Originally posted on Jakeeswoodhouse.medium.com
This article was inspired by a letter I wrote in January 2021 to my 6-month-old daughter, Ruby Rose.
I am sharing this publicly in the hope it might assist other families as they plan for their long-term financial future.
- It is now April 2021, so the references and prices are old; however, the rationale remains valid.
- I have edited this version from the original I wrote, keeping some of the investment details private.
- I use Twitter to learn about Bitcoin, and you can follow me there. I would love to hear from you!
First, I love you, and being a parent to you with your mum has been the happiest part of my life so far.
This is a letter that you might find boring, but it was necessary to organize my thoughts, which helped to make a major financial decision that will form part of your inheritance in the future.
I will discuss inheriting wealth, the problems with preserving it, and the solution that has only recently been invented: Bitcoin. Throughout, you will find links to information written by experts in the field whom I’ve researched and trust.
1. Unexpected Inheritance
On January 1st, 2009, my father, your Grandfather, died. He had an unexpected heart attack while working in the forest near our home, aged only 48 years.
This was one of the hardest times in my life, not only because I was grieving for my father, but also because a large financial responsibility was pushed onto me as the eldest son.
What were we going to do?
In 2010, we decided to sell our home, a property that had been in our family for three generations, leading to an unexpected portion of the inheritance being converted to fiat currency.
2. The Inflation Problem
On receipt of GBP (£) in cash by way of an inheritance, what do you do with it?
You want to keep it safe, accessible, and pass the value onto the next generation—but how?
- You could keep the GBP in a bank
- You could invest it
“Why not just keep it…