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Started By
Message
Serious question about long term planning.
Posted on 4/10/14 at 7:46 pm
Posted on 4/10/14 at 7:46 pm
First off, I do not want to call an investment banker or a money guru who is only going to slowly drain my portfolio with hidden fees and strange charges.
I do not plan on taking immediate action based on internet advice, I am just asking a few questions on where to start.
My wife and I are pretty successful and live WELL under our means. We are debt free and currently own our home, an office building, and a gameday condo. (Again all paid for)
We also have a large amount in the stock market - in index funds, etc. None of it is actively managed by anyone other than me.
My question is this. I do not trust the American economy at all. I want to sell most everything (stocks, house, condo, office bldg) and pocket the cash.
But I do not know what to do with the cash. Divide it into gold, silver, and cash? Put it in an offshore bank acct?
I am not looking to invest this money. I make a great income and have 30 plus years until I retire. I just want to place it somewhere safe for WHEN the bottom falls out of this economy.
I do not plan on taking immediate action based on internet advice, I am just asking a few questions on where to start.
My wife and I are pretty successful and live WELL under our means. We are debt free and currently own our home, an office building, and a gameday condo. (Again all paid for)
We also have a large amount in the stock market - in index funds, etc. None of it is actively managed by anyone other than me.
My question is this. I do not trust the American economy at all. I want to sell most everything (stocks, house, condo, office bldg) and pocket the cash.
But I do not know what to do with the cash. Divide it into gold, silver, and cash? Put it in an offshore bank acct?
I am not looking to invest this money. I make a great income and have 30 plus years until I retire. I just want to place it somewhere safe for WHEN the bottom falls out of this economy.
7
Posted on 4/10/14 at 7:59 pm to SECdragonmaster
quote:
My question is this. I do not trust the American economy at all.
Why not? It seems to have done pretty well for you so far.
quote:
I want to sell most everything (stocks, house, condo, office bldg) and pocket the cash.
Where are you going to live? I assume the office building is generating an income - how are you going to replace that?
quote:
But I do not know what to do with the cash. Divide it into gold, silver, and cash? Put it in an offshore bank acct?
Okay - a modest amount of gold coins might not be terrible, but why hold cash? If there is a major economic collapse, what good is U.S. currency?
Offshore bank? In the case of an economic collapse, how are you going to get that money out?
quote:
I make a great income and have 30 plus years until I retire.
What good is all of that if there is a major economic collapse? Will that job be there? What good will the money be from income if there is a collapse?
quote:
I just want to place it somewhere safe for WHEN the bottom falls out of this economy.
I don't even know where to begin.
I guess it depends on what emergency you're expecting. Bonds would be something that is not typically volatile in the short run - but you don't want to "invest" in anything...
===
Buddy - I guess my best advice is to stock up on Coleman fuel, firearms, ammunition, dried food and bottled water.
Good luck with it.
Posted on 4/10/14 at 8:17 pm to SECdragonmaster
I'm thinking along the same lines as Midnight. If there is a collapse to the proportions that you're speaking of here. A collapse so immense that you don't even want your house, what makes you think cash will be worth anything?
Gold and silver? Sure I could see those being valuable, but are you planning on living inside a gold and silver house?
Also, as Midnight said, your great income and retirement date really mean nothing if there indeed is a collapse.
Clean water, food, guns, ammo, and medical supplies would be the most valuable things I guess.
Gold and silver? Sure I could see those being valuable, but are you planning on living inside a gold and silver house?
Also, as Midnight said, your great income and retirement date really mean nothing if there indeed is a collapse.
Clean water, food, guns, ammo, and medical supplies would be the most valuable things I guess.
Posted on 4/10/14 at 9:20 pm to SECdragonmaster
Who paid for your med school? If you have ~30 yrs to retirement, then you are probably in mid 30s or early 40s. That is fast to have no debt and both of you are physicians.
On topic, you have a long horizon to ride out any makets. If the shite really hits the fan, we are all screwed.
On topic, you have a long horizon to ride out any makets. If the shite really hits the fan, we are all screwed.
Posted on 4/10/14 at 10:20 pm to SECdragonmaster
Honestly, the most cost effective plan would be to make friends with a "prepper". If what you're expecting becomes reality, there will be anarchy, and you can grab all of the rocephin, other antibiotics, sutures, other supplies around the office, a gun, and use your skills/Meds to barter with others.
If its a catastrophic collapse, it will be worldwide.
If its a catastrophic collapse, it will be worldwide.
Posted on 4/10/14 at 10:31 pm to SECdragonmaster
I am not trying to be negative nancy and chances are you will be more successful than I ever will. However, I really think you should seek the advice of a professional. You are apparently an intelligent person. Just as you went to school for many years, there are people out there that have spent their entire lives studying finance and wealth management. The right firm for you has people that have seen multiple market "crashes" and know how to navigate the rough waters. They can create a plan/strategy for you that is practical and can tweak it as often as you need according to your risk appetite. You really shouldn't hit the panic button, you are limiting your potential earnings. You are sounding a little too paranoid if I am being honest.
Posted on 4/10/14 at 11:44 pm to SECdragonmaster
quote:
I do not want to call an investment banker
Investment bankers don't do retail work, so you don't need to worry.
quote:
We are debt free
quote:
I want to sell most everything (stocks, house, condo, office bldg) and pocket the cash.
Good grief, why? If you are afraid everything will collapse you should mortgage yourself to the hilt at today's low rates and buy even more gold.
I don't think the economy is collapsing anytime soon, but if you do at least be consistent. All you're proposing is to sell real assets (building, condo, etc.) for other real assets, which is hardly radical. Why not keep the properties and rent them out? They'll still do reasonably in a bad economy.
Posted on 4/11/14 at 3:04 pm to SECdragonmaster
If you truly have excess income and substantial savings, just start accumulating the things you would need in your apocalyptic scenario with it. (as others have mentioned, land, gold/silver, a safe, MREs, arms, etc.) There's no need to liquidate to do so. Just start building your empire and live your life.
Is your wife on board with these shenanigans? What type of medicine do you both practice?
Is your wife on board with these shenanigans? What type of medicine do you both practice?
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