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Suggestions on how to talk family into buying PM's

commoncents123commoncents123 Posts: 2,648 ✭
in Precious Metals
I have a particular family member who is in her 70's, and in good health with probably many years left, that I'm concerned about. Her IRA has been dwindling away to something pathetic because of everything that's going on. I've begged her on more than one occasion to get me some money and let me get her some gold and silver at the best possible prices using my cunning internet savvy. But, I'm not sure if it's that she thinks of me still as that little 5 year old kid running around who doesn't know what he's talking about, or, does it have something to do with the taxes that would hit her if she took anything out of IRA. Does anyone have any suggestions on how she could buy physical PM's without the tax burden, or any suggestions of how I could convince her it's a good idea?

Comments

  • waynemewayneme Posts: 852 ✭
    My thoughts do not do it
    you'll always lose unless you take control you'll never know what's going
    on and if you do take control and lose it it's your fault
    it's a no win deal and your the loser
    just my thoughts
  • commoncents123commoncents123 Posts: 2,648 ✭
    So you think if you invest in PM's you're going to somehow lose..
  • waynemewayneme Posts: 852 ✭
    wake up
    unless you know the future your in a losing game
    i'm a gold silver bull with my cash
    but MY CASH is the statement here unless your willing
    to insure her money stay out of it
    i learned this on tech stocks
  • commoncents123commoncents123 Posts: 2,648 ✭
    I see your point, but I'm trying to look out for her best interest, and PM's have nowhere to go but up in this day and age
  • CladiatorCladiator Posts: 18,050 ✭✭✭✭✭
    Her money, her decision. As long as she is competant just let her do her own thing. You've given her your advise, leave it at that. Some folks can't be pushed into doing something, even if it may be the smart thing to do.
  • waynemewayneme Posts: 852 ✭
    i know you are looking out for her
    i'm just saying
    anything can happen
    and you will not feel good if it goes south
    you'll be broke and no way to help her
    it's you deal i'm just saying look at the whole picture before you
    jump into it
    best of luck hope everything works out for you
  • jmski52jmski52 Posts: 22,899 ✭✭✭✭✭
    IRA withdrawals are taxed as current income, and the tax is based on the person's current personal tax rate. No matter when she sells, she will pay taxes.

    I've avoided trying to talk any of my relatives into investing in precious metals, because I am not willing to take the responsibility if something doesn't work out well.

    Unless you know that the two of you think alike, and you've talked over the reasons for making ANY type of investment - I wouldn't suggest that you get in the middle of someone else's finances.

    What concerns me most is that your relative hasn't asked you how to make any changes to her IRA - YOU are trying to talk HER into making changes.

    Not a good idea, in my opinion.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • commoncents123commoncents123 Posts: 2,648 ✭
    Maybe it's not my money, maybe she didn't solicit my advice, but I would just hate to see her 50 years of hard work go down the drain because of the irresponsible actions of a few
  • cinman14cinman14 Posts: 2,489 ✭
    Just think if she had taken your advice jast year and bought on the high side.....

    It is in your best interest to back off and let her decide without your hounding...

    Someone in their 70's has no business diving into the PM market. And depending on the other heirs
    in line. You could find yourself in a nasty legal battle at some point... JMHO

    If I had a relative that was trying to get my 70 yr old mom or grandmother to dump cash
    into the PM market at this time. There would be a royal ass whoopin coming their way...image

  • rgl1345rgl1345 Posts: 674
    And your in her will...................................
  • waynemewayneme Posts: 852 ✭
    hey
    give him a break he's trying to help her out let's not pile on here
    no need for that
  • cinman14cinman14 Posts: 2,489 ✭


    << <i>hey
    give him a break he's trying to help her out let's not pile on here
    no need for that >>



    If you don't want Opinions... Don't post your question to a public forum asking for such....image

    Every response seems logical to me.. As does the legal battle to ensue if he is wrong...

    Ask any expert in any type of financial field. And they will tell you. A 70 yr old woman has no
    business in risky investments if this is her source of income.... And PM are a risky investment
    in case you didn't know....


  • waynemewayneme Posts: 852 ✭
    c 14
    your right if you want to bring up a point great
    just leave the attacks and off hand remarks out their not called for
  • MoneyLAMoneyLA Posts: 1,825 ✭
    Here's what I said to my wife....

    "honey, look, this Rolex watch has a 14kt bezel, and diamonds on the watch face...."

    I got the watch to celebrate my kidney/pancreas transplant which was 12 weeks ago...
    Cheers, Alan Mendelson
    www.AlanBestBuys.com
    www.VegasBestBuys.com
  • VikingDudeVikingDude Posts: 1,354 ✭✭✭


    << <i>I see your point, but I'm trying to look out for her best interest, and PM's have nowhere to go but up in this day and age >>



    Really? Sounds almost like you're guaranteeing that they will never go down. If it's a good amount of money and you want a safe return, shop arond for a CD.
  • waynemewayneme Posts: 852 ✭
    i agree with LA
    on this only it was 48 months ago and yes maybe 14 kt
  • BBNBBN Posts: 3,761 ✭✭✭
    I agree with others, but if I were 70, I'd have almost all of my money in bonds. I moved most of my money to a pair of bond funds and have actualy gained about 3% on the year. Like others said, I wouldn't want to make that type of decision for someone else. Especially in a situation where I talked her into it rather than her coming to me for advice.

