Gold/Silver vs Cash: Which Is Better For Emergency Fund?
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- Опубликовано: 3 окт 2024
- Jason asks Dave if he considers gold or silver being equal to having an emergency fund. Watch for Dave's response.
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Hold your emergency fund for 40 years in Gold vs Cash. See which has more value at the end. There's no question. Dave is dead wrong on this.
LOL guy has no clue. If he did that 40 years ago, he would be broke!
Exactly
@@Co-ClownWorld LOL yourself. The gold price was $380 in 1983. Today it's $2,000. So, please explain, how would I be broke if I put my fiat into gold 40 years ago?
Why tf would I hold my emergency fund in anything but the currency of my current location???
Dave has way too much faith in PAPER MONEY
He'll be crying once the US balkanizes.
true when paper money will lose value now what?
poor Dave . Real estate has value . Tell that people during second world war when the need to leave their burned down houses. what did they take with them. Ask SS in Auschwitz they will tell what people took with them.
Dave Ramsey help destroy a lot of people in 2008. Check him out.
Dave is an apologist for a criminal cartel fractional reserve fiat banking system.
Gold has no use? Tell that to the electronics industry. Same with silver.
thejstone2002 I wasn’t referring to whether it was a good investment. It’s a terrible money making commodity. I was just remarking that saying it has no value other than it’s intrinsic value is ignorant or deceitful.
@@jacksonstone3143 They use more copper, but most of that is because it is much cheaper, not because it is better.
As far as electrical and thermal conductivity, silver is better than copper (or gold) but gold is used in some cases because of its much higher corrosion resistance.
Tell that to the central bank. Dave knows more than the central bankers that's why he's in charge of monetary policy.
@@lowbloodprsure and the central banks tell the puplic they hold it for traditional purpose only, maybe Dave has a full pledge faith in the banking system
gx240 seriously bro? What would I rather have in my safe, an ounce of gold or nearly A HALF A TON of copper?
In Argentina if someone had one ounce silver coin it was enough money to buy food for 2 - 3 months.
That should tell you something.
Yeah, it tells you Argentinian currency is not as reliable as the dollar, pound, or Euro.
@@nietzschesghost8529 you completely missed the point
@@simonmiddleton4487 I don't think I did, I just didn't give a complete answer. In countries like Argentina with an unreliable and unsteady form of currency, investing in "hard currency" is a smart thing to do, because if/when your country's currency fails, you could always take your gold and silver to China, U.S. or U.K. and exchange it for Yuan, dollars, or pounds. But if you're already living in one of these countries, and the global economy collapses (the possibility of which is the reason to stockpile some gold and silver, we're told) then your silver and gold will be worthless too. Think about it: where would you go to cash in your gold and silver to buy goods and services if the Yuan, dollar, and pound/Euro are all worthless? In such a state of affairs, food, water, and medicine will be the only currency.
Nietzsche's Ghost The dollar is going to die this decade. Literally going to go away for ever
@@nietzschesghost8529 you never researched your own county and history .. your in debt with worlthess currency and debt credit as well .. your next my friend ..
He just lost ALL credibility in my book.
Never commented on youtube. I love his teachings but he definitely just blew it lol
Dave Ramsey is not credible.
Well compare silver and gold vs cash. I'll take silver and gold. At least government can't go and print gold or silver if they want it too. Regarding real estate. It value when people welling to rent or buy it, otherwise it become liability.
And cash is paper. And same with cash it. Trust that government wouldn't print too much it become worthless when time to use it.
Free World just because you don’t agree with him in this area doesn’t mean he’s not credible. He mainly talks about getting rid of debt and Idk how anyone could disagree with that
Dave Ramsey's show would not be possible without silver.
That is with everything. Nothing is worth anything if no one is willing to pay.
CatMan DO right??? Yeah I bet people who hold physical gold never heard that challenge before 🙄
@@bradvincent2586 NO they typically get, how are you going to slice off a piece of your gold bar if you just want a sandwich?
