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Old 6th November 2019, 06:42 PM   #41
Orphia Nay
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Do you have a credit card debt?

If you're paying any interest now, paying it off is a likely way to benefit.
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Old 6th November 2019, 07:00 PM   #42
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Originally Posted by Orphia Nay View Post
Do you have a credit card debt?

If you're paying any interest now, paying it off is a likely way to benefit.
That would be my suggestion.

Otherwise, unless you are talking about decades, you are not likely to get much of a return on $10,000 regardless of where you invest it so don't sweat it. Just put it into an index fund until you need it.

OTOH a budget car sounds nice.
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Old 6th November 2019, 07:03 PM   #43
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Hookers and blow.
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Old 6th November 2019, 07:12 PM   #44
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Originally Posted by psionl0 View Post
That would be my suggestion.

Otherwise, unless you are talking about decades, you are not likely to get much of a return on $10,000 regardless of where you invest it so don't sweat it. Just put it into an index fund until you need it.
Indeed!

Originally Posted by psionl0 View Post
OTOH a budget car sounds nice.
No! It sounds terrible, unless you can somehow find an electric vehicle rideshare subscription.

Don't buy any more dangerous metal boxes emitting gases.

Especially if wasapi already walks everywhere.

They'd be extremely likely to be doing themselves out of their own energy-burning, and gain weight.

Reducing debt, or gaining small increments in income could be used for extra public transport, and gain more freedom, longevity, and joy, and reduce guilt and environmental harm.
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Old 6th November 2019, 11:56 PM   #45
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There are ways to invest the money other than in "investments". For instance, go get that dental work done. Spend the $2000 now so that you don't have to spend $10000 later. Generally anything you've been putting off health-wise.

There may be improvements that you could make to your home that would increase your comfort and save you money in the long term.
ETA: for instance, maintenance/repair work.

I think it also makes sense to take 5% of it and just treat yourself.

ETA2: One way to spend the money would be to add a little bit to your monthly budget. For instance, you said you are living on $900/month. Take $100/month from this fund and you can spend $1000/month for the next 8 years.
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Old 7th November 2019, 04:08 AM   #46
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I would clear as much debt as possible (if any), treat yourself and invest any change
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Old 7th November 2019, 08:05 AM   #47
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Originally Posted by Brainster View Post
I make money playing poker, but most of the money I make that way is from running bar poker tournaments.
That does seem to be the best way.
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Old 7th November 2019, 08:11 AM   #48
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Originally Posted by Orphia Nay View Post
No! It sounds terrible, unless you can somehow find an electric vehicle rideshare subscription.

Don't buy any more dangerous metal boxes emitting gases.

Especially if wasapi already walks everywhere.

They'd be extremely likely to be doing themselves out of their own energy-burning, and gain weight.

Reducing debt, or gaining small increments in income could be used for extra public transport, and gain more freedom, longevity, and joy, and reduce guilt and environmental harm.
My main problem with the car idea is that it will eat into an already slim budget going forward with insurance, maintenance, registration, tickets, etc. The purchase price is just the tip of the iceberg when it comes to owning a car, and often a cheap car can be more of a financial burden if you don't already have the experience maintaining cars.

If wasapi needs to set aside $2500 for "transportation" and use that towards taxis, ride shares or even rentals, it will likely cover her for longer than a $2500 car without all the added headaches and expenses.
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Old 7th November 2019, 08:27 AM   #49
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I inherited a certain amount of money when my father died. We used it to pay off our mortgage, and I can certainly recommend that clearing (or partially clearing) any major debt - particularly debt with a reasonable interest payment is a long-term benefit.

It doesn't sound sexy, or fun, but it has the potential to give us significant long-term benefits.

