RE: Soft Money Generates Soft Solutions
You are viewing a single comment's thread:
LotS of bank now days are charging negative interest. So you have to pay the fine if you are saving. That’s opposite of that we have been taught by our parents. Maybe savings in banks is not the best option these days
0
0
0.000
Where I am the banks are also charging "administrative costs" at the moment for a savings account, which is higher than the interest you get in return. If you're someone who doesn't save every month, the chance is that you'll end up with less than your starting capital. So indeed, that's not what we were taught as children, that saving in the bank was the way to go.
The only thing is, what's safer than a bank? It's also not advisable to keep cash stashed at home.
That is horrible, perhaps look at your bank's products, if they have money market accounts or index funds you can get into attached to your account, perhaps that's an option, just to cover the fees and inflation so you don't "lose" your purchasing power
Other than that, storing physical gold or silver, some banks also allow you to purchase gold through them and store it but watch out for the storage fees.
Stocks are an option, you'll just have to pay your capital gains tax on sale or dividents, so make sure that's inline with your tax bracket or you could be taxed more
Then finally Bitcoin, which is what I am doing, not out of choice but to me it's really the only option I have left
Posted Using LeoFinance Beta
Thanks for the advice and options given. I appreciate it 😊
I was definitely going to look into the options of the banks here and we were indeed thinking of investing. We only need to do our research first.
Yes that's correct, and even if you're not getting nominal negative interest rates, you still could be in negative territory due to the fisher effect, if inflation is higher than you're savings right, then, in theory, you're in negative interest on your savings, which is whats happening here in South Africa.
It's completely the opposite of what we were taught and its a cash grab of note, which is why I am confident in Bitcoin, as long as this path continues
Posted Using LeoFinance Beta
Gen X and boomers could gain interest on savings. Millennials and Zoomers are left holding the bag from past government defecits and unfunded liabilities, our savings earn no interest unless we gamble in the stock market, and the economy has been rocky for the past two decades. But no, we're just lazy, right? And now the internet and crypto are being subjected to arbitrary regulation by the government that has been screwing us over for all of our lives already.
They reaped the benefits of free markets and then decided that protecting what they got at all costs was the best thing because they don't want to enjoy free competition when they're on the losing end of the trade