Blessed indeed. This is a deeply important piece. Thank-you for taking the time to share such poignant pieces which will help encourage abundance looking ahead. Love & Prayers Always 🙏🎶🌄🍀
Well the short answer is, we are going to have to implement the same austerity we’ve inflicted on places like Greece, or else default on our debts. If we default, our bonds will get demolished and with them all our pension funds. We will enter a very long period of stagflation.
Even through that, which is probably 10 years out, we can individually be positioned to thrive though. So there is never reason to be discouraged.
Such good stuff. It's a good compilation of a lot of the things that I've been reading and learning over the last year or so. It's definitely good to be prepared and to invest in things that retain their value. Who cares if gold hasn't gone up in the last 100 years (the price of the suit)?! It's held its value a lot better than dollars!
I personally like cash. Money market funds, and also actual paper script.
It's probably a good idea to have some cash on hand because 92-95% of our currency is created through fractional reserve by banks. Therefore, not everyone will be able to withdraw their cash, and there could be a run on the bank.
From what I understand, there's still risk in putting money into money market accounts. The laws are written such that a family of funds can borrow from other funds within the family to pay one fund's liabilities. Therefore, if you are invested in a money market account with XYZ, and one of their funds has a ton of derivatives that go bad, they can take money from your money market account to cover their losses in the other fund. Just something to consider.
Again, I really liked this article. I'm looking forward to the next one where you'll talk about passive income streams!
Yes, money markets aren’t as safe as script, which I hold. But people with 401k plans can’t hold cash in them. They can’t directly put gold bullion in those either. And for most Americans at least, most investment is held in those 401ks. So for them money markets are the closest they can get to cash.
If I had a lot of money in those and was retiring within the next 10 years, as 2 of my sisters do, I think I’d take my chances with money markets and short term US Treasuries and nothing else for now. Plus stack my own precious metals outside the retirement account.
its rich dad poor dad in a nutshell... (maybe even nutshells were money at some point)
but we should prepare. I am lucky to live in Switzerland which has a halfway decent stable economy itself but its not a guarantee since I agree with you that this will be a global thing.
If you are able to go down a lot less then the rest you are going up in comparison...
I am really looking forward to you passive income flow post. I am trying to build up this stream as well and any tips, tricks or methods are welcome.
I also agree that if you are only posting here on steem that this is not a passive income but it can be an additional income if you look at it like a second job. That could also be used to diversify or reinvest as well. or you could power it up and look at the value long term
I am going to a rich dad poor dad seminar in a week, hopefully there will be some interesting stuff there as well and not just a marketing gimmick.
Yes, the core message of RDPD has always been to stop trading hours for dollars if you want to get ahead. That's one of the main things the rich fully apply! Even when someone is an executive, they are paid far more in stock than in salary.
I hope the seminar is full of content instead of marketing too. It's getting to be a thing that famous brands only market the next product and give maybe 10% real content you can't get just by reading their book. Really terrible.
As for the Swiss economy, everything I know about it says it is one of the strongest in the world, but your currency may be a bit over-valued. But again, it's all relative. People have to use SOME money, so you just need to be a better option than others. For that reason, like the USD, the Franc may come through this relatively unscathed. The economy will be affected, of course, but yours will likely be one of the more stable ones for sure. I'd still stay away from real estate for a couple years though, unless it's intended as a rental property and you're sure the numbers work at lower market rental rates.
well, the seminar is free so that is why my fear is that it will be a lot of publicity... we will see, I am not so much into FOMO as I was before
and for the swiss real estate, that is kind of irrellevant for now since I could not afford anything anyway..and I kind of fear that the swiss real estate market might be in bubble territory as well. So there might be opportunities in a few years if it crumbles down and hopefully by then I will be in the position to take advantage of it
The problem with precious metal is that they are hard to transport and store. Moving to a different country? Good luck with sneaking them past customs. Live in Detroit? Cross your fingers that your house isn't going to get broken into.
This is why I think crypto is the way to go!
The international move issue is the biggest drawback to precious metals to me. But unless you have rare/collectible coins, the easiest thing is to sell just before you leave then buy back once you reach your destination. They are pretty interchangeable and internationally available, though depends on where you're going I guess. You can also buy gold and have it stored in vaults overseas. And I definitely wouldn't keep more than a few hundred in junk silver in my house. I know some people worry about confiscation, but I don't. I think that was a one time thing that worked because we were still on the gold standard. Lots of Americans actually had gold that wasn't jewelry then. Now, the government would be far better off confiscating from bullion companies and miners than anything else. Far more collected with far less public pushback at a time when people are also much less trusting of their government than they were in '33. So I think for local storage a safe deposit box is still a good choice for all but emergency stashes.
Still, in the end, crypto is far more portable. If it gets to a point where some limited supply coins are also widely accepted as money, I think it's the better money for most people.
The problem with selling off and then buying it all back is all the transaction costs I guess. You will get whatever spread that your gold broker is going to sell and buy your gold for to convert it to fiat1, then there will be transaction cost to convert the fiat1 to fiat 2. Then, fiat2 back to gold.... This is an actual problem I faced when I was trying to figure out a best way to move assets from 1 country to another without losing it's value.
