6 Things To Do If You’re Barely Scraping By Financially

6 Things To Do If You’re Barely Scraping By Financially

MAKE MONEY  -  MONEY GOALS  Last updated Nov. 3, 2023 | By FinanceBuzz Editors

You’ve got just enough money in your bank account to last until Friday … but then Monday rolls around, and you’re in the same situation. Again.

Food. Bills. Rent. Gas. They dry up every bit of your take-home pay.

But it doesn’t have to be this hard. With a few smart moves, you could supplement your income — without doing much extra “work,” or even getting a side job!

Here’s what to do:

1. Pay no interest on balance transfers until August 2025

Imagine getting 21 months with an intro 0% APR on balance transfers. Sounds great — right? You could dramatically change your financial picture with this industry-leading low-interest card - the Citi® Diamond Preferred® Card(Rates and fees).

If you want to kick high-interest credit card debt to the curb, this is one of the leading get-out-of-debt cards available. Transfer your high interest debt to this card with a 0% intro APR on balance transfers for 21 months. Your payments can go directly to paying down your balance without incurring a pile of additional charges. That could save you hundreds of dollars in interest!

It doesn't just stop with balance transfers, though. Cardholders also get a generous intro APR of 0% for 12 months on purchases. After the intro period for purchases and balance transfers, the APR is 18.24% - 28.99% (Variable).

The best part? There's no annual fee.

2. Stop overpaying when you shop online

Shopping online has its perks. It's super convenient, but it can be time consuming to find the best deals. Instead of hunting for coupon codes (that don't always work!) and opening tons of browser tabs comparing prices, you can try Capital One Shopping.

To continue reading, please go to the original article here: LINK

12 Unrecognizable Signs of Wealth

12 Unrecognizable Signs of Wealth

October 20, 2023 By Jordan Rosenfeld

You may think you can spot the signs of wealth at a glance — surely just look for the designer clothing and purses, yachts, fancy cars, gigantic mansions and diamonds dripping from fingers, right? Not necessarily. 

In fact, there are many signs of wealth you wouldn’t notice or think to look for, and some that are actually quite hidden. Experts explain what some of these unrecognizable signs of wealth actually are.

Stress-Free Living

Real wealth isn’t just about having a fat bank account; it’s about feeling secure and stress-free about money, according to Jeff Rose, a CFP and founder of Good Financial Cents.

“Think about it: a whopping 72% of Americans, in a Charles Schwab survey, said that being wealthy means having peace of mind,” Rose said. “So, it’s less about how much you’ve got and more about feeling good about where you stand financially.”

Wealth can bring a certain kind of mental and emotional freedom that others just don’t have, and that’s not something you can see necessarily by looking at a person.

Generosity and Philanthropy

Many affluent individuals are deeply involved in philanthropy, Rose pointed out.

“The Giving USA report highlighted that in 2022, Americans gave over $499 billion to charity, with a significant chunk coming from the ultra-wealthy.”

This also might not be something wealthy people talk about-they may just do it quietly.

Valuing Experiences Over Things

The wealthy often prioritize experiences over material possessions because they have everything that money can buy.

To continue reading, please go to the original article here:

https://www.gobankingrates.com/money/wealth/unrecognizable-signs-of-wealth/?hyperlink_type=manual&utm_term=related_link_3&utm_campaign=1251824&utm_source=yahoo.com&utm_content=5&utm_medium=rss

8 Ways People Become Poor While Earning a High-End Salary

8 Ways People Become Poor While Earning a High-End Salary

Angela Mae   Sun, November 12, 2023 at 3:00

The average annual salary in the United States is $56,220 across all occupations. So, when we think of a high-end salary, it’s significantly above that. In fact, many people consider a high-end salary to be anything in excess of six figures — that is, the $100,000 range or higher.

But even high-earners aren’t always in a good position financially. According to a LendingClub report, nearly half of people earning $100,000 a year still struggle to make ends meet. Rather than building wealth, a lot of these individuals are actually living paycheck to paycheck.

This might seem strange when you consider the numbers on their own, but the truth is that it’s very possible to become poor even when living on a higher salary. Poor money management, excessive spending, limited savings or investments, and a lack of financial preparedness can all keep even the highest earners strapped for cash.

If you’re wondering just how it is that people with a high-end salary become poor, here are some of the most common ways.

Overreliance on Credit Cards

Diana Howard, financial analyst at CouponBirds, suggested that an overreliance on credit cards is one of the main money habits that keeps high earners poor.

