Bitcoin Secret Saving Plan Kids
I am not worried and I have a fairly relaxed life. My wife and I both run our own businesses. She has a small beauty salon and I have a home office where I consult with small and medium enterprises (SMEs) about grants. We do not work full time. I work about 32 hours a week and my wife works about 20 hours. So we also have a lot of free time to enjoy life. At the end of the day, that’s what we work for, to have a great life with our three children.
But for the past two years, I have been very concerned about the future of my three children (11, 16 and 18 years old). I will try to explain my concerns.
I am a little over 40 years old. My wife and I have lived together since 1998. At first we had a rental house, and around 2010 we bought a nice house with enough space in and around it. Buying a home right now was easy. Banks were eager to lend money even with a single income. The mortgage we are paying is low (around $ 900 per month). Due to the low mortgage, we also have enough money for our other monthly payments, groceries, clothing, hobbies, etc.
But lately I have seen the prices go up by an insane amount. Groceries grew by more than 15%, energy by more than 10%, gas and oil by 20%, etc. It’s actually not a big deal for us right now, but the trend is quite worrying.
I now come to my concern for the future of my children. Will they be able to buy or even rent a house? Home prices in my area have increased 20% from last year, and are expected to rise another 10-20%. The market is overheated due to money printing and investors are desperately buying real estate, pushing up prices more and more.
Banks are willing to lend money, but you have to have double the income and the mortgage is outrageous.
Renting a house is almost impossible. There’s a long, seven-year waiting list (if you’re lucky) and rents are at least 25% higher than a mortgage.
In the meantime, inflation goes up and up. But wages do not follow. So, in reality, it means that the prices for daily needs and monthly costs go up, but not your salary.
My children are fundamentally doomed to find a mate and both are working full time (at least!) To achieve the same standard of living that we are enjoying now. Even then, it will be really difficult. I can’t even imagine how this situation will be in the next 5-10 years when my children leave our home. Until then we have agreed that they save money and we pay all their necessary expenses.
Most people think this is normal, but it is not. In the ’70s and’ 80s having both a working mother and father was not normal, it was special. But now it’s weird if one of them doesn’t work.
And that makes me a little angry. All the inflation and money printing since the dollar depreciated in 1971 are the main reason. Innovation should make everything cheaper. But all of this has been absorbed by inflation. There are some very good podcasts (eg Guy Swann) on this topic.
So here is my plan B for my children. I’ve been stacking a significant amount of sats for them since 2018. My goal is to stack a full bitcoin for each of them. I believe that this unique bitcoin is, for them, the “exit” from the system and their life, without having to bear the financial and even social burden of the direction our economy seems to be taking.
I think in 10 years a bitcoin can be collateral for a mortgage and you can pay off the mortgage with bitcoin’s price action. To be clear, it’s not for financial reasons that I stack sats for my kids. They don’t have to get rich with it. My motivation is to give them a chance to have a life that they can organize however they want, not just to “fit in” into the system.
I used the secret word in the title of my article. This plan B has been discussed with my wife and she supports it. She also wanted to educate our children about this, but I thought it best not to do so at this time. They have to concentrate on their studies and their social life. Bitcoin’s price action could make them nervous, distracted, or, perhaps worse, lazy.
So, I hope my Plan B will work out well and maybe inspire you to make your own Plan B, for your kids.
This is a guest article by Erwin Hemme. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.