I really respect Warren Buffet and what he is doing with his wealth. He is right in principle. In reality gold may be good for teeth fillings or it can be eaten given not much of a profit but it is sure to appreciate. I'm not so sure about farm land. It really depends on climate and the market for what is produced. But the basic principle is right. It would be better to have an investment I can enjoy today rather than investing on something that is just stored away for tomorrow.
You can say that I am investing in my children and in my health. These are investments that pay off today as well as in the future. The investment for a child begins in infancy. That time invested is worth a thousand times compared to 20 years later. The same is with the child's development and education. Time invested to work with a learning disorder like dyslexia at the age of 6 is worth 10,000 the investment at age 20. My money goes there to therapy for the youngest son. The pay of in the short term is that he can attend school with regular kids. The pay off in the long run is one day he will be able to blog here and may be a better writer than me.
As far as investments that create a passive income. I think this is wise. One of my friends took out a lot of stock from a blue chip company in the 90s. The stock went close to $200 and gave dividends up to 2009. But now it is selling for around $15-20. He just waited around thinking the stock would pay for his retirement. He was too busy to do anything else. Now I am in the same situation.
Since 2009 I have been passively looking for a passive income. I started searching websites looking for information about earning a passive income and came to the conclusion that most of it was a scam. I tried some projects with publishing with Amazon and using code to make a cell phone game but nothing worked out.
Actually there are no real "passive" incomes. Steemit is not a passive income. If users are not with it they will lose support and if you don't use SP it is not making any income either. But this is the closest I have ever seen to a passive income. I have not seen such results anywhere so fruitful as Steem. This is the only place I started out with nothing then just by searching other's blogs I made some friends and posted about it and made a profit almost equivalent to the time I put into it.
Crypto is not a passive income but a kind of a stress and health hazard. It draws my attention away from more important things. I want to find the best time to buy or trade and have a headache in the end.
Of course I would like my money to work for me. You are really privileged to start investing at an early age to to enjoy it.
I wish you the best in your endeavors.
@minepoly if you want a really passive income in crypto take a look at smartcash. All you have to do is hold and earn smartrewards.
https://steemit.com/smartcash/@nitego/58vdau-introduce-your-teens-to-smartcash
I heard of that before. I didn't look into yet. Thanks. Why does it sound like a scam?