£20 challenge - WWYD to double your money in a month?

tibawo

Wow, the OP seems to be on my wavelength. I always liked my flutter on the lottery but when it got put upto £2 a throw and the prizes seem to have gone down it did made me questions whether it was worth it. I did switch one ticket a week to a scratch card and have had more small wins on that than the lottery!

Anyway, I like the idea of putting the money I would spend to good use and making more from it. At the moment we are doing up dd2 bedroom. In the process I have realised that I keep starting jobs but never finish them e.g. I have material but never made the craft etc.

So you have inspired me to use my first £20 to do this and do a table top sale at end of March.

I like the idea of saving as well so if all goes to plan I might put half of what I make into a savings account and reinvest the rest and build from there.

Tammy2

ciaccino wrote: »

If you are looking for a very long term investment, you can invest your £20 into silver coins. Silver is at its bottom and very volatile. If you can buy an ounce silver coin a month and willing to wait 5-10-20 years, I think it could be a very solid investment. Buy from reputable dealers, in person and cash and store it in a safe place.

This sounds interesting ciaccino. Can you tell me more? (Quick google tell a me some people think now is a good time to buy).


Edit: Good luck tibawo. I also hope to get a regular market stall / table top sale up and running later this year.

[Deleted User]

@Tammy2

I don't see silver as a speculative investment, but as a hedge against a currency collapse. It's more like "fire and forget" rather than checking all the time when it's a good time to buy or not. However I think it's a rather good time to buy, provided you have the nerves and the stomach to digest all the volatility. At the moment silver costs less that its mining cost, therefore miners are putting less silver in the market.

I think gold is a better investments but 1 oz. gold coin at the moment is about £850, while a 1oz silver coin is about £17, including VAT. That falls within your price range.

Tammy2

ciaccino wrote: »

@Tammy2

I don't see silver as a speculative investment, but as a hedge against a currency collapse. It's more like "fire and forget" rather than checking all the time when it's a good time to buy or not. However I think it's a rather good time to buy, provided you have the nerves and the stomach to digest all the volatility. At the moment silver costs less that its mining cost, therefore miners are putting less silver in the market.

I think gold is a better investments but 1 oz. gold coin at the moment is about £850, while a 1oz silver coin is about £17, including VAT. That falls within your price range.

Thanks. But where on earth do you buy it so cheaply? Not really sure what I should be looking at, but weightoncoin.co.uk seem to be selling 1oz silver maples for around the £32 mark. Am I looking at the wrong thing? Tips / links appreciated.

[Deleted User]

Tammy2 wrote: »

Thanks. But where on earth do you buy it so cheaply? Not really sure what I should be looking at, but weightoncoin.co.uk seem to be selling 1oz silver maples for around the £32 mark. Am I looking at the wrong thing? Tips / links appreciated.

I've taken those prices from coininvest.com. Shipping prices are not included. Your local dealer will probably charge a premium, but £32 for 1oz silver is a rip off. Check a local monthly precious metals fair, they usually have the best prices, otherwise ask on the Kitco forum. Though they are based in the US, there's a loyal and competent UK user base. Avoid scumtree and crapslist and possibly ebay.

I haven't bought silver myself for a while and now I'm skint, but I do have a small war chest that I could release if needs be.

Tammy2

Thanks, I'll look into it.

[Deleted User]

If you are any near Birmingham, try the Jewellery quarter, or even better Atkinsons in Sutton Coldfield, they sell a single 2015 Britannia for £21.71.

I also want to add: avoid buying directly from Royal Mint or Post Office because they charge a 40-50% premium.

Tammy2

Is bullionbypost a better bet?

[Deleted User]

Tammy2 wrote: »

Is bullionbypost a better bet?

No direct experience. They have a shop in the Jewellery Qt, but their prices online don't seem competitive with either coininvest or Atkinsons'.

Tammy2

OK, thanks