more profitable to have money in a savings account?
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  1. #1
    us
    Aug 2009
    44

    more profitable to have money in a savings account?

    I looked at my savings account that pays 1% interest, and it earned a wopping .37 cents last month.
    Do all you veteran CRHers think it would make more money in the long run to have $370 sitting in a savings account earning compound interest for 10 years, or to take that same money and speculate on CRH and having the keepers appreciate in value over 10 years due to either numastic value or metal value?

    according to the compound interest calculator at
    http://www.moneychimp.com/calculator...calculator.htm
    the ending balance over 10 years would be 408.71

    I would appreciate everyone's thoughts/experiences on this.....
    Thanks

  2. #2
    us
    Aug 2009
    ACE 250 (MD) Bare hands (CRH)
    2,074
    18 times
    All Types Of Treasure Hunting

    Re: more profitable to have money in a savings account?

    When you count the losses you take from CRH-ing I think you probably can get a better return in a savings account/money market. While I do find some silver, the gas/miles from driving, losses in machines, ect take up some of your cash. If you want appreciation from a numastic stand point, buy a nice coin or two and sit on them. From a metal value standpoint, I believe silver will continue to climb but to what point who knows? Just be prepared to sell when you can.

    I CRH because I enjoy doing it. Its the thrill of the hunt and has less to do with the value of the silver (while that is a nice perk). It reminds me of buying baseball cards as a kid and never knowing what card you might pull. Wish I would have been buying rolls of coins instead of bb cards.....
    There is no silver left around here...

  3. #3
    us
    Apr 2009
    Clarksville TN.
    Minelab SE Pro
    1,776

    Re: more profitable to have money in a savings account?

    All, and I do mean ALL a Bank good for is to use to get CRH Boxes from, they don't keep up with inflation. I can remeber when my checking account paid over %5, today they charge for everything!

  4. #4

    Feb 2008
    Alexandria, VA
    Tesoro Silver uMax
    750
    15 times

    Re: more profitable to have money in a savings account?

    I agree you have to like doing it.

    Point well take though, the interest rate is neglible right now. You may as well put it in your mattress.

  5. #5

    Oct 2007
    Hampton Roads, VA.
    bounty hunter sharp shooter 2, minelab sovereign xs 2a pro
    2,771
    88 times
    Banner Finds (1)

    Re: more profitable to have money in a savings account?

    To me silver is now the best choice. 1%? No way. Get the silver. Besides you could turn around and sell it for more cash anyway and put it in an account or cd. Much luck.

    Golden Silver

  6. #6
    us
    Apr 2009
    Cornfield, IN
    F-22, cheapo pinpointer
    1,455
    1519 times
    All Types Of Treasure Hunting

    Re: more profitable to have money in a savings account?

    Hi Stu,

    I'm not a veteran, but CRHing will pay a lot better. You're looking at gaining $38.71 over ten years at 1%. Take into account inflation and you're looking at no gain. Even if you only found 10 x 40% halves/year or 100 x 40%ers over the ten years, you stand to gain $150 if you sold them at $2.00/40%.

    ($2.00/coin X 100 coins) - $50.00 paid = $150.00

    Kindest regards,
    Kantuck

  7. #7
    us
    Nov 2008
    4,291
    2 times

    Re: more profitable to have money in a savings account?

    Stu,
    I keep enough money in the bank to post my bond when they make CRH illegal
    2011 Finds
    6x War Nickels
    1x Buffalo Nickel
    1x Mercury Dimes
    66x Roosevelt Dimes
    2x Canadian Dimes
    0x Washington Quarters
    15x WLH
    12x Franklin
    46x 1964 Kennedy
    161 x 40% Kennedy

  8. #8
    us
    Aug 2009
    44

    Re: more profitable to have money in a savings account?

    I could make 30% if I sold the 3 direct from the mint halve rolls I got for $30, if I sold them for just $13 each.
    So I quess CRH does pay better than 1%.

  9. #9
    us
    Aug 2008
    Ace 350
    1,386
    346 times
    Banner Finds (1)

    Re: more profitable to have money in a savings account?

    If you look at crh as a hobby it is one that you can make money on. Not a ton but it can be pretty good - maybe $20 an hour tax free on a good week. For an investment don't waist your time on a savings account - the only advantage to them is the liquidity. Get your money when you want it. You would make more money just buying some non-perishable food stuffs or PMs and beating the coming inflation years .

