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This is purely for guys that are hoarding until prices go up. I have been hoarding, but now I have property taxes due. I don't have the cash for the taxes. I can pay up to 9 months late but with a stiff penalty....about 25%. Also I have some credit card debt.
My question is, knowing that I'm paying 25%, should I sell out now? Metal would have to increase by at least 25% to be worth continuing to hoard. What would you do??
dude....metal is not going up anywhere NEAR that amount ANYTIME soon....besides, money now is worth more that money later (present value of money)....pay your bills and keep flipping the money remaining by purchasing more stuff to scrap...well unless it is steel...then they gotta pay ME to come get it.
Agree wholeheartedly.Quote:
Originally Posted by webuyselltradestuff
pay the man, if you want to gamble spend $2 on a powerball ticket!
sell the hoard from lowest value up until I paid the tax man.. I for one am CERTAINLY not payin any tax man an extra 25% on the same bill...I'll move mountains of steel before that day comes.
Gotta agree with NHscrapman, start with the lowest value and go up. There is no decision to make as to whether to sell and pay or continue to hoard, get the taxes taken care of. You can always continue to hoard after that. I am one of the hoarders, but if I needed the money for taxes, I would sell in a heartbeat.
Pay the taxes. I don't forsee any major price increases, but even if they were to, you'd likely still come out behind.
Not only get the taxes paid, Pay off that credit card debt too! I wouldn't even think of hoarding until you are debt free.
Always pay off debt as soon as you can, there is nothing worse than accumulated interest earning debt. And never use a credit card unless you know you can pay it off in time before you incur charges.
Thanks guys. For what it's worth, I'm usually pretty sharp with personal finance! Wife of 10 yrs traded me in on different model a year ago. Been kinda foggy since. Also explains the cc debt.
Just found this thread and realize I am a little late, but have such strong feelings I had to post. I am hoarding, but my life has revolved around staying debt free. The freedom of being debt free is hard to explain. Pay off the cc and taxes, then take life one day at a time. In the long run you will make money.
Kudos to you Patriot76, I am in the same position you are. I have no debt (including my property), and even though I use me credit card extensively (for the reward points), I pay it off every month (have not paid a penny in interest in MANY years). The freedom of not being indebted to anyone is an awesome feeling.
Even though I hoard (sitting on about 1k lbs of copper and 200 lbs of clean brass), for me it is still a win-win situation. Since I got the scrap for free, if prices go up and I sell, I win. If the prices go down and I sell, I still win as my cost basis is zero.