Maintaining purchasing discipline

[Jeffers46]

On 10/12/2017 at 09:45, KDave said:

If you have a purchasing strategy then stick to it but make a small fixed allocation for other buys. Personally I have a list of coin wants in order of priority and chip away at it every now and again. New releases get added to the list in advance of release to avoid the hype and gouge train 

 

figuring out priorities and coming up with a list of wants...  Sounds good.

 

Now.Can all the mints stop releasing nice new ones so I can catch up with my list please!  

[Jeffers46]

19 hours ago, HawkHybrid said:

if you must buy something then buy a full/half sovereign.

then each time ask yourself which coins for sale are you

willing to sell your sovereign to raise currency to buy. if at

any time the answer is positive, then do so. it might work?

 

HH

HH you will be pleased to know that i have committed my next buy to a full sovereign. any tips? whats your favourite (affordable) Sov?

[Jeffers46]

22 hours ago, Thelonerangershorse said:

Yep, I know all too well I should save every penny for the October group order, then I spot something shiney....

Discipline come from within

 

 

If you've seen that South Park episode youll get it  

 

It can be hard though to control ones impulses when it comes to shiny...

[KDave]

It is a struggle. What HH suggested, buying sovereigns exclusively and using sales of those to buy wants, is a great idea and something I have been doing recently. It works well, adding a layer of effort and time that can make the difference of buying or not. It also works to stop the money in your account vanishing on something else, for example to save for an ounce Griffin I bought sovereigns until I had enough to swap for the ounce. There is a cost in spread to consider but the way money goes at the moment in my case, this was the only way to make it happen. 

I have been selling metals for renovation supplies as a last resort and there is no better way to encourage thrift and double checking necessity than having to sell metals to make a purchase. It is oddly distressing having to part with shiny gold and silver to buy tile adhesive and paint 

[sovereignsteve]

43 minutes ago, shortstack68 said:

I maintain discipline until i see something i want, so it maintain it probably every 3-4 weeks 

so for about 1 day a month? not bad

[HawkHybrid]

3 hours ago, Jeffers46 said:

HH you will be pleased to know that i have committed my next buy to a full sovereign. any tips? whats your favourite (affordable) Sov?

 

I used to buy george V sovereigns from hgm when

they were included in the cheapest sovereign pool.

(chosen from the pool, hgm are nice like that) on

average they were good grades but still classified as

circulating sovereigns. I haven't bought anything for

what seams like ages now. I think buying local at the

lowest premium you can find is still a good starting

point. the forum have good deals from time to time.

or post a wanted thread when you're ready.

 

HH

[NorthBen]

Just my thoughts as a stacker, more than a collector.

I've been stacking for about 4 months now. In month 1, I went crackers, bought a lot of coins (vat free) and a 250g bar (full vat). Since then it's gradually dawned on me that I need to cool it a bit and not just give in to magpie within! The few rules I now live by are..

- no new / full vat silver, unless it's a very limited mintage (I'll never make my money back on the 250g bar I bought! But I still love it)

- buy mainly bars up to 5oz. Anything that is a good deal, and preferably collectible. (Hand poured etc). Trying to move on larger bars always seems to be trickier...

- buy silver bullion coins when available for as cheap as possible (my personal limit is £17). This way I should always be able to make my money back, within reason...

- try and be patient rather than spend any spare cash instantly. This has allowed me to move in to gold. 

- buy full/ half sovereign where possible as a priority. The rest of my budget I spend on the silver mentioned above.

Not a particularly scientific list of rules, but it's just what's started to become obvious as my stack and experience grows!

Have a good weekend all.

 

[lightjaw]

I say this to myself

"remember that even though you want xxxxxx now, another one will come along at some point, and you dont have to buy it now if you dont want to"

It just reminds me that even though i want the instant gratification of getting the coin i have fallen for now, there will probably still be one for sale 5, 10, 20 years down the line.

