Jay Zawatsky: What really is money?
About Fun With Annuities Episode #136
Jay Zawatsky is one of the most fascinating guests I’ve ever had on my Fun With Annuities® podcast. He is a professor, lawyer, researcher, radio show host, podcaster, and incredibly high IQ “unicorn” that knows much more than he revealed during our recording. I have already booked him to be back in February of 2023, and I look forward to him being an ongoing guest.
He primarily focused on the broad category of money, and what it actually is. What is money? The first place he started was by explaining the true value of gold and silver. He’s not gold obsessed or what’s called a “gold bug.” He just explained gold as a currency, and I’ve never heard it explained by anyone. It’s worth listening to this section alone because it is so fascinating. Here is a factual nugget Jay through out that is a mind-blower. Of all the gold that has been mined in the world since the beginning of time can fill only 2 Olympic-sized swimming pools. Think of that for a second. That is an amazing stat.
Jay also factually dug in on what he calls “fiat” currencies like the dollar and crypto. The biggest mind-blower for me during this podcast was the ease with how Jay pulls facts, dates, and statistics to validate and support his arguments and educational points. He is a walking encyclopedia of financial information and insight.
I had to bring Jay down to “our level” to get him to explain strategies that will work for my clients and listeners. His barbell approach to investing was brand new to me after three decades in the financial business. As he explained it, I’m sure you will see my mouth fall open because of the absolute simplicity of his plan. I will not give it away in this written summary because I wouldn’t do it justice. This is a must-listen if there ever was one.
I encourage you to check out my Fun With Annuities YouTube channel so you can see the hat that Jay was wearing. I know that most of you listen to my podcast on all major podcast platforms, so I’ll explain it to you. It was a red baseball cap that read “Save, America.” Not “Save America” and not some Trump hat. The key part of the hat was the comma. In essence, Jay is urging America to save. Save their money. Save with gold and silver. Save with MYGAs (Multi-Year Guarantee Annuities). Save!
I will guarantee that you will listen to this podcast a couple of times because Jay is an absolute firehose of information. What a find, and I am so happy that he will now be a regular guest on Fun With Annuities. Enjoy!
"Good Money is money that acts as both a battery and a time machine." — Jay Zawatsky
IN THIS EPISODE, THE ANNUITY MAN® AND JAY ZAWATSKY DISCUSS:
- Why we need simple retirement solutions
- Transitioning from accumulation to decumulation
- How inflation affects insurance companies
- The benefits of delaying your social security
- If you have money that can store the value of your labor and preserve its purchasing power over long spans of time, then it is good money. Throughout history, only one checked the box for both of those, and that’s gold.
- Any currency that can be created ex nihilo (out of nothingness) is bad money, and unfortunately, we’re plagued with a lot of it. Bitcoin and other cryptocurrencies count as bad money, but it might surprise you that the U.S. dollar and other fiat currencies also count as bad.
- Purchasing gold and silver is a good way to enter your retirement with good money. The ideal strategy is to own physical bullion in an offshore account held by a private entity, however, one can always start by owning silver coins.
- Having at least 10% or 15% percent of your assets invested in gold and silver is a good practice if you want to protect yourself in the case of calamity or inflation. However, even if nothing catastrophic happens, gold still retains its value.
- Jay’s barbell approach has two sides: one is gold and silver, while the other is cash and cash equivalents. Meaning treasury bills and MYGAs.
RESOURCES RECOMMENDED BY JAY ZAWATSKY:
- Whatever Happened to Penny Candy? by Richard Maybury
- The Law, by Frederic Bastiat (FREE)
- I, Pencil, by Leonard E. Read (FREE)
video version: I, Pencil: The Movie
Fun With Annuities Podcast is hosted by America’s AnnuityAgent®, Stan Haithcock, The Annuity Man®. Hear brutal annuity facts with nosales pitches from the top independent agent in thecountry, licensed in all 50 states. Author of 7 books, Stan dives deep on allannuity types and strategies. It’s fun, learning the contractual truths on howannuities actually work and if they’ll fit your personal retirement lifestyle.