Dave Ramsey, stop calling gold an investment. Gold is a currency (or to the purist: money) and it’s been around for thousands of years because it does hold its value. Let’s compare apples to apples, and currency to currency and draw our judgments from that.
Owning gold is like owning an insurance policy to protect from inflation brought by the reckless central bank policy.
Your dismissal of gold comes across as ignorant at best and at worst you are leaving your flock exposed to the ever increasing insidious creep of inflation (classically defined as an increase in the money supply).
People respect you because you are thoughtful and thorough in your methodology. I’m afraid that on this subject you are neither of this two things and it’s truly a loss to us all.
Scott Voluntaryist LZ Amazing rebuttal my friend!
@EMPEROR ITYOPP’IS Ž £THIOPIA Bingo
Yihuda any stacker with an audience like Ramsey would want to drive the price higher by recommending it to all the listeners.
Best response I've seen to Ramsey's nonsense on this matter
He didn’t consider the ring on his finger lol
Gold is NOT a hedge. Gold is money.
Gold has no yield because it has no risk. gold has no credit risk, no currency risk, no maturity risk.
Gold is not an investment. Investments require a return on capital and a
return OF capital.
With gold you already have your capital in your hand. That's why it is money and not an investment.
No paper shares this quality.
I trust gold and silver more than the Fed
angelf50 , by trusting gold you are trusting the fed to give you a dollar amount this is a stupid argument
@@1grey11 WHAT? you dont need the FED to sell your gold .. Gold has been sold for thousands of years way before the FED existed!!
Fanny Wayne yes agreed 100%
@@fannywayne1920 yeah governments across history bought an sold it. It wasn't valued cause it made pokey spears, it was valued by a king somewhere.
"there is no intrinsic value in gold?" WHAT?...you don't know what you're talking about..! You cannot compare gold to granite. Gold is scarce, granite is as abundant as water. That's one difference. Gold has intrinsic value because:
1) It is hard to find
2) It costs a lot of money to set up a mine to dig it out of the ground in trucks, labour, insurance, plant and machinery, electricity.
3) The or has to be crushed and filtered.
3) It has to undergo several chemical treatments to refine and melted down in furnaces.
4) It has to be transported to the mint in securitised vans and trucks.
"Gold has no functional value"? WHAT?...Are you serious mate? Have you ever heard of jewelery that YOU are wearing? or as gold circuitry for the space industry or gold leaf for painting frames or as a coloidal solution to fight cancers in medicine?
Gold has "no intrinsic value"? The same can be said for real estate, right? Property is only worth what someone is willing to pay for it.
And correct me if I'm wrong, but hasn't gold outperformed stocks over the last several decades?
Joshua Espinoza No, a house provide a service to people. Gold by itself does nothing.
What doesn't make sense about what he says is the same thing is true about everything
Tien Doan gold is a commodity, and is the best conductor possible in electronics. Also it’s the purest form of currency reserves. The world central banks don’t bid for property they bid for gold. There’s a reason why they’re willing to pay the storage fees but Dave Ramsey will never tell you that. The whole banking sector has re classed gold as a tier 1 risk less asset
Gold itself is held by the tonnage by every world central bank because it is the most trusted form of money known to man.
True.
If the emergency is the fall of a fiat currency then I'd say it is perfect!
Gold has more value than paper money ever will. Paper money suffers inflation and gold doesn't...
Asghar Hassan It’s because it allowed him to steal from all the countries that America Owed Gold to.
Wow .... "There is no intrinsic value in gold." -Dave Ramsey 1/29/19
Dave proves the old saying, "Because gold is honest money it is disliked by dishonest men".
but what of his main message regarding debt-free living? I find value and virtue in not giving profit or business to the fraudulent fractional-reserve banking industry, which is the result of living debt-free as he teaches.
Would love to see Mike Maloney as Dave's guest on the show...... I love Dave and follow all his advice except when it comes to gold and silver...
