The rule #1 in “our ebook "The 10 Ne Rules Of Money” is, “We work to build and acquire passive income and make money work hard for us” What is the difference between money vs. currency?
We can say that they rich do not work for fake money or simply they do not work for earned income with comes from a job. We work for passive income. To understand the modification, you must take a brief history lesson.
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As a young man on my second tour of duty in the Vietnam War in 1972, I got a letter from my rich dad that read, “President Nixon took the dollar off the gold standard. Watch out, the world is about to change.”
I didn’t quite know what rich dad meant at the time, but I was intrigued. I read “The Wall Street Journal” to search for answers. One article that caught my attention was on gold. The price was fluctuating from $35 an ounce to $40 to $60 an ounce.
Thinking we were smart, a fellow pilot named Ted and I flew from our carrier across 25 miles of sea into enemy territory. We hoped to find a gold dealer and get a good deal.
We tried to negotiate with an old woman in a small village, our opening bid was $40 an ounce. Little did we know, spot was $55. The tiny woman we were bargaining with just smirked and was probably thinking, The two of you are idiots. Don’t you know that the spot price of gold is the same all over the world?
Thankfully we got out of there without any detection by the enemy, but we certainly didn’t get a deal on gold. Most important, we did get a lesson on real money.
In 1971 President Richard Nixon changed the rules of money. That year, the U.S. dollar ceased being money and became a currency. This was one of the most important changes in modern history, but few people understand why.
Prior to 1971, the U.S. dollar was real money linked to gold and silver, which is why the U.S. dollar was known as a silver certificate. After 1971, the U.S. dollar became a Federal Reserve Note—an IOU from the U.S. government. Instead of our dollar being an asset, it was turned into a liability. Today, the U.S. is the largest debtor nation in history due in part to this change.
Taking a brief look back at the history of modern money, it's easy to understand why the 1971 change was so important.
After World War I, Germany's monetary system collapsed. While there were many reasons for this, one was because the German government was allowed to print money at will. The flood of money that resulted caused uncontrolled inflation. There were more marks, but they bought less and less. In 1913, a pair of shoes cost 13 marks. By 1923, that same pair of shoes was 32 trillion marks!
As inflation increased, the savings of the middle class was wiped out. With their savings gone, the middle class demanded new leadership. Adolf Hitler was elected Chancellor of Germany in 1933 and, as we know, World War II and the murder of millions of Jews followed.
This is true,
MASTER INVESTOR
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