subject: Watch out for INFLATION, Invest in GOLD [print this page] Watch out for INFLATION, Invest in GOLD Watch out for INFLATION, Invest in GOLD
I used to care a damn about economics and finance. Money is meant to be spent' was my mantra. The result of this philosophy was a broken down life and debts up to my eyeballs. Then comes along Robert Kiyosaki and his best-selling book Rich Dad Poor Dad', and life was never the same again.
After reading the book, my eyes opened up to my idiotic philosophy on money, investments and finance. I finally realized why I am broke and needy all the time. Jim Rohn rightly puts it; "The philosophy of the rich versus the poor is this: The rich invest their money and spend what is left; the poor spend their money and invest what is left." I have long since changed and it has returned fruitful results.
The world economy as I write this article is not at it's best at all. Inflation is creeping in ever so quickly. I feel it's important that people read the report on US inflation http://inflation.us/2010inflationreport.pdf. Even though the media and the government are not letting out the true story, the phenomenon has gathered so much steam and momentum that it's just a matter of time before mass destruction of economies is unleashed. For all those who take an ignorant stance on this whole subject will be in for a rude shock as 2010 wears on. However, the wise people who take precautionary action will stand to benefit big time from this massive wealth shift that is taking place in our world right now.
Frederick Leith-Ross puts it quite bluntly; "Inflation is like sin; every government denounces it and every government practices it."
One of the wisest ways to protect your money in today's economy is to stop saving it in the form of paper currency. Instead invest it in something that appreciates in value. Real Estate, Gold, Silver, etc. are worthwhile investments. One of the best habits that I have developed is to buy a piece of gold, either as coins or biscuits, out of every paycheck I receive. And I do this the first thing after I receive the paycheck. How much Gold you buy depends entirely up to you and your budget. But I would advice 10% of your paycheck amount should be used to buy Gold or Silver. Please remember, this is part of your savings and not for selling it at a later date. Use the buy and hold strategy on this gold. In the future, when the economies settle down, the gold that you possess can now be used as collateral to let banks lend you currency to start your own business, invest in stock, bonds, etc. See what I mean? This is one of the ways the rich get richer. They use their existing wealth as guarantee to borrow more from the bank and then invest that money wisely to grow it.
Henry Ford said this, "Whether You Think You Can, Or Think You Cannot, Either Way You Are Right". Make the decision. It's for you and your future, not mine.
God bless.
John Bino
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"Empowering people to increase their value to society"