[Xander]

When I see a nice coin I'm afraid the heart overrules the head. Strategy goes right out the window...oh, well, budgets come and go, a good sovereign is for life.

[Jeffers46]

Well that was an interesting month.

 

I nearly picked up 20 silver Britannias for a steal at my local auction house, missed out by £20. Including the commission they went for £400. Some interesting dates in the mix too.

 

So its a while until the next auction... and I decided to go in for some Bitcoin. 

 

Next month will probably be 50/50 crypto/silver

[999magnum]

I just started buying silver also. It all began when I came across a silver stacking video on youtube. I didn't know anything about it and I never even knew about this sport. Now about a month later I'm worse off than when I started because then I didn't know about all the different coins, rounds, mints, semi-numismatics, etc. I thought I'd buy some silver for weight and keep things nice and simple. I started looking in all the websites about deals on silver for spot. That's when it happened. I came across the Chiwoo Chunwang coin and it was all over. Now I buy what I like, but I try to be careful not to spend too much. It's sooooo damn hard!!!

[999magnum]

1 hour ago, Jeffers46 said:

Well that was an interesting month.

 

I nearly picked up 20 silver Britannias for a steal at my local auction house, missed out by £20. Including the commission they went for £400. Some interesting dates in the mix too.

 

So its a while until the next auction... and I decided to go in for some Bitcoin. 

 

Next month will probably be 50/50 crypto/silver

Have you been looking into bitcoin for a bit or is this a ll of a sudden thing for you?

 

[999magnum]

1 hour ago, Jeffers46 said:

So its a while until the next auction... and I decided to go in for some Bitcoin.

 

 

Next month will probably be 50/50 crypto/silver

I see some people on youtube that "do" crypto and silver, but why silver? What's the connection between crypto and silver? There's going to be a time when the IRS (speaking about the USA only) will come after people that invest in these internet currencies I think. I don't know anything about bitcoin, but I do know the Fed does like their share of the pot ALL of the time.

 

Also all these guys doing the silver/crypto videos on youtube want you to use their codes or some **** so they can get a bonus of some sort for you signing up. I can't trust a single word they say just because of that fact.

 

What about the guy on youtube that says he just made $400 just by sitting at home with bitcoin. He must be swimming in money. He will probably double his earnings by 2018. Whatya think?

[vand]

Isn't this a rhetorical question? How do you maintain discipline in anything in life? You decide what is most important to you and then prioritize that. If amassing ozs is most important to you then you prioritize low premium silver. If numismatics hold more appeal than stack weight then you prioritize fancy stuff. 

so decided what is most important to you, and then prioritize it. Can't get simpler than that.

[Jeffers46]

13 hours ago, 999magnum said:

I see some people on youtube that "do" crypto and silver, but why silver? What's the connection between crypto and silver? There's going to be a time when the IRS (speaking about the USA only) will come after people that invest in these internet currencies I think. I don't know anything about bitcoin, but I do know the Fed does like their share of the pot ALL of the time.

 

Also all these guys doing the silver/crypto videos on youtube want you to use their codes or some **** so they can get a bonus of some sort for you signing up. I can't trust a single word they say just because of that fact.

 

What about the guy on youtube that says he just made $400 just by sitting at home with bitcoin. He must be swimming in money. He will probably double his earnings by 2018. Whatya think?

My idea is to use the silver to hedge against any crypto losses. Don't put all one's eggs in one basket etc. Gold would easily suffice in lesser quantities.

I imagine the fed is trying hard to find a way to tax any gains made from crypto, but it will be hard for them.

 

Its a complete wild west frontier at the moment, many scams and horror stories along with the newly made crypto wealthy. Early adopters are now millionaires. Many people lose everything.  I would not sign up to any website or exchange via a link, but do your own research and come to your own conclusions.  I got in very recently but am already +35%. Its a crazy ride.

 

Who knows what the future holds.