I'm 62 and retired. I'm beginning to believe (maybe too much Glenn Beck) these goons in Washington are ruining our country and our financial system with all this debt. I do believe that what we've seen so far is just the beginning of a financial melt down and the dollar won't be worth beans in a few more years. So I want to move out of the TSP and possibly roll over into Gold and ?. I don't want to go 100% in gold but what else would you recommend?
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Gold?
- Thread starter retgi
- Start date
- Reaction score
- 2,717
Hi retgi -
I'm not so sure if "this is the big one", as Glenn suggests (and I'm a fan) but some of his suggestions make sense. As you probably know, one of his messages is to pay off your bills. If you have a mortgage, car loan, etc., pay it off if you can.
Food storage. Glenn's a morman and they are big on food storage. If there's a run on the banks at some point, you probably won't have fully stocked grocery stores.
For that reason you probably want some guns and ammo because those who did not prepare, will be looking for your stash. Gold and silver, sure, and as an investment, how about real estate? Like gold and silver you probably want the physical rather than the paper, so you don't want gold and real estate stocks, but rather coins and land. Companies can fold, but gold and land will always be there (except on the CA coast in 2012)
Agriculture would be big. There's companies like Monsanto or Potash that would likely flourish. Jim Rogers had said because of the potential financial collapse, the next wave of rich folks won't be on Wall Street, but rather farmers.
Again, I'm not sure this is going to happen, but it never hurts to have some preparation. Like the year 2000 computer glitch that never happened, or if the Mayans happen to be wrong
, life will likely go on and if you happen to have some food in your house, and some gold and land in your portfolio, along with Ag stocks, no harm done. 
I'm not so sure if "this is the big one", as Glenn suggests (and I'm a fan) but some of his suggestions make sense. As you probably know, one of his messages is to pay off your bills. If you have a mortgage, car loan, etc., pay it off if you can.
Food storage. Glenn's a morman and they are big on food storage. If there's a run on the banks at some point, you probably won't have fully stocked grocery stores.
For that reason you probably want some guns and ammo because those who did not prepare, will be looking for your stash. Gold and silver, sure, and as an investment, how about real estate? Like gold and silver you probably want the physical rather than the paper, so you don't want gold and real estate stocks, but rather coins and land. Companies can fold, but gold and land will always be there (except on the CA coast in 2012)
Agriculture would be big. There's companies like Monsanto or Potash that would likely flourish. Jim Rogers had said because of the potential financial collapse, the next wave of rich folks won't be on Wall Street, but rather farmers.
Again, I'm not sure this is going to happen, but it never hurts to have some preparation. Like the year 2000 computer glitch that never happened, or if the Mayans happen to be wrong
, life will likely go on and if you happen to have some food in your house, and some gold and land in your portfolio, along with Ag stocks, no harm done. 
Warrenlm
TSP Legend
- Reaction score
- 93
"...the next wave of rich folks won't be on Wall Street, but rather farmers."
My 97 yo aunt remembers the depression in a poor rural family but was in North Dakota so had a different experience than urban bread lines we see in film. She tells me "the farmers always had food and would share with (us)".
My 97 yo aunt remembers the depression in a poor rural family but was in North Dakota so had a different experience than urban bread lines we see in film. She tells me "the farmers always had food and would share with (us)".
Tom:
Thanks for those insight.
I am debating whether to pay off mortgages (primary and some rental properties). It has some tax advantages, and I don't have enough right now to pay them off anyway. and what if it's inflation or hyperinflation? would it renders debt worthless?
If I have some extra money, would it make sense to buy gold or gun?
again, thanks in advance.
- Reaction score
- 2,717
I hear that there is a proposed tax for anyone who owns their house outright - no mortgage. Not only would you lose your tax deduction because you don't have any payments, but you'd have to pay a tax because you have no payments. Once again, penalizing success.
I'll have to research this. I heard it second hand.
By the way, I'm not a big fan of the tax deductions for mortgage interest (which Obama is also trying to phase out for "the rich"). I don't like taxes that are designed to get people to behave in certain ways (IRA's, cigarette, mortgages, etc.)
I'll have to research this. I heard it second hand.
By the way, I'm not a big fan of the tax deductions for mortgage interest (which Obama is also trying to phase out for "the rich"). I don't like taxes that are designed to get people to behave in certain ways (IRA's, cigarette, mortgages, etc.)
Frixxxx
Moderator
- Reaction score
- 131
Gonna take more than pitchforks.....
Thanks, Tom.
Tax issue aside, could you explain the advantage to try to pay off mortgages? If inflation or hyperinflation come into play, wouldn't one better off being a debtor? (http://inflationintowealth.com/). If deflation where cash is the king, as long as mortgage rate is fixed and one can afford to pay monthly, what can be worse off holding debt?
the extra cash one do not put into debt, one can invest in somewhere else or gold or short the market.
those are limited knowledge I am having now:embarrest:. I do see a lot of advocates of paying off debt, and I am trying to learn as much as possible.
Tax issue aside, could you explain the advantage to try to pay off mortgages? If inflation or hyperinflation come into play, wouldn't one better off being a debtor? (http://inflationintowealth.com/). If deflation where cash is the king, as long as mortgage rate is fixed and one can afford to pay monthly, what can be worse off holding debt?
the extra cash one do not put into debt, one can invest in somewhere else or gold or short the market.
those are limited knowledge I am having now:embarrest:. I do see a lot of advocates of paying off debt, and I am trying to learn as much as possible.
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