RE: Is It Too Late to Save Precious Metals?
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I live in Canada where our economy is reasonably stable and crime is relatively low for now. But that can change soon. The cost of living is rather high with a high rate of personal and governmental debt. I saw this happening years ago that our country is heading for economic trouble and every year the signs pointed to it. I started stacking 10 years ago. I lived below my means but without denying the needs of my sons. I live close to my job so I didn't require a car. Took overtime and extra work shifts and a side jobs. Every month I stopped by a coin shop and bought a silver coin or two depending what excess of my Emergency funds reserve. My Emergency reserve is about two months pay saved in a savings account. So any excess over that I buy precious metals.
I can understand that unexpected expenses can happen and the cost of living can exceed your wages.
It's not too late if you're resourceful or creative, but I admire you having already started @littlenewthings
That's admirable for being able to start staking silver in such an early stage.
I only had my first silver coin during STEEMIT days (before HIVE was born through fork) and I got my silver coin.
Since then, I haven't been really able to stack aside due to a lot of debts to settle especially something that happened really bad in end of 2023 that I am still paying off; but setting aside essential payments for 2 months is a great idea.
I have only managed to save up the first month of mortgage payment. Think I need to write everywhere that I need to be more thrifty and save up the 2nd month before I can relax a bit.
That had to include utility bills 🤔 at least the highest amount paid in year and use that as the rainy day target.
That being said, the gold is supposed to do just that as it is still a bit easier to trade off but might lose around 10% if sold back to the goldsmith, unless a fellow friend/trader would love to buy over directly according to market price