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M, you can keep money in banks
You have to keep it somewhere. Understand that the money you keep there and earn 1% interest on is being used by the bank to earn 6% interest or more. Another good deal for them. Still, receiving any interest is better than paying it. For us, we have set an amount of cash we want on hand and then we are going to invest the rest to see what kind of return we can actually get.
posted by
SuccessWarrior
on November 17, 2006 at 8:46 AM
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If banks are so evil ...
where should people keep their money?
Under their mattresses?
"Church girl."
posted by
Mademoiselle
on November 16, 2006 at 12:46 PM
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One thing that I should point out and maybe I'll do it even more tomorrow
The real money involved. If you have a house payment of $1,200 a month for example, you are probably paying close to $900 a month in interest after principle (ha!), pmi, taxes, and insurance. Just a rough guess. That's $10,800. That's huge!
I will go into this more tomorrow because you are right on the money.
posted by
SuccessWarrior
on November 16, 2006 at 9:49 AM
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You can give the government a quarter...
then turn around and invest that 75¢ left over, or give it to charity, or save it towards that TV or car. I agree that it makes no sense to hand $1 over to the bank in order to save a quarter on one's income taxes at the end of the year.
I'm glad to see that your wife is doing research into credit-card debt and the way it affects one's FICO score. In my opinion, the whole credit reporting system needs to be revamped to reward people who choose not to carry credit-card debt.
posted by
kidnykid
on November 16, 2006 at 9:18 AM
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