Wise grandma

[mike]

My friend's grandma is moving in with his mom (i.e. the grandma's daughter), and they were cleaning out her house and found over 20 lbs of gold coins under her bed.

:flail:

I gasped for air when his mom asked me if I knew how much it was worth.

 

[KMS]

Holy cow!

 

[HCA1961]

That's good planning on someone's part!

 

[mmerlinn]

... found over 20 lbs of gold coins under her bed.

That is planning for the future big time, better than any IRA, 401K, or whatever. Good thing no one ever looked under her bed.

My guess is she was taught to save for a rainy day by her parents who lived through the Depression.

 

[white&yellow999]

at least a half mil.

 

[mike]

I thought it was kind of funny too, that nobody counted the coins and knew how many ounces there were- they just weighed the whole pile.

 

[rblong2us]

was the chocolate inside still good ?

http://www.chocolatetradingco.com/chocolates/novelty/coins-medals?gclid=CNec38SzoLECFUcKtAodcj-SWA


actually its a bit of a lesson in deferring material benefit into the future.

If you get into the habit of saving for those rainy days, its easy to continue the habit till death then its just something for the next generation to argue over.

I reckon theres a few of us here who could end up in this situation.

But if its just there as insurance, perhaps there should be disaster conditions attached to it in any will, so it continues to be insurance until it is really needed.

 

[DSAbug]

1lb = 16 ounces
20 lbs = 320 oz
320oz * 1600 = $512k

With that much size, she should probably shut the hell up about it.

 

[benjamen]

1lb = 16 ounces
20 lbs = 320 oz
320oz * 1600 = $512k

With that much size, she should probably shut the hell up about it.

I thought gold was priced in USD per troy ounce?
1 pound = 14.5833333 troy ounces
20 pounds = 291 and 2/3 troy ounces
291 and 2/3 troy ounces * $1,600 = $466,666.66

I do agree with derek, no reason to let that info out of the family.

 

[DSAbug]

I thought gold was priced in USD per troy ounce?

 

[mike]

If you get into the habit of saving for those rainy days, its easy to continue the habit till death then its just something for the next generation to argue over.

Yes, the lesson I'm taking from this is to buy smaller amounts more often, rather than buy large amounts infrequently. Make stacking a habit!