MTTM Podcast Episode 456 – Record gold prices explained, teaching the next generation and taxable benefits

Listen to Episode 456

In this week's episode I explain the possible reasons behind the significant increase in the price of gold in recent months. I also reveal how a conversation with my daughter led to me explaining how compound interest works and her excitement at discovering how saving small regular amounts from a young age can lead to significant wealth over time. Finally, Andy explains how taxable benefits work and the importance of checking your tax code

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Episode Quiz

Here are five multiple-choice questions to test yourself after listening to this week's episode.

 

Question 1 - Historically what is the typical relationship between the US dollar and gold?

A) The dollar's rise often leads to gold's decline

B) The dollar's rise often leads to gold's rise

C) There is no clear relationship

D) Gold is unaffected by the dollar

 

Question 2 - What rule is associated with budgeting?

A) 50/30/20 rule

B) 4% rule

C) 60/40 rule

D) Half your age rule

 

Question 3 - All the mined gold in existence would what?

A) Weigh the same as the Eiffel Tower

B) Fill three Olympic-sized swimming pools

C) be longer than the Great Wall of China

D) cover 10 football pitches

 

Question 4 - Ray Dalio speculates that in the future the US dollar will...

A) become more dominant

B) cease to be the world's reserve currency

C) be the only currency used in international trade

D) become entirely digital

 

Question 5 - What unusual movement in the price of gold has occurred in recent months?

A) It is unusually stable

B) It is dropping rapidly

C) It is rising despite the US dollar also rising

D) It is rising despite the US dollar also falling

Answers

1. A
2. A
3. B
4. B
5. C

Resources:

• MTTM Podcast 120 - Investing in gold
• MTTM Podcast 144 - The truth about gold
• MTTM Podcast 317 - Bitcoin vs Gold
• MTTM Podcast 416 - Investing in gold & its outlook
• The Money to the Masses Investment Calculator
• How to become a millionaire podcast episode
• Check your tax code for this tax year
• Check your tax code for previous tax years
• Contact HMRC if you have a tax query
• Sign up for the Money to the Masses newsletter
• Join the MTTM Community group