</boring answer>
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Old 7th November 2019, 09:44 AM   #50
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Originally Posted by shemp View Post
Hookers and blow.
No interest in hookers. Blow? Well, . . .
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Old 7th November 2019, 09:51 AM   #51
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Originally Posted by Dr. Keith View Post
My main problem with the car idea is that it will eat into an already slim budget going forward with insurance, maintenance, registration, tickets, etc. The purchase price is just the tip of the iceberg when it comes to owning a car, and often a cheap car can be more of a financial burden if you don't already have the experience maintaining cars.

If wasapi needs to set aside $2500 for "transportation" and use that towards taxis, ride shares or even rentals, it will likely cover her for longer than a $2500 car without all the added headaches and expenses.
Thanks for this, Dr. Keith, you have made me more realistic, and I have decided to not spend any of the money buying a cheap, used car. What could possibly go wrong? Your post really helped.

Having no mortgage, my only real debt is about $200 in credit card debt. Paying that will hardly make a dent in the balance. The rest, I want to be very cautious with. Thanks.
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Old 7th November 2019, 10:12 AM   #52
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Originally Posted by wasapi View Post
Thanks for this, Dr. Keith, you have made me more realistic, and I have decided to not spend any of the money buying a cheap, used car. What could possibly go wrong? Your post really helped.

Having no mortgage, my only real debt is about $200 in credit card debt. Paying that will hardly make a dent in the balance. The rest, I want to be very cautious with. Thanks.
You are quite welcome. I have seen friends of my kids spend more to keep cheap cars running than I do on a new car. It is a tough pit to dig yourself out of once you decide you need a car.

If it costs you $100 a month to find other transportation options, that is likely cheaper than the required insurance and maintenance on a cheap car. By the way, the link in my prior post is to Turo, a website that allows you to rent cars from private owners. Often there are very good deals for cheap cars. Just in case your neighbor isn't available.

Also, Roborama had a very good point about spending on preventive maintenance for your body, such as the dental procedure that will likely only go up in cost if postponed.

Finally, based on your experience hanging out with bikers, you are probably aware the $10,000 is sufficient for lifetime supply of blow. But we don't want to see you leave us that quickly.
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Old 7th November 2019, 10:15 AM   #53
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Originally Posted by wasapi View Post
In a few days I am to receive $10,000 from my friend who passed a few months ago. It is tempting to just blow it on things I want, and it would be gone soon enough.

It seems too small to invest in anything profit bearing, and will only receive a small interest if put in a savings account.

Any advise on what to do so the money isn't squandered or stuck in limbo at the bank? Thanks
I'd invest it with Edward Jones or another investment company. When you retire you'll have a bit of money.
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Old 7th November 2019, 08:49 PM   #54
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One alternative option is to do a course. The subject is not critical, the object is to make you realise something you did not know that could be useful. Will not spoil the fun of doing the course by giving you the answer. Just make sure it is an interesting topic.
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Old 10th November 2019, 06:54 PM   #55
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My general approach with extra money is to find the one annoying thing in your life that you can throw money at and solve, and solve it by throwing money at it.

Note: This does not always work satisfactorily with spouses or ex-spouses.
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Old 13th November 2019, 09:47 AM   #56
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Originally Posted by Cainkane1 View Post
I'd invest it with Edward Jones or another investment company. When you retire you'll have a bit of money.
I am retired, and receive a small amount of Social Security and disability.
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Old 13th November 2019, 09:49 AM   #57
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Originally Posted by rjh01 View Post
One alternative option is to do a course. The subject is not critical, the object is to make you realise something you did not know that could be useful. Will not spoil the fun of doing the course by giving you the answer. Just make sure it is an interesting topic.
What a great suggestion, one I hadn't thought of. To my advantage, being a curious person, there are several things that I would like to learn, or learn more about.
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Old 13th November 2019, 12:29 PM   #58
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Art history is a good one. It's fun, informative, and totally useless for 99.99% of the population. Hence best taken just for fun.
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Old 13th November 2019, 02:04 PM   #59
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Originally Posted by TragicMonkey View Post
Art history is a good one. It's fun, informative, and totally useless for 99.99% of the population. Hence best taken just for fun.
And there is always clown school! Is it too late to learn Hip-Hop! Rap! Tight rope walking. Endless ideas.
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Old 13th November 2019, 02:31 PM   #60
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Originally Posted by wasapi View Post
And there is always clown school! Is it too late to learn Hip-Hop! Rap! Tight rope walking. Endless ideas.
Do you have to do the whole clown school or can you just take classes in balloon sculpture? Asking for a friend.
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Old 13th November 2019, 03:10 PM   #61
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Originally Posted by wasapi View Post
What a great suggestion, one I hadn't thought of. To my advantage, being a curious person, there are several things that I would like to learn, or learn more about.
Thanks. Learning to overcome your weaknesses is a great side effect of many courses.
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Old 13th November 2019, 03:21 PM   #62
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If I was to take a course, it would probably be in the history of science and technology.
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Old 15th November 2019, 05:19 PM   #63
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I like the idea of buying something that is going to be around for a long time, so that one has an object that reminds one of the bequestor.



