2020 Stacker's First Goal
Are you thinking of going into stacking? Are you new in stacking?
If you are then here is a FIRST GOAL that you and all stackers should consider as you journey down the road of stacking precious metals.
GET OUT OF REVOLVING DEBT!
Credit card debt and debt from a home equity line of credit (HELOC) are two examples of revolving debt. These credit accounts are called revolving accounts because borrowers aren’t obligated to pay off their balances in full every month. Like a revolving door, these accounts allow you to borrow against your credit line over and over again.
I am not talking about "stacking" as occasionally buying one or two ounces of silver every year. I am referring to accumulating precious metals as an alternative to holding one’s wealth in fiat currency and shares in a stock or a series of bonds as a core part of long-term assets that one holds for a period of time.
I am not talking about credit cards that one pays off the balance in full every billing cycle.
We know that a credit card can be a valuable tool if you know how to use it properly. At the same time using credit cards irresponsibly can lead to disaster!
And let us face the truth and facts that statistics show: an average American household carries over $5,000 in credit card debt.
Pay off all your credit card debts before stacking any precious metals!
It is COUNTERINTUITIVE, ILLOGICAL and NONSENSICAL to be stacking precious metals to retain wealth when you’re paying interest on credit card balances and losing wealth to banks (which mostly own credit card companies).
This article is my personal opinion and is not meant to be financial advise. I am not a financial adviser. I and several veteran stackers have accomplished this first goal of being revolving-debt-free and swear to the logic and benefits of doing so.
I hope you enjoyed viewing this article as much as I did in sharing with you. Thank you and I will see you again soon! @silversaver888
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Whatever is beautiful... whatever is meaningful... whatever brings you happiness... May it be yours this 2020.
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Very Awesome! I am once again inspired to follow your fine example, I have some revolving doors that need disabled. I could easily do it in one year... I really should.
I have one question, I know you are a Dave Ramsey follower, and I listen to him on the radio every chance I get. Here's my question:
Why does he never recommend a free service like "CCC" or Consumer Credit Counseling? They do 2-3 things for those with CC debt. 1. They consolidate the payments down to one payment 2. They get creditors to drop off some of the interest, reducing the debt 3. They provide the counseling for future responsible financial behaviors. Yet I have never heard him promote anything like that, it makes it easier. ???
TIA Sadie, another GREAT Article! Killer Content 💪🤑👍
I think that it will be helpful to read reviews and experiences of others who have used CCC and similar outfits. They don't do the service for free, and the tasks they do are something that one can do themselves. I think that they take a certain percentage of your monthly payments as "fees", but I am not really sure about it. I guess is one does not want to deal with because they are at a point that they are inundated by their debts, it may be worthwhile to use a third party like CCC. You already know of course that as one pays down a credit card, their credit rating improves as well. Some say that the use of these consolidators resulted in a much worse credit rating for them. I guess it all depends on the circumstances and the amount of credit card debt exposure one has. The best thing is to call David and ask him, hahaha. As I said in this article, I am not a financial advisor... I am just a plain Jane who is revolving-debt free 😅 (and I did not use a third party to do it for me).
Have a wonderful week ahead, my friend @underground! Take care 🥰🌺🤙
What a wonderfully thoughtful and detailed answer! If I did it the DR way, hard and fast, it would be less than a year. Might just do that and save the extra effort. I know that CCC says they never charge a fee but I believe they have some learning materials they ask that you complete... The DR stuff would be superior, pretty sure 👍 I am thinking that the DR Experience is a great learning experience!
I do disagree with one thing you said, I can never see you as a Plain Jane ❣
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Very true, and a wise move even if you dont stack
Exactly! I am glad that you agree, my bestie @silverd510! Watch me get flak for this article, hehehe.
Have a wonderful week ahead, bestie. Take care 🥰🌺🤙 and a ton of hugs 🤗🤗🤗 !tip
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Wise Sis.
I have only two cards that have a Cash back savings deal, I always pay off the balance. Why pay 20% per annum interest? or any Interest? It just cuts too far into savings. The other is an Emergency backup.
The story of Consumer debt in Canada is pretty bad already according to 2018 Stats and they're expecting for the 2019 to be worse.
I chose a home close to a transport hub, grocery stores, and change my Doctors to local offices, and transferred to a Work place under 6 Kms from my home when the opportunity came up.
This way, I got rid of Car ownership, car ownership in BC is far too expensive. The savings I put into paying off my home faster.
