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Pretty scary
Posted: Tue Jan 06, 2004 5:44 pm
by Admiral Thrawn
Posted: Tue Jan 06, 2004 7:42 pm
by Phoenix Red
moral of the story is a bank account is not a good investment. Getting a financial background will never be a bad descision.
Posted: Tue Jan 06, 2004 8:12 pm
by Tetrad
<BLOCKQUOTE><font size="1" face="Arial">quote:</font><HR><font face="Arial" size="3">Originally posted by Phoenix Red:
moral of the story is a bank account is not a good investment. </font><HR></BLOCKQUOTE>
It's the slowest way to go broke.
Posted: Tue Jan 06, 2004 9:53 pm
by Admiral Thrawn
Yea, before going full time in Primerica, I used to work for a company that did online banking and I had to go through a principles of banking class. The banks basically take your money and place it into securities, pocket their 8-12 or more percent share and give you the breadcrumbs. It's scary when you realize what's going on out in the world and when people are not properly preparing for it.
Posted: Tue Jan 06, 2004 11:18 pm
by Zoop!
Some guy at Primerica tried to hire me away from my current job. In the conversation or two I had with him though, I learned quite a few things like the Rule-of-72. Take 72 and divide it by the interest rate and that is how many years it will take to double your money. For example:
72 / [Interest Rate] = [Approximate Time to Double]
72 / 12 = 6 years with a 12% interest rate
72 / 1 = 72 years to double with a 1% interest rate.
The banks are definitely making money, it's always a good idea to put some of it where it can make money such as in stocks, mutual funds, etc.