Millennial Investing - The Investor’s Podcast Network

MI Rewind: What is Money? w/ Jim Crider

Jun 21, 2024

01:08:41

Snipd AI

Jim Crider, an expert in monetary systems, discusses the attributes of good money, the history of money in the United States, why gold and Bitcoin have value, and the importance of diversification in investing. The conversation explores the evolution of money, the impact of unstable currencies on the economy, and the significance of understanding the essence of currency.

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Quick takeaways

Money represents value and enables efficient transactions based on perceived worth.

Transition from gold to fiat currencies highlights government influence on monetary systems.

Portfolio diversification aids in wealth preservation and aligning investments with financial goals.

Deep dives

Understanding the Value of Money

Money serves as a medium of communication, storage, and transfer of value. It allows for exchange based on perceived value and enables the storage of value over time and space. The importance of money lies in its ability to represent value and facilitate transactions efficiently, reflecting personal and societal needs and preferences.

Discussion on Financialization, Incentives, and Speculation in Asset Classes

02:26

Intro

2min

Exploring the Essence of Money

22min

The Significance of Money and Gold Throughout History

7min

History of Money, Transition from Gold Standard, and Implications on Inflation and Asset Ownership

22min

The Psychology of Investing and Financial Planning

5min

Understanding Financial Planning Beyond Monte Carlo Projections and Bitcoin Volatility

12min

Discussion on Financial Planning and Bitcoin with Guest Jim

2min

Clay Finck chats with Jim Crider about what money really is, the attributes of good money, why an unstable form of money causes issues in an economy, why gold was chosen as money by the free market for centuries, the history of money in the United States, why Bitcoin has value, Jim’s thoughts on diversification, and much more!

IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro

02:24 - What money really is.

08:59 - The pros and cons of fiat currency and gold as money.

13:50 - Why a money that fluctuates in value can make planning for the future difficult.

16:25 - What are the attributes of a good money?

24:45 - Why gold has historically been a good money.

27:59 - The history of money in the United States.

42:41 - Why Bitcoin has value.

44:40 - Jim’s thoughts on diversification.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Related episode: Listen to MI120: Bitcoin & Financial Independence w/ Jim Crider, or watch the video.
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