7 tips to start stacking Silver coins or bars
If you are new to stacking and don’t have a clear concept on how to start, here are some tips here. I am no expert, there are many more experts out there preaching their advice. Be cautious though, as many advice can be confusing and not suitable for newbies. I learnt this the hardway. I started some years ago and learnt through the school of trials and errors:-
- Start stacking silver with a clear budget. Know what amount of your disposable income you can afford to start stacking. Only use spare cash that you can afford, for example, how about reducing your entertainment expenses like that weekly drinking session? Or cut down on that expensive daily starbucks? Those small bills can pile up to be a good silver stack.
- Do not get carried away and over-stack. Start small, and do it regularly, along the principles of dollar cost averaging. Do NOT throw all your cash into silver. Keep some cash for unpredictable emergency needs. This is to avoid selling your silver at inappropriate timing when you badly need the cash.
- Diversify your investments for the future. Do not invest in silver. It is healthy to hold a good portion in precious metals, such as gold. Invest in stock index funds, some healthy insurance plans or pay off your mortgages and debts. Plan for the future.
- Especially for newbies, do not get overly excited and buy everything! Stick to regular buying. It would be better than to overindulge and exhaust your savings. Many newbies fall in love with this healthy habit so much that they overstretched themselves in the first few months.
- If you are fairly new, stay away from the fanciful stuff. Numismatic coins are lovely, but as a newbie, wait till you are familiar with mintage and designs first. If you really like a design, do some research and buy small. You may become more skilled at this and appreciate this hobby, but start slow and slow.
- Try not to buy from eBay, Craiglist, Carousell or some unknown guy from any forum. There are many bad sheeps and fraudsters around. Stick with some reputable online or physical shops. Take your time to shop around. You can google for a few shops. (Disclaimer I am vested with www.goldsilvercity.com.sg which offers free delivery and low premiums)
- Don’t be impatient. This is a great hobby that will grow with you for years. =)
Start Stacking silver. Start small and buy regularly, like once a week or month. Enjoy this beautiful and valuable hobby and you will be thankful when you retire!