Roy reacted to Oldun in Brexit status ...
How do you think Germans are going to react when pensions get cut in half, taxes go up and services slashed all while having to share the meagre leftovers with their new found million plus immigrant friends ? Everyone is charitable until it hits their own lifestyle.
Fiscal austerity is coming along with massive asset deflation. They wont be inflating it away, they will be deflating it and draining money out.
Roy reacted to vand in Gold & Silver vs Mortgage
That's a very inflexible and intolerant position to have. You might as well argue that people should not buy housing with mortgages but save up the cash to buy them outright.
There is nothing wrong about debt and it can be the smart thing to hold if it is used to produce a higher future return than the cost of paying the interest.
Roy reacted to Kookaburracollector in Gold & Silver vs Mortgage
You must be a great saver as house price inflation where I live far outstrips my ability to save.
Bought current house in 2004 for approx £250k
House value now 2019 approx £500k
Interest paid on mortgage very little, as took a Bank of England base rate tracker at 0.39% over base 8 years ago.Prior to that nothing over 3.99%.
So, would need to have started saving £1389 a month since 2004 to pay cash for house today, plus would have to have rented somewhere on top of that..another £1500 for something similar ...best of luck if you can do that.
My advice to my children will be to get on the housing ladder ASAP...and pay of the mortgage as fast as you can. BUT DONT ASK MUM DAD FOR THE DEPOSIT!
Roy reacted to Bullionbilly in **JANUARY 2019** Group Order from The European Mint
Sorry @BackyardBullion couldn't resist !
Roy reacted to vand in Gold & Silver vs Mortgage
To be clear, you CAN overpay by 10%, but there are additional fees are levied that make it punitive. The lender is going to get their money out of you one way or another!
One option is just stack it as cash and then make a large lump sum overpayment at the end of the discount term, but of course this requires quite a degree of discipline and is not without opportunity cost.
The mortgage merry-go-round model expects you to remortgage at the end of every discount period and incur an additional £1000 product fee each time. This kinda adds up if all you ever do is pay the scheduled amount and reset the mortgage to the standard 25 year each time you remortgage.... Don't play their game. In fact, as already suggested, if you are confident that you can pay it earlier than 25 years, take out a shorter term mortgage like 15 years. Live well within your means, buy as little house as you are comfortable in, and overpay the bastard by 10% to get it all paid off within 8 years like we are about it. As maths dictates, the overpayments made in in the early years of the mortgage have the biggest compounded effect over the life of the mortgage, so set up the overpayments from day 1!
I'm just about old enough to remember 16% rates too. Even as a stanch Austrian business cycle believer I find it hard to see rates climbing this high again in our lifetime, or at least it means the end of the local currency as we know it, but in terms of withstanding economic stress, I look at how well protected we against the general population. Would I be in the first 50% of people to be wiped out? Nope. 75%? I'm still sure I wouldn't. 90%? Again, I'm pretty sure I wouldn't. Given our positive cash flow and simple unleveraged lifestyle, I'm confident that we would be in the top 5% able to withstand a cataclysmic financial shock.
If you also prepare yourself sufficiently then there is no need to fear the next downturn, because with it will come unbelievable opportunities for those in a position to take advantage.
Roy reacted to vand in Gold & Silver vs Mortgage
I would overpay the mortgage by at least some amount. The implied return on your money may not be mind-blowing, but it's a guaranteed, risk-free return, and at the core of a well balanced "portfolio" (however you want to define that) should be solid, low risk investments. PMs and other investments are volatile as hell and therefore have an emotional cost which represents risk even if you think you know what you are doing.
Here is a great article putting the arguments for/against:
I'm in the happy position that we are looking to pay off my mortgage in full within a month or two. We did it one brick at a time:
Roy reacted to sixgun in Gold & Silver vs Mortgage
After years of experience i have formed the opinion the banks would like a significant percentage of their customers to fall on hard times. They want to charge them fees and steal all their property.
Everything is going smoothly and then it can all go wrong. It can happen suddenly and unpredictably. The banks will take your home, they are lying in wait to do this. This is the ideal scenario for them.
Pay down your debts as quickly as you can. Make sure you are paying off the principle not paying interest early. If there is a limit to how quickly you can pay off without penalties - then buy bullion sovereigns with the remainder. Decent sovereigns near spot sell easily and quickly. They are like cash. i have seen members sell several £1000's in gold in an afternoon. You can speculate on the rise in gold prices but you have easily saleable coins with no tax implications.
You buy gold to hedge currency depreciation, to hedge financial collapse. The worse calamity is when you lose your home. You might eventually regret you didn't buy more precious metal but it will pale into insignificance if things go wrong and you are wishing you didn't have a mortgage as your home is taken from you.
Remember interest rates are low are the moment. i remember paying something like 16% in interest. It took all my wife's full time salary just to pay the mortgage interest. It is very satisfying to see the principle decreasing and the interest payments falling as well. It is the safest thing to do and being mortgage free is not something i have ever heard those who have been in that position have regretted in hindsight.
