Since we are all anonymous anyway, I'll just lay it out. I am by no means wealthy, but I have a sizable nest egg spread about in different places, regular savings accounts, IRA, 401k from my last job(i'm now self-employed), annuity(a big mistake I made when I was younger and dumber).
I was freaking out the last few years looking at how the dollar was falling against other currencies and what was going on with inflation, and I believe inflation is much higher than what the government reports. I felt like I was seeing my nest egg evaporated right in front of my eyes. But I'm sure you've had this experience when you had a stock or fund, you think, "ok, I know I've lost some money, but it has to be near the bottom, I've lost so much now, there's no point in getting out, besides as they say you don't lose anything until you sell and in the long run, things usually balance out right? So I'll ride it out."
I've felt the same about the dollar. I came close last year to moving most my money out of dollar denominated assets and moving into commodities like metals and foreign currency, but honestly, I have no idea what I'm doing. I don't know much about currencies of the rest of the world, whether their money will soon face the same pressure, which countries will have stable currencies, and which don't. I know it's usually a bad idea to make economic decisions based on panic. I ended up just staying put and when I saw oil and metals drop like a rock over this summer and saw the dollar rallying, I felt vindicated and thought,"man, if I'd moved my money out the dollar and bought metals, I'd be losing my ass right now!" Now once again, I'm wondering if I made a mistake.
I don't really know what the hell to do to protect my wealth or where to put it. If I do decide to go into currencies, what countries are best and how do I know they won't face the same fate as the USD since the global economy is so interconnected now? Will we take everyone down? Let's talk about how to preserve our nest eggs, because I can't depend on my government anymore, I think there's a serious chance that we're headed toward an Argentina-style meltdown. Maybe not, and I hope not, but I've never felt so pessimistic about the prospects of the US economy.
I was freaking out the last few years looking at how the dollar was falling against other currencies and what was going on with inflation, and I believe inflation is much higher than what the government reports. I felt like I was seeing my nest egg evaporated right in front of my eyes. But I'm sure you've had this experience when you had a stock or fund, you think, "ok, I know I've lost some money, but it has to be near the bottom, I've lost so much now, there's no point in getting out, besides as they say you don't lose anything until you sell and in the long run, things usually balance out right? So I'll ride it out."
I've felt the same about the dollar. I came close last year to moving most my money out of dollar denominated assets and moving into commodities like metals and foreign currency, but honestly, I have no idea what I'm doing. I don't know much about currencies of the rest of the world, whether their money will soon face the same pressure, which countries will have stable currencies, and which don't. I know it's usually a bad idea to make economic decisions based on panic. I ended up just staying put and when I saw oil and metals drop like a rock over this summer and saw the dollar rallying, I felt vindicated and thought,"man, if I'd moved my money out the dollar and bought metals, I'd be losing my ass right now!" Now once again, I'm wondering if I made a mistake.
I don't really know what the hell to do to protect my wealth or where to put it. If I do decide to go into currencies, what countries are best and how do I know they won't face the same fate as the USD since the global economy is so interconnected now? Will we take everyone down? Let's talk about how to preserve our nest eggs, because I can't depend on my government anymore, I think there's a serious chance that we're headed toward an Argentina-style meltdown. Maybe not, and I hope not, but I've never felt so pessimistic about the prospects of the US economy.