“Even [when] making a lot of money (like over $100,000), high earners may still end up losing it all and facing the same money management pitfalls as average earners. In some cases, it can even become easier,” she said.

“People with high incomes rely heavily on credit cards,” continued Howard. “A Quicken survey reveals that 46% of individuals with higher income depend more on their credit cards, compared to the middle-income groups (40%) and lower-income groups (39%). It’s pretty normal to have credit card debt, but once the balance is broken, rich people can sink deeper in the mud.”

Succumbing to Lifestyle Creep

Lifestyle creep is what happens when you start spending more money as your income increase. Sometimes, this increase in spending is disproportionate to earnings — and not in a good way.

 “Lifestyle creep is real. That’s when you start adding more expensive features to your lifestyle over time. Before you know it, you’re overspending,” said Todd Stearn, founder and CEO of The Money Manual. “For example, many of us started with one streaming service but then we added another and another and before long, it’s a serious monthly expense. The same can happen with fancy restaurant dinners, nights out, travel, and more. Then, once you get accustomed to this lifestyle it can feel challenging to go back to living simpler.”

Not Making Tax-Efficient Money Moves

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/8-ways-people-become-poor-170027930.html

Currency Insider Iraqi Dinar - Dong Updates Tuesday Afternoon 11-14-23

Currency Insider Iraqi Dinar - Dong Updates Tuesday Afternoon 11-14-23

Iraq’s Forex Game Changer Move  

Iraq’s Forex Game Changer Move 

https://www.youtube.com/watch?v=kS0dKNSh1-Y

8 Genius Things Poor People Know About Money That Rich People Don’t

8 Genius Things Poor People Know About Money That Rich People Don’t

Cindy Lamothe Mon, November 13, 2023

People with less means know a thing or two about stretching a dollar — something the rich may not fully understand. “Poor people are experts at finding ways to make the most out of their limited income,” said Ricardo Pina, personal finance expert and founder of The Modest Wallet. “They have learned to live frugally and make smart financial decisions in order to survive.”

 “For instance, they know how and where to shop for the best deals, how to negotiate prices and how to find substitutes for expensive products,” he added. “All of these skills help them to stretch their budget and make ends meet without getting into debt.”

Although affluent individuals may possess greater financial security, those with fewer resources demonstrate valuable lessons in frugality and financial discipline through their resilience and practical money management skills. Below are some other genius things they know that others can learn a thing or two from.

Saving for a Rainy Day

According to Pina, poor people are aware of the importance of having savings for unexpected expenses.

“They know that life can be unpredictable, and having some money set aside for emergencies can prevent them from falling further into poverty.” He noted that this is something that rich people may overlook, as they have the financial means to handle unforeseen circumstances. “Poor people understand the value of even a small amount of savings and make it a priority to save whatever they can.”

Suze Orman: This Is the First Bill You Need To Pay Each Month

Living Within Your Means

“Another thing that poor people know about money is how to live within their means,” Pina explained, noting they are often accustomed to living with limited resources and have learned how to make the most out of what they have. “This includes cutting unnecessary expenses, prioritizing needs over wants and finding creative solutions to everyday problems.”

On the other hand, he noted that rich people may not have developed these skills, as they’re used to having an abundance of resources at their disposal.

The Power of Community and Support

“Poor people also understand the importance of community and how it can help them financially,” Pina continued. “They know how to rely on each other for support, whether it’s through sharing resources or providing a helping hand in times of need.”

He said this sense of community and support can greatly benefit their financial situation and provide them with opportunities that they may not have had otherwise.

Getting By With Little or No Money

There’s an upside to not having much, said Thomas Franklin, finance expert and CEO of BitInvestor, as it teaches you to cope and manage. “Those who’ve always had plenty may never grasp these survival techniques.”

To continue reading, please go to the original article here:

https://www.yahoo.com/finance/news/8-genius-things-poor-people-180008729.html

Response To America’s Latest Downgrade Really Proves The Point

Response To America’s Latest Downgrade Really Proves The Point

Notes From the Field By Simon Black  November 13, 2023

On the evening of June 18, 1815, in the Belgian hamlet of Mont-Saint-Jean, nearly 70,000 troops under the command of the Duke of Wellington, alongside 50,000 allied Prussian soldiers, fought against the French forces of Napoleon Bonaparte in the historic Battle of Waterloo.

Waterloo was a bloody affair, with heavy casualties on both sides. But the Anglo-Prussian alliance won the fight, and Napoleon was forced to abdicate his throne just a few days later.

