This is episode 138 of You, Me, and BTC – your liberty and Bitcoin podcast!
We don’t think about it very much, but inflation is a serious killer. I recently had some retirement plans running through my head and wanted to see how much value my savings might lose throughout my career. A quick check informed me that the US Dollar has lost a whopping 75% of it’s buying power over the past four decades.
We barely think about inflation from day to day, but over time, that rate is truly devastating. It means that even if you work hard for 40 years, invest well, and manage to save $2 million, your money will really only be worth about half a million dollars. So if you hoped to retire on $100,000 per year, you’d actually have to live on $25,000 per year. That’s insane.
Today’s show is all about the hidden evils of inflation. We’re only in our 20’s and we’ve already seen pizza prices rise from $5 to $6. What can we do to prevent this incredible loss of value? Should we avoid fiat currency as much as possible? Could Bitcoin solve our problems?
Tune in for a crazy chat about inflation, retirement, investing, and saving! Your hosts are Daniel Brown, Tim Baker, and John Stuart. Enjoy!
Leave a comment and tell us how much you think you’ll need to save for retirement!
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  • Have any of you setup bitcoin retirement accounts? My friend has setup a self-directed Roth-IRA in which he will not have to pay capital gains if he were to cash-out any bitcoins in a couple years (assuming price-appreciation). Seems like it is a chore to setup but makes it less arduous to legally cash out some coin to pay for expenses in this world that is not completely yet ready for all things priced in bitcoin. I’m currently waiting for responses from different groups re pricing and logistics and am just curious if others have already been through this.   Here is one guide:  

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  • Hi there! Can anyone give me some initial advice on where and how to purchase and store physical gold? I’ve never done this before and I figure this is probably the most trustworthy forum for such advice. A bit about my situation. I’m from the UK (Northern Ireland) and have bought gold coins in the past but these were always delivered to me and are in my own possession. I want to buy and store a much larger amount as safely as possible because holding this gold myself is not really an option. My reasoning is that I am considering selling my house and travelling around the world on a motorbike. Ultimately I would like to buy a rental property somewhere that would provide me with some passive income while I travel but would probably rule out the UK. This means I need to put the value somewhere in the mean time and it certainly is not going to be put in a bank! Thanks

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  • To “help people” save more for their retirement, the British government now requires employers to enrol their workers into a workplace pension scheme. My workplace has asked me if I want to take part or not, and initially I chose to opt-out but now my colleagues are saying I’ve made the wrong choice. Have I made the wrong choice? The reasons I chose to opt-out was because I believe my pension is my responsibility, it’s an added cost to my employment, it’s encouraged by government, and what I do know about the pension company my workplace has chosen I don’t trust because I believe they follow conventional wisdom when it comes to “investing” such as diversify in bluechip stocks and government bonds etc. So basically I don’t know what it will do with my contributions (even if it’s 1% and which can be increased and would have tax relief) for example it could put it into Western inflated and distorted stock and bond markets. Contributions to the pension scheme is made each pay period and would include both employer and employee contributions, and I believe it’s 1%.

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  • I’m considering potentially putting some money in a savings account abroad but of course it’s a minefield in terms of local laws, risk, interest rates, taxes, etc. Does anyone have any experience of doing this? What’s the “best” country to place your money in terms of maximising return? Thanks!

    Jump to Discussion Post 16 replies