Invest in Gold
To better understand the meaning of legacy we have to break it up a bit so that it makes more sense. The purpose of the word is to pass on something of value for the next generation so that they may benefit from that object or item or investment. So, it is important to make sure, that what a person leaves for their next generations will retain its value, and weather literally and figuratively the ever changing world that exists day to day.
Legacy can be defined as an amount of money or property left to someone in a will "my grandmother died and unexpectedly left me a small legacy". Synonyms : bequest, inheritance, heritage, bequeathal, bestowal, benefaction,endowment, gift, patrimony, heirloom, settlement, birthright, provision
The economy we engage in on a daily basis, whether on a simple level like drawing money from the bank teller or investing on the stock market, it all relies on the monetary system within which it operates. This monetary system has been in operation on and off since the beginning of free trade and industry. The currency which we all use to obtain, sell or borrow is called a fiat system. The paper which we call money are the tangible items (coins too) we use to interact with each other on a financial level. With the advent of technology even paper money is becoming less used and we now simply transfer our currency over the internet. The scary thing is that we never even touch the fiat currency that we assume we own. We are all either very trusting or a little careless.
The following definitions of currency and money are the same;
1) Medium of exchange
2) Unit of account
BUT for the one aspect that money is a store of value.
All currencies that are in existence today are named – fiat currencies.
A definition for a fiat currency reads as the following: “an order by an authority who has the power to enforce that order by decree.”
The taxes of a specific country are only payable in the country’s currency by enforcement of the government. All fiat currencies are based on future taxes and have no intrinsic value. Money (gold/silver) on the other hand will always be worth something and never go to zero.
What this means is that the paper we call money is actually just currency. It is not money at all. If it had a tangible value attached to it so that we could take it into the bank and exchange it for an asset of another type, it would then have some value. What it is now, is just a promissory note on a worthless piece of paper.
For us to create a legacy we must first invest in money that will ensure that it retains its value in all circumstances and situations. Precious metals have always had that value attached to them. History has repeated itself over and over when dealing with fiat currencies. The currency supply increases until it loses all value. Gold and silver spike up to counteract the disparity between value and valueless, until the deficit is negated.
We are at the very beginning of that cycle. What is fantastic for all of us at this stage is that it is not a difficult concept to follow.
To create a legacy for your family today would require you to convert your fiat currency into money. To monthly exchange your paper money into precious metals. This cycle in the financial markets that we are entering into right now, is the time to create personal wealth proportionate to the amount of debt that currently exists globally at this time. No one really knows how big the real international debt burden is.