The Napoleonic Wars-- more than 12 years of constant conflict-- were over, and Europe was finally at peace.

Now, legend has it that famed banker Nathan Mayer Rothschild was present at Waterloo and witnessed the battle himself. He then braved a massive storm over the English Channel to reach London as quickly as possible where he bought up all the government bonds before news of the victory had reached Britain.

In another version of the story, Rothschild was in London during the battle. But his private intelligence network quickly passed the news of Napoleon’s defeat, giving Rothschild the opportunity to buy up British government bonds on the cheap before anyone else heard the news.

And in yet another version of the story-- personally endorsed in 1940 by Nazi Propaganda Minister Joseph Goebbels-- Rothschild bribed a French general to deliberately lose the battle so that he could make a fortune on British government bonds.

None of these stories is remotely true. In fact, most people don’t realize that Rothschild almost lost his fortune because of Waterloo… and that he personally played a vital role that helped Britain win the war.

Rothschild was essentially given a secret mission in January 1814 by the Chancellor of the Exchequer, who commissioned Rothschild to smuggle gold to British generals in Europe.

Britain didn’t have the gold; fighting against Napoleon for so long was extremely expensive and had drained the British treasury. So, government had to issue tons of debt to pay for the conflict.

Rothschild’s job was to turn those government bonds-- which were just pieces of paper-- into real money, i.e., gold, that British generals could use to pay and feed their troops.

This was an enormous challenge; Rothschild not only had to procure vast sums of gold, but he had to transport it all through French blockades and checkpoints.

Fortunately for Britain, Rothschild was incredibly good at his job. And both the Duke of Wellington as well as one of the most senior officials at the British Treasury praised him for his skill and discretion.

But Rothschild did make one huge mistake: he assumed the war would drag on for years.

And in anticipation of the British government having to go deeper into debt to pay for it all, Rothschild used all his profits to buy more gold that he could then send to the troops.

By the summer of 1815, Rothschild was sitting on a mountain of gold.

But then came Napoleon’s defeat at Waterloo… and Rothschild knew instantly that the price of gold would plummet because of the peace. He also knew the losses he would suffer would potentially wipe out his entire fortune.

So, Rothschild made a risky bet and used his gold to buy up British government bonds, which were still quite cheap. He believed that, with Napoleon defeated, Britain’s economy would grow dramatically, and the bonds would increase in value.

He was right. And over the next two years, Rothschild realized a 40% return on the bonds, minting him a profit of roughly $1 billion in today’s money.

What’s interesting about this story is that, on July 20, 1815, the evening edition of the London Courier newspaper reported that Rothschild had made “great purchases” of British government bonds.

While Rothschild didn’t formally intend to ‘rate’ the quality of the bonds, news of Rothschild’s investment was received as almost an endorsement... or even a recommendation.

People thought that if someone as sophisticated as Rothschild saw value in the bonds, then they must be worth buying.

Rothschild had essentially put his gold seal of approval on Britain’s national debt. And his analysis proved to be true.

More than two centuries later, this business of analyzing and rating a sovereign government’s bonds has grown into a highly formalized industry. And it’s primarily controlled by three companies: S&P, Moody’s, and Fitch.

Similar to Rothschild’s unintentional endorsement back in 1815, these agencies formally grade the creditworthiness of governments, with the highest rating generally being ‘AAA’.

The United States government has long enjoyed this pristine AAA rating. Until, that is, S&P downgraded the federal government’s credit rating on August 5, 2011.

Back then, S&P said they were “pessimistic” that Congress would be able to “stabilize the government’s debt dynamics anytime soon”. And the agency projected the government’s debt burden would reach an unbelievable $20.1 trillion by 2021.

(It turns out that S&P was wildly optimistic; US government debt reached $20.1 trillion on September 8, 2017, more than four years ahead of their forecast.)

The Treasury Department was furious about the downgrade. And according to the Chairman of S&P’s parent company, then-Treasury Secretary Tim Geithner called to make threats against the company, claiming that he had just spoken to President Obama about the downgrade.

And to absolutely no one’s surprise, the Justice Department filed a lawsuit against S&P shortly after, alleging that the company engaged in fraud. (The case dragged on for years until S&P finally settled for a $1 billion fine.)

That was enough to scare the entire ratings industry into submission. No matter how high the debt burden became, how incompetent the Congress, how outrageous the budget, how ridiculous the legislation… the rating agencies refused to downgrade the US government.

Until this year.