I agree that confiscation shouldn't be an issue in the US. But outside of developed countries it is still an issue.
Yes, you do lose on the fees. But presumably this is going to be a very rare event. If one is very internationally mobile, then I definitely would go with remote vault storage I pay for. It is simply wise to have some precious metals, despite the drawbacks. Maybe just have less of that and more of crypto.
Definitely good point on the possibility of confiscation outside the developed world! In fact, it's pretty clear that China has been trying to get its citizens to buy gold with the intent that if they need to go back on the gold standard even partially, they will confiscate the gold of the people. I forget their exact (translated) phrasing, but it basically came down to their counting all gold in the country, including in private hands, as belonging to the Chinese government.
What an avalanche of financial knowledge and writing skills. Even as I am nowadays more aware of financial issues, the role money plays in the world and in my pocket, I have the feeling the world has no time to unfold as you predicted because of a big war. In spite of that, I look forward to reading your next post!
Well I certainly hope there won't be a world war. If there is, all of this still happens, just more quickly. And the recession likely becomes depression.
Thank you so much for this, I’m going through a bit of financial crisis and it’s tough trying to invest in new opportunities whilst in a bit of a pickle, which is why when you said to supplement income from a job, it spoke to me because I’m trying to do that at the moment.
The way you finish it off also gave me a bit of hope as well that things will get better.
The great thing about crises is that they create opportunities. By preparing for the next one now, you can be well positioned to end the period better off than you started.
The next time I am able to write about this, I hope you'll find some of the passive income approaches work for you.
Great post with some great insights. Only hoped to get some better advice from "What If You Have No Money to Invest in Anything?" haha. Hoped to see how to make money if you don't have any...
Anyways I like the idea of passive income too, but I haven't discovered many ways for it yet. Steemit is/was one of them and I really enjoy it. I hope it continues to offer passive income as the prices go up again and while we can buy in cheap for that time.
Yeah, the next post is the one that's more about that. This one is already super long.
I don't consider Steemit passive income. There's too much work involved for it to be passive. But it is a great way to earn crypto instead of having to invest to get it.
Cryptocurrency won't be sound money until it reaches Mass Adoption Point (MAP). It is certainly disruptive to markets and gaining its way to relevancy around the globe little by little. In time it will be very valuable.
Go silver! It's the most under valued and is the second most used commodity (next to oil) in the world.
Blessed indeed. This is a deeply important piece. Thank-you for taking the time to share such poignant pieces which will help encourage abundance looking ahead. Love & Prayers Always 🙏🎶🌄🍀
Thanks for your kind words. Glad to hear it resonated with you.
thank you Indigo! this is an amazing download!!!
I wonder if you would write into some of what you imagine this looking like?
This is a lot of food for thought and I will chew on it. I'll also take your inner work advice and pray and meditate toward a path of action <3
Well the short answer is, we are going to have to implement the same austerity we’ve inflicted on places like Greece, or else default on our debts. If we default, our bonds will get demolished and with them all our pension funds. We will enter a very long period of stagflation.
Even through that, which is probably 10 years out, we can individually be positioned to thrive though. So there is never reason to be discouraged.
Such good stuff. It's a good compilation of a lot of the things that I've been reading and learning over the last year or so. It's definitely good to be prepared and to invest in things that retain their value. Who cares if gold hasn't gone up in the last 100 years (the price of the suit)?! It's held its value a lot better than dollars!
It's probably a good idea to have some cash on hand because 92-95% of our currency is created through fractional reserve by banks. Therefore, not everyone will be able to withdraw their cash, and there could be a run on the bank.
From what I understand, there's still risk in putting money into money market accounts. The laws are written such that a family of funds can borrow from other funds within the family to pay one fund's liabilities. Therefore, if you are invested in a money market account with XYZ, and one of their funds has a ton of derivatives that go bad, they can take money from your money market account to cover their losses in the other fund. Just something to consider.
Again, I really liked this article. I'm looking forward to the next one where you'll talk about passive income streams!
Yes, money markets aren’t as safe as script, which I hold. But people with 401k plans can’t hold cash in them. They can’t directly put gold bullion in those either. And for most Americans at least, most investment is held in those 401ks. So for them money markets are the closest they can get to cash.
If I had a lot of money in those and was retiring within the next 10 years, as 2 of my sisters do, I think I’d take my chances with money markets and short term US Treasuries and nothing else for now. Plus stack my own precious metals outside the retirement account.
its rich dad poor dad in a nutshell... (maybe even nutshells were money at some point)
but we should prepare. I am lucky to live in Switzerland which has a halfway decent stable economy itself but its not a guarantee since I agree with you that this will be a global thing.
If you are able to go down a lot less then the rest you are going up in comparison...
I am really looking forward to you passive income flow post. I am trying to build up this stream as well and any tips, tricks or methods are welcome.
I also agree that if you are only posting here on steem that this is not a passive income but it can be an additional income if you look at it like a second job. That could also be used to diversify or reinvest as well. or you could power it up and look at the value long term
I am going to a rich dad poor dad seminar in a week, hopefully there will be some interesting stuff there as well and not just a marketing gimmick.
