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The Water Cooler
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How are your savings?
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<blockquote data-quote="red dirt shootist" data-source="post: 4113692" data-attributes="member: 52708"><p>How are my savings doing? Fantastic. In 2021 a Cd paid something like .1 or .2 percent, meaning a 100K investment paid 100 to 200 dollars, now a CD pays 5 to 6 percent so a 100K investment pays 5-6 thousand dollars, about 50 times what you made in 2021. The next argument will be inflation, inflation is eating all your earnings up, your losing money, blah. Are there magic things out there that inflation isn't eating up? No. I'm not saying CD's are the best, it all depends on your situation, For me they are, I'm old. And when that broker says I have some products here that are killing it, that might mean he's killing it, and after you get the statement he might be making more on your investment than you are. And guess who bears all the risk, you do. </p><p>I don't doubt savings are down, that is a different issue, people are getting into their savings trying to maintain their quality of life, maybe that is what needs to be adjusted. Inflation is exactly what is causing this, and in spite of what they say about inflation running 3,4,5, percent, they are lying to you, inflation is more like 50 to 100 percent. Look at eggs, milk, or things like paint and lumber. The cost of building materials for a median priced 2-300K house has increased 20 thousand dollars. Inflation is a code word for "I'm going to charge you more, but you're not getting more." And there is no justification. </p><p>Years ago I went to see a lumber broker, very successful, and well thought of, I told him what I wanted and he said ok, let's talk about what you're doing, and I told him all about that, and it was going very smooth, and pleasant. I said I'd like to buy a truckload, he says that is about 25,000 board feet, with delivery and fees you're looking at about 12,000 dollars, I said let's do it. At that he jumped up to his feet and yelled " how am I going to get my f*cking money?" I was shocked, I sat there looking at him wondering if this was a joke, and I finally said " when the truck pulls into the yard, I'll write you a check, and if you like I can have someone drive it over." He says" just mail it." Every thing was back to normal, it was weird. But here's the takeaway, don't ever be afraid to ask "what am I getting for my f*cking money.</p></blockquote><p></p>
[QUOTE="red dirt shootist, post: 4113692, member: 52708"] How are my savings doing? Fantastic. In 2021 a Cd paid something like .1 or .2 percent, meaning a 100K investment paid 100 to 200 dollars, now a CD pays 5 to 6 percent so a 100K investment pays 5-6 thousand dollars, about 50 times what you made in 2021. The next argument will be inflation, inflation is eating all your earnings up, your losing money, blah. Are there magic things out there that inflation isn't eating up? No. I'm not saying CD's are the best, it all depends on your situation, For me they are, I'm old. And when that broker says I have some products here that are killing it, that might mean he's killing it, and after you get the statement he might be making more on your investment than you are. And guess who bears all the risk, you do. I don't doubt savings are down, that is a different issue, people are getting into their savings trying to maintain their quality of life, maybe that is what needs to be adjusted. Inflation is exactly what is causing this, and in spite of what they say about inflation running 3,4,5, percent, they are lying to you, inflation is more like 50 to 100 percent. Look at eggs, milk, or things like paint and lumber. The cost of building materials for a median priced 2-300K house has increased 20 thousand dollars. Inflation is a code word for "I'm going to charge you more, but you're not getting more." And there is no justification. Years ago I went to see a lumber broker, very successful, and well thought of, I told him what I wanted and he said ok, let's talk about what you're doing, and I told him all about that, and it was going very smooth, and pleasant. I said I'd like to buy a truckload, he says that is about 25,000 board feet, with delivery and fees you're looking at about 12,000 dollars, I said let's do it. At that he jumped up to his feet and yelled " how am I going to get my f*cking money?" I was shocked, I sat there looking at him wondering if this was a joke, and I finally said " when the truck pulls into the yard, I'll write you a check, and if you like I can have someone drive it over." He says" just mail it." Every thing was back to normal, it was weird. But here's the takeaway, don't ever be afraid to ask "what am I getting for my f*cking money. [/QUOTE]
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