Someone asked me for my opinion on financial matters and I thought I would try to summarize it here for those that care.
In the short term, I don’t have a good idea of what will happen. I am skeptical of those who say they know.
However, in the medium and long term I expect continued and accelerated inflation leading to rising prices and further damage to our economy.
For long term investments I think it’s important to focus on diverse inflation protected assets like income producing real estate, gold, silver, foreign stocks, and possibly U.S. stocks. Building a resilient, profitable small business is also a good option, though it carries it’s own risks.
Despite the continuous devaluation of the dollar, there is nothing wrong with (in fact it is important) to have a decent amount of money set aside. This allows you to ride out the storms of life or jump on opportunities when things become available to purchase at a lower price, i.e. during a recession.
These are just my opinions, not recommendations. I can and have been wrong many times in my life.
If you want to learn more in a way that is easy to understand I would recommend the book Whatever Happened to Penny Candy. It’s one of my favorites and if you have children they would likely enjoy it as well.