thousand dollars to invest, don't waste your time right now. Enjoy it. Buy whatever you like to buy. Get a girlfriend and take her out for pizza. That's what I did. It also turned out to be the best investment I ever made since I married her and she has a professional career that brings in a 6 figure salary! That thousand dollars I spent dating will turn into several million dollars over my lifetime. How's THAT for a return on your investment?

Not to mention... dating a girl is a HECK of a lot more fun than watching your money grow at 1% in a CD.

 

[Wickaboag]

I have a girlfriend. And so far I'll compare it to buying gold at 1900$ an ounce. You do well for a little while, have fun, and boom. It gets dropped.
(Little personal information. 8 month relationship and she cheated on me.)
And no, I never let CRH or metal detectin get in The way of that.
I COULD invest a few thousand, I just hate having all my eggs in one basket... I have to get rid of two metal detectors. That'll free up around 500-600$ that I can play around with.
Happy Stacking
Wicka

 

[usandthem]

At this point the amount of money you are talking about is peanuts in the grand scheme of things. If silver goes up by 10% on your $700 investment then you've made a whopping $70. I can spend that much money in one night taking my family to a moderately priced restaurant. And 1% on a CD is even worse.

It's easy to get caught up in the excitement of investing and making money. But until you have some REAL money to invest you are probably just wasting your time. That doesn't mean you shouldn't get educated. But to think that investing say $1000 at 1% is going to do anything at all for your long term financial stability is just wishful thinking.

Don't get discouraged. We've all been there. When I started my first job at 16 years old I already had a passbook savings account with money that I had saved from all of my birthday gifts and chores over the years. This was 28 years ago so the dollar was worth more back then. But my bank account had a whopping $75 in it at the time I got my first job. My very first paycheck for a 20 hour work week was about $50. By the time I had worked 2 measily weeks I had made more money than I had saved in a lifetime. Boy was I bummed.... You might have thought that I'd have been excited. But what I realized is that I had deprived myself of spending that $75 on things that I had wanted all those years. It turned out that the amount of money I had been saving was way too small to make any real difference.

So unless you have several thousand dollars to invest, don't waste your time right now. Enjoy it. Buy whatever you like to buy. Get a girlfriend and take her out for pizza. That's what I did. It also turned out to be the best investment I ever made since I married her and she has a professional career that brings in a 6 figure salary! That thousand dollars I spent dating will turn into several million dollars over my lifetime. How's THAT for a return on your investment?

Not to mention... dating a girl is a HECK of a lot more fun than watching your money grow at 1% in a CD.

We're never too young to start saving money. "A penny saved is a penny earned."

 

[Wickaboag]

Agreed!

 

[sciflyer25]

My best advice - Don't spend too much on the ladies just yet as you have the rest of your life to do that. If they expect gifts and food shoved down their throats too often, tell them to pony up, and if they can't, then tell them to get a job. And always pay yourself first.

 

[Eminem]

My best advice - Don't spend too much on the ladies just yet as you have the rest of your life to do that. If they expect gifts and food shoved down their throats too often, tell them to pony up, and if they can't, then tell them to get a job. And always pay yourself first.

Girls will milk you dry, buy silver first homie and don't tell them about it

 

[TreasurePirate69]

I apologize for turning this thread into a dating advice smorgasbord. That was not my intention. I'll say this though... if you find yourself hating on women then perhaps you are dating the wrong types of women. My brother married a woman who bleeds him dry. She came into the relationship with tons of school debt and a penchant for spending money. She had no career and no earning potential. In stark contrast, my wife had no debt when we got married, had a good career, and is very level headed about spending money. The end result is that my brother lives in a huge house (at her request) that he can't afford and is living paycheck to paycheck. I live in a modest house that has been paid off since I was 35 and my wife and I can afford to do whatever we want because we have tons of cash and investments. Don't paint all women with a wide brush. And when the time comes, be sure to consider this aspect before pulling the trigger on picking a lifelong partner.

Good luck.

 

[jim4silver]

I apologize for turning this thread into a dating advice smorgasbord. That was not my intention. I'll say this though... if you find yourself hating on women then perhaps you are dating the wrong types of women. My brother married a woman who bleeds him dry. She came into the relationship with tons of school debt and a penchant for spending money. She had no career and no earning potential. In stark contrast, my wife had no debt when we got married, had a good career, and is very level headed about spending money. The end result is that my brother lives in a huge house (at her request) that he can't afford and is living paycheck to paycheck. I live in a modest house that has been paid off since I was 35 and my wife and I can afford to do whatever we want because we have tons of cash and investments. Don't paint all women with a wide brush. And when the time comes, be sure to consider this aspect before pulling the trigger on picking a lifelong partner.

Good luck.

You are a lucky man TreasurePirate.

Jim

 

[FreedomUIC]

Girls will milk you dry, buy silver first homie and don't tell them about it

This is some information that you REALLY TRULY need....

 

[jim4silver]

This is some information that you REALLY TRULY need....

A wise old friend once told me "if it floats, flies or fornicates, rent it".

Some of my current and formerly married friends often say "I wish I heard that years ago" when I mention that phrase, which is usually after a few rounds of beers. LOL

Jim

 

[Fletch88]

A wise old friend once told me "if it floats, flies or fornicates, rent it".

Some of my current and formerly married friends often say "I wish I heard that years ago" when I mention that phrase, which is usually after a few rounds of beers. LOL

Jim

You ain't just whistling Dixie! I heard one similar " if it has (the slang for breasts) or tires it gonna cost ya". No offense lady's I've enjoyed every dime spent on women (except the X)