Americans Collectively Owe Almost $1 trillion in Credit Card Debt.

Well, Crazy Rob is right, I mean, Gold and Silver isn't perfect, nothing is. And if you purchase Gold after it reached its peak in 1980, and held onto for the next seven years, you would have actually lost money.

But I don't buy gold and silver just because I'm looking to earn a return on my investment. My primary reason for buying it is because I don
t want to see my hard earned money get wiped out do to inflation, turning into toilet paper.

 

What, no doom and gloom? Come one.. That's no fun....

 

You will want to have Gold and Silver on hand. My advice to anyone here who is thinking of buying is to avoid just buying Gold and Silver stocks. This is not enough. You need to have physical gold and silver in you possession.

Every book I read says put a minimum of 10% of your assets in Gold and Silver, but most books recommend 15 to 20% during Wars or economic uncertainty, which perfectly describes America right now.

If the U.S. dollar keeps falling, the price of food, energy, housing, and just about everything else will shoot through the roof. If you do not have any gold and silver on hand, any paper dollars you have will become worthless, because they will not be able to afford every day necessities.

For the record, I HOPE AND PRAY this scenario does not happen, because if it does, America will collapse. But it is better to be safe than sorry.

 

Can I live in your basement? I'll protect your gold. And eat your food.

 

My grandpa always said,

"If you're not going to spend your money, you might as well take it to the curbstone and burn it!"

 

Debt = Slavery!

 

IMO- there's good debt and bad debt.

Good debt:
Investments, real estate, student loans (although they F. a lot of people), business loans, etc...


Bad debt:
Credit cards (balances not paid), auto loans and basically all that shit you don't need.

 

Very good point Mr Rob!

 

Anyway , Good or bad the sence of slavery will always follow you

 

gold can't even beat government bonds.



at the beginning of 1975, gold was trading at $175.

today it is trading at $837.

4.78 times appreciation..

annualized returns in 33 years (including 1975) - 4.85%.

one would have made more money by investing in bonds.

if a particular economy is collapsing, its people may see an increase in value of their gold, but that is a localized issue.

if you feel US economy is going to collapse totally,then gold may be a good investment for you.

but generally speaking gold has never been a good investment option for long term capital appreciation.

 

In case you didn't pick up on it, "good debt" turns into positive cash flow.

At least in theory.

 

I find this hard to believe. If you don't pay either one back, or you lose your job, and can't make your payments, the end result is pretty much the same.

Good debt and bad debt to me is like Black Magic and White Magic. Those who are in the occult know that there is no real difference between the two. I think the same can be said for debt. When you owe some one money, and you're paying them interest, they have the ultimate advantage. Not to say that you can't borrow money and invest it to become rich, but a lot of people don't make it happen this way.

 

You're 100% right, but you're thinking in terms of getting a positive ROI rather than simply protecting your paper money from inflation. The decline if the dollar is the reason why a lot of people are finding gold and silver to be quite attractive.

The problem with investing in the U.S. government is that the U.S. government can't even balance a budget, and is in debt to the Fed.

 

Hard to believe?

What's not to believe? Sure, you have to make good decisions with your investments but I figured that was obvious.

 

Could not agree more! Asset based debt on things like real estate that actually appreciate makes for good debt. It's also debt you can use to mitigate tax liabilities...

Most financial advisors will not advise you to pay off a mortgage if you come into a lot of money, or have the money to do so... Having a mortgage has it's own set of advantages...

In the end, you can't take it with you, so spend it now!

 

The problem with this view is whether or not you make the best of your "good" debt, you still have to pay back the lender. If you fail, and 80% of businesses fail in the first five years, now you owe the money back to the bank plus interest, even if your business plan tanked.

Good grief, most financial advisors are looking out for themselves, not you. They tell you to stay in debt so the bank can continue charging you interest. If you pay it off, the bank loses, because there goes an income stream for them.

I can't believe you guys think being in debt is good. Have some people borrowed money and turned around and became rich? Sure. But most do not. Most fail, and when they fail, the bank still wins.

 

I agree. You know what, I should just stop saving money and go on a wild spending spree, until my savings are totally depleted, and then I can start borrowing money from the bank. This is the best financial advice I've ever heard. We're all going to die, so lets blow all our money today!

We can blow all our money today, then borrow, and we can be financial slaves to banks and credit card companies for the rest of our lives, working around the clock just to make the interest payments on our debt. Now this sounds like financial freedom to me!

You know what? $1 trillion in credit card debt is actually good! It has made Americans more free!

 

http://news.bbc.co.uk/1/hi/business/7082444.stm

Sorry, America, it appears the UK has 511 times more debt and more problems than the US.

Fortunately, we will be debt free by June 2009.

http://news.bbc.co.uk/1/hi/business/6992450.stm



Rob

 

Robert Allen, I read the second link, and it didn't show how Britain will get its citizens out of debt. I don't think commercials educating people about loans is going to fix the problem, but please correct me if I'm wrong.

 

How do you think businesses get started? It's a risk, of course but that's how you build wealth...by taking risks. And I don't care what you say!!!

Living your life preparing for DOOMSDAY is NO FUN!