Roy reacted to BackyardBullion in **JANUARY 2019** Group Order from The European Mint
Here we ago again. I really should not gratify you with a response, but seeing as you have called out my honesty and integrity I am going to.
Let's address it point by point so that maybe you can better understand just how wrong you are.
What exactly are you insinuating here? These orders have never been about getting a bulk discount on the prices of coins. It has always been about the collective sharing of international shipping costs. So, you are making assertions that are a) not true & b) not even applicable!
At the same time you are challenging my honesty and integrity about the situation - accusing me of hiding and avoiding the reasons why they aren't offering bulk discounts on coins!
Perhaps this kind of attitude that you demonstrate is the reason why.....and probably why you were subsequently blocked and banned from commenting on my channel for your obtuse and rude assertions and personal attacks against me and the users of the group order. Now you are here!
Now you are calling out the 400+ different individual people that have joined the group orders in all the time I have been doing them as being "in a trance" (I assume this is what you meant as you typed "trace").
Well, group order members, are you all in a "trance" or "trace"???? Have I beguiled you with lies and wit to join this group order?
Now let's move onto the negatives you so kindly laid out for us all.
I communicate via the forum messaging system. The Silver Forum is SSL encrypted. In addition to that my own website and associated email is SSL encrypted. In addition to that I have 2 step verification. Nothing is ever fully hack proof of course, but come on, this is a big stretch and in my (and I would imagine many others) not a valid negative about the group order.
But to give due respect, if you have a better idea for communication (other than using Gumtree like you mentioned in another post you put up last night, which by the way is probably one of the least secure ways you can go about buying and selling Gold and Silver!!) then I am all ears.
OK - this is one of the downsides, I will give you that. But it is also not a big factor for many people. In fact, there are a lot of people who would vault their orders with dealers and have them shipped once every 6 months. So it is a downside, but a full blown negative? Bit of a stretch.
How is this even a point you are making? You seem to be clutching for anything to moan about at this stage.....
I can argue (and you actually back this up yourself for me in this very post) that the costs of shipping are laid out very clearly such that people can calculate them just as you have done later in your post. So your point here is completely invalid.
And the reason I do the shipping invoices at the end is because there are a lot of people that tag on extra items as the weeks progress. If I did a shipping quote at the start then I would have a huge extra administrative burden of adding additional postage because of different weight brackets.
OK, first up it is the EU Mint, not Goldsilver.be but OK....
There is indeed an extra logistical step in that myself and Mrs BYB have to organise peoples orders into individual parcels and ship them out.
The very few (and I literally mean 2 or 3 times in 400+ orders) that we have made a mistake in sending out the wrong coins, we have contacted and/or corrected as soon as we were informed or realised the mistakes at our own expense.
I forget the names of those involved, but if you are one of those people reading this please back me up!
So, there is no additional risk to the customer because they will always get their order........
Well, clearly you know nothing about how this order works.
We do things on a weekend when the metal prices are static.
If you had bothered to read/understand how the order works perhaps your list of negatives would be considerably shorter.
Yes. But you even put your biased opinion when typing this. "slightly".
You did the maths yourself. You saved £10.51 - if you don't want to save £10 then give it to some of the many people out there that do want to save £10.
A great demonstration of your lack of awareness about how ordering from GS.be and EU Mint works.
If you bothered to check the shipping when you have logged in you will see that the shipping from GS.be is €22 with a total of €534.32
In addition the cost from the EU mint for 32 Britannias ordering directly is €36, not €30 and the total is €544.48
If you joined the group order your total would be approximately €528 including the special delivery shipping from me to you.
As you can see, significant savings.
No, you do not need a middleman to order cheap silver from Europe. But as I have demonstrated it makes that already cheap silver EVEN CHEAPER!!!
In addition there are the added benefits that you chose not to include in your post.
- You do not have to set up an account with the dealer and physically place the order with them. Simply tell me what you want and I give you a price.
- You do not have to set up accounts with money transfer services like Transferwise. I have these already done and I am ID verified and have undergone money laundering checks. Saves you a lot of time and hassle.
- You can plan when to be in to accept delivery. If you choose UK to UK special delivery you know what day you are going to be in to take delivery.
- You do not have to deal with the dealer directly. Ever tried emailing GS.be with a query about a specific item? Nightmare (and that is often when they actually reply!). In this order, as I have demonstrated, I can ask the EU mint manager a question and get an answer within minutes.
There are other benefits as well, but to be honest, I am losing the will to live defending myself to you.
So in summary.....
Get your facts straight before making personal attacks on me, the group order and its users.
I do not force anybody to join the group order.
I am clear, up front and honest about the way the order works and any insinuation that I am missleading people will be strongly defended.
You do not have to join the group order.
Roy reacted to richatthecroft in Help with Anniversary gift idea.
A straw poll- well, I asked my wife:
‘Forget the surprise, ask her what she would like to do/ what she would like as a gift’
I would say this might be a great idea in my book- and keep your fingers crossed for her suggesting she would love to own a deep fat fryer- how I crave home cooked proper chips...