I could go on and on about how fiat money isn't a good form of investment and how we need to go back to representative money or commodity money. Infact, I just recently made a post about it here.
The best thing you can do for your future is invest in commodities. Gold has always been reliable.
I have heard about investing in precious metals. Infact every financial article i read right now talks about investing in gold and its likeslike but i need to know how it works? What happens when it is in your posession?
If you actually own physical gold bars or coins, then it's yours. If you own a paper claim to gold, then you own a valueless piece of paper. If you take that paper to the bank, you will probably NOT be able to exchange it for real gold.
Same with silver.
Yep. Gold and Silver and so on are real money, whose value is not based on counterparty trust. That's also true of decentralized crypocurrenies.
Yes. And also unlike fiat, history has shown that the value of these commodities are not volatile but in fact very stable. The kind of supply and demand that may affect other currencies greatly hardly affect commodities like gold.