Couldn't have said it better my friend
Dave is an IDIOT when he talks about REAL money Gold and Silver!!!! its embarrassing to listen to him!!!
That is EXACTLY what I was thinking-- I would LOVE to see Mike Maloney and Dave Ramsey discuss gold, money, wealth, financial security, etc.
thats why we buy it now Dave :))))
when its waaaaay down
so we can sell it in about 2 years for 2500 an ounce :))))))
Its May 2020 and you're getting closer my man
I love the barbarous rock, if any one believes Dave I'm happy to take it off your hands for a small amount of currency
This guy is absolutely clueless about the function of gold. Gold is a store of wealth, gold has been the safe haven for storing wealth for thousands of years. Unlike all the fiat currency in the world, gold can not simply be printed up and inflated away. If all my paper money became worthless tomorrow, the value of my gold ( a store of wealth ) would skyrocket. The only reason to own gold is if you do not trust your current currency to hold value,
Unless we do space mining. Gold would be less than worthless
@@danyfighter562 I'll probably be long dead before that even happens and even then space mining will be insanely expensive. It might even drive prices up if it costs too much to mine in space to make it profitable
In this video, Dave says gold's volatility makes it a poor emergency fund, not a poor safe haven for storing wealth.
I prefer debt based fiat UnFederal Reserve "notes" printed on cotton and linen.
😂🤣
He literally said that gold has no intrinsic value, yet his recommendation for an emergency fund would be to simply hold it in the bank so that it's liquid. Tell me, does cash paper have intrinsic value? Only the value we as a society place on it...the same as gold. The difference of course is that gold has been used for the purpose of translating value for millennia because it does serve many different uses, even besides jewelry, and now more than ever with the advent of nano-technology, etc.
It's true, in the short term gold would seem more volatile, yet a number of economists have been warning for years that the American economy that is built on debt will collapse with epic proportions. We've seen the past hyper-inflation in post-WWI Germany, and especially lately with Venezuela. I don't think any of us, if and when this does happen to the States, will want to own dollars over gold at that point. We are trillions of dollars in debt and climbing at an exponential rate. I think these relatively minor peaks and valleys of gold will vastly pale in comparison to what the epic bubble of the American society will spell.
The only reason the dollar has any value is because people believe it really has value. Gold was valuable long before the dollar. It will be valuable long after the dollar. Don’t store it as an emergency fund though. Store as a long term preservation of wealth.
yes, yes, yes
Jaster Mereel probably Bitcoin replace dollar
@@jaster030 The dollar will lose value as it always has. Its inflation. A silver dime can still buy a gallon of gas. Doesn't matter if it is 1970 or 2019.
Except that it's NOT a long term preserver of wealth -- it's a long term destroyer of wealth.
@@jaster030 inflation is CPI based, not market return based. CPI is measures the purchasing power of the dollar. Dave asks to make more and more $$$$, why not ask why prices keep going up...lol
I love Dave... but the only reason Anything has value is because people will buy it. And people buy gold and silver…
Unless everyone else is broke then whiskey hidden in your basement has more value than gold.
@@histarfish But everyone else IS broke. Lol!
@@victorialadybug1 that's right. 😆 🤣 😂 😹
Ok, gold isn’t a precious metal and has no intrinsic value. Wow
Can you eat gold, can you drink it?
@@derrickbonsell can you eat dollar or drink when the inflation hits? lol
Can't ea t or drink paper money either
Victoria *currency. The US Dollar is not money
This guy just lost ALL credibility 😂
Gold,silver and land...
so funny he said gold is not assets.rock.
thats why all bank are holding rocks.
money is easy to steel.
In a way he has a point in a way he doesn’t.
If you bury gold and bury money and dig it up in 25-50 years. Which one will be worth which one will be worth less ?
bad logic. bury your gold and put your money in a high Yield saving or retirement account: 25-50 years later, which will be more?
