J’Neanne helps us unpack recent headlines on gold, unemployment, and the national debt. We’ll learn whether the news will affect your finances.
(Click the featured times below to jump forward in the episode)
[3:47] – Financial Headlines: Gold Prices Lagging. Should You Own Gold?
- There’s this website called goldprice.org. There you’ll find the prices of gold, and you’ll also start to see why the media has an interest in getting you to buy gold. You’ll see hear all sorts of commercials on why you should buy gold to protect yourself from a doom and gloom market. However, if the world were to end tomorrow, I doubt a bar of gold would help you buy bread during the apocalypse. If you’re going to own gold, build a true portfolio. Rather than owning gold bars, own the mining companies who dig for gold. Remember as well that gold is not liquid, and when you retire, you’ll need access to your finances.
[9:03] – Financial Headlines: Unemployment.
- Unemployment is falling most quickly for uneducated workers. Recent headlines say the unemployment rate for workers under the age of 25 who didn’t graduate high school is just over five percent. It’s interesting given millennials are breaking with years of tradition in the job market. It used to be you’d go to college, find a job you’d work for 40 years, and raise your kids to do the same. Millennials are pushing back against that social construct. Trade skills are on the rise, and folks without a college education are finding new ways to make a living. Rather than incurring hundreds of thousands of dollars in college debt, many people are choosing to forego their college education and enter directly into the workforce.
[16:21] – Financial Headlines: National Debt Rising.
- If you visit the National Debt Clock website, you’ll notice the debt has surpassed 21.4 trillion dollars. However, debt contributes only a small portion to the nation’s well-being, and you don’t often find it affecting your daily life. If you ever stop to think about the United States’ net worth, you’ll realize it’s worth more than $238 trillion dollars. Therefore, the national debt probably isn’t going to affect you personally any time soon, but the spending in Congress is a problem. Rather than worrying about the debt clock which includes debt owned by the public, Congress should find ways to cut it’s grossly inefficient spending habits. Furthermore, we see the U.S. Gross Domestic Product continuing to grow. This usually signals positive shifts in your wallet and the economy.
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