One of my great joys in stacking silver and gold, is sharing this idea with others. I never share intimate details on the amount of metals I have, where I store them, and even where I get them. I do, however, offer advice to my friends and family who are looking to invest into precious metals.
During my first year as a stacker, one of my good friends and I started talking about investing; one thing led to another and we ended up on the topic of precious metals. The idea of holding real tangible assets was very attractive to him, as it is to most of us who stack. Before long he was off and running, piling up bars, tubes, exotic rounds and bags of junk silver. His stack was certainly an envious one, especially at only a year into the journey.
Just about one year to the date he started investing, my friend lost his job. It was not a huge deal for a guy of his caliber. He was very smart and personable, and possessed some very marketable skills. It took him around 6 months to find a job surprisingly and during that 6 months he and his wife had announced they were expecting their first child.
Unfortunately for my friend, he committed one of the deadly sins of stacking. He got ahead of himself financially. He had no emergency fund, a new house , and lived a bit beyond his means admittedly. He had to sell off most of his stack to a few coin shops to put food on the table, pay the mortgage, student loans, and prepare for a baby. Luckily it was there for him so he didn't have to take on a pile of consumer debt, but he lost a pile of money due to a down market, and the high premium he paid on some of that silver. He got a job that he still has to this day; so all ended well.
Strong Investments can rarely be held by weak hands. Build your foundation first! 6 months of expenses in the bank. Pay down consumer debt, then stack. When you start your stack, invest only within your means. It can be easy to get caught up in the hype of a down market. Low prices make us all want to buy....a lot. Dollar cost averaging over time and not overextending yourself will ensure the silver that you do stack, will be a strong investment that you will likely not have to sell off during a rough patch.
Don't forget to, follow, comment, upvote, and resteem! I hope you all are happily stacking!
