As we look towards an uncertain future, it is critical that we understand money. We need to understand the fundamental characteristics of Real Money, and we need to understand the difference between Real and Fake money. Gaining insight in the characteristics of real money will enable us to effectively position ourselves for the future.
Paul,
Thank you for your videos, I appreciate how much time and effort you have put into your projects.
What is your view of cryptocurrency?
There are a whole lot of people who have made a whole lot of money on crypto-currencies. With that being said, I remain skeptical. I would rather have assets with intrinsic property. On cryptos, what if someone comes out with a new and better one next week? Does it become the new standard, or do people stick with the older slower one? Just too many different directions that things like this can go. I would rather go buy a piece of property. Might not get rich on it, but could always have a garden and feed myself.
Wow! I’m 64 years old. And I’ve been preaching most of what you said to my children from day one. I spent my youth in the financial industry as an accountant and financial manager. I have both an accounting and finance investments degree. I can tell you that you are only touching the tip of the iceberg. I remember how I felt as I was being educated how depressing it was. Looking around I felt sorry for people living their lives ignorantly playing along. I guess ignorance really is bliss. Unfortunately, greed rules the world and unfortunately in this global economy it appears that its the only game in town. I agree with your approach to combating inflation and hedging your finances with tangible and practical resources. I am certain that some day they will pay divided and help protect you during your retirement years. P.S. I’ve started learning electronics as a hobby. That’s how I found your site. I really enjoy your Arduino series. Wish I had stared sooner. Best regards.
The problem people run into when it comes to money is they blend logical thinking with emotion. Logic should always be used when it comes to make financial decisions. Emotion should be used to motivate you. Logic means not buying the expensive sports car. Emotion is dangling the expensive sports car in front of you like the proverbial carrot in front of the rabbit to make you work harder.