Saving wealth in Canada is very challenging while most of the people live paycheck to paycheck. More than 60% Canadian are in debt and use credit cards to pay for bills and keep borrowing currencies from banks. Now , hardly 10% Canadian has has cash in their hands.
Most Canadian are very used to and depends on credit cards for everyday spending’s. However, only few people know how to save their hard working money for future since it will be big loss if you keep your money in the saving account in the bank.
The popular example is….
Let’s assume you make $100 in a day and with that $100 today you can buy 10 bags of apple. But if you keep that $100 in the bank to save with 2% interest after 10 years you will get $120. But the problem comes when you go to the grocery shop and try to buy 10 bags of apple with $120. When you go to the checkout you found out for 10 bags of apple after 10 years cost you $300. So , what just happened here ? Even though you made $20 interest on your $100 you would not be able to buy the 10 bags of apple you could buy with that same $100 10 years before.
The reality is dollar has just lost it’s value over the last 10 years. Because of that it cost you more for 10 bags of apple. Do you think banks will give you 40% annual interest on your $100 ? No way. Canadian government has just cut the interest rate in half to save the dollar. Because fed/central bank has printed more currencies than the wealth (gold/silver) they have in their banks.
Now , how to protect your hard working $100 for future?
The best and better way to save and protect your hard working $100 is to lock your $100 on Gold / Silver or property.
When you buy gold or silver with your $100 after 10-1000s of years your money and wealth are protected. You will be able to buy 10 bags of apple with your gold or silver money after 10 years without loosing the value of your hard work. It means your hard work still be valuable after many many years.
What if I save my $100 in cash/ paper currency ?
That would be suicide. Look at the Indian financial system. In 2016, Indian government demonetized bigger bill and government forced people to return notes to banks. Not only that but also government forced people to open bank account in the name of black money.
Buying gold and silver are the best option to save and protect wealth. However, buying property and long life food commodity are another option to protect wealth. I hope this essay will help you to understand the basis on How to protect wealth for future!!