6 ms·
Bank account interest is pretty much always less than inflation. So, money sitting in a bank account for 18 years is just losing value.
by dagenix 2mo ago
Bank account interest is pretty much always less than inflation. So, money sitting in a bank account for 18 years is just losing value.
- deleted 2mo ago[deleted]
- Danox 2mo agoThe object of the game is to live within your means, save and invest. More than half the population does not do that. When you’re 18 the treadmill starts turning if you don’t use your time wisely, you’re going to be in trouble at the end of life. When you are young, simple compounding is your friend because you have time. https://www.thewealthminded.com/finance-basics/how-compound-interest-works-and-why-its-your-best-friend https://www.thewealthminded.com/finance-basics/how-compound-... People have won the lottery and blown it all, some people who have extremely high paying professions in their youth, have over the course of time have also blown it all.
- FabHK 2mo agoWhile banks often pay crap rates, real rates (e.g. from government bonds) have largely been positive (except the short end after GFC and COVID). https://fred.stlouisfed.org/series/REAINTRATREARAT10Y https://fred.stlouisfed.org/series/REAINTRATREARAT10Y https://fred.stlouisfed.org/series/REAINTRATREARAT1YE https://fred.stlouisfed.org/series/REAINTRATREARAT1YE