Yes, the core message of RDPD has always been to stop trading hours for dollars if you want to get ahead. That's one of the main things the rich fully apply! Even when someone is an executive, they are paid far more in stock than in salary.
I hope the seminar is full of content instead of marketing too. It's getting to be a thing that famous brands only market the next product and give maybe 10% real content you can't get just by reading their book. Really terrible.
As for the Swiss economy, everything I know about it says it is one of the strongest in the world, but your currency may be a bit over-valued. But again, it's all relative. People have to use SOME money, so you just need to be a better option than others. For that reason, like the USD, the Franc may come through this relatively unscathed. The economy will be affected, of course, but yours will likely be one of the more stable ones for sure. I'd still stay away from real estate for a couple years though, unless it's intended as a rental property and you're sure the numbers work at lower market rental rates.
well, the seminar is free so that is why my fear is that it will be a lot of publicity... we will see, I am not so much into FOMO as I was before
and for the swiss real estate, that is kind of irrellevant for now since I could not afford anything anyway..and I kind of fear that the swiss real estate market might be in bubble territory as well. So there might be opportunities in a few years if it crumbles down and hopefully by then I will be in the position to take advantage of it
The problem with precious metal is that they are hard to transport and store. Moving to a different country? Good luck with sneaking them past customs. Live in Detroit? Cross your fingers that your house isn't going to get broken into.
This is why I think crypto is the way to go!
The international move issue is the biggest drawback to precious metals to me. But unless you have rare/collectible coins, the easiest thing is to sell just before you leave then buy back once you reach your destination. They are pretty interchangeable and internationally available, though depends on where you're going I guess. You can also buy gold and have it stored in vaults overseas. And I definitely wouldn't keep more than a few hundred in junk silver in my house. I know some people worry about confiscation, but I don't. I think that was a one time thing that worked because we were still on the gold standard. Lots of Americans actually had gold that wasn't jewelry then. Now, the government would be far better off confiscating from bullion companies and miners than anything else. Far more collected with far less public pushback at a time when people are also much less trusting of their government than they were in '33. So I think for local storage a safe deposit box is still a good choice for all but emergency stashes.
Still, in the end, crypto is far more portable. If it gets to a point where some limited supply coins are also widely accepted as money, I think it's the better money for most people.
The problem with selling off and then buying it all back is all the transaction costs I guess. You will get whatever spread that your gold broker is going to sell and buy your gold for to convert it to fiat1, then there will be transaction cost to convert the fiat1 to fiat 2. Then, fiat2 back to gold.... This is an actual problem I faced when I was trying to figure out a best way to move assets from 1 country to another without losing it's value.
I agree that confiscation shouldn't be an issue in the US. But outside of developed countries it is still an issue.
Yes, you do lose on the fees. But presumably this is going to be a very rare event. If one is very internationally mobile, then I definitely would go with remote vault storage I pay for. It is simply wise to have some precious metals, despite the drawbacks. Maybe just have less of that and more of crypto.
Definitely good point on the possibility of confiscation outside the developed world! In fact, it's pretty clear that China has been trying to get its citizens to buy gold with the intent that if they need to go back on the gold standard even partially, they will confiscate the gold of the people. I forget their exact (translated) phrasing, but it basically came down to their counting all gold in the country, including in private hands, as belonging to the Chinese government.
What an avalanche of financial knowledge and writing skills. Even as I am nowadays more aware of financial issues, the role money plays in the world and in my pocket, I have the feeling the world has no time to unfold as you predicted because of a big war. In spite of that, I look forward to reading your next post!
Well I certainly hope there won't be a world war. If there is, all of this still happens, just more quickly. And the recession likely becomes depression.
Thank you so much for this, I’m going through a bit of financial crisis and it’s tough trying to invest in new opportunities whilst in a bit of a pickle, which is why when you said to supplement income from a job, it spoke to me because I’m trying to do that at the moment.
The way you finish it off also gave me a bit of hope as well that things will get better.
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The great thing about crises is that they create opportunities. By preparing for the next one now, you can be well positioned to end the period better off than you started.
The next time I am able to write about this, I hope you'll find some of the passive income approaches work for you.
Thanks and yes, long term financial freedom comes from passive income. It’s not easy to set it up at first, but it comes with time.
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Great post with some great insights. Only hoped to get some better advice from "What If You Have No Money to Invest in Anything?" haha. Hoped to see how to make money if you don't have any...
Anyways I like the idea of passive income too, but I haven't discovered many ways for it yet. Steemit is/was one of them and I really enjoy it. I hope it continues to offer passive income as the prices go up again and while we can buy in cheap for that time.
Yeah, the next post is the one that's more about that. This one is already super long.
I don't consider Steemit passive income. There's too much work involved for it to be passive. But it is a great way to earn crypto instead of having to invest to get it.
Cryptocurrency won't be sound money until it reaches Mass Adoption Point (MAP). It is certainly disruptive to markets and gaining its way to relevancy around the globe little by little. In time it will be very valuable.
I think so too. It has to be a long game. We're just lucky we can earn it here on steem right now!