I am not worried and have a pretty 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 advise small to medium-sized companies (SMEs) on funding. We don’t work full time. I work about 32 hours a week and my wife works about 20 hours. We also have a lot of free time to enjoy life. Ultimately, we work to have a good life with our three children.
But for the past two years I have been very worried about the future of my three children (11, 16 and 18 years old). I will try to explain my worries.
I am a little over 40 years old. My wife and I have been living together since 1998. In the beginning we had a rental house and around 2010 we bought a nice house with enough space in and around it. Buying a house was easy at the moment. Banks were eager to lend money, even with an income. The mortgage we pay is low (around $ 900 monthly). Because of the low mortgage, we also have enough money for our other monthly payments, groceries, clothes, leisure, etc.
But lately I’ve been seeing prices go up insane. Food has increased by over 15%, energy by over 10%, gas and oil by 20%, and so on. This is not really a big problem for us at the moment, but the trend is worrying.
Now I come to my concern for the future of my children. Can you buy or even rent a house? Property prices in my area have increased 20% since last year and are expected to increase by another 10 to 20%. The market is overheated with money printing and investors are desperate to buy real estate, which is driving prices higher and higher.
Banks are ready to lend the money, but you have to have double income and the mortgage is sky high.
Renting a house is almost impossible. There’s a seven-year waiting list (if you’re lucky) and rental rates are at least 25% higher than a mortgage.
Meanwhile, inflation is rising and rising. But it does not increase wages. So what it really means is that daily necessities and monthly expenses will go up, but your paycheck will not.
My children are basically doomed to find a partner, and they both work full-time (at least!) In order to achieve the same standard of living that we currently enjoy. Even then, it gets really hard to do. I can’t even imagine what this situation will be like in the next 5-10 years when my children leave our house. Until then, we have agreed that they will save money and that we will cover all necessary expenses.
Most people think that’s normal, but it isn’t. In the 1970s and 1980s, it wasn’t normal to have both a working mother and a working father – that was something special. But now it’s strange when one of them doesn’t work.
And that kind of makes me angry. All of the inflation and money printing since the dollar devalued in 1971 is the main reason for this. Innovation should make everything cheaper. But all of that was absorbed by inflation. There are some great podcasts (e.g. Guy Swann) on the subject.
So here is my plan B for my children. I’ve been stacking a serious number of sats for her since 2018. My goal is to stack a full bitcoin for each of them. I believe that this single bitcoin is the “way out” for them from the system and their lives without having to carry the financial and even social burdens of where our economy seems to be going
I think that a bitcoin can be a security for a mortgage within 10 years and you can pay off the mortgage with the price movement of bitcoin. To be clear, I don’t stack sats for my kids for financial reasons. They don’t have to get rich with that. My motive is to give them a chance at a life that they can shape as they wish, and not how one simply “fits” into the system.
I used the word secret in the headline of my article. This plan B was discussed with my wife and she supports it. She wanted to let our children know about it too, but I thought it would be better not to do it yet. You need to focus on your studies and your social life. Bitcoin’s price movement could make you nervous, distracted, or, perhaps worse, lazy.
So I hope my Plan B works well and maybe inspires you to come up with your own Plan B for your children.
This is a guest post by Erwin Hemme. The opinions expressed are solely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.