A few months ago, Fitch made the first move and downgraded the United States; in their report, Fitch cited the government’s inability to solve problems and compromise, such as waiting until the last minute to fix the debt ceiling fiasco earlier this year.

(The Biden administration responded with genuine confusion, calling Fitch’s downgrade “strange” and “bizarre”.)

Now comes Moody’s, the last of the big three credit rating agencies, which on Friday downgraded the US outlook from ‘stable’ to ‘negative’.

Moody’s cited obvious risks like rising interest rates and the explosion in the national debt, which have “increased pre-existing pressure on US debt affordability.”

In other words, the US government won’t be able to afford to make payments on the national debt for much longer.

I’ve written about this before: the government’s own projections show that interest payments on the national debt, plus mandatory spending like Social Security, will consume 100% of tax revenue by 2031.

Then Social Security’s primary trust fund will run out of money two years later. It’s an enormous problem.

But it’s not just the fiscal mess. Moody’s also cited “continued political polarization” that prevents the government from tackling any of America’s big problems.

Ironically, almost as if to prove Moody’s point about political polarization, the White House blamed the downgrade on “Congressional Republican extremism and dysfunction”.

Unbelievable. These people really can’t solve problems. They can’t even acknowledge problems. They only know how to fight and argue and create more problems.

Almost fifteen years ago when I started this publication and making predictions about America’s fiscal ruin, my comments were considered extremely controversial.

Today this view is officially mainstream; all three major rating agencies cite these clear and obvious risks. They’re finally stating what everyone already knows to be true.

I’ve written before that, technically, America’s enormous fiscal challenges are still fixable. But there’s only a very narrow window of opportunity remaining to do so.

(I’ll walk you through the math of how this could happen in a future letter.)

Sadly, it’s pretty clear that the people in charge don’t seem to care in the slightest. They’re not moving in the direction of solutions… rather they’re creating more problems.

And this is really why it’s so important to have a Plan B-- to acknowledge obvious risks and take sensible steps to reduce their impact on your family.

There are countless permutations and no one-size-fits-all solution; a Plan B might include diversifying your finances, having another place to go, owning real assets, having a second passport, taking legal steps to reduce your taxes, protecting your assets, and more.

Having a Plan B doesn’t make you unpatriotic. It doesn’t make you a pessimist. And it doesn’t make you a conspiracy theorist.

It means you are a rational, independent-minded person who takes obvious risks seriously; essentially, it’s what we hope our politicians would be.

To your freedom,  Simon Black, Founder  Sovereign Man

https://www.sovereignman.com/trends/bidens-response-to-americas-latest-downgrade-really-proves-the-point-148438/

Jaspreet Singh: Have at Least 3 Different Bank Accounts — Here’s Why

Jaspreet Singh:  Have at Least 3 Different Bank Accounts — Here’s Why

Dawn Allcot  Fri, November 10, 2023

Most people, even if they are just starting out in their financial life, understand they should have two bank accounts: one checking and one savings. But YouTube personality and finance expert Jaspreet Singh recommends three.

In a short YouTube video, Singh detailed the way you can break out of the cycle of spending to make other people rich and get started on your own path to wealth by dividing your money the way the rich do.

“They don’t just keep all their cash in one bank account,” he said. “They have designated money for spending. They have designated money to be invested. And they have designated money to be saved for an emergency. They know what every dollar they earn is going to do.”

He recommended getting started by tracking your money; simply make a list of all your income, expenses and any money you’ve had left over to save, invest, or give to charity in recent months.

“In business, we say if you don’t track it, you can’t optimize it. It’s the same in personal finance,” Singh explained in the 13-minute video.

Three Accounts

Once you know how much you make, earn and save, you can start making your money work for you. First, Singh said, open three bank accounts. Most banks should let you have three accounts free of charge. If yours doesn’t, you should find a financial institution that will, even if you have to establish direct deposit to get fee-free banking.

https://finance.yahoo.com/news/jaspreet-singh-least-3-different-170544527.html

Gold Vs. Silver: Which Is Better Right Now?

Gold Vs. Silver: Which Is Better Right Now?

Notes From the Field By Simon Black  November 8, 2023

Almost two decades ago, I walked into a coin shop in Florida to buy my very first piece of silver. I was in my mid-20s at the time and just starting to teach myself about financial history, the national debt, and central banking.  It was early in my education. But I had already determined that owning precious metals would be a good idea as a hedge against future uncertainty and rapidly increasing government debt. But I didn’t have much money at the time. So silver-- at just a few dollars per ounce-- was well within my budget.

