How much is £1000 worth in the future. ?

Question

For my studies, my parents gave me £1000 as survival money. I work the rest myself.

When my kid goes to uni, I want to do that as well. I want to provide the same amount of buying power as it was provided to me. But in the future, £1000 might be worth next to nothing.

Since I don't believe in economics (too many assumptions). I want to use comodity to gauge how much I should provide my kid.

EG: £1000 today can buy

1. 900 litres of petrol

2. 1000 litres of bottled water

3. 10 mid market mobile phones

4. 40 microwave ovens.

etc

This way i know that if i want to provide the future's equivalent of £1000 to my kid, i just need to provide enough money to buy 40microwave ovens.

I can't use subjective stuff likes clothes nor rely on one item as the market might change drastically. What other commodities do you guys suggest?

Answer 1

None.

The commodities that you would reference today will be antiques to your child, so why bother.

That's like your parents saying I wonder how many 8 tracks this will be worth & now that you're grown you're listening to mp3's.

You may not believe in economics, but it drives the world.

Just start saving now, if your parents are any good at investing talk to them, they sound as though they have done OK.

Answer 2

Gold, Diamonds of investment grade. Real Estate rental rates.  Good Luck