@@Nosirt What makes you think high yield savings will aways be high yield?
the paper money will get decompose and become a compost 😂😂... so the only thing you will find after 25-50 years would be your gold...
Osama: 100% right
I disagree with dave on this one. Our money use to be backed by gold and our coins were made of both silver and gold. I wouldn’t use it as an emergency fund but if you bought it in 04 at 300 an ounce it’s worth 1200 now
If you would not use it as an emergency fund then you agree with Dave, who is saying , in this video, that it should not be used as an emergency fund.
@@DrSchor lol
Wow, the ignorance on display here is something to behold, especially from someone who is supposed to be an "expert" at this stuff.
Gold in an emergency fund is stupid, but this overall idea you are claiming is flawed in my opinion. Gold is a hedge, it's not an investment. It has had value in our world long before cash. How dare you compare it to granite, that's just silly
Lionel E agreed Lionel. Stocks make poor hedges against inflation. It’s all a rigged game anyway. Invest in gold people. Put EVERYTHING you have in gold. Your future self will thank you.
Agree
“Gold is not a physical asset and isn’t intrinsically valuable” ok Dave 😂😂😂😂😂
😂😂😂
Dave is extremely wrong on this one. I EDC my emergency fund as 2 ounces of gold
ballsy but I dig it
I really wish that he would at least read some of the comments on videos like this to see that he is generally wrong every time he talks about gold, or that someone on his team would bring it up so he can be better informed and improve his advice to people. I agree its not the right place for an emergency fund but if you have money to spare it can be an interesting investment to be a part of.
Silver is way better as an emergency fund. Much more fractional than gold, always a buyer for silver
Maybe he doesn't want his viewers to be prepared for currency default...
dave started losing his mind! i bet u on that
What????? No intrinsic value in gold? Gold is gold. Currency is paper. What has more intransic value?
"Gold goes waaay down when people are comfy."
BigstackMcgee The ROI on gold & silver is awful.. Unless you time he market correctly. Then you’re sitting pretty. But a jagged progression upward in value, (picture the DJIA over ANY 20 year span), precious metals does not have. IF I had bought when I first “really” wanted to silver was at ~$3.00/oz. I would’ve looked like a friggin genius! Nope I bought in 2014 when it was back down to $21ish from $49. I finally saw the light, and used my stack to pay off debt.... I sold it at $15/oz.... And 2 days later spot was $14/oz. I have ~$2000 less debt. And the price is STILL $15.78 as of this post.... $5-6/oz less than in 2014.... 5 years later and the prices are STILL ~25% less. When will the market correct? “Any day now.... right”? “Remember 2008!” I do remember 2008 And we recovered in 6 years..... Will we see $49/oz in the next year? We’ll see.
Do you realize how many times people have said that over the last decades? I'm sure glad I didn't listen.
I hear what you're saying Scott. However, people are acting like silver and gold are never going to go up again. Nothing wrong with picking up some as the price has been trading largely sideways for some time now. I'm all for being investing 90% in the markets, but there is definitely a place for metals in any portfolio imo. This is after getting out of debt, of course.
You can pawn gold for emergency cash. And when its with you, it keeps increasing in value instead of plain cash.
Gold has no intrinsic value? Im sorry sir, i disagree with you very strongly there. Countries without gold are considered weak, they need gold to be upright.
Gold is God's money. It has value but it is not have an emergency fund. It's a "SHTF" emergency fund and hedge against political and economic uncertainty.
Look at his body language when talking about gold.
Dave Ramsey literally doesn’t even know what money is.
He called gold a rock... numerous times.
Anyway, I wouldn't put an emergency fund in gold or even mutual funds. The point of it is to be money you can easily get when an emergency arises. Market forces make gold or mutual funds change and a downturn may be part of the reason you need that emergency fund.