My father left me a small amount of money, and I used it to buy my back verandah. This often causes me to look up and say "thanks Dad".

He also gave me the brass plaque from my Great-Grandfather's home.
(Rich people used to have brass name plates by their front door apparently).

I keep thinking that I should mount it to the wall out there, for similar reasons.
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Old 15th November 2019, 06:52 PM   #64
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Originally Posted by novaphile View Post
My father left me a small amount of money, and I used it to buy my back verandah. This often causes me to look up and say "thanks Dad".
When my wife's mother died, she left us a small amount, enough to build a 6-foot cedar privacy fence around our back yard. We liked it quite a bit for giving us the ability to let the dog out without us accompanying him, but, since having grandkids, it's become a wonderful thing. We remember her to each other often while watching them play.

Wasapi, using even a small part of it in a way that will remind you of your friend is money well spent.
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Old 16th November 2019, 12:53 PM   #65
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Originally Posted by Elvis666 View Post
When my wife's mother died, she left us a small amount, enough to build a 6-foot cedar privacy fence around our back yard. We liked it quite a bit for giving us the ability to let the dog out without us accompanying him, but, since having grandkids, it's become a wonderful thing. We remember her to each other often while watching them play.

Wasapi, using even a small part of it in a way that will remind you of your friend is money well spent.
Thank you, really. My yard needs enclosing for my dog to roam but stay protected. My friend, Dan, loved animals, and was fond of my dog Allie. To use some of the money for this purpose is a great idea.
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Old 17th November 2019, 09:13 PM   #66
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Originally Posted by Dr. Keith View Post
You are quite welcome. I have seen friends of my kids spend more to keep cheap cars running than I do on a new car. It is a tough pit to dig yourself out of once you decide you need a car.

If it costs you $100 a month to find other transportation options, that is likely cheaper than the required insurance and maintenance on a cheap car. By the way, the link in my prior post is to Turo, a website that allows you to rent cars from private owners. Often there are very good deals for cheap cars. Just in case your neighbor isn't available.

Also, Roborama had a very good point about spending on preventive maintenance for your body, such as the dental procedure that will likely only go up in cost if postponed.

Finally, based on your experience hanging out with bikers, you are probably aware the $10,000 is sufficient for lifetime supply of blow. But we don't want to see you leave us that quickly.

You could blow through ten grand in a weekend! [ETA: maybe that's what you meant hmmm...]

About used cars...hogwash! Hogwash, I say!

I've spent less on my used 2000 Toyota truck in the ten years I've had it than I would have making car payments in that same time, including the price of the truck itself. $6000 purchase and maybe 2k in repairs. Hell throw in gas and insurance and it's still cheaper.

Car payment, let's say $250 a month = 3000/year = 18,000 in 6 years. Are you sure your friends kids are spending that much on used car repairs? And there's the initial up-front cost too.

I could have spent much much more than I have though. I didn't fix that rack and pinion so I can't get it aligned either. Because of this, I go through tires but I buy them used. I could fix a lot of things but I don't.

