Im 18 and am relatively new to all of this, but I have a will with is entirely under my access when I turn 21. I will get about $12,000 and I am planning on using that for a down payment on my first house or something of that sort but I am starting to get very concerned that by the time I turn 21 that $12,000 will not be worth much at all to me.
I have become a big fan of Peter Schiff and have been reading a lot from him. What I mainly hear is to get out of the US dollar and into the Swiss Franc or Singapores dollars or even medals. I would really like to talk my parents into What is the process of doing this, the cost, and any other suggestions you may have?
It's pretty simple to get precious metals. Just go to APMEX or Kitco and buy some silver and gold.
As far as foreign currencies, there is the Merk currency fund.
Where I come from, the women don't glow, but the men definitely plunder.
Scottsdale Silver is one the best bullion sites IMO. Incredible bars, accepts visa, and quick shipping.
There is no fiat currency that is superior to any other. All countries are Mercantilist or Keynesian at best. Therefore they think exports = good and imports = bad so they are locked in a battle across the globe to have the lowest currency value to stimulate exports.
So only real money matters and that has historically been a combination of gold, silver and copper. You can buy ETFs on these or mutual funds if you trust financial markets or just the metals if you don't.
Sound advice. At the moment gold at US $1100 is a good deal and don't forget silver, platinum and palladium: they've started to pick up as investors frantically search for alternatives but are still good bargains. I am personally a big fan of gold coins (Kruggerands and the various pesos are my favorite) because they can be easily moved, pack a lot of "punch" and, what's more important, in the case of "things getting nasty" they can be hidden easily.Do not get gold titles or stocks: get physical gold and silver.
As far as currencies go I advise the utmost caution. This year we'll probably see what the future has in store for the euro: the Swiss franc until now has held its ground admirably but if the euro starts to show signs of weakness (very likely) expect it to appreciate considerably. As far as Asian currencies are concerned the only one I like is the Indian rupee: all the others do not float my boat.
Finally two words of advice. You are a young man so you may want to invest into yourself. Invest in learning a good profession: if going to, say, medical school is not your intention or cannot afford it consider other activities. Learning to be, say, a plumber or electrician can be a good bet as far as you specialize in household and workshop repairs and not in the building sector. Second: show your parents your money is where your mouth is. Save a bit from your allowance and get start getting some silver coins from local pawn shops. Lead by example in short.
The easiest way to get away from the US dollar would be to send your entire savings post haste to my bank account.
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Schmitto2121:Im 18 and am relatively new to all of this,
You are young, you need to learn about money, saving and investing. Invest in yourself (education). A house may or not be in your best interest, it depends on many things, including your income and whether you have any other savings.
Schmitto2121:I have become a big fan of Peter Schiff and have been reading a lot from him.
You're a fan, so am I. But what if Peter Schiff is wrong? What if he's right, but the timing is off by 10 or 20 years? "A fool and his money are soon parted." What if you invested in gold, and the price dropped 30% or 40%? You need to learn to be very possessive of your own money, that is, don't let other people talk you into a "great deal, act now before it's too late" kind of thing. That is a sure sign of a scam. There is no free lunch. How are you going to guard against losing the whole investment? Mises.org is the best website to learn about the nature of money and economics. The main thing is to train yourself not be naive about money; don't trust the person who wants to get a commission from you just because he says you'll get a high rate of return. Keep your investing simple; invest only in those things that you truly understand, that you can explain to someone using simple terms.
"The market is a process." - Ludwig von Mises, as related by Israel Kirzner. "Capital formation is a beautiful thing" - Chloe732.
Bogart: There is no fiat currency that is superior to any other.
There is no fiat currency that is superior to any other.
That is true in the long term. But in the short term some are better than others. Case in point; Zimbabwean Dollar.