"What if that emergency is a currency crisis?" I'd consider doing a risk assessment and prepare for things that are more likely to happen. Gold shouldn't be your emergency fund. You can have an inflation hedge fund, but for the purposes of an emergency fund like David proposes, cash is king.
Rock, metal...I guess in music, it kinda works 😀
Agree. That cash should not be in a bank though.
@@ddillard143 Correct
There are emerging (and a very few established) state and private banks that accept, hold and transact with gold and silver. 😀 they're rare but they do exist!
I can take days to get your money to post into your checking account when selling shares of a mutual fund.
Stocks only have value if we place value in it as well.
POOR ARGUMENT
Uh, nooo....stocks have value when the entity that is selling shares profits from market buy-in to their product or service. Nobody buys a stock just because it is a stock and they just gotta have it. Stocks are purchased on the basis that either they have a track record of increasing profit or there is strong speculation of eminent increasing profit.
I agree with you on real estate but our cash is not back by anything
Les Ferrin gold/silver is. backed by countries around the world. that's why gold's nickname is safe heaven
"Gold is not a physical asset."
"There is no intrinsic value in gold."
"You're not any more safe with a rock than with paper money."
So many great quotes in this video.
says one idiot. congrats
'Gold is not really a physical asset' Dave Ramsey... He lost me there XD So delusional!
I can't say I agree with him 100%. Gold and silver doesn't make sense as an emergency fund. The sole function of an emergency fund is be able to pay your bills for x amount of time. And you won't be able to do that if you have to liquidate a commodity. So the emergency fund should be an amount in the local currency.that being said I don't think your emergency fund should be in the bank. because if it is an economic crisis to bank may not release it.
Commodities such as gold and silver you should have to hedge against these economic losses at a later date.
That said, if I have a 3-6 month emergency fund (lets say $7500-15000) and both my wife and I lose our jobs today, we don't need all of that in the next 15 minutes. Theoretically, only a portion of that really needs to be completely liquid.
If you don't go 100% DR and say, having a credit card with no annual fee that is always paid off (not used to buy things you couldn't pay for cash), could be a good buffer as lets say I had $2500 in cash and $10000 in gold or mutual funds- I have physical money to cover most immediate emergencies and the ~4 week (interest free) grace period could go towards covering the difference until the less liquid assets are sold (so less of a need for a rush sale or the like).
@@rosen380 makes sense. I was thinking of the extreme cases. Complete Economic collapse. it's so many people are trying to take money out the bank to bank with shut it down.
Food stockpile is good also
@@ddillard143
Bullets, Beans, & Bullion.
The foundation of every well diversified portfolio...
I like silver because it's inexpensive, satisfies my "buying" needs, and is readily converted to cash at my local coin shop.
Wrong on gold Dave.
It’s so weird how he’s so smart when it comes to everything else to do with finance, but he’s so totally clueless when it comes to this. What is he even talking about? “Mysteriousness of gold”? It’s just a rock? What? This is just incoherent rambling.
Or purposefully misleading...
Gold is pavement in heaven
So we can literately own a piece of heaven on earth
Nice to know we can use fiat Federal Reserve notes for jewelry, government monetary reserves (1 in 5 oz are there), aerospace, electronics, and medicine.
Gold is money, all currency derivatives fade away when given enough time. Dave sounds like a digital paper bug crank.
Amen to that SD!!!!
There’s probably a good reason why Dave has not yet/or chooses not to have Mike Maloney on his show. I too would like to see that more than anything else.
This was brutal to watch
I turned my 10 k emergency fund into a monster box of silver a year ago. Silver was $14 an ounce. It cost more than that to mine and manufacture so I’m confident it won’t drop much lower than that. If it does, then not for long
Best decision ever now you have over 17k in emergency fund.