Even if I fixed everything and repainted it it would still be waaaay cheaper than buying new. And I can sell my truck for around what I paid for it because it's a good model. Try that with your new-fangled car! That thing lost 1/3 of it's value the moment you signed on the dotted line.

Anyways, I remember reading that Wasapi isn't fond of cars. But used is economically the way to go, even if it's a clunker. But hey if you can borrow one I'd use the cash for something else.
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Old 17th November 2019, 11:20 PM   #67
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My advise would be to take half of that money and toss it into a short-term investment. Something stable and secure (like GIC's) that you can choose to lock in for 1 year/2 years/3 years/5 years that you can easily roll back over (including the earned interest) when it hits the maturity date. The interest rate is lower on short-term investments, but they give you the freedom to do whatever you want with that money when it matures... ie: if you don't need the money, you can easily roll it back into another GIC for another few years (including the accumulated interest), and so on, slowly building up that original $5000 by re-investing it. Think of it like a glorified savings account. You're not investing as a means of trying to quadruple your money overnight (unless you're into that kind of high risk thing), instead, you're investing for the purpose of slowly building up a little something something for yourself and your future self. Building up a little nest egg, per se.

Take the other half and sock away $2 or $3 thousand of it into a high interest savings account as a "rainy day fund" for yourself that you can easily access at any time, should the need arise (roof caves in, furnace blows up).

And then take the other remaining $2 or $3 thousand and spend it on yourself (new fence, new hairdo, new clothes, new craft supplies, whatever). Don't be afraid to spend some on yourself, you deserve it. And I'm sure your partner would have wanted to see you enjoy some of it.

Invest some, save some, spend some.
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Old 18th November 2019, 04:48 AM   #68
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Originally Posted by AnonyMoose View Post
Take the other half and sock away $2 or $3 thousand of it into a high interest savings account as a "rainy day fund" for yourself that you can easily access at any time, should the need arise (roof caves in, furnace blows up).
What is a "high interest savings account"?
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Old 18th November 2019, 05:59 AM   #69
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Originally Posted by psionl0 View Post
What is a "high interest savings account"?
A type of dinosaur that once roamed the earth long, long ago.
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Old 18th November 2019, 09:06 AM   #70
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I would like to use a bit of the money in some charitable way. Like doing something for someone in a position that I have been stuck in before, and would have greatly appreciated someone helping me over a bump in life.

No need to send my a pm with your address. I wasn't born yesterday. ( I will, however, give you a kidney if needed.)
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Old 18th November 2019, 10:05 AM   #71
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Originally Posted by mgidm86 View Post
You could blow through ten grand in a weekend! [ETA: maybe that's what you meant hmmm...]
Exactly what I meant. A lifetime supply.

Quote:
About used cars...hogwash! Hogwash, I say!
I love used cars, so it was hard for me to write that. But, someone who isn't into cars should not be buying a used car for less than $5,000 without a lot of help from a trusted car person. It is hard to justify a proper pre-purchase inspection and it is easy to buy a money pit in that price range.

But, as you mentioned, it sounds like wasapi has moved on from the car idea.
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Old 18th November 2019, 10:07 AM   #72
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Originally Posted by wasapi View Post
I would like to use a bit of the money in some charitable way. Like doing something for someone in a position that I have been stuck in before, and would have greatly appreciated someone helping me over a bump in life.

No need to send my a pm with your address. I wasn't born yesterday. ( I will, however, give you a kidney if needed.)
That would really depend on when and where you got the kidney. Those things go bad pretty quickly after harvesting. Like worse than those roses you buy along the highway.
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Old 18th November 2019, 11:31 AM   #73
wasapi
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Take my kidney, or don't. It is available.

I did find one thing so far. On FB, I am in a private forum for those who lost someone from suicide. A young woman was saying her boyfriend, the father of her 3 yr old, recently committed suicide. She wants to at least buy her child some gifts for Christmas, but has neither the money or enthusiasm to do so. She asked for some inexpensive gift ideas.