The clerk behind the counter probably noticed my military haircut and seized the opportunity to make a joke at my expense.

“Well, we’re mostly out…” he said, grinning, “but I can offer you a dime bag.”

I assumed this was a marijuana reference and explained to the guy that I had a top-secret security clearance and didn’t go in for that sort of thing.

But he laughed and explained that he was actually referring to a bag that was literally filled with dimes.

I still didn’t get it.

But the clerk was kind enough to teach me that, prior to 1965, dimes in the United States were minted with a silver content of 90% (with the other 10% being copper). He then pulled out a sandwich bag full of dimes, weighed it, and showed me how to calculate the silver content based on the bag’s weight.

A one-pound bag, for example, contains 200 pre-1965 dimes, each with about 2 grams of silver content. That’s a bit more than 13 troy ounces of silver per one-pound ‘dime bag’.

I held onto that bag for several years, until 2011 when silver prices went through the roof. And I ended up going back to the very same dealer to trade the dime bag for a little bit of gold.

(I’ll explain why I did that in a moment-- it had to do with the gold/silver ratio.)

Precious metals in general have been excellent investments over the past twenty years. But I believe there’s a strong case to be made that gold and silver prices could go much, much higher from here.

Gold’s rise will be fundamentally driven by rapidly deteriorating US government finances. And I’ve written about this extensively.

The US national debt is now $33.7 trillion; the debt is so large that the Treasury Department spent nearly $900 BILLION on interest payments in the last fiscal year (FY23), which ended about six weeks ago.

That number alone-- $900 billion in interest payments-- is astonishing.

But even more astonishing is that FY23’s interest bill was 22% MORE than the previous fiscal year, and 56% more than the interest bill from the year before that!

Think about that: a 56% increase in interest expense in just two years?

One reason, obviously, is out of control spending. I mean… these people always find an excuse to overspend by trillions of dollars. First it was COVID. Then it was inflation. Then it was Ukraine. Now the Treasury Secretary insists that America can “certainly” afford to fund two wars at the same time.

All of these expenditures result in insane increases to the national debt, which drives up annual interest expenses.

The second issue is the rapid increase in interest rates.

Two years ago the government could borrow (and refinance) at practically 0%. Today they have to pay around 5%.

Now, remember that almost the entire US public debt will have to be refinanced over the next few years.

So if rates remain at 5%, and the debt keeps rising, this means that the annual interest bill could reach $2 trillion over the next few years.

Don’t take my word for it. The Congressional Budget Office’s most recent forecast show that annual interest payments, plus mandatory entitlement spending (i.e. Social Security and Medicare) will consume over 100% of federal tax revenue… by 2031.

Then Social Security’s primary trust fund will run out of money two years later, in 2033.

The consequences of this mess mean that, most likely, the Federal Reserve will slash interest rates and start printing trillions of dollars again in order to bail out the government.

And this will most likely result in inflation… as well as a severe loss of confidence in the US dollar around the world.

The dollar has been THE dominant reserve currency since the end of World War II. But history tells us that reserve currencies CAN and DO change. This time is not different.

So it’s very likely that the dollar could lose its dominant reserve status... and be replaced by a universally accepted asset like gold.

Gold is already an informal reserve asset; it’s why central banks and sovereign governments around the world stockpile it by the metric ton. So it wouldn’t be much of a paradigm shift for gold to become THE formal reserve asset.

In this scenario, gold would likely skyrocket to $10,000 or more.

Then there’s silver… which also has upside potential for the same reasons as gold. Silver is a precious metal too and tends to perform well in an inflationary environment.

And should gold become a formal reserve asset, silver prices will likely soar as well.

But I explained on Monday that there are other forces to drive silver higher. Greta Thunberg and John Kerry are among them.

Climate fanatics who insist on transitioning to 100% clean energy like solar completely miss the fact that producing near infinite solar panels will require unfathomable quantities of key minerals… including silver.

Because silver is an essential ingredient in the production of solar panels, these climate fanatics are creating massive, artificial demand that could drive silver prices much, much higher.

And this takes me back to the gold/silver ratio.

There’s a strong case to be made that both gold and silver could achieve significantly higher prices in the future. And each metal has its merits-- it’s not really a competition.

But at the moment, silver is priced more attractively.

Traditionally, the price of gold relative to the price of silver has been about 50:1 to 60:1; but this gold/silver ratio often fluctuates. When I traded my silver for gold back in 2011, the ratio was less than 40… meaning that gold was cheap relative to silver.

