you make as much interest on your money,do you remember when you made a decent return on your money, its a wonder the bank doesn’t charge you for keep track of your money, at yet some people say “put aside 20% for your retirement”
Guy got an overdraft letter from his bank demanding repayment and threatening heavy penalties. He replied: Dear Sir, over the years you have had much more use of my money than I have of yours and I haven’t charged you a single cent in fees. Let’s call it even.
The worst is that the banks loan out YOUR money to someone else and then charge interest on it. Let me get this straight. They loan out MY money and THEY make interest on it, I get nothing? What is wrong with this picture?
In most states any unclaimed funds in inactive accounts MUST be turned over to the state comptroller. He must hold it for a period and attempt to find the owners. if no one claims it, it is put in the state’s general fund!
There is no guarantee, however since its founding, the S&P 500 has earned 11.8 (on average) per year. Better than a bank, and far better than Social (in)Security has garnered anyone.
First, start young. Start two savings accounts. One for emergencies and the other for saving. Try to not dip into either to much and let them get at least a couple of thousand in them. (Pros say you should keep two months pay after taxes) When you get to that point pull a thousand out of each and put into a good Mutual Fund (Go to the Library and check out Forbes annual Mutual Fund Review, look for a fund with a good 5-10-20 year return (don’t panic if there is a negative yield one year as long as it’s not much worse then the rest of the market)) Make sure all dividends & capital gains on the fund are reinvested in the fund. Reduce what your putting into the bank accounts, and send the money into the Mutual Funds. You will be amazed at how the money will grow. NOTE if there is a major market correction (AND THERE WILL BE!), remember your “Hitchhikers Guide to The Galaxy” DON’T PANIC! You keep the regular bank accounts for day to day emergencies/fixes etc. You can hire a good money manager for not to much money if your don’t feel up to doing the research. I’ve done it both ways.
Adiraiju over 6 years ago
Goodness gracious, an honest banker.
Sisu60 over 6 years ago
you make as much interest on your money,do you remember when you made a decent return on your money, its a wonder the bank doesn’t charge you for keep track of your money, at yet some people say “put aside 20% for your retirement”
DanFlak over 6 years ago
Is it just my town or does every other street corner have a mattress store? I think they took over all the old Starbucks and Blockbuster Video Stores.
sandpiper over 6 years ago
Guy got an overdraft letter from his bank demanding repayment and threatening heavy penalties. He replied: Dear Sir, over the years you have had much more use of my money than I have of yours and I haven’t charged you a single cent in fees. Let’s call it even.
Thanksfortheinfo2000 over 6 years ago
Of course that assumes the currency will have any value later…
DaveJohn1 over 6 years ago
The worst is that the banks loan out YOUR money to someone else and then charge interest on it. Let me get this straight. They loan out MY money and THEY make interest on it, I get nothing? What is wrong with this picture?
Great Wizard Nala over 6 years ago
In most states any unclaimed funds in inactive accounts MUST be turned over to the state comptroller. He must hold it for a period and attempt to find the owners. if no one claims it, it is put in the state’s general fund!
Display over 6 years ago
So… Wells Fargo now sells mattresses to help pay off their fines? Because they’d never just pass that along.
"It's the End of the World!!!" Premium Member over 6 years ago
There is no guarantee, however since its founding, the S&P 500 has earned 11.8 (on average) per year. Better than a bank, and far better than Social (in)Security has garnered anyone.
mauser7 over 6 years ago
First, start young. Start two savings accounts. One for emergencies and the other for saving. Try to not dip into either to much and let them get at least a couple of thousand in them. (Pros say you should keep two months pay after taxes) When you get to that point pull a thousand out of each and put into a good Mutual Fund (Go to the Library and check out Forbes annual Mutual Fund Review, look for a fund with a good 5-10-20 year return (don’t panic if there is a negative yield one year as long as it’s not much worse then the rest of the market)) Make sure all dividends & capital gains on the fund are reinvested in the fund. Reduce what your putting into the bank accounts, and send the money into the Mutual Funds. You will be amazed at how the money will grow. NOTE if there is a major market correction (AND THERE WILL BE!), remember your “Hitchhikers Guide to The Galaxy” DON’T PANIC! You keep the regular bank accounts for day to day emergencies/fixes etc. You can hire a good money manager for not to much money if your don’t feel up to doing the research. I’ve done it both ways.