Wednesday, September 7, 2011

Sacred Cow 8 of 11 - Save Money

In 1971 the dollar was taken off the gold standared and it was no loner real money. Once this occured the dollar became fiat currency or debt. This was the primary lesson I took away from this video. It is unbelieveable to me that the Fed is that powerful. For every dollar we hold in savings they are able to create 10 dollars and lend it out to others. As a result our dollar gets weaker and weaker.

As I thought about this I felt angry at first. However, I realized that getting angry does no good. Next I asked myself what can I do to protect myself? Mike Malony's suggestion is to buy silver and gold (Commodities).

Plan of action to use this information.

Rich Dad's Advisors: Guide to Investing In Gold and Silver: Protect Your Financial FutureI will continue to sell covered calls each month. I will use the income I received from covered calls to re-invest to create more cash flow and/or buy commodities.

How will will you build your assets? Please leave your comments in the comment box located below.