This episode is all about my decision to purchase a solid gold coin, and why I walk around with it in my pocket every day.
Clay Collins: Hey, this is Clay, welcome to Maximalist. Today I’m going to tell you about the gold coin that’s always in my pocket.
Back in the day, I met someone who always had a $100 bill on them. The reason they had it is because they said that it kept their mind on their money and their money on their mind. Every time they’d open that wallet, they’d see that $100 bill and they knew that even if they lost everything, they’d always have that $100 in their pocket. The other day I was thinking about that and being involved in several investment communities, many of which are involved in buying and holding gold, the thought crossed my mind, what if I did that, but I did it with a gold coin instead?
So I went online and I bought a couple one ounce American Eagles, right? So an ounce of gold right now is worth about $1300 bucks. You know in jeans, they often have, well, one of the pockets, on mine it’s the right side, has a smaller pocket inside of it. It looks like a coin pocket. Some people keep condoms in there, I guess, but in that small coin pocket there is always with me a one ounce gold coin worth $1300 bucks. I find myself touching it a lot. Hopefully this doesn’t portray me as being like Scrooge McDuck or anything, but I touch it. When I am boarding planes or going through security checks, it’s something that’s just always there and something I’m thinking about, right? It has enough of a presence that it forces me to think about money. And that’s a good thing.
I think in society right now, there just isn’t enough talk about money or enough thinking about money. When you are an entrepreneur, like I am and have been, you think about money constantly, not because you’re greedy, but because you need to make payroll, because during sometimes in your life you kind of contemplate having to move back in to your parents’ house, right, if things don’t work out. You know, you think about are your children going to have the things that you want them to have, are you going to be able to afford whatever is on your heart for them to afford, or for them to have. For me, having a gold coin in my pocket makes me feel wealthy.
I believe that when you feel wealthy, you’re much more likely to generate the wealth that you’re looking for. I just wanted to tell you about that ’cause I think it’s cool and I think it’s interesting, and it’s something that has helped me out. When I started Nomics, N-O-M-I-C-S, nomics.com, my new startup with my co-founder Nick, one of the first things that I did was give him a gold coin that he could put in his pocket and whenever we touched it or thought about it, encountered it, we could think about the success that we wanted to have for this company. It’s been a good anchoring mechanism and something that’s worked out well for both of us, I think.
Anyway, hope you’ve enjoyed that. I’ll see you next time.