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One of the stupidest things I’ve ever done happened about 10 years ago. I was going to college, and driving a taxi to pay the bills. One day this guy flagged me down and asked me if I’d take him from where we were in central Alabama to northern Georgia for $250. I was eager for a lucrative fare and told him I’d take him, but I should’ve had second thoughts before I agreed to take a check. Nine hours and 530 miles later, I was back home and deposited the check in my account. Imagine my surprise, then disgust, when I got a call from my bank that the check had been returned because the account it was written on was closed.

What kind of an idiot was I??

A pretty big one. Lesson learned the hard way. Even though this check had a technical face value of $250, it was worthless because the only place where that promise to pay could be redeemed refused to pay. I was left holding a worthless piece of paper.

People who are selling their “unwanted” gold and silver to all of these slick marketers across the country are getting pieces of paper that could soon be worthless. As I noted above, that paper “money” in your purse or wallet has lost 97 percent of its purchasing power since the creation of the Federal Reserve in 1913. If you need funds to pay bills, or worse, if you want funds to be able to buy items that are not essential for your long-term survival — remember, you can’t eat a plasma-screen TV — sell off items that you don’t need and can do without. Sell that motorcycle, that boat, your old dusty LP collection or other antiques. But DON’T SELL YOUR GOLD. If, as expected, the U.S. dollar soon goes the way of every other fiat currency and becomes worthless through hyperinflation, nobody is going to want all of the junk you’ve bought with the FRNs you received for your gold. But gold and silver have always been accepted worldwide as something of value, and I think it’s safe to say that they always will. Nobody is going to want your plasma-screen TV after the dollar collapses, so save yourself the trouble and don’t sell your gold to buy that TV in the first place. If Weimar Germany were here today, nobody would want your plasma-screen TV. But gold and silver have always been accepted as a medium of exchange and a store of value when one currency dies and another one takes its place. I think it’s safe to say that we’re following Weimar Germany’s footsteps. Sell your REAL junk now. And don’t buy more junk that you don’t need and won’t be able to use later. But most importantly, don’t sell your gold. But if you decide to sell it, I’ve got a $250 check I’ll give you for it. I promise.

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Originally posted by beauanderos

okay... so now you've won the lottery. Storage isn't a problem. Let's assume you are smart enough to convert the majority of your winnings to silver and gold. Do you... A) take a lump sum payoff, and the tax hit, and then convert that amount? or B) take the million a year option (or whatever) pay your taxes each year... and then dollar cost avg into PM's over the next twenty years? I basically did this by cashing out my fire dept pension and buying silver and gold last July at $900/$13. Figured that would be better than monthly checks worth increasingly less as the dollar depreciates.

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Originally posted by Country

I think for large amounts of lottery winnings you would be better off taking the lump sum payout even though it is smaller than the multi-year annunity. Who knows if 10 years from now that state from which you won will not pay out the CASH to you? It's guarantee is only as good as the stability of the payer.

As far as cashing out of your personal annunity pension, which will be much smaller than winning the lottery, that's another matter. It depends on what other assets you have already. If you've got a substantial amount of PMs already, maybe getting a long term CASH retirement benefit will be a diversifier against the case for deflation, however remote currently, if it comes to pass. During the Great Depression, those who had a pension were far better off than the millions of unemployed out-of-luck Americans. It's sort of like diversifying your investment portfolio with stocks, bonds, and other non-correlated assets.

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Originally posted by Country

I think for large amounts of lottery winnings you would be better off taking the lump sum payout even though it is smaller than the multi-year annunity. Who knows if 10 years from now that state from which you won will not pay out the CASH to you? It's guarantee is only as good as the stability of the payer.

As far as cashing out of your personal annunity pension, which will be much smaller than winning the lottery, that's another matter. It depends on what other assets you have already. If you've got a substantial amount of PMs already, maybe getting a long term CASH retirement benefit will be a diversifier against the case for deflation, however remote currently, if it comes to pass. During the Great Depression, those who had a pension were far better off than the millions of unemployed out-of-luck Americans. It's sort of like diversifying your investment portfolio with stocks, bonds, and other non-correlated assets.

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Originally posted by beauanderos

I'm thinking about doing the same thing with my 401k's before Obama annexes them. I turn 59 1/2 at the end of August... which is usually near the nadir of weakness for PM's... so I may pull out of them lump sum and buy more metals if they haven't exploded by then

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Originally posted by AGCoinHunter

What if you’re in your mid-30's and want to do the same with your 401k? Taking that tax hit for early withdrawal and paying that tax upfront just doesn’t make sense, but if they are seized by the govt then its better than nothing... It’s such a hard decision because you are playing with the money you worked hard to set aside for retirement that the libturds are eyeing to redistribute to the welfare class.

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Originally posted by El Dee

But...many folks cannot handle big sums of money. A high percentage of lottery winners are broke in a few years, so it makes sense for them to take an annuity.

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Originally posted by Nickelless

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Originally posted by El Dee

But...many folks cannot handle big sums of money. A high percentage of lottery winners are broke in a few years, so it makes sense for them to take an annuity.

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Worst-case scenario:

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