How rich do you have to be to just let your money sit in a bank and let the interest make you enough money to live?
How rich do you have to be to just let your money sit in a bank and let the interest make you enough money to live?
Ryan Walker
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James Jenkins
what's the matter user? you don't know simple math?
Noah Foster
pretty simple math, retard. figure out your cost of living for one year, then estimate what % interest you can generate sitting in a bank. divide cost of living by % interest. there ya go
Charles Smith
Unfortunately it doesn’t work like that anymore. People used to have 5-10% money market accounts. The worst wealth destroying thing the fed ever did was 0% interest rates long term. They Ruined the incentive to save, and at the same time they’re inflating the fuck out of the money. Good luck with trying to let money grow in a bank.
Jace Cook
based silencer poster
Alexander Ortiz
Even a shit ton of money will produce only like $500 of interest a month at best
Asher Jones
>Unfortunately it doesn’t work like that anymore
It will again, and it's not all unfortunate.
Don't forget that, back when accounts were going for 10% or even 15%, so were mortgages.
Luis Davis
Ok, so put your money in a more productive investment vehicle, ya dingus. Bonds and blue chip stocks like Visa and Mastercard provide steady, safe returns. Or if you're willing to put in some work, you could take advantage of the historically low interest rates and buy real estate.
If you want to just stick your money in a savings account, you'll earn the commensurate amount of returns proportional to the risk your taking (next to nothing).
Luis Baker
only takes about $100k to get $500/mo
Robert White
William Cox
>buy stock in credit card companies
>buy real estate
This is literally a collection of the two worst things you can do with your money right now
Holy FUCK you are retarded
Nathan Russell
>what is inflation
Bonds have historically been shit in real terms. Stocks and real estate are almost always better and have better tax treatment.
Adrian Robinson
This. Borrow with low rate and buy land (obv not now right before the crash, lel). Improve property & rent it out. Sell when market tops, periodically lock in gains in stocks and commodities, and bonds of course. Accumulate a decent amount of high yield dividend stocks, that plus rentals to produce your mostly passive income.
Adam Hernandez
>obv not now right before the crash, lel
Carson Morgan
Depends where you live, In some places the inflation is higher than the interest rates, which means that no amount of money is enough.
Lincoln Johnson
>he doesn't know there 100% will be an economic crash
Literally the only way it doesn't happen is if the memes about Trumpenstein are true and he resets all debt and issues a new currency system with China
>t. room temp IQ
Cooper Lee
how have your positioned yourself to take advantage of this 100% crash?
Josiah Young
Personally I'm taking advantage of it by not tying myself to a 30 year mortgage bet on the price of real estate
Julian Green
Never, and mean NEVER let your money sit in the bank, I don't care how much you have. Joint funds, investment funds, real estate, gold, buy something that can earn you money. If you give it to the bankers, you'll lose all of it eventually and I'm not even ironic. Idle money is the worst possible solution, might as well give it away.
Jason Robinson
No it doesnt, interest rates are retarded low
Caleb Clark
What about sitting in US treasury bonds? It seems like a no-brainer, but no one here ever talks about it.
Joseph Smith
yeah you're right, money sitting in a bank is such a foreign concept, and the fact that people still do it amazes me. i was referring to dividend companies or corporate debt
Jaxon Ramirez
>no-brainer
for 3%? go ahead, but if inflation goes above that you lose.
Carson Butler
What the fuck
Kevin Walker
Why what the fuck?