this post was submitted on 18 Aug 2024
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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.