edit: this should have gone below sierra's post
I have around that much in a 401K I haven't rolled over into my new one from a previous employer several years ago.
I believe since I no longer work for them I can roll it over to a gold IRA?
I need a financial adviser. I have a family member with whom I get financial advice from, who has made a great deal of money from playing the market. He used to author a financial newsletter and advised to buy silver heavily, but then he lost his ass speculating on silver in the 80's (too bad he didn't hang onto it) and no longer writes any newsletters.
As we know, and as he stated, silver will never make appreciable gains, e.g. same amount of silver averaged over time will always buy the same commodities. But he advised me to invest in a moderate risk portfolio (well advised me to go more high risk short term) @ about 5-7K a year, which should outpace inflation. I have my doubts.
I'm in my mid 30's. I'm actually considering not contributing anything to my 401K any more (other than what the company gives me) and just stack silver instead. Then cash out when my parents take a dirt nap (sorry mom & dad) and turn their farm into an off the grid farm with more livestock and some greenhouses after drilling another well and setting up with solar power along with lining a 50K gallon lined watershed to fill up with rainwater.
I would rather have a sure thing. In 2006 I started having my doubts in the markets and pushed it into low yielding bonds, then everyone else lost about 33% within a few years. I made about 2% (under-pacing inflation) but still came out better than the other idiots (I am including myself as an idiot - as I should have invested in silver, but at least I understood that the markets were the worst play at the moment).
I had more FRN's in my 401K than people who had worked there twice as long. Should have pulled out and put my cash into silver. Or invested in apple long before as a stoner told me to do (I don't take financial advice from a stoner in IT although I would literally be a millionaire had I listened.)
In any case I have a few options. Cash out and buy silver. Roll over into a gold IRA. Cash out and buy land. I would rather buy tangible property, either silver or land. I would rather own land. Somewhere outside suburbia where I know suburbia will encroach upon eventually. Then I can sell that and fix up my parent's property.
Should I really cash out that 401K and buy 90% dimes? I think land is a better option. You can't squat on a room full of dimes. Although that would be cool to make a house out of 90% dimes, hehe! But I have set foot into a house made out of glass bottles. Was interesting but a museum piece.
Oh, the other advice was to get married again and double my income. No thanks. Maybe in another ten years or so. To the right woman. But I'm looking out for me and my son. It's just the two of us.
edit: another reason not to go to silver is even if I put in 10% I will only get back 10% of my income, which is 10% of my life - around 7 years if I am lucky. That's my hangup and why I think the purchase of land is a better investment. Although taxes suck.
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