Are we Hardwired to lose Money?
The SOS Call
A short while back I got a frantic call from a friend whose computer was not booting up.
Long story short, the reason for his frantic call was that his crypto wallet was on his computer and losing the data on his computer would mean that he would lose access to all his crypto funds.
He is one of early adopter of crypto and has been an open supporter of crypto yet he very basic mistake that he failed to secure his crypto wallets.
The easiest way to secure a crypto wallet is to ...
Most hardware wallets cost money yet in exchange what we buy is not just the security for our crypto but also peace of mind.
Keeping our crypto secure using a hardare wallet not only keeps our most valuable assets that is our crypto secure but also ensures that is our peace of mind is also protected.
Are we hardwired to lose money?
Most of us who are in a job get paid a weekly or monthly wage.
Have you thought what is your wage worth in terms of buying capacity?
Suppose Joe gets a $100 paycheck. For some this is a lot of money and for some it would not even meet your basic needs and you may need to do a side hustle to meet your expenses.
However the question remains what is this $100 worth or what is any money worth over time.
Take for instance $1
The amount of stuff that you can buy today with $1 or the equivalent currency in your country is far less than what this $1 could buy a few weeks, months or years ago.
The Average Price of one Troy ounce of gold in 1971 = $ 40.62
The Average Price of one Troy ounce of gold in 2016 = $1,250.74
Currently it is much higher.
So what it means is that if you had about $41 you could buy one troy ounce if Gold back in 1971
However your $41 would get you a fraction of that in 2016 and even less in the present times.
This is true not just for Gold & Silver but also for day to day products as well.
The mystery behind the disappearing value of money
From the economics point of view it is a complex explanation.
However to keep the explanation simple I use the term "Inflation"
Inflation is the rate at which prices are increasing and it in other words is also the rate at which our money from the fiat world is losing value in terms of its buying power.
Inflation has been hurting us for generations
Inflation is the key factors for the prices going up.
Inflation has been a bane for generations
Ask you parents grandparents or anyone from an earlier generation about the power of their wages.
Talk to them about their wages and the buying power of money.
You would be surprised to know that for a lot of cases the earlier generations were getting paid less yet their money had more buying power simply because things were getting expensive at a slower rate.
Money is not real money but a promise to pay
long ago money was minted with precious metals like Silver or Gold.
These being precious metals has value that increased over time.
However somewhere in the process of minting the money it got replaced by paper money and coins made up of alloys and metals less precious than Gold or Silver.
What this meant was that earlier with limited supply central banks could only make so much money and money was not unlimited.
The gold and Silver were a collateral for the currency.
However soon the paper money took over in the name of the head of the central banks or the head of state.
Now money began to see a line printed on every currency note that read "I promise to pay" the value worth the denomination of the currency.
This meant the central banks were able to print as much money that they wanted.
This unlimited money lead to loss in the value of money.
So generation after generation and month after month we have being losing the buying power of money.
This brings us to title of the post "Are we Hardwired to lose money"
Maybe we have being losing the buying power of money for so long that we do not care much about our crypto.
What other explanation could be there for not securing your crypto with a hardware wallet.
For the sake of discussion we can think of making multiple copies of our private keys and back it up in pendrives and external devices however these seem like stop gap arrangements.
If you had invested $10 in crypto back in 2010 that stash would be worth millions if not billions
That kind of money would besufficient to secure the future of many generations.
The crypto you have today if invested right can be worth a lot over time and can help you in the future or can become a legacy for your children or your future generations.
Making the choice
You could secure your present and future wealth with a Hardware wallet or risk losing it to ....
- Hardware failures
- Phishing Attack
- Ransomeware Attacks and numerous other ways of losing your crypto.
We are known by the choices we make
It is harder to earn money and easier to lose it so stay safe and keep your crypto secure.
My sporting Tip
Playing is not always about winning. Play by the rules and play hard. Enjoy the journey of the game and do not focus exclusively on the result.
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