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Saving an ounce of silver a week to fund a college education.

MGLICKERMGLICKER Posts: 7,995 ✭✭✭
in Precious Metals
Lots of recent talk about "free" community college for everyone.

Has anyone put away a defined amount of gold or silver to fund a kids education.

18 years, times 52 weeks of saving an ounce a week would provide a pretty good nest egg to at least give a student a start at a moderate nearby 4 year college.

Comments

  • derrybderryb Posts: 36,834 ✭✭✭✭✭


    << <i>Lots of recent talk about "free" community college for everyone.

    Has anyone put away a defined amount of gold or silver to fund a kids education.

    18 years, times 52 weeks of saving an ounce a week would provide a pretty good nest egg to at least give a student a start at a moderate nearby 4 year college. >>


    Or, just let me keep my share of the tax dollars needed to fund the "free stuff." Funny how the speech started out about preserving the middle class and developed into a number of programs that are ultimately and involunarily funded by that same middle class. Sad thing is that most tax paying Americans believe that "free" is actually free.

    Natural forces of supply and demand are the best regulators on earth.

  • MGLICKERMGLICKER Posts: 7,995 ✭✭✭


    << <i> Sad thing is that most tax paying Americans believe that "free" is actually free. >>



    I think the student or at least her parents need to have some skin in the game at the college level. I took college much more seriously than high school as a real check had to be cut each semester.

    The last two years, I was writing the check!
  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭
    Interesting example !!! image
    Timbuk3
  • 3stars3stars Posts: 2,287 ✭✭✭✭✭
    At current rates it may fund a semester / year of college at best. worse case scenario silver goes back to $4 an ounce at the time you need it, and you could pay for a class or two.
    Previous transactions: Wondercoin, goldman86, dmarks, Type2
  • cohodkcohodk Posts: 19,155 ✭✭✭✭✭
    $20 a week for 18 years at 8% interest would be worth about $42,000.



    Excuses are tools of the ignorant

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  • tneigtneig Posts: 1,505 ✭✭✭
    My initial knee jerk reaction was GOOD. But then hearing the other sides brings me back to reality. I got my way through with a student loan I paid over 10yrs. I don't want to have to pay for someone else now. And also increasing the governmental grip on the individual citizen, which is what I think they really want anyway.

    ----------

    << <i>$20 a week for 18 years at 8% interest would be worth about $42,000. >>



    That above assuming that rate, and silver or gold, or cash in the mattress are all about the same risk. Life always has its little twists when people are involved.
    Along with the initial plan, responsibility along the way, and other things, its what's done with it every day that counts.

    - With the money in the bank at a constant desired interest, yields taxes against someones income, and an assumption of rates holding.
    - PMs if bought at the correct low prices, purchasing the correct items, stored safely (via a charge or not), liquidated properly, and taxes, not to mention a transaction tax.
    - Cash in the mattress, w no taxes, and loss of value.
    - Poor investment strategies, touching or loan against the money, using to fund some other investment, itchy fingers.
    - Spent wisely, right education choices, education costs at that time, ambition or wasted time.
    COA
  • lcoopielcoopie Posts: 8,872 ✭✭✭✭✭
    better to add to a 529 plan IMO
    LCoopie = Les
  • MetalsmanMetalsman Posts: 2,064 ✭✭✭


    << <i>$20 a week for 18 years at 8% interest would be worth about $42,000. >>



    and in 18 years the annual cost for a year will be about.....????? $250,000.. for a real school....

    Glad I socked away enough metals over the past 15 years getting ready for my daughter turning 18 and entering into college... didn't have to worry about cost.... and her time hitting the books got her scholarships at all she applied at. That said to the OP's idea.. I would not be hesitant to start socking away some AU and AG at current levels to fund something in the future.... however i believe we will see a high again in about 10 years then wash, rinse repeat....so not a 18 run to a high. JMHO... what doIi know....I did it over the past 15 years.. fact! AU/AG buys during that time period out performed all my other investments. Good luck!
  • OverdateOverdate Posts: 7,008 ✭✭✭✭✭
    In the Information Age, the traditional college education is inefficient, overpriced and no guarantee of a good job after graduation. For many occupations, the four years and the ounce of silver a week can be better spent on other methods of education and training.

