MONEY IN THESE HARDER TIMES Find out what's happening to America's credit card debt during this period of furloughs, layoffs and unemployment. Also, more bad things are happening to Robinhood users. And, remember Tony from Edmonton, Alberta, Canada? He had written Tom following an episode that had inspired him. Hear all about what happened next!
Here's the New York Times article to which Tom refers in this episode.
CNN weighs in here about what's happening to America's credit card bills.
Money questions? Click here to send them directly to tom@blowmeuptom.com.
HOUR 1
Comments
Damn good show.
This is great advice that everyone to follow. Thank you and keep it up.
They're Going To Regret....
... every single day they shut the economy down. The fallout hasn't even started yet, because the Unemployment Benefits have been goosed, and that will run out eventually. Most likely they'll keep firing the money bazooka until the end of the year. 2021 is going to be a firestorm of global proportions.
By the way, if you think you can Dollar Cost Average your ass out of the downturn that is coming -- look up a chart of 1929 - 1933. If you caught that falling knife with periodic buys, you'd be in a world of hurt. Don't trade like a Robinhood n00b, is all I'm saying.
Oh, and the GLD ETF isn't gold. You don't own anything, its a digital record on a centralized corporate server. If you think that's a good idea, I can't help you. Owning physical coins or smaller bars isn't difficult. If you don't physically own it, you just have a promise that won't mean jack when shit hits the fan. A quality gold coin has a typical melt value of $1,700 USD each. Just ten of those is $17k in value sitting in your safe. Easy to store yourself, no fees, nothing.
Gold is Good
I have been collecting gold and silver numismatic coins for the many years and this hobby has served me well. I recommend the United States Red Book of numismatic coins. This book is published ever year and has a wealth of info on this fascinating hobby. Hey Dad, you should definitely diversify and have some of these physical rare coins in your portfolio and possession :)