Summary: Many Mormons do a great job of preparing for hard times with aggressive food storage, but often do little to preserve wealth should there be severe economic disaster. Those who are diligent savers and investors tend to put their wealth in stocks, bonds, and cash, leaving themselves unprotected for many potential economic problems in the future (inflation, recession, weakening of the dollar, etc.). Why is it, for example, that so few Mormons have considered precious metals as an element of wealth preservation?Remember, the dollar is eroding. Even if your stocks are up over the past few years - not the case for many - once you factor in real inflation, you may be at a loss. Kudos to those who have taken steps to protect themselves from inflation.
Wednesday, July 16, 2008
Received a request to re-post my rather secular March 2006 entry, "Food Storage Yes, Wealth Preservation No: A Mormon Enigma in Preparing for Hard Times?" I'll just give the summary and a link instead.
Posted by Jeff Lindsay at 7:27 AM