Because I once was a hedge fund & portfolio manager, I often get asked about my views on Bitcoin. Well, one of the most successful money managers in history just wrote a great piece that really resonated with my views. For those interested, link below. For impatient types (like me) the summary is :
1) “I believe Bitcoin is one hell of an invention. “ 2) “Bitcoin looks like a long-duration option on a highly unknown future that I could put an amount of money in that I wouldn’t mind losing about 80% of.”
The economy is booming right? Well, yes and no I think. Yes the metrics are all good. Yes its as good as it gets... at the moment. But the structure and distribution is out of balance. We know that most households don't have enough savings to cover an unexpected $500 expense. This article I read today underscores how tight most households run.
So what to do? Now is the time to adjust expenses and start getting ahead of this. As tough as it might be, this might be as good as it gets for awhile. So now is the time to stock away some savings in case things get dislocated. I know thats really tough. But its also really important. I'll be sharing more on this theme over coming weeks, but this article prompted me to start the thought today.
What about you? What do you think? Does this article resonate with you?
This economy is not being enjoyed by everyone. Nevertheless it is likely the strongest economy we will have for quite some time. And unclear how long it will last. It's in these moments that we should be doing as much as we can to try and build a savings plan. No matter how modest, even $10/week builds good habits, but preferably you can find a way to store 10% of what you'll make this year for savings for when the economy does turn south someday. Yes, I know that's incredibly hard for most households. But still prudent. And should still be an objective. As I read all these headlines about our strong economy, I thought I'd put out a little public-service-announcement to remind us all to try and sock away a few acorns for when winter will eventually come... #economy #savings #planning
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