Looking at gold today for more savings options.
Do you feel like we are in an everything bubble?
It seems like everything is going up in value these days and I'm having a hard time recommending anything to people that ask my advice. The last time this happened I was giving bad advice in 2008. If you were around for the 2000 decade you learned that what goes up will eventually come down.
So you did well this year, now what?
At some point, one must sell things to capitalize on the rising price, before it pulls back. If you're not into shorting markets it's the best way to hold your gains. This played out very well with the last bull run in crypto, some smart people were able to massively increase their holdings by taking some profits off the table when those assets were overly inflated.
I'm taking my own advice and taking some money off the table. I'm going to sell half of my stocks and put that money aside for the next major correction. Now the hard part is knowing where to keep your cash.
Do you put it in a bank where it's at risk and it gets eaten away by inflation every year?
I'm not a big fan of this option considering they use my money for fractional reserve banking and they don't pay me squat for interest. I also remember that safety deposit boxes are at risk if the bank fails or your stuff gets stolen. Here is an interesting story in the N.Y. Times from a while ago.
Safe Deposit Boxes Aren’t Safe!
Should I buy Bitcoin right now when it's at all-time highs?
Yes, but I'm not going all in here. I think I will go 10 percent into Bitcoin and let it ride, to me this is a gamble that could keep paying off for years to come. I'm not a Bitcoin hater like a lot of gold bugs, on the other hand, I think the government will make it difficult for the average Joe to own it in the future. It wouldn't surprise me if they added some big extra taxes on the gains too!
How about getting some land outside of the city?
This is a plan that I'm working on so I can be more self-sufficient in the future. I want to have a place that my grandchildren can explore nature and appreciate eating things we grow. I was interested in real estate until our socialist government showed they can implement rent controls on landlords.
What about gold?
Gold is my favorite way to preserve wealth. I plan on putting anything leftover into gold so I will still have big purchasing power in the years to come. I believe you must hold it if you own it. Mabie millionaires should store some in a vault, but you never know how hard it will be to get it when SHTF.
So, in conclusion, I like gold and land for farming the best. I also like the idea of having some cattle.
Let me know what you guys think about this approach, I value a Lion's opinion over most other people!
Thank you for reading my blog and have a great day!
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