(I am not a Financial Advisor, I'm a Gothic Pirate Nurse)
Another jewel of wise money management!
I was wallowing in a cycle of Boom and Bust. When I worked, I had abundant income, and did 'fairly well' with that money, almost getting to where I could work the Debt Snowball towards paying off, with varying success. Then a layoff. My work was excessively far away. Average daily commute was ~100 MILES. (not kilometers!) Every day, that is a lot of fuel and time. Plus wear and tear on vehicles and body.
Long story short, I fixed most of that. Got a local job ($10 less on the hour🙃) my housing expense is minimal, no mortgage or rent. Filed for my pension and that more than covers the hourly wages I sacrificed. 20% BONUS 🤩🤑👍 in fact, my cash flow is up, and the pension is taxed LESS than the wages! No car payments just maint. and insurance. 😳🙃😱😜😵😝😝😝 So I need to tackle this credit card thing, AND do the emergency fund like you ladies. Oh, I have started, but DOING is better than Trying! Finishing is better than Starting 🤩
I have a POSSIBLE closer job, starts at about what I am making now and goes up, CLOSER, (under 5 km, 3 miles) but I hate the hours, 12 hour swing shifts 😝😵😜🙃😝😝😝 Main thing that keeps me where I am is the 40 hours, that's all I want. Prolly stay where I am, it's just 9 miles 15km and I have good access to basically anything before or after work... OH, I am close to the shooting range (indoor😋) and I always could go blow off STEEM before work 💪😉🤙 Think I will stay...
Awww.. sis... I know you are one of the wiser veteran stackers! It does take a lot of discipline especially if one is just starting to get out of revolving debt. The first few months can be a real hardship, and the thing to do is NOT buy anything at all using credit cards. I am lucky in the sense that it was all fluff and stuff that I previously used my credit cards for. So it was a matter of not buying clothes, shoes, and bags. They really should teach not just budgeting but the responsible use of credit cards as early as high school.... and better still, how to live within one's means and not getting into revolving debt.
The decisions you made, and what you are currently doing in paying off your home... WOW... those are major steps to financial freedom, sis! I also know that you have a passive income from a renter, just like me. I think that if we continue on doing what we do, we will be in a better place in the future.
Have a beautiful week, my sweetest sis @kerrislravenhill. Take care 🥰🌺🤙 and a million Hugs and Kisses 🤗💕💋!!!! !tip
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Great advice, I have always kept my Credit Cards paid off, and the plan when I retire is ) if possible and I think it is) buy a house outright to retire to so I dont have any credit to pay off to any institution, then seeinghow I do will be the deciding factor if i ever get into stacking
Have a great week ahead
!trdo
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It is great to know that you are like me! Those are terrific plans, @tattoodjay! I know for a fact that many pay their homes outright. I recall in the past when I placed an offer for a house that I wanted to purchase, I was outbid by another woman who was ready to pay for the property with cash, outright! That impressed me so much!
Also, you and I know that there are "regular hard-working" Americans who are quiet millionaires. They have no revolving debts, they have a savings account, they have their retirement accounts, they have a few stocks and bonds, they have a few equities, they have a few CD's, they own a home and a rental property, and a lot of cash and precious metals hoarded somewhere. Being a millionaire is not a fantastic notion or vain hope or a pipe dream. It is something that can be attained even by regular average wage earners in the US. Hehehe... I guess that is one of the true use of the phrase: "only in America"!
Have a beautiful week, my friend, @tattoodjay, and take care 🥰🌺🤙 !tip
Yes indeed it is something that many can achieve, if I had been different when younger i would have been in better shape but although not a millionaire I can be comfortable in retirement according to my calculations ;)
Have a great day
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Some very wise words @silversaver888 !!😀
Re-steemed, so many people need to read this my friend!!!!🤗
I am happy that you like this article, @silvertop, and very glad that you think the content is wise. I know that not many will agree. For this reason, I was a bit reluctant to post this article. Thank for the resteem! I appreciate it, my friend.
Have a terrific week ahead, @silvertop, and take care 🥰🌺🤙 !tip
Yes very wise advice, so many people fall into the credit card trap.
I tried to get a coworker to join into my monthly Silver round buy.
I had several people joining me, and I was the Silver pied piper!😊
I told him just start....just buy one per month... his wife was furious with him!
She said that money could have been saved or used for gas!!😳🙃
I offered to buy it back.....
The sad thing @silversaver888 is after I retired, everyone stopped buying Silver!🤔🙃
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