I wonder if I come off as tone-deaf when I write these columns about my own personal finance and investment ambitions.
There is a damn pandemic encircling the globe.
Surely, people must have higher priorities right now.
However, perfecting one’s personal finance can’t take a back seat forever. Even during a pandemic.
I’ve written before how I plan to start a diversified, and affordable considering current events, investment portfolio in the near future.
The key to prudent investment is taking advantage of opportunities others won’t recognize until too late.
No one is flying commercially now relative to the original outbreak of COVID-19. Also, no one will be taking a cruise anytime soon. No one is renting hotel rooms.
That is why I will invest in these industries soon. Stocks for the tourism industry are very low now.
And, it takes years to get a realistic ROI against an investment.
If there is one thing this horrific pandemic has taught me, it’s that I must think about my personal finance future now.
And I think I see gold in my future.
Golden Opportunities
Gold isn’t cheap. I am not pretending that it is.
My point is that this pandemic has shown me that working-class people seem to suffer the most during such emergencies.
The paper money and coins in your pocket are called, “fiat currencies.” They have value only because you believe they do.
Fiat currencies have value because you believe in the strength of the government that issued it.
Money used to be backed by gold, a practice known as the gold standard. That ended in 1933.
However, all governments, corporations, and the 1% all buy, transact, and hoard gold.
Gold is money. It’s the first universal currency.
Which do you think will withstand market instability during a crisis better? A fiat currency, which is primarily backed by political faith, or gold, the universal currency?
Is this too complicated to think about?
Over 30.3 million Americans have filed for unemployment benefits in the past 6 weeks.
Speaking for myself, I know that now is the time to start thinking about personal finance differently.
Many people are going to go without money in the near and long-term future.
So no, I won’t invest in gold tomorrow. But I will soon.
And just to convince you to start thinking differently about money now, think about this:
Rich people may start leaving cities in droves.
For better or worse, the times are changing.
How we all think about money must change as well.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.