The money I saved as a child would buy one picogram of gold today
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Re: The money I saved as a child would buy one picogram of gold today
#2Ah, the magic of interest: http://www.threepanelsoul.com/comic/at-the-bank
Re: The money I saved as a child would buy one picogram of gold today
#3I remember my dad encouraging me to save my dollars and not spend them on choc-99 double ice-creams ($2.13). These were soft whip ice-creams with 2 cadbury's flake chocolates stuck in the side and they seemed like the closest thing to heaven on earth to me. What my dad said seemed logical though and I saved. When I was 16 I had a holiday job that earned me many ice-cream-worths but I kept it - didn't buy a bicycle or anything. "Save your money."
These were Zimbabwe dollars, however, and in the late 1990s it all inflated away to nothing. So much for conscientious saving.
Re: The money I saved as a child would buy one picogram of gold today
#4For comparison, from https://es.wikipedia.org/wiki/Anexo:Salario_m%C3%ADnimo_en_A... the monthly minimum salary in September 1976 was AR$11200 ~= US$45.34.
So the AR$1228 of the author were like US$4.97 in 1976, that are like US$25.11 today https://www.in2013dollars.com/us/inflation/1976?amount=4.97 .
Also, the price of gold was like $120/oz https://sdbullion.com/gold-prices-1976 so it was like 1.2 grams
Re: The money I saved as a child would buy one picogram of gold today
#5Are there any kids book that explain these money concepts to elementary school kids? I feel one the big failings of the school system is that these are not taught early on and instead a lot of time is spent teaching things that kids will never use in their lives.
Re: The money I saved as a child would buy one picogram of gold today
#6I remember my dad encouraging me to save my dollars and not spend them on choc-99 double ice-creams ($2.13). These were soft whip ice-creams with 2 cadbury's flake chocolates stuck in the side and they seemed like the closest thing to heaven on earth to me. What my dad said seemed logical though and I saved. When I was 16 I had a holiday job that earned me many ice-cream-worths but I kept it - didn't buy a bicycle or…
I did the same thing for many years, until in 2013 the Cyprus bailouts woke me up...at that point I went all in on Bitcoin out of anger of the banking system, and haven't changed anything since.
Re: The money I saved as a child would buy one picogram of gold today
#7I remember my dad encouraging me to save my dollars and not spend them on choc-99 double ice-creams ($2.13). These were soft whip ice-creams with 2 cadbury's flake chocolates stuck in the side and they seemed like the closest thing to heaven on earth to me. What my dad said seemed logical though and I saved. When I was 16 I had a holiday job that earned me many ice-cream-worths but I kept it - didn't buy a bicycle or…
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Re: The money I saved as a child would buy one picogram of gold today
#8I remember my dad encouraging me to save my dollars and not spend them on choc-99 double ice-creams ($2.13). These were soft whip ice-creams with 2 cadbury's flake chocolates stuck in the side and they seemed like the closest thing to heaven on earth to me. What my dad said seemed logical though and I saved. When I was 16 I had a holiday job that earned me many ice-cream-worths but I kept it - didn't buy a bicycle or…
As a childhood lesson you don't need crazy inflation for this to hold true though. Anything that takes more than a few of months to save up to just doesn't make sense as a kid. Your disposable income goes up by factors of ten every few years. You have 2$ to spend at 5, 20$ at 10, 200$ at 15. Then it slows down but you might still get to 2000$ at 25.
Saving as a kid really never seemed worth it to me.
Re: The money I saved as a child would buy one picogram of gold today
#9Argentina has experienced multiple rounds of hyperinflation due to failed monetary policy. Saying this story is a "lesson about the power of inflation" is like saying "the sun is hot". Yes, it certainly is, but it is so far beyond normal definitions of "hot" that people will have a hard time understanding it. This is more a story about the failures of Argentina's governments over the last 50 years than a story about inflation.
Re: The money I saved as a child would buy one picogram of gold today
#10I remember my dad encouraging me to save my dollars and not spend them on choc-99 double ice-creams ($2.13). These were soft whip ice-creams with 2 cadbury's flake chocolates stuck in the side and they seemed like the closest thing to heaven on earth to me. What my dad said seemed logical though and I saved. When I was 16 I had a holiday job that earned me many ice-cream-worths but I kept it - didn't buy a bicycle or…
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I looked up the definitions:
Theft: an unlawful taking (as by embezzlement or burglary) of property.
Inflation: a continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services.
There you go, proved you wrong.