Contacting her, she said her little one loves to look at books. Now, I am putting together a box to send, with kids books and other small gifts. The mom is so grateful, but that's not the point.

For some reason, I love doing this. It is a great feeling, and in part, I am doing it selfishly. I only wish I could do more. Devoting a tenth, $1,000, towards this kind of action, is a rush of satisfaction.
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Old 18th November 2019, 12:00 PM   #74
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Originally Posted by wasapi View Post
Take my kidney, or don't. It is available.
Oh, it is yours? I completely misunderstood.

Quote:
I did find one thing so far. On FB, I am in a private forum for those who lost someone from suicide. A young woman was saying her boyfriend, the father of her 3 yr old, recently committed suicide. She wants to at least buy her child some gifts for Christmas, but has neither the money or enthusiasm to do so. She asked for some inexpensive gift ideas.

Contacting her, she said her little one loves to look at books. Now, I am putting together a box to send, with kids books and other small gifts. The mom is so grateful, but that's not the point.

For some reason, I love doing this. It is a great feeling, and in part, I am doing it selfishly. I only wish I could do more. Devoting a tenth, $1,000, towards this kind of action, is a rush of satisfaction.
That sounds like it would be very good for you and some other people.

[All the typical skeptical admonishments about not getting scammed go here.]
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Old 18th November 2019, 07:35 PM   #75
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Originally Posted by wasapi View Post
I did find one thing so far. On FB, I am in a private forum for those who lost someone from suicide. A young woman was saying her boyfriend, the father of her 3 yr old, recently committed suicide. She wants to at least buy her child some gifts for Christmas, but has neither the money or enthusiasm to do so. She asked for some inexpensive gift ideas.

Contacting her, she said her little one loves to look at books. Now, I am putting together a box to send, with kids books and other small gifts. The mom is so grateful, but that's not the point.

For some reason, I love doing this. It is a great feeling, and in part, I am doing it selfishly. I only wish I could do more. Devoting a tenth, $1,000, towards this kind of action, is a rush of satisfaction.
Very cool.
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Old 20th November 2019, 03:14 PM   #76
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Originally Posted by psionl0 View Post
What is a "high interest savings account"?

It's a savings account with an interest rate that's slightly above the current average rate (it can be anywhere from .5 to 2 points above the going rate - depending on your bank). There's always a small catch with these types accounts, usually it's just some minor thing like only allowing two transactions per month (debit/credit), or something along those lines. But if you don't plan on withdrawing from it constantly (which would defeat the purpose behind 'saving'), then it's not an issue.
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Old 20th November 2019, 04:07 PM   #77
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Ah. So instead of an interest rate of 0.01%, it could be a rate of 0.015% and even as high as 0.03%.
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Old 20th November 2019, 05:11 PM   #78
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Originally Posted by psionl0 View Post
Ah. So instead of an interest rate of 0.01%, it could be a rate of 0.015% and even as high as 0.03%.

Just enough to splurge for a (small) latte at Starbucks!
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Old 20th November 2019, 08:08 PM   #79
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Originally Posted by psionl0 View Post
Ah. So instead of an interest rate of 0.01%, it could be a rate of 0.015% and even as high as 0.03%.
When I was a teenager my savings account paid 3.8% interest. Now you can't easily find even a CD that pays that much interest.
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Old 21st November 2019, 03:39 AM   #80
rjh01
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Originally Posted by AnonyMoose View Post
It's a savings account with an interest rate that's slightly above the current average rate (it can be anywhere from .5 to 2 points above the going rate - depending on your bank). There's always a small catch with these types accounts, usually it's just some minor thing like only allowing two transactions per month (debit/credit), or something along those lines. But if you don't plan on withdrawing from it constantly (which would defeat the purpose behind 'saving'), then it's not an issue.
You can get a term deposit in Australia that pays 1.5-2% pa interest. In the USA rates may be slightly different, but you can ask your bank for the rates.
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