Another good thought provoking article about finances. I assume the idea is to reach one million dollars so you’re financially set … correct? Not sure a big stack of money will do the trick …
I’m very leery of paper assets … why? Cause their intrinsic value is … zero, zilch, nada. Money is a paper asset. And, here’s the scary part, you never know when it will drop to its real intrinsic value — zero … gulp.
So, what’s the answer?
You need to have your ‘wealth’ backed up by tangible assets. Assets that have intrinsic value no matter what’s happening in the financial world. For instance … a farm. Other tangible assets include, property, specialized trade skills, recession proof businesses.
Yes, it’s great to save lots of money, but by the time you store up this big ball of cash … will it be worth anything? What Happens When Cash Becomes Trash?