401K economic advice

Discussion in 'Happy Hour' started by Kaptain, Dec 24, 2007.

  1. Kaptain

    Kaptain Master

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    Because of the current devaluing of the dollar and the impending economic crisis that is coming up, I am strongly thinking of cashing in my 401K and using the money to obtain real assests. I know there is a 20% tax penalty, but I don't see how this retirement will be around in 30 years let alone five. Any advice or opinions on what to do would be appreciated.
     
  2. PitBull

    PitBull Guru

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    Kaptain,

    I'd say that's a good idea. If you have some reservations about it, just do it
    with a percentage of the account, and not the whole thing.

    You could also look into investing in companies in foreign countries that
    have their earnings/profits in foreign currencies, if your plan allows that.
     
  3. C Darwin

    C Darwin Mentor

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    I'm currently cashing in my annuities to pay off my house. After January, I will be COMPLETELY Debt free on my house, cars, everything.
     
  4. voice

    voice Guru

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    Hi Guys

    Check out these guys as I am very impressed with their CEO Peter Schiff. He has called everything from the dotcom crash to the real estate bubble and devaluation of the dollar.

    http://www.europac.net/Schiff-SquawkBox-6-13-06_lg.asp

    Kaptain Poop. A 20% hit is a serious hit and you need to be careful. See if your current investment vehicle can put you in anything that is more suited to protect you against dollar devaluation. You may be able to roll it over without penalty. Check out Euro Pacific as they seem to be right on top of it.
     
  5. freedom1

    freedom1 Mentor

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    Yeah, Euro Pacific Capital specializes in non dollar assets. I have an account with them and a significant amount of gold and silver American Eagle 1 oz coins. I bought gold when it was $400, now its $800. It seems to have an inverse relationship with the dollar. I chose the Eagles because they're known mintings. I thought about euros, but don't trust that at a certain point, the European Central Bank won't lower their rates and print like crazy too. I would say get into energy, energy services, precious metals, agriculture and infrastructure.
     
  6. Kaptain

    Kaptain Master

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    Thanks for the advice so far. I have no real experience investing but have been reading a lot the last couple of years. couple questions:

    1) Can I roll my 401K into an IRA that invests in only things that I decide such as suggested - Euro Pacific? or Precious Metal stocks?

    2) I would like to get a hold of physical precious metals: Coins have been suggested (American Eagle) any other suggestions?
     
  7. White Shogun

    White Shogun Hall of Famer

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    If you suspect a post-apocalyptic style lifestyle in the near future, I suggest ammunition, MRE's, booze, and cigarettes. Shoot with one, eat the other, and use the remaining as currency. [​IMG]
     
  8. voice

    voice Guru

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    Kaptain..

    Yes you can invest in IRA

    http://www.europac.net/faqs.asp#5

    I am debating this myself right now too
     
  9. PitBull

    PitBull Guru

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    You can buy precious metals through the Perth Mint program at EuroPacific
    Capital, and they will store them for you (allocated account, both gold and
    silver available). Or you can buy some yourself. Precious metals stocks are
    more risky, but have greater upside. Most investment advisers will tell you
    to own the metal first before investing in stocks.

    Best bet is a diversified portfolio. Peter Schiff at Europac invest in foreign
    companies that pay a dividend in currencies that are appreciating against
    the dollar. Great strategy at this time.
     
  10. freedom1

    freedom1 Mentor

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    We should have a White Shogun type plan, cigarettes and bullets, AND we should have a 'within the system' type plan, foreign investments, offshore accounts etc., as no one knows for sure how this thing will play out in our lifetimes.

    I think we all agree that it's going to get worse before it gets better.

    Ron Paul is awesome. I'll be voting for him. At the same time I know what they did to Bobby Kennedy and many others. Also, the American public is pretty far gone. I'm doing as much campaigning for Ron Paul as I can, and there is some hope, but there's going to have to be a lot more for a second American Revolution. I mean, how many news reports have there been on the pregnancy of Britny's little sister.
     
  11. Don Wassall

    Don Wassall Administrator Staff Member

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    One of the largest silver sellers is located in Minneapolis, Investment Rarities. They put out a newsletter which usually features articles by Ted Butler, who has been the most prominent advocate of buying silver over the past decade because of a growing shortage combined with increasing industrial usages for the metal with the many unique characteristics. He foresees silver hitting $100 an ounce or more.


    Investment Rarities is pricey when it comes to how much they charge over spot, but they always have lots of pre-1965 silver coins on hand, and you can also store your purchase in a Minneapolis bank they have an ongoing business relationship with.


    http://www.investmentrarities.com/
     
  12. DixieDestroyer

    DixieDestroyer Hall of Famer

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    Great points Freedom! Part of the Globalist Elite's core agenda is to keep the masses sheeplized/zombified via the constant inundation of mindless "mainstream" fluff (passed off as "entertainment & news"). I too worry about Dr.Paul's well-being. I think the Elite is becoming a bit more concerned about Dr.Paul....not that he'll actuall get into their controlled) White House, but that his message/platform is growing in popularity.

    BTW all, I definitely advise getting out of ALL debt, stocking up on precious metals, a large non-perishable food supply (MRE's or similar), water, gas, a good generator, firearms+ammo and have a good "bug out" plan for your family (meet-up location, plans, etc.). It might sound paranoid or laughable to the uninformed obliviot, but to the learned it's sage advise!
     
  13. freedom1

    freedom1 Mentor

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    These guys have a real good rep in terms of storable food:

    http://www.efoodsdirect.com/

    Crash Proof by Peter Schiff is really good book on how to handle your money.

    The Sovereign Society has really good info for people who totally distrust the US gov and want to get their savings offshore.

    http://www.sovereignsociety.com/

    Patriots Surviving the Coming Collapse by John Wesley, Rawles is good book on survival type ideas, e.g., weapons, land, generators etc. It's a fictional story, but is cram loaded with sound principles.
     
  14. C Darwin

    C Darwin Mentor

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    This sounds the same as Don's list for tailgating at the Steelers game. [​IMG]
     
  15. Don Wassall

    Don Wassall Administrator Staff Member

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    [​IMG] Don't forget I also listed knives, fireworks, scantily clad hostesses, and the latest edition of "Who BeWhite and Who Ain't and Sh*t" by Michael Irvin.
     

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