Asklemmy

Stockpile canned beans they will become the most valuable currency once the WW3 starts.

#NotAFinancialAdvice

Fiat doesn’t work on a finite planet.

Citations needed.

I can confirm, I've had two Fiats and neither worked properly

what is a good way for the working class (90%+ of all humans) to save

Gonna sound like a dangerous lemmy communist, but vote for parties who want to raise wages and join Union to defend your rights. The main problem is that most working class struggle to finish the month without a negative bank account, once it's solved, saving become possible again

Eat the rich

Why would I assume the title is accurate? I've never heard this criticism of fiat currency before, since the whole point is that it doesn't rely on on scarcity but on the stability of the issuing body. Can you explain, or is that outside the scope of this thread?

Finding pockets of self sufficiency, or at least ways to prevent falling down to the bottom.

Universal basic income helps this by making sure everyone has at least enough to live on.

Homesteading and community gardens help this by making sure you at least have some basic amount of food available to you.

Building walkable cities helps.this by allowing you to avoid or reduce the expenses of a car.

Building resilient cities that leverage adaptive reuse help this by making it cheaper to start new small community businesses that keep money local.

The solutions aren't in the system of money we choose, it's in building small sustainable ways to provide for basic needs, even in a small way.

The title isn't accurate, so I can't assume it is.

Fiat currency works precisely because the planet is finite. What you're thinking of is a currency that's tied to a finite resource, like a gold standard. Fiat currency works precisely because monetary supply is able to be increased to keep pace with both the population and economic growth. Likewise, fiat currency can be removed from the economy when the economy shrinks (although this hasn't happened before).

The objection about a "finite planet" is about capitalism, not currency. A 100% communist system can still have fiat currency and function perfectly well, the two aren't even related.

It's capitalism you don't like, not money.

https://www.gocomics.com/calvinandhobbes/1991/11/29

Fiat can work fine on a finite planet, most money doesn't even take up physical space anymore, just bits in an account ledger database. Ideally in the future governments will make sure their currency is backed or based on labor time, and nothing is technologically preventing that, nor is crypto-currency required for it.

Disclaimer: I work in accountancy (Commercial Finance) but my advice should be taken with a pinch of salt.

1. Diversify your investments. Have savings across multiple bank accounts so that the unlikely event where one bank fails doesn't wipe out your financial wealth., and overall don't put your eggs in one basket.

2. Currently, the best ROI/passive income you'll get is from corporate bonds. A cursory glance at the Hargreaves Lansdown website shows me quite a few corporate bonds and gilts that have a voucher rate (% return each year) of over 8 percent. Do bear in mind that a bond is a loan instrument where the ROI is based on both the maturity date (the date you get paid back plus interest) and the overall risk of the debt.

3. Another good option is to invest in high dividend yield shares or ETFs. These can offer superior returns on investment to the interest you'd get from a savings account.

4. Avoid day trading or swing trading unless you 100% absolutely know what the fuck you're doing. Unlike what many YouTube 'gurus' claim, making a living off the stock market requires a high amount of starting capital to see any kind of tangible ROI, plus sophisticated stock trading software and knowledge on how to exploit trends.

5. Same goes for penny stocks (i.e. the FTSE AIM All Share market.) You can make some rookie gains from it. Many of the companies listed on this index are oil/gas/mineral exploratory firms that are likely not going to see any kind of profit unless they strike it big, find a new oil well, lithium mine, etc and get the necessary contracts and investment to extract those resources. They're penny stocks for a reason.

6. Side hustles. For example, I have two friends that are karaoke DJs and they get gigs where bars pay them to host nights. Bookkeeping is another one, but you really are going to have a lot of competition in that respect, and you will probably need the right qualifications to do it.

7. Screw crypto. At best cryptocurrencies are speculative assets that are scarce and expensive because the very nature of how their blockchains were designed make it take exponentially more effort to mine a new coin. At worst, they're used to launder criminal proceeds (Monero is a good example of one where the blockchain is encrypted.) NFTs are even worse.

Just store infinite money tokens in a magic Orb. Lol. That's quite easy

What makes you think that "crypto has failed on it's goals"?