    Positive BST Transactions (buyers and sellers): wondercoin, blu62vette, BAJJERFAN, privatecoin, blu62vette, AlanLastufka, privatecoin

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  • GriptionGription Posts: 228


    << <i>I'm not sure if it's that she thinks of me still as that little 5 year old kid running around who doesn't know what he's talking about, or, does it have something to do with the taxes that would hit her if she took anything out of IRA. >>



    you know it's the 5 year old thing.............. try grabbing her by the face and screaming at her
  • DeadhorseDeadhorse Posts: 3,720 ✭
    Nothing personal, but I was under the impression that sig lines are not to be used to promote personal business.

    That's what the BST forum and our monthly BST thread is for. In the past, such sig lines have been removed and IIRC, one particular repeated abuser was also removed.

    Sig lines are just that, not advertising billboards.


    As far as the family goes, I convinced my brother several years ago that gold would do wonders for him and that the time was ripe. I was doing what I could, but didn't have his resources.

    He cleared over 2 mil net in 3.5 years. He hasn't even bothered to thank me.
    "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
    John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
  • carscars Posts: 1,904


    << <i>Nothing personal, but I was under the impression that sig lines are not to be used to promote personal business.

    That's what the BST forum and our monthly BST thread is for. In the past, such sig lines have been removed and IIRC, one particular repeated abuser was also removed.

    Sig lines are just that, not advertising billboards.


    As far as the family goes, I convinced my brother several years ago that gold would do wonders for him and that the time was ripe. I was doing what I could, but didn't have his resources.

    He cleared over 2 mil net in 3.5 years. He hasn't even bothered to thank me. >>



    I agree. Also your sig line contradicts your own method!
    Its all relative
  • GriptionGription Posts: 228
    who knew jesus had already returned and hangs out here.... every F'ing post
  • dan8402dan8402 Posts: 2,163


    << <i>Nothing personal, but I was under the impression that sig lines are not to be used to promote personal business.

    That's what the BST forum and our monthly BST thread is for. In the past, such sig lines have been removed and IIRC, one particular repeated abuser was also removed. >>



    You could probably find 100+ exceptions to what you believe to be a rule on this forum. I don't know if it a rule or not, but I see it all the time.
  • HonoluluDudeHonoluluDude Posts: 2,167 ✭
    Don't try and talk them into it. It won't work. Most people can't get their brains
    wrapped around the idea. It's too far off the beaten path, and the passive
    brainwashing of the dollar as money is deeply ingrained.

    It takes a certain kind of mentality to buy the PMs and most people simply
    aren't that type. Plus when the metals correct as they often violently do, your
    family will just get mad at you and wonder if they've made a horrible mistake.

    Hell, I'd argue even some bugs don't get it. They think it's a get rich thing,
    when it's actually a hedge against economic disaster.
  • CertifiedGoldCoinsCertifiedGoldCoins Posts: 1,644 ✭✭✭


    << <i>I've begged her on more than one occasion >>

    So she has said NO, and more than once?

    Let it be, let it be, let it be, let it be.
    Whisper words of wisdom, let it be.
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  • fishcookerfishcooker Posts: 3,446 ✭✭

    70 years old? Perhaps you should ask her how to invest *your* money. History repeats itself, despite all of the "unprecedenteds" heard on the news...
  • jmski52jmski52 Posts: 22,899 ✭✭✭✭✭
    who knew jesus had already returned and hangs out here.... every F'ing post

    image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • dac076dac076 Posts: 817 ✭
    I see your point, but I'm trying to look out for her best interest, and PM's have nowhere to go but up in this day and age

    Where have I heard that before? - oh yeah, real estate and stocks. I agree with the majority here. Too much risk for someone in her 70's, and it sounds like she is already too aggressively invested if her IRA is "dwindling away". She may need some advice on allocation, but it shouldn't come from a family member, and it shouldn't be PM's.
  • jmski52jmski52 Posts: 22,899 ✭✭✭✭✭
    She may need some advice on allocation, but it shouldn't come from a family member, and it shouldn't be PM's.

    She may need some advice on allocation, but she should ask for help from someone who knows portfolio theory and can understand the definition of risk - and who has been investing successfully for a number of years. Is that you?

    If she gets that advice from a family member, it should be with the knowledge of at least one other family member with full disclosure as to how she is making her decisions.

    She is not the only person who's been torpedoed by the stock market. Competancy is NOT an issue here. Unless you have an established track record in investing, and unless you can show a history of successful investing in pms, there is no reason that you should be advising her to invest in them.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • JcarneyJcarney Posts: 3,154 ✭
    “When the people find that they can vote themselves money, that will herald the end of the republic.” — Benjamin Franklin


    My icon IS my coin. It is a gem 1949 FBL Franklin.
  • JcarneyJcarney Posts: 3,154 ✭
    I find your image message to be really ironic! image
    “When the people find that they can vote themselves money, that will herald the end of the republic.” — Benjamin Franklin


    My icon IS my coin. It is a gem 1949 FBL Franklin.
  • DeadhorseDeadhorse Posts: 3,720 ✭


    << <i>

    << <i>Nothing personal, but I was under the impression that sig lines are not to be used to promote personal business.

    That's what the BST forum and our monthly BST thread is for. In the past, such sig lines have been removed and IIRC, one particular repeated abuser was also removed. >>



    You could probably find 100+ exceptions to what you believe to be a rule on this forum. I don't know if it a rule or not, but I see it all the time. >>




    It used to be a VERY firm rule, however I've been around here longer than most. It's not something that I "believe" to be a rule.

    As I said, it wasn't meant to be personal, simply a warning as I remember what happened to others in the past.

    Sorry certain others didn't get it and decided to attack the messenger instead of understanding the message.

    My apologies for offending those who look for reasons to be offended.
    "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
    John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
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