I could discuss this for days although most would think I am losing it, show no interest because what I have to say represents such a huge shift in the our savings mindset, not pay attention because the concept is foreign, but for anyone who truly wants to save for the future, s/he/they should say goodbye to all traditional practices in saving. Need I say more?
I could discuss this for days although most would think I am losing it, show no interest because what I have to say represents such a huge shift in the our savings mindset, not pay attention because the concept is foreign, but for anyone who truly wants to save for the future, s/he/they should say goodbye to all traditional practices in saving. Need I say more?
I watched a vid put out by a guy whose channel is called "Meet Kevin." He says frequently that savings is for poor people and that it does us no good when you look at the big picture. I tend to believe him. I'm just intimidated by investing. I'm only working with about 8k. I really am completely ignorant when it comes to investing. And don't get me started on Bitcoin. Jesus. It feels scammy. I'm sticking with my seemingly very safe savings. I would truly need someone who knows the ropes to come sit down with me and hold my hand through setting myself up with investing. I don't even know how to choose which stocks to invest in. I'm like a little baby.
I saw a couple of posts, but I am not too skilled at this, so I am not 100 on how to respond and to whom. I will drop a little more fodder and see if we can spark more interest. Obviously if I knew what I was talking about I would already be wealthy but this is my beginning although the train is moving at lightening speeds.i wasnt necessarily going to bring up BTC but I was going to lightly touch on digital currency. The industrial age is burning out and to think we can continue to save how we have in the past is going to destroy the middle class. We are well into the technological age and there are things in motion that cannot be stopped that will dictate your future wealth. You won't have to worry about the interest rate on your savings account, you will be paying the banks to hold your money. Most of us already pay up to 5$ int Atm fees. In the future you will pay for them to save your cash. And it all makes perfect sense, if I could send you btc with no fees, 100 secure, and instantly, why would need traditional banks. And look at Covid, it has already hurtled us into contactless payments. Invest in that company. There is nothing we can do to stop this. Man, I would love for this to be virtual and not messaging. Oh btw, well a few clues you might want to think about. Who dominates retail, music and streaming. Connecting the dots,? Why do you think Google is being taken to court by DOJ? Hmmm sounds familiar….MICROSOFT.. BEFORE I go what do you think about UBER? Here to stay?nah, only Long enough to fill the need. I mean come on even after they go autopilot, they won't be around. After all you will pay their fees while I will be contracting out my service with btc. Not enough time to explain but get on board or get left behind. We almost already have. Goodnight. Mask up.
The future is impossible to predict with precision but keep in mind high-impact trends that are likely to continue to persist over the remainder of your lifetime.
Probably the most under-appreciated aspect of the near future on the decade time scale is how climate change is going to affect everyone in the world, from the most developed to the least developed countries. Economies, standards of living, life-styles, health, social norms and nearly every other aspect of our lives will be heavily impacted in a world that is diverging away faster and faster from the optimum we have experienced over the last few centuries.
The average person is probably going to see more pandemics in their lifetime.
Continued exponential growth of the human population overall along with demographic changes of age and life-styles in many countries (some are getting older faster while more and more people are adopting an "American standard of living" for example) is going to eventually have to change in important ways that will affect economies and societies in important ways.
Linked to population growth and demographic changes are stresses upon food and energy resources as well as environmental degradation and pollution.
Technological efficiencies and solutions may help us address some of these trends but we cannot be sure of the success of these potential factors nor their unintended consequences as the world changes.
I know this response has strayed a great distance from the near term focus of our financial well being but we should also be cognizant of longer term changes that will affect our lives and play out in the background of the day-to-day or year-to-year details.
Read listen and be skeptical. If it sounds too good to be true it probably is. Investing is a gamble, but so is everything in life. If you go only for the "safe bank" savings, you are likely to be paying with a loss in buying power over time. Try and get as much safe diversity as you can.
I’ve had concerns about the dollar becoming devalued at some point. Then what? Is having real assets like a farm the only way to be able to survive?
I have one word: diversification!
Buy some BTC, and some other digital currency as a hedge against inflation. The main component of your savings should be denominated in a currency you spend. If balanced properly, your risk is reduced.
it's normal
Some people believe it or not ,me being one of them ,actually still yse and want the American dollar to be their main way of paying for things.
The Fed, Congress and all Administrations understand you can't push the inflation levers too hard lest the pendulum swings become violent but
monetary and fiscal policies that seem like the government is painting itself into a corner.
The problem most of us on in this group face is that our finances are inadequate to allow safe diversity. There are days i feel that buggy whips and vacuum tubes ought to be good investments. However. history does not seem to indicate that digression happens very much. Therefore I believe in investing with those looking to the future and basics like food and medicine.
