this post was submitted on 18 Aug 2024
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Maybe don't hold your wealth in a constantly inflating fiat currency and only switch back when you need to purchase something. As an example, instead of holding everything you own in fiat currency, hold what you own in gold, or silver, and then have just a couple of months worth of your fiat expenses at any one time in fiat. That way, most of your net worth is in something that is not losing value constantly.
That isn't really a solve for people who are stealing food to eat. They don't have one month's expenses on hand.
https://www.forbes.com/advisor/investing/gold-price/
“Hold your wealth”?
Have you met any actual people? A lot of people have one month’s worth of “wealth” at the start of the month. If they are lucky.
This is not the topic for your 1970s goldbug pontifications. It’s about people stealing food.
Then the people who are in that situation and don't have to be are irresponsible. I understand some people are in that situation and can't avoid it. But there's a lot of people who live paycheck to paycheck because they buy cigarettes and beer and smartphones and other things that they don't need but that they want. I'm not against buying the things you want to have in life. What I am against is not having any kind of fallback in case of an emergency because emergencies do happen.
Yep. It's absolutely poor people's fault for not being able to save up anything for food and other monthly expenses when the prices of basic items have risen 10%, 20% or more over the last handful of years, because tHeY hAvE a SmArTpHonE!
https://www.statcan.gc.ca/en/topics-start/food-price
Gold has kept up. So in gold terms its the same as it was. Inflation is not items getting more expensive its the value of your fiat decreasing. The US dollar haams only existed completely depegged from gold for 53 years and yet has lost almost all its purchasing power in that time frame.
Very helpful advice for anyone who can't afford food presently and had in the past lived within their means. Saving up beer money for a month could get you, what, 1 gram of gold at best?
Instead of your plan, poor families should have put any extra savings into S&P500 index funds every year, forgoing a smartphone, any celebrations, gestures of good will, and occasional comforts of life (and not to mention any unexpected big expenses) to feed market forces. They'd be in a great spot today for sure.
No one:
You: SCREW THE POORS AND THEIR SMARTPHONES
I live on government assistance due to disability so i dont make much and yet i am perfectly capable of saving money every single month. I promise it is doable.
No one:
You: I LIVE ON GOVERNMENT ASSISTANCE DUE TO DISABILITY SO I FONT MAKE MUCH AND YET I AM PERFECTLY CAPABLE OF SAVING MONEY EVERY SINGLE MONTH. I PROMISE IT IS DOABLE.