The Game of Monopoly is the textbook or blueprint that provides individuals with a plan to become financially free. Since most people only see Monopoly as a game, they may miss many of the real life lessons it can teach. For example, what does Monopoly teach you about your salary and money? The first space in Monopoly says, “Collect $200 salary as you pass Go”. The question is, “how should you view this money and what should you do with it?”
Many people see their salary as the resource to pay bills. But, the game of Monopoly shows us another use for that money – To buy assets “on sale” and not just pay bills.
Sure, the bills need to be paid, just as the game of Monopoly has bills that must be paid (rent, income taxes or hospital bills, just to name a few). However, if paying bills is all you did, you would never win the game. And in life, if you just pay your bills you will never experience financial freedom.
To win in the game of Monopoly, just as winning in life, you should see the major purpose of the salary to buy assets (real estate, businesses & investments).
One practical way I have been putting my income to use in buying assets on sale is to purchase silver coins on eBay. When doing this, you just don’t want to be like the masses of people on eBay buying coins at far higher prices than elsewhere. With a little patience and diligence in finding the bargains, you can pick up silver bullion coins for far less than you would pay if buying from a local coin store or online retail vendor.
A coin of choice for me is the American Silver Eagle, an affordable investment and beautiful collectible. Above all, as legal tender, they’re the only silver bullion coins whose weight and purity are guaranteed by the United States Government. They’re also the only silver coins allowed in an IRA.
Most online stores are selling 1 oz. American Silver Eagle’s at about $19-22 apiece at today’s bullion price, including shipping and handling. A local coin shop in my area sells them for about $19.25. Many people on eBay are paying upwards to $23 and more for the same coin.
While you won’t win every bid, it is possible to buy these coins “on sale” and pay closer to $19 apiece for them. Watch out though… you need to pay attention to the shipping costs and make sure your bids reflect that. Add in the price of shipping to your highest bid and you’ll know the price you’re paying for each coin.
Another thing to keep in mind is the daily fluctuation of the price of silver bullion. The retail prices of the coins will go up and down in concert with the daily silver price, so you’ll need to adjust your prices based on the current value of silver. I like the Kitco Silver web site for keeping track of the current prices of bullion.
Another recent “sale” price I enjoyed was purchasing a 1854-O Seated Liberty half dollar. This coin is only 90% silver but has more collectors value than the Silver Eagle bullion coins. These coins pretty regularly sell for around $30 apiece, but I was able to pick one up for only $27, and another in not as good of condition for $21.50.
In case you’re wondering WHY I like silver coins and gold one’s for that matter, you might be interested in learning more about what money really is. It’s been a real eye-opener for me as I’ve learned more about the Constitutional basis for our money and what our money has become today.
Happy shopping and enjoy your silver coins. I sure do!