In the early days of COVID back in March and April 2020, the ratio shot up to 120:1, meaning that silver was very cheap relative to gold.

(We also published an alert to our premium members back then about how to capitalize on silver’s cheapness and nearly double their money in a matter of months.)

Right now the gold/silver ratio is hovering just below 90. That’s fairly high… suggesting that silver is pretty cheap relative to gold.

So, while there are strong cases to buy either one, at the moment, silver has a more attractive entry price. It’s worth considering.

To your freedom,  Simon Black, Founder  Sovereign Man

https://www.sovereignman.com/international-diversification-strategies/gold-vs-silver-which-is-better-right-now-148430/

Here’s An Obvious Reason To Own Silver

Here’s An Obvious Reason To Own Silver

Notes From the Field by Simon Black  November 6, 2023

By the summer of 1812, Napoleon still thought of himself as nearly invincible. He had conquered nearly all of Europe with relative ease and brought the continent’s remaining rulers under his control. He had personally lost just a single battle.  And his chief nemesis, Great Britain, had just been dragged into a new war with its former colony, the United States.

In short, things were really going his way. And the summer of 1812 would have been a great time for Napoleon to take a break, consolidate his gains, and focus on quelling internal rebellions and intrigue from within his vast, new empire.

So naturally he decided to invade Russia instead… something that no one had successfully done since Genghis Khan.

Yet Napoleon was convinced he would once again cruise to an easy victory, writing to his Foreign Minister on June 27th, “I have an army to which no modern army can be compared. . . I am in good hopes.”

Now, Napoleon was obviously a brilliant military commander, so his optimism wasn’t unjustified. He had studied other failed invasions of Russia-- like Swedish King Charles XII’s futile attempt in 1708-- so Napoleon knew that keeping his army well-supplied would be essential for victory.

That’s why he spent months preparing for his invasion of Russia. His generals stocked up on food, ammunition, clothing, medicine, etc., and staged them at key resupply points in eastern Europe.

But despite such intense preparations, they simply weren’t sufficient. Even someone as experienced as Napoleon managed to vastly underestimate the logistics and resource challenges to be successful.

And the end result was that Napoleon’s armies ran out of food. In fact hundreds of thousands of his soldiers died, many from disease and starvation. Morale plummeted. Confidence was shattered. And Napoleon’s enemies seized on the opportunity to unite against him.

It was a total disaster… and a major reason for it was failing to grasp just how difficult it would be to find enough resources-- particularly food-- to keep the operation going.

Napoleon’s ill-fated invasion of Russia is just one example of this timeless lesson from history: leaders often come up with grandiose plans and bold ideas without the slightest understanding of the resource challenges.

And one modern incarnation of this folly is the fanatical green agenda that aims to completely replace fossil fuels with renewable energy.

For argument’s sake, let’s just pretend for a moment that this is a great idea and totally worth the $100+ trillion cost, i.e. let’s assume money is no object… which is basically what the greenies believe anyhow.

Money doesn’t solve the most basic challenge of the green fantasy: where will they get all the raw materials?

Solar panels and wind turbines require a lot of resources, including basics like iron, copper, and steel. They also need some really nasty minerals, like cobalt, which are typically extracted by child labor in Africa under appalling conditions.

Wind and solar also require a host of other obscure elements like indium, terbium, dysprosium, and praseodymium; and the quantities of these minerals that will be needed to achieve renewable energy goals are far, far greater than what’s possible.

For example, producing enough solar panels to have 100% renewable energy by 2050 will require production levels of indium that are over 10x greater than exist today.

Ramping up indium production by 10x is no small feat… especially when these same green fanatics simultaneously want to cancel the mining companies.

It’s ridiculous when you think about it. They want the world to be powered by solar panels. But they want to prevent the mining of the essential minerals needed to produce those solar panels. It’s progressive logic at its finest!

This is why I opened today’s article talking about Napoleon’s attempted invasion of Russia; he failed because he underestimated the vast quantities of raw materials that would be required to sustain his armies.

Similarly, today’s green fanatics will fail because they are underestimating the vast quantities of raw materials that will be required to achieve their dream.

But that doesn’t mean they won’t try. Fanatics never let ignorance get in the way of a bad idea.

And this is what leads me to silver.

Silver is an essential ingredient in the production of renewable energy technology; simply put, you can’t make the energy grid renewable (on wind and solar, at least) without massive quantities of silver.