"The only reason gold has value is that..." it to a very large extent possesses the qualities that money (a store of wealth and a medium of exchange) should possess: money should be indestructible, storeable, transportable, divisible, fungible, uncounterfeitable/recognizable, relatively rare, desirable and perhaps most important, uncreatable (sorry politicians). And it should have an historical track record; gold and silver were money back in Biblical times, at least since the time of Abraham. THAT'S why gold, silver and copper are money, why they will continue to be money and why you should have some. And, come on Dave, no intrinsic value? Is there a woman on the face of the earth who wouldn't like to have a gold or silver necklace?
There's always people who speculate, but there's also people who buy it because a $1 silver coin from 1922 could be about 5 gallons of gas, take up the same one dollar silver coin in 2020, melt it down, it's 90% silver you can get about 5 gallons of gas today. Now you take a $1 bill from 1922, it's worth $1.
I have great respect for Dave, he gives a lot of great advice to people who really need it. But he is way off on gold!! Every single paper currency in the history of the world has gone to zero purchasing power (it doesn't really have value to begin with) . This has happened in the USA as well.
yea you are right
that's why we see so many gold bullion billionaires (no one)
instead of stock market billionaires ( warren buffet etc )
TheFabled : Agreed
so agree with you ! paper money if you really think about it is worthless and silver/gold is the real money
@@Silverstaker Allow me to relieve you of your worthless paper money
Silver Man agreed. The stock market is rigged anyway. It’s for suckers. Invest in gold people. Your future self will thank you.
God placed value on gold and silver, and His ways will endure forever and ever.
Anthony Manion Replace God with people and I agree with your statement until the comma.
Dave wants to send you to one of his financial advisors that will sell you mutual funds that they will take a cut out of
And Sean Hannity wants to send you to some gold broker that is sure to make money because he's smart enough to treat it as a speculative asset rather than an investment.
GOLD and SILVER are GODS MONEY
Gold is the same as Granite
-Dave Ramsey
Is Dave a MASON?
No he's a Ramsey
His logic: Dave has no intrinsic value because he hasn’t made ME any passive income that I have benefits from. Gold has intrinsic value. Proof: most people have it in laptops, cellphones or wedding rings.
Gold is a Tier 1 asset and banks are hoarding as much as they can. Look it up
Gold has outperformed both the DJIA and the S&P 500 in the last 15 years. And if the 4 major market forecasting formulas are right, it will continue to do so over the next 15. Regardless, it’s a great wealth preservation asset and a hedge against inflation. It always goes up when the market goes down.
not always
I used to be a gold&silver bug, but it's not a good investment and definitely shouldn't be an emergency fund.
30 year trend
Silver 250%
S&P 500 8000%
Once you subtract inflation against silver your basically left with nothing all those years, but it's better than bitcoin imo, never gone to zero value in thousands of years.
It certainly is not a good investment, but it is a fantastic hedge, and a storage of wealth. When our artificially pumped up markets decide to correct themselves, the price of silver and gold react accordingly.
Capital gains taxes on stocks (unless in a Roth IRA).
It’s 2/3/24: if you purchased 1 Oz of gold exactly 5 years ago today at SPOT, that ounce has increased by 59.79% ($768.30).
Now if you held that $1,280 in cash, well…
I disagree Dave, but good to hear your thoughts.
It may not be an good investment but it does have intrinsic value. There are a lot of industrial uses for gold and silver. X-Rays use silver in the chemistry. Gold and silver are used in electronics . They are both used in optical coatings. Silver is used medically. Not as much any more but some places still use gold in dentistry.
Liquidity
I will never listen to him again.
The dollar was backed by gold before Nixon....All $ bills were “redeemable in gold” until 1933...Gold has a history of being used as money since more than 5k years....dollar is destained to fail...gold is not.
Haha as they print money out of thin air 😁
Obviously is so so right!
Gold/silver in the long term. Cash will be worthless in a hyperinflationary depression. Ron Paul 2020
Josh I supported him in 08/12
Gold has several industrial applications which include building computer microchips, space vehicles, and surgical instruments, among others. Radioactive gold is also used in medical diagnosis because it is non-reactive and highly reliable in life-support devices. Silver is as versatile and incredible.
