Banks may require $50 to open an account, but lets face it, if you’re drawing a dollar a day for whatever reason, sooner or later there’s going to be only one dollar left.
Probably sooner, because once your balance gets too low, in the ultimate act of irony, they’ll start fining you and taking the fines out of your balance!
Somebody explain compounding to me and its effect over 1500 years. If I put in $100 and the bank fines me $1/year, do I owe $1400? Or do I own the bank, the FDIC, and the International Monetary Fund? Does the IRS smile at me? Inquiring minds want to know? If the Fed pays our debt by printing money, do I have a lifetime supply of bathroom tissue? Will I have more if I Greece it? How bouts if I buy shares in GMC?
for the IRS problem, see the slew of tax attorneys who’ll save you millions. TV infestation. Early version of spam.
The Fed doesn’t print money. the treasury prints it and hands it to them. Not good for anyone’s constitution.
Buy lots of GM and they’ll “split” and the prime holders will double their wealth and the “common stock” will be worth half or less than what it was with you holding twice as many shares. GM only makes a profit every three years no matter the economy.
There was an early BH strip where Broomie told Gaylord that her father had put $10 in the bank for her when she was just a kid. Gaylord calculated that, after about 1500 years of compound interest, she must be the richest person in the world… to which she said that she’d snuck it out of the bank the next day to buy cigars.
You usually need a minimum amount to open an account, but I have yet to see one with a minimum amount needed to keep an account, you just don’t get certain advantages.
@lewreader, most of your questions have nothing to do with compounding. But compounding is not that complicated - i can understand it. Try present value and future value - I’ve taught classes about these and I still don’t understand them!
Sisyphos over 14 years ago
Most banks, I think, now have minimum deposits of $50 or more….
margueritem over 14 years ago
Not where Broomie banks……
Llewellenbruce over 14 years ago
“Go ahead and ZAP her Broomie”.
GROG Premium Member over 14 years ago
I guess you won’t be retiring any time soon, Broomie.
UncaAlby over 14 years ago
Banks may require $50 to open an account, but lets face it, if you’re drawing a dollar a day for whatever reason, sooner or later there’s going to be only one dollar left.
Probably sooner, because once your balance gets too low, in the ultimate act of irony, they’ll start fining you and taking the fines out of your balance!
Yukoner over 14 years ago
Bankers and Bandits have a lot in common.
Rakkav over 14 years ago
Not to quibble or anything, but aren’t some of you banks doing a pretty good job of that already?
lewisbower over 14 years ago
Somebody explain compounding to me and its effect over 1500 years. If I put in $100 and the bank fines me $1/year, do I owe $1400? Or do I own the bank, the FDIC, and the International Monetary Fund? Does the IRS smile at me? Inquiring minds want to know? If the Fed pays our debt by printing money, do I have a lifetime supply of bathroom tissue? Will I have more if I Greece it? How bouts if I buy shares in GMC?
freeholder1 over 14 years ago
Compounding is confounding indeed. Worse still is simple interest. I have no interest and I’m too simple to understand.
freeholder1 over 14 years ago
for the IRS problem, see the slew of tax attorneys who’ll save you millions. TV infestation. Early version of spam.
The Fed doesn’t print money. the treasury prints it and hands it to them. Not good for anyone’s constitution.
Buy lots of GM and they’ll “split” and the prime holders will double their wealth and the “common stock” will be worth half or less than what it was with you holding twice as many shares. GM only makes a profit every three years no matter the economy.
Sherlock Watson over 14 years ago
There was an early BH strip where Broomie told Gaylord that her father had put $10 in the bank for her when she was just a kid. Gaylord calculated that, after about 1500 years of compound interest, she must be the richest person in the world… to which she said that she’d snuck it out of the bank the next day to buy cigars.
gobblingup Premium Member over 14 years ago
That is one sarcastic teller. LOL!!
coffeeturtle over 14 years ago
she hasn’t much to show for her many years of life. ;-)
Coyoty Premium Member over 14 years ago
In Zimbabwe, she’d be a billionaire.
bobpeters61 over 14 years ago
You usually need a minimum amount to open an account, but I have yet to see one with a minimum amount needed to keep an account, you just don’t get certain advantages.
RinaFarina over 14 years ago
@lewreader, most of your questions have nothing to do with compounding. But compounding is not that complicated - i can understand it. Try present value and future value - I’ve taught classes about these and I still don’t understand them!