Every MegaWatt of power produced by solar panels requires 1 kilogram of silver, or one metric ton per GigaWatt (GW). And those may be very conservative estimates.

My colleague Gregor Gregersen, founder of Silver Bullion in Singapore, told me over the weekend that a recent study estimated up to 21 metric tons of silver will be needed for every GW of power.

Either way, green energy requires substantially more silver than is being mined right now.

And remember that silver production is already in a deficit at the moment, i.e. industrial and investment demand for silver ALREADY exceeds annual mining output.

Yet on top of existing demand, these completely unrealistic renewable energy goals will easily increase silver demand by another 3-5x.

This is a pretty clear growth catalyst for future silver prices...

To your freedom,  Simon Black, Founder  Sovereign Man

https://www.sovereignman.com/international-diversification-strategies/heres-an-obvious-reason-to-own-silver-148425/

13 Everyday Money Deals Rich People Take Advantage Of

13 Everyday Money Deals Rich People Take Advantage Of

Cindy Lamothe   Tue, November 7, 2023

There are many ways to grow your wealth — and the rich know exactly how to do just that. They understand how to get the most out of their buck by taking advantage of everyday money deals we might overlook.

“These strategies, while more pronounced among the wealthy, can offer insights for individuals at all wealth levels to make informed financial decisions,” said Howard F. Goldman, finance specialist at Money4Loans.

Here’s a look at some of the ways they go about it.

Taking Advantage of Roth IRAs

“When you have a Roth IRA, you put in after tax dollars and don’t have to pay tax when you take the money out after you retire,” said Mark Chen, founder and CEO of BillSmart.

He notes that while most people can only put just a couple thousand a year in Roth IRAs, the wealthy can supercharge their contribution by putting in venture capital assets that have a low basis now but could be worth millions in a couple of years. “Especially if they know this will be the case.”

Borrowing Against Their Stock

Eventually, most people become rich because they own businesses and not from salaries and bonuses, said Chen.

 “One way that rich people unlock their business wealth is by borrowing against their stock. By doing so, they avoid selling their stock and having to pay capital gains and ordinary income.”

The interest rates charged by bankers for borrowing against their stock is usually quite low, Chen explains, and once the business owner dies, their stock is valued at the price at their death and the tax rate becomes a lot lower.

Infinite Credit Card Points

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$2,000 Gold Is Just The Beginning. Here’s What Might Happen Next-

$2,000 Gold Is Just The Beginning. Here’s What Might Happen Next-

Notes From the Field By Simon Black  November 1, 2023

Public Law 93-373 was supposed to be so boring that Congress didn’t even bother to give it a name.

You know how most laws passed by Congress have some fancy name-- like the “Inflation Reduction Act” or the “USA PATRIOT Act” or some such nonsense?

Well, on November 7, 1973, US Senator James Fulbright introduced a very short bill-- it was only ONE page-- that didn’t even have a name. But Fulbright’s unnamed bill ended up being one of the most important pieces of legislation in US history.

By the time Fulbright introduced his bill, it had been two years since the legendary “Nixon Shock” of 1971. That was when US President Richard Nixon implemented wage and price controls, and canceled the US dollar’s convertibility into gold.

Nixon famously promised the American public that there wouldn’t be any negative consequences from his actions. Yet inflation hit 3% the following year, in 1972. Then 4.7% in 1973. Then 11.2% in 1974.

Simultaneously, gold prices around the world were surging… from $35/ounce before the Nixon Shock, to more than $170 in 1974.

But individual Americans weren’t allowed to benefit from those gains thanks to a forty year old executive order that had been signed in 1933 by then President Franklin Roosevelt.

Roosevelt’s Executive Order 6102 criminalized the private ownership of more than $100 worth of gold in the United States. Roosevelt also gave Americans just 25 days to turn over their gold to the Federal Reserve… or else face up to ten years in prison.

Naturally, plenty of Americans were outraged, and a number of lawsuits were filed claiming that Roosevelt’s order was unconstitutional.

Roosevelt was rightfully worried that the Supreme Court would overturn his order. And at a certain point he considered packing the court, i.e. appointing several sympathetic judges to the Supreme Court to ensure his victory. He also considered issuing another order which would make it illegal to sue the federal government.

Fortunately for Roosevelt, however, he didn’t have to implement any of those actions; the Supreme Court very narrowly ruled in his favor, and his Executive Order stood as law of the land for four decades… until Senator Fulbright’s no-name law was finally passed on August 14, 1974.

