Jay Zawatsky: What Really Is Money?

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man and Jay Zawatsky discuss:

• The definition of good money
• Why both fiat and bitcoin is bad money
• Retiring with gold and silver
• Jay’s personal investment strategy

Key Takeaways:

• If you have money that can store the value of your labor and preserve its purchasing power over long spans of time, then it is good money. Throughout history, only one checked the box for both of those, and that’s gold.
• Any currency that can be created ex nihilo (out of nothingness) is bad money, and unfortunately, we’re plagued with a lot of it. Bitcoin and other cryptocurrencies count as bad money, but it might surprise you that the U.S. dollar and other fiat currencies also count as bad.
• Purchasing gold and silver is a good way to enter your retirement with good money. The ideal strategy is to own physical bullion in an offshore account held by a private entity, however, one can always start by owning silver coins.
• Having at least 10% or 15% percent of your assets invested in gold and silver is a good practice if you want to protect yourself in the case of calamity or inflation. However, even if nothing catastrophic happens, gold still retains its value.
• Jay’s barbell approach has two sides: one is gold and silver, while the other is cash and cash equivalents. Meaning treasury bills and MYGAs.

"Good Money is money that acts as both a battery and a time machine." — Jay Zawatsky

Resources Recommended by Jay Zawatsky:

1. Whatever Happened to Penny Candy? by Richard Maybury https://www.amazon.com/s?k=whatever+happened+to+penny+candy
2. The Law, by Frederic Bastiat http://bastiat.org/en/the_law.html https://cdn.mises.org/thelaw.pdf (FREE)
3. I, Pencil, by Leonard E. https://fee.org/resources/i-pencil/ (FREE)

video version: https://www.youtube.com/watch?v=IYO3tOqDISE

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