I already know the answer to this question, and I know the answers here will be different than a Gold sub where I have been hanging out. Here's my situation (very lucky to be in this position).
I'm 40 and married with a toddler, no credit card debt but owe 220k on a mortgage (3% rate, house is worth 800k plus), and have a car loan of 40k. The only stocks we have are my wife's 401k with about 25k value currently and a Roth IRA I started last year. I previously had a small 401k built up with a company I left and we cashed it out to do a home remodel. We save enough that I can max out the Roth IRA but nothing more that that each year.
Here's the question: My beloved Grandpa left me his coin collection that if sold would be worth at least 70k, if not closer to 100k if I took my time selling. I love coin collecting and would love to teach my son about it and pass down the collection. I also know how much that money would compound in my fidelity account that would be nice to see grow.
I don't discuss finances with my family but I have a feeling there will be large stock portfolios passed down to me from my parents but that's not a known factor and 30 years away. It's enough to make me consider keeping all the gold so I don't regret losing it, when we are getting by just fine but don't have our retirement funded.
What would you wiser and more experienced people do? I didn't get financially serious until I got married so I'm a bit behind but doing good and loving life!
To answer my own question but also open up your ideas, the best solution seems to sell a big chunk to find a nice account, but keep enough to still have a meaningful collection. I can't picture myself selling though, maybe it's gold fever! The gold bugs would tell me to hold because the country is on the brink of a financial collapse and the dollar will be scrapped for a digital currency in order to wipe out all national debt and in that situation gold would skyrocket and stocks could plummet. After the pandemic shutting things down, without a financial stimulus I could see a collapse happening in the future and I don't like all the national debt. Does that play into investing more right now when the stock market is booming?
Submitted March 03, 2024 at 12:55AM by Hwaersrt https://ift.tt/30sW1Uf
