Is it time to sell gold at $1340 per ounce?

Discussion in 'Bullion Investing' started by myownprivy, Feb 19, 2019.

  1. myownprivy

    myownprivy Well-Known Member

    There's nothing wrong with owning a small business like a textile printing company. In fact, I would say a small business like yours is preferable to what lots of other people do for a living. But I hope you realize that among the benefits of owning a small business is not just that you have 100% control over how to run your business and are never accountable to a boss, but also that you have full control over how you invest and prepare for retirement.

    A small business is not a way to save money. It is not a way to prepare for retirement. What are you going to do if a smarter, lower cost way to print textiles puts you out of business? It might happen. Prepare accordingly. If you pay yourself, say $50,000 each year out of running your business, put away as much as you can into a nice mix of the stock market and CDs, because it sounds like you hate risk. Also, please, please, please do not forget that you can start a SEP or put $6,000 a year into a ROTH for your retirement. You have lots of good options.
     
    GoldFinger1969 likes this.
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  3. Jeffjay

    Jeffjay Well-Known Member

    Thanks for the advice, I do appreciate it. However I am close to retirement so my days of making money off my business are winding down. I will do all right living off the sale of the business.
    Thanks again.
     
  4. longnine009

    longnine009 Most Exalted Excellency Supporter

    Or a dictionary with the word metaphor in it.

    Reading ( and quoting) more than three sentences might also help.

    I don't smoke weed. Don't need it since I don't believe in Zombie Street.
     
    Last edited: May 25, 2020
  5. GoldFinger1969

    GoldFinger1969 Well-Known Member

    And when you sell the business, what will you do with the proceeds ?

    Just curious. :D:D
     
  6. Jeffjay

    Jeffjay Well-Known Member

    Live on it of course.
     
  7. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Yes, but when you sell the business what do you do with the proceeds....keep it in a bank, checking account, under your mattress ?

    You said you don't believe in "investing."
     
  8. Jeffjay

    Jeffjay Well-Known Member

    That's my business. Why would you care?
     
  9. GoldFinger1969

    GoldFinger1969 Well-Known Member

    You're the one who is so anti-investing with outlandish claims, I thought it would be instructive and useful for those following this thread to see what you do with a lump-sum of $$$ and you are forced to put your ideas into practice.
     
  10. xCoin-Hoarder'92x

    xCoin-Hoarder'92x Storm Tracker

    What you do is your business of course, I think he's just trying to understand a certain way of thinking, a mindset. I believe in multi-tasking with your money. Having one source of income has it's downsides.

    Some of my former high school buddies on facebook ended up having to split rent 2-3 ways with roommates, and COVID-19 this year really burned holes in their pockets. The stimulus payment I got in April doesn't even make 1/10th of some of my coin collection which I can turn to on any rainy day if I wish.
     
    GoldFinger1969 likes this.
  11. Jeffjay

    Jeffjay Well-Known Member

    Maybe I'll buy hundreds of tenth ounce gold coins and roll around in them.
    Outlandish?
     
    JCKTJK and xCoin-Hoarder'92x like this.
  12. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Might want to buy full-ouncers and avoide the premiums....:p
     
    xCoin-Hoarder'92x and Kentucky like this.
  13. myownprivy

    myownprivy Well-Known Member

    You know, I have tried that. (not with gold, but with my junk silver) and it just doesn't work. The scrooge mcduck jumping into gold coins is impossible; you'd break bones. But also rolling around in a bunch of coins doesn't work, either. They just don't allow for much rolling.
     
  14. Doc J

    Doc J Mr. Brightside

    My problem is that I can't be sure when I am going to kick the bucket. So, I need assets to keep me cruising comfortably until they haul me to the morgue.
     
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