More states are recognizing gold and silver as the legal tender that they are, as stated in the constitution. Russia, India and China are buying up gold and silver. The world is changing.
@@AgoristsRising Dave will soon be somewhat irrelevant
@@sunset6010 people come from different circumstances, so I'm sure Dave will continue to be relevant to many. I actually find his speeches motivating. Sometimes I need to be reminded not to spend but to save! 😀 I just don't agree with the suggestions he sometimes makes about where to invest.
Josh not to mention the stock market is a rigged game anyway. It’ll be worthless in less than a decade. Invest in gold people. Put EVERYTHING you have in gold, you future self will thank you.
Unless you are in a country about to collapse.
He is lost on this subject
I disagree completely. Precious metals are a safe haven. Property comes with a ton of costs. Most property is a liability.
Not a real estate owner, are you?
Old grandma used to say stash your money under your pillow. You will sleep better 😅
Gold has a great track record compared to fiat money
Gold is money everything else is credit
J. P. Morgan 1912
great quote thank you
Personal Emergency (e.g. losing job) -> Cash
Global Emergency (e.g. WW3) -> Gold
gold and silver is older than dave ramsey
That's not a valid comparison Dave, there's ALWAYS someone willing to by precious metals, so long as electronics are produced on this planet, silver and gold have value. Not saying it's a great investment, but they will never be worth zero, stocks have crashed to zero at times.
I use it as a hobby savings plan. More interesting
You're wrong Dave, if you take two people, one has $1,000 worth of gold or silver the other one has $1,000 in cash oh, let's say they stored it away in 1963, who has more wealth now? The dollar loses its value, gold and silver retain their purchasing power. Go even further back, let's say you had $1,000 worth of gold coins from 1932 that were stored in a vault along with $1,000 worth of cash, what's worth more in 2019?
Dave loves Wall Street
The problem with holding your emergency fund in gold is timing risk. Its exchange rate with USD is so volatile that you might have to convert to USD to cover an emergency expense when gold is down substantially. I was considering converting my emergency reserve to gold, but looking at the historical price chart quickly gave me the answer I needed. I hate that the government constantly steals from us via inflation, but gold is not a better alternative. I look at it this way: 2-3% (normal) inflation against my reserve is less expensive than 20%+ interest on a credit card when I get hit with a big expense. The past year of big medical bills and car repairs reinforced the value of keeping the reserve.
Why not some emergency fund in cash and some in gold?
Oh should I keep real money (gold and silver) or Federal Reserve note pieces of paper, printed by a central bank that TELLS YOU that they'll reduce the purchasing power of that paper AT LEAST 2% every year? Let me think real hard about that one! Ramsey is way off on this one!
For a finance major, did he not learn the concept of inflation. When your print print print fake dollars without regard to market forces, a thing called inflation robs the dollar of its value. Instead of asking for more and more money, ever wonder why prices keep going up...lol
One gold coin has always gotten you a nice set of clothing. Always. It holds its value because it is true money.
Gold is money. Everything else is an expiring currency. Keep stacking my friends.
It's like he doesn't understand the question at all....
This is the biggest place that Ramsey is wrong. He simply doesn’t understand monetary history.
I would diversify. Some in cash, in stock, precious metals and real estate. But If I am living paycheck to paycheck, then yes, cash is better for emergencies because we are using cash to pay for goods.
Hmmm in 1964 silver was worth one paper dollar. Now one ounce of silver is worth 24 paper dollars
I have nearly 50 games of monopoly in safes in my home....I have so very much cash in there you would not believe it. When the gov makes it legal tender I am going to be so rich....this is a joke....its how I view so many of the schemes that people ask me about. like hoarding paper with numbers on it, including dinars paper with other fancy colors and pictures. PAPER IS NOT MONEY!!!
Dave u know the gold price today. ?
If you have a big emergency fund then you can buy silver.