    Maine_Jim

  10. #10
    us
    Jan 2008
    Pennsylvania
    3,370
    36 times

    Re: more profitable to have money in a savings account?

    [quoteWish I would have been buying rolls of coins instead of bb cards..... ][/quote]
    and comic books

  11. #11
    us
    da book worm--researcher

    Feb 2007
    callahan,fl
    delta 4000 / ace 250 - used BH and many others too
    16,738
    3625 times
    Honorable Mentions (1)

    Re: more profitable to have money in a savings account?

    lets see $38.71 interest over 10 years -- thats $3.88 a year * rounded up -- finding just (1 ) 90% halve per year * at current $17 per oz silver is $6.15 -- even (2) 40% halves (at $2.51 each ) per year are worth $5.02 -- one 90% half or 2 40% halves if you can pull it beats the crappy 1% interest the banks offer . -- do the math

  12. #12

    Apr 2008
    3,647
    479 times

    Re: more profitable to have money in a savings account?

    Almost anything is better than a savings account. If nothing else buy some silver with the money and wait a year or two. But as far as CRHing, you are gonna need a bigger budget of cash if you want to find a volume of keepers over time. You can find keepers with less, but the odds are you will need to start getting boxes or bags that hopefully are not rejects.

    But, you need to know that over time your CRHing pursuits could actually cause a loss of money, when you factor in your time, coin machine losses, fuel, mileage on your car, frustration at skunk boxes, etc.

    Not on point directly to your question, but related is that when the issue of income or losses due to CRHing comes up, some here will often say "it is a hobby, so I don't care if I make money". I generally think this is a form of denial that the person is HOOKED beyond belief to CRHing. Sort of like saying "I don't drink every day or I can quit when I want".

    I got to where I could not drive past a bank without wondering if they had any halves available. So for me the whole "it's a hobby" line was BS. What got me HOOKED was in my first 6 or so months of my CRHing I was finding at least some silver in almost every box. Those days are gone in my area.

    Jim



    R.I.P. Rich Hartford

  13. #13
    us
    Aug 2009
    ACE 250 (MD) Bare hands (CRH)
    2,074
    18 times
    All Types Of Treasure Hunting

    Re: more profitable to have money in a savings account?

    Quote Originally Posted by jim4silver

    I got to where I could not drive past a bank without wondering if they had any halves available. So for me the whole "it's a hobby" line was BS. What got me HOOKED was in my first 6 or so months of my CRHing I was finding at least some silver in almost every box. Those days are gone in my area.

    Jim
    I have the same disease Jim. Most of the time driving now I am looking for banks rather than at the road. Every bank I pass without going in just kills me. I stopped at one the other day that I had passed several times before when I was in a hurry and asked for halves, the teller says, "Some guy came in here a few days back and got all of ours we had in the vault, Can you believe that?" I muttered yes under my breath and kicked myself in the azz knowing that I had just lost out.

    I look at CRH this way. Its a hobby as with other hobbies and I am in it to make money, eventually. Enjoy it while you can and embrace your victories. If you are not into it, buy a few coins, some silver or keep it in a bank account. You have to love what you are doing and when that day comes that you are no longer interested in it, walk away.
    There is no silver left around here...

  14. #14
    us
    R.I.P. Rich Hartford

    Aug 2006
    Extreme Northern NJ
    whites classic sl,whites surfmaster,garrett ATX
    1,870
    526 times
    All Types Of Treasure Hunting

    Re: more profitable to have money in a savings account?

    Quote Originally Posted by Rich Hartford
    Stu,
    I keep enough money in the bank to post my bond when they make CRH illegal
    They won't make it illegal, you'll just need a license.

  15. #15
    us
    da book worm--researcher

    Feb 2007
    callahan,fl
    delta 4000 / ace 250 - used BH and many others too
    16,738
    3625 times
    Honorable Mentions (1)

    Re: more profitable to have money in a savings account?

    O C D folks -- you generally know if you are * --need to avoid CRHing like the plague --its a wickly bad mix -- ( if I don't stop someone else will gey the silver!!! oh boy what a "monkey to tote")

 

 

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