I'm reaching out to anyone that has an account with Europac for a little feedback on their investment services.
The reason is that I've followed the wise advice I picked up from this community. For the last two years I've lived beneath my means and managed to become debt free but I've hit a cross roads. I have to move my 401k into my new employers plan or move it to an IRA. What I'm on the fence about is, just taking the hit on the taxes and opening an investment account with Europac.
Any tips or tricks would be helpful, thanks guys.
Richard McGuire:What I'm on the fence about is, just taking the hit on the taxes and opening an investment account with Europac.
No. Don't take an early distribution with the tax hit. Why can't Europac do an IRA? Also, don't get too enamered with Europac. Peter Schiff's economic understanding is sound, but this does not necessarily translate into investment success. It is the matter of "getting the timing right". Schiff might be right in the long run, but could get clobbered in the shorter run, and you would take a tax hit and lose money, which makes absolutely no sense.
"The market is a process." - Ludwig von Mises, as related by Israel Kirzner. "Capital formation is a beautiful thing" - Chloe732.
I think Peter Schiff is running on the anticipation of the dollar tanking within the next year or two so he wants to diversify wealth into foreign nations to off-set this. The problem is the unforeseen actions governments can take. Stuff like exchange controls, withholding international wire exchanges etc. can make investing this way potentially very dangerous.
If it were me I'd want to keep my wealth close to home under lock and key in the form of commodities.