SALT LAKE CITY, Utah (ABC 4 NEWS) - Some reports say the U.S. dollar has lost more than half of its value since the 1980's. And according to Forbes magazine the green backs value has slipped 23 percent since March.
It's the dollar dilemma and many Americans are asking themselves if their money is going to be worth the paper its printed on. According to Martin Empey a Certified Financial Planner in Salt Lake City, "One source I found says the dollar has lost about 60 percent of its value over the years."
That means that our currency isn't as valuable internationally and won't buy as much.
Empey says when you hear the statement that we are spending our childrens and grandchildrens money that it's absolutely true. He also says that spending comes with crucial consequences.
Globally, rumors are circulating that the dollar is losing its prominence as the main currency in the world today. Empey says, " I think it's absolutely terrifying, what our government is doing and the rate with which they are spending. That is one of the reasons the dollar is in such trouble. You can't continue to do this and sustain a society. This is unsustainable!"
The economic downturn and the dollars demise are causing a paradigm shift in the way people think about debt and spending.
Now, that we are changing from a nation of spenders to savers it's important to know where to stash our cash. Empey says it's not a good idea to invest in the dollar, instead invest in oil, gold, silver and foreign or international bonds.
It's always best to consult with a certified financial planner when it comes to investing.
