Comments | phobi9: Finance Corner

phobi9

Finance Corner

Aug 03, 2006 10:33

The psychology behind money is a very interesting subject. Especially how so many people are willing to give their money to the banks for a .35% APY on a savings account, or maybe one point more than that for a money market account and never really see any returns on their money. In fact, inflation will out pace your savings earnings making it ( Read more... )

Comments 13

cuddlezxoxo August 4 2006, 02:08:01 UTC

but can you be sure the cards they send you are activated?

cuddlezxoxo August 4 2006, 02:10:25 UTC

forget that last comment because i just re-read the last part of your post. How is it possible to make a profit? I don't get it, at all.

phobi9 August 4 2006, 14:11:29 UTC

>>Well if its not activated then you have to take normal paypal/ebay recourse to get your monies back and if that doesn't work ten you get your money back from your credit card company. Of course theres no high returns without some risk.

>>The profit comes from the fact that you are paying 45 dollars (shipped) for a gift card worth 50 dollars. So you're making 5 bux on an investment of 45, which is 11.1%. Like I mentioned, this would be for someone that eats there often, as their food prices are high and you would save more money by not going. But some people can't resist to not go to Victoria's Secret, Target, etc.

cuddlezxoxo August 4 2006, 14:43:27 UTC

Oh i understood that you were saying to sell gift cards for a profit...nevermind!

Thread 5

lugi523 August 4 2006, 05:00:30 UTC

www.hsbcdirect.com
5.05% on savings
$1 min.

breakz08 August 4 2006, 16:30:53 UTC

That shit is pimp. I'm signing up asap.

lugi523 August 4 2006, 17:43:54 UTC

Smart man.

breakz08 August 4 2006, 17:51:09 UTC

Hell yah.

xx6sweet_pea9xx August 5 2006, 01:05:29 UTC

I have a credit union so I think it's a little different. Either way.. even if you're not gaining interest in a savings account, it's much safer to keep your money in the bank, not at home. If your money is stolen at the bank, or the bank burns down.. the bank replaces your money. If it's lost or burned at home.. toooo bad. :)

phobi9 August 5 2006, 15:30:44 UTC

True.. as long as its not more than 100k b/c they won't give you back more than that. And technically, it'll be the Fed replacing your money since the bank will be at a huge loss. Now, also, unless you have an account with something like BankAtlantic - you won't have access to your money at ANY time - and even so you can only get it where there is an ATM ON and nearby. What is there is an EMP shockwave Ashley?? Then how will you ever get your virtual money?

This false sense of security is just what big black governments like the E.U. want to instill in us so that we go from paper money to paperless credits... for shame. love ya!

And a credit union is still a financial institution, just a slightly 'more exclusive' bank..

xx6sweet_pea9xx August 6 2006, 02:33:59 UTC

I don't use an ATM. Checking and then take out at the union when needed.

frisson_think August 5 2006, 18:45:40 UTC

I'm considering getting an ING savings account. It's got something like a 4.65% APY. What sucks for me is that my liquid CD is barely keeping pace with the rate of inflation at 3.15%. But, I think, that's an underestimate of the real value since I haven't driven in a car where I've had to pay for the gas with any regularity. Inflation, then, is not affecting me as it would most people in Miami.

But "savings" accounts might be a moot point since I plan on stocking my stock portfolio sometime this fall.