Spend my tax refund for me!

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Penn

Penn

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So I will again be getting $650 tax refund- this is property tax rebate that PA does for lower income folks. (funded by the lottery)

I expect this money July 1st.

What would you spend it on?

Last year- I broke it up via ebay- to make it more fun to spend. It most likely will be silver or gold, tho I lean to silver.

On silver I like eagles or junk.

:D
 
Penn said:
So I will again be getting $650 tax refund- this is property tax rebate that PA does for lower income folks. (funded by the lottery)

I expect this money July 1st.

What would you spend it on?

Last year- I broke it up via ebay- to make it more fun to spend. It most likely will be silver or gold, tho I lean to silver.

On silver I like eagles or junk.

:D
Click to expand...

Shop around for a good deal and pick up a 20 tube of eagles!

:agree:
 
If you are going to put the refund into PM's this is what I would probably do based on your likings... Two 1/10 oz Gold Maple leafs -- I would say about $185 each at a LCS (you might be able to find some 1/10 oz AGE for this price to if thats your preference w/ gold) and six 1 oz ASE -- you could get them for $35 a piece right now in many LCS then a half dozen Merc Dimes at maybe $2.50 a piece... Totals to around $600 bucks, and you have around $50 left over to take your neighbor lady friend out to eat dinner somewhere.

Then again you could just go to the casino and put $625 on red and $25 on green (just incase) and maybe double your money in one spin of the roulette wheel and buy twice the amount of gold and silver. :rimshot:
 
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Penn, I would say my advice is to buy some good junk. A bag of average circulated quarters can't be beat for being highly recognizable and they are extremely fungible. Junk is my second favorite! In fact, I have a guy who sells me 40% kennedy halves for 1.90 under spot when he gets them. He will pay someone off the street about 90% of spot. He sets them aside for me and always gives me first pick. One time, he called me at work to tell me he had 100 dollars face and could I come take it right away........naturally I hopped in the truck, went AWOL for an hour and got them.
 
dereksatkinson said:
Goes without saying...

I think that most people doing the "gold trade" understand the dangers of leverage.
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Not necessarily. Hence my comment.

The thread title says, "Spend my tax refund for me!"

As I don't know the person personally, I gave the most appropriate response on this. Put it first on any debt you have and pay off the highest interest debt first.

Trying to save while you have debt is like trying to fill the bathtub without putting the plug in. First stop the leak. Then fill it up.
 
Penn said:
So I will again be getting $650 tax refund- this is property tax rebate that PA does for lower income folks. (funded by the lottery)

I expect this money July 1st.

What would you spend it on?

Last year- I broke it up via ebay- to make it more fun to spend. It most likely will be silver or gold, tho I lean to silver.

On silver I like eagles or junk.

:D
Click to expand...

Have you decided on a course of action yet? The masses want to know!

:popcorn:
 
Jetstream said:
Not necessarily. Hence my comment.

The thread title says, "Spend my tax refund for me!"

As I don't know the person personally, I gave the most appropriate response on this. Put it first on any debt you have and pay off the highest interest debt first.

Trying to save while you have debt is like trying to fill the bathtub without putting the plug in. First stop the leak. Then fill it up.
Click to expand...


If your high interest rate debt is 24%, since 2008 silver is outperforming the debt by 12%.
Paying banks is exactly what "We the People" have been trained to do. Consider buying silver, switching accounts, making payments, and putting effort forth in order to be financially prepared. Why take tax free income and expend it upon zero gain and ZERO possession.

One would be in a far stronger position buying silver now at current proverbial low. Then paying debt and attempting to purchase silver at an assumed higher price with capital of a minimum monthly payment.

Risk default, not destitution.
 
yeah

ive pondered the risks of borrowing big and letting inflation deal with the debt.

If you can get through a period of high interest on the repayments it should work.
It worked for me in the 90's but it was a scary ride for many when base rates went up to 15% on black wednesday.

But if we default, the banks end up owing everything, having done NOTHING, not even taken a business risk ....... cos we , the public, now carry both ends of the deal.
 
rblong2us said:
yeah

ive pondered the risks of borrowing big and letting inflation deal with the debt.

If you can get through a period of high interest on the repayments it should work.
It worked for me in the 90's but it was a scary ride for many when base rates went up to 15% on black wednesday.

But if we default, the banks end up owing everything, having done NOTHING, not even taken a business risk ....... cos we , the public, now carry both ends of the deal.
Click to expand...

I read somewhere about a guy who mortgaged his entire world, car, vehicles, failing business, and bought silver at 20, then folded it over at around 33. He was able to pay off all the notes and most of his original debt.
 
Ancona - borrowing to invest only works if one has more than sufficient cash flow to manage the debt.

If you borrow money to buy silver, you not only need to recover the cost of borrowing, but you have to make the payments until such time as the silver price has risen enough to turn a profit.

Unless you actually SELL enough of the silver you originally purchased to cover cost of payments (principle and interest), with some silver left over, you are not ahead of the game. In fact you may not have even broken even.

I still maintain to get rid of debt as fast as possible. Get savage and ornery with any debt. Sell unnecessary stuff, get a second job, cut back on frills, and then pour your efforts into building your wealth.
 
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