    My Adolph A. Weinman signature :)

  • OPAOPA Posts: 17,121 ✭✭✭✭✭


    << <i>better to add to a 529 plan IMO >>



    image

    529 College Savings Plans or a Coverdell Education Savings Accounts
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  • WeissWeiss Posts: 9,941 ✭✭✭✭✭
    Yeah, I agree about the 529s. We started one for my 5.5 year old son when he was just over 1 year old.

    We couldn't have timed it better if we'd tried. As it was, it was just dumb luck and the way it worked out. $300 a month sucked out of my checking account. One or two gifts directly into the account from relatives for a few hundred each.

    The rate of return so far is...42.10% ! image

    His account is now "worth" over $35,000.

    You don't have to tell this crowd that blips on a computer screen aren't even as valuable as paper money, which is worthless.

    But if you're going to go through the motions of saving for college, he's got a huge leg up. If we continue that $300 a month until he finishes high school, and his rate of return falls to a more realistic 8% (remember this is untaxed), then we'll have $150,000.

    Of course we'll never let him know it's there. He can work his way through school and get scholarships. But if he gets the opportunity to get into a really good school, we've got tools at our disposal.
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
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  • renman95renman95 Posts: 7,037 ✭✭✭✭✭


    << <i>Yeah, I agree about the 529s. We started one for my 5.5 year old son when he was just over 1 year old.

    We couldn't have timed it better if we'd tried. As it was, it was just dumb luck and the way it worked out. $300 a month sucked out of my checking account. One or two gifts directly into the account from relatives for a few hundred each.

    The rate of return so far is...42.10% ! image

    His account is now "worth" over $35,000.

    You don't have to tell this crowd that blips on a computer screen aren't even as valuable as paper money, which is worthless.

    But if you're going to go through the motions of saving for college, he's got a huge leg up. If we continue that $300 a month until he finishes high school, and his rate of return falls to a more realistic 8% (remember this is untaxed), then we'll have $150,000.

    Of course we'll never let him know it's there. He can work his way through school and get scholarships. But if he gets the opportunity to get into a really good school, we've got tools at our disposal. >>



    Niiiice!
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  • DrBusterDrBuster Posts: 5,393 ✭✭✭✭✭
    Too bad 529s were tagged for adjustment down last night...you know, because those are rich folk perks that need to spread around to pay for those 2 years of continuing education supplementing the k-12 failure that now needs to be k-14.
  • MGLICKERMGLICKER Posts: 7,995 ✭✭✭


    << <i>Too bad 529s were tagged for adjustment down last night...you know, because those are rich folk perks that need to spread around to pay for those 2 years of continuing education supplementing the k-12 failure that now needs to be k-14. >>



    k-14! That is about right.
  • SouthcountySouthcounty Posts: 653 ✭✭✭✭
    Yes, disgusting that Obama's plan would now tax the earnings of 529 plans as ordinary income. Talk about gutting the middle class to completely fund community college for folks who saved nothing. I don't think it will pass now, but to even suggest it is rather crazy. It would be the death of the 529 as we know it for future contributions.
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  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    College has got to be one of the most over rated things out there TODAY. Back in the day, it helped, but now it's a joke. Everyone here is into metals or coins, let me share the news with you, most people don't save a dime towards thier kids post HS education.

    So the kid most likely will be racked with debt upon graduating with no real guarantee of anything but owning a piece of paper that says they studied something. Employers THESE days want EXPERIENCE, not a piece of paper.

    With all that said, I am teaching my daughter how do things working with her hands...carpentry, plumbing, remodling, working on pumps and valves, etc..
    Go ahead an laugh, but she will be ready to walk right into one of these professions at HS graduation. Sure they may not pay big money, but she will be WORKING at age 18 and earning towards retirement right off the bat.
    To forgive is to free a prisoner, and to discover that prisoner was you.
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