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Are you still saving money? It might be time to stop. No, don’t stop putting money aside for the future and go out to spend it all. What you should stop doing is keeping your money in cash or in a savings account. In the last few decades, putting your money in gold and silver rather than has cash has been a far more effective way to save.
A Growing Crisis in Savings
The way personal finances work today would be unrecognizable to someone in the 1960s. It was enough to set money aside each month with a bit of discipline, but by the 1970s, the US and many other countries began pursuing policies that debased currency, such as liberalizing credit and vastly expanding the money supply by proxy.
At the same time that governments and banks increasingly wanted people to go into debt, major employers scaled back pensions and retirement plan contributions, leaving that increasingly up to individuals. Now, personal debt has never been higher and savings never lower.
The Baby Boomer generation responded to the situation by turning their homes, usually the biggest purchase you make in your life, into their retirement funds. For decades they’ve successfully fought to preserve single-family zoning, creating a housing crisis in many cities that has made their homes worth a fortune – leaving later generations in the lurch. (And as a side effect, shooting themselves in the foot. Today’s Millennials don’t have the desire or money to buy the monster homes Boomers made part of their retirement funds.)
Faced with two mutually exclusive options: save for a house or for retirement, many mature Millennials are skipping the house and going straight into investing. The real way for Millennials to succeed isn’t skipping avocado toast, it’s skipping the starter home and going straight into we… Read More
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