It went into effect the following year, and Americans were suddenly free once again to exchange their rapidly-depreciating US dollars for gold.

Unsurprisingly, gold prices started rising dramatically in the second half of the decade... from about $180 in 1975, to a whopping $850 in January 1980.

And the declining dollar was just one reason for gold’s popularity; remember, the United States suffered a deluge of troubles during the 1970s and early 1980s.

The world found out that the US President was a criminal during the Watergate scandal of 1974. Then there was the humiliating US withdrawal from Vietnam in 1975, complete with a helicopter evacuation of the American embassy in Saigon.

Iran seized 52 US citizens in 1979 and held them hostage for more than a year. Inflation raged, peaking at 13.6%. The economy stagnated and fell into recession. Troubles in the Middle East (including conflict with Israel) led to energy shortages and rising fuel prices.

Civil unrest and ‘mostly peaceful’ protests were a constant problem in the 70s and 80s. Meanwhile, criminals rampaged across American cities, and the murder rate soared. Major cities like New York, LA, and Chicago became synonymous with violent crime.

The world stopped making sense. And gold became a safe haven from that chaos.

There’s an old saying (originally a Danish proverb) suggesting that if history doesn’t repeat, it certainly rhymes. And I think it’s obvious that we’re facing many of the same challenges today.

There are major problems in the Middle East. Energy is becoming scarce (especially in Europe). The US military suffered a humiliating withdrawal from Afghanistan. Civil unrest and crime rates are totally unacceptable. Inflation continues to rage. And the President, a.k.a. “the Big Guy” appears suspicious A.F.

Just like in the 1970s, gold represents a safe haven from this chaos. And even though it’s hovering at a near-record around $2,000, I think that there is still a long way for gold to rise.

The US national debt is now $33.7 trillion; that’s up more than HALF A TRILLION just in the month of October.

The people in charge have absolutely zero fiscal restraint. Zero responsibility. Zero sense of how destructive their actions are. They spend money and go deeper into debt as if there will never be any consequences, ever, until the end of time. They’re disgustingly ignorant, and dangerous.

The truth is that there are serious consequences to all of this debt. And we don’t have to guess what they are.

The Congressional Budget Office is already projecting that, by 2031, the US government will spend 100% of its tax revenue just on mandatory entitlements (like Social Security) and interest on the debt.

This means that, after 2031, the funding for literally everything else in government-- from the US military to the light bill at the White House-- will have to be funded by more debt.

That’s only 7 years away.

Then, two years later in 2033, Social Security’s primary trust fund will run out of money; this will cost the government an additional $1 trillion in additional spending each year to keep the program running. Naturally they’ll have to borrow that money too.

Eventually the national debt will become so large that simply paying interest each year will consume more than 100% of tax revenue.

The Federal Reserve will most likely attempt to bail out government by creating trillions upon trillions of dollars. But just as we saw over the past few years, such actions will most likely result in much higher inflation.

Disgusted with their financial circumstance, voters across America will likely turn to Socialist politicians who blame all the problems on the evils of capitalism, rather than their own incompetence. And with a majority of leftists running the country, they’ll only make things worse.

I also anticipate more conflict in the world, thanks in large part to the continued decline of America’s stature and reputation for strength.

It’s also quite likely that the US dollar could lose its royal status as the world’s dominant reserve currency by the end of the decade.

I don’t necessarily believe that the dollar will simply vanish from global trade. But it won’t be “King” dollar anymore. Perhaps more like “Earl” or “Viscount” dollar, alongside other currencies and exchange mechanisms-- including gold.

In fact we could easily see central banks around the world ditching their US dollars and loading up on gold as part of a new, de-dollarized global financial system.

This could potentially trigger trillions of dollars worth of capital inflows into the gold market, causing a surge in gold prices.

And these are just some of the reasons why gold could still have a long, long way to rise from here.

Bear in mind that I’m not thinking about the gold price next month, or even next year. I think long-term, and my views on gold are based on trends that will likely continue to unfold over the next decade.

I’m not a ‘gold bug’. I don’t have a fanatical view about anything other than my own children. I’m not a gold speculator either.

But it’s obvious to me that in an upside down world where there are such obvious long-term threats to the US dollar, it makes sense to look for real stores of value.

And that’s why $2,000 gold could just be the beginning of a much bigger story.

To your freedom,   Simon Black, Founder  Sovereign Man

 https://www.sovereignman.com/international-diversification-strategies/2000-gold-is-just-the-beginning-heres-what-might-happen-next-148409/