Bank interest? How does it work?

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  • woj
    <&(©¿©)&>
    • Jul 2002
    • 47880
    #51
    50........,.
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      • selena
        Confirmed User
        • Aug 2004
        • 7995
        #52
        I love these kind of threads. I always learn something from you all when I read them.

        When you've never had money to do anything with, it's easy to be behind where you should be in terms of knowledge. (speaking of myself, not edgeprod)

        So I soak these threads up like a sponge.
        ~
        Doer of Things at
        MetArtMoney
        Where Flawless Beauty Meets Art
        ~The MetArt Network ~
        selena.delgado9

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          • Myst
            Confirmed User
            • Feb 2004
            • 4708
            #53
            excellent thread for the young n loaded
            ICQ: 298-523-037

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              • mrthumbs
                salad tossing sig guy
                • Apr 2002
                • 11702
                #54
                so much money in your checking account and not even your financial advisor or accountant gave oyu a little warning? This probably means you dont have a fin advisor or accountant so your tax is not handled properly.....make sure you sort that out first and see how much you really own of the sum waiting on your account before yu get to happy with investments and such....

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                  • mrthumbs
                    salad tossing sig guy
                    • Apr 2002
                    • 11702
                    #55
                    so much money in your checking account and not even your financial advisor or accountant gave oyu a little warning? This probably means you dont have a fin advisor or accountant so your tax is not handled properly.....make sure you sort that out first and see how much you really own of the sum waiting on your account before yu get to happy with investments and such....

                      Comment

                      • edgeprod
                        Permanently Gone
                        • Mar 2004
                        • 10019
                        #56
                        Originally posted by mrthumbs
                        so much money in your checking account and not even your financial advisor or accountant gave oyu a little warning? This probably means you dont have a fin advisor or accountant so your tax is not handled properly.....make sure you sort that out first and see how much you really own of the sum waiting on your account before yu get to happy with investments and such....
                        There's only $5,000 in my PERSONAL checking account most of the time, and I don't share the figures of my savings account with the guy who does the business taxes.

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                          • edgeprod
                            Permanently Gone
                            • Mar 2004
                            • 10019
                            #57
                            Also, I could be wrong on this, but I don't think checking accounts earn interest at my bank .. only savings ....

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                              • Pornwolf
                                Drunk and Unruly
                                • Jan 2002
                                • 22712
                                #58
                                Originally posted by Bobert
                                Yes, real estate isnt for everyone. I'm 27 as well and had real estate for 5 years now. I used my school money to buy my first, plus savings and a loan from my family. It's never depreciated in value, but no big deal if it does because they made money from day one. First lesson in real estate, make sure it makes money the day you buy it!
                                That's pretty much impossible in the highly populated areas in New York & certain parts of Conneticut where a 1 bedroom apartment starts a $400,000.
                                I've trusted my sites to them for over a decade...

                                Webair, bitches.

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                                  • edgeprod
                                    Permanently Gone
                                    • Mar 2004
                                    • 10019
                                    #59
                                    Originally posted by Pornwolf
                                    That's pretty much impossible in the highly populated areas in New York & certain parts of Conneticut where a 1 bedroom apartment starts a $400,000.
                                    Sing it, brother! Here in Connecticut, you can spend $1MM+ on an apartment if you want 3BR and 2 baths. Even more, of course, in NYC.

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                                      • gooddomains
                                        Too lazy to set a custom title
                                        • Jul 2003
                                        • 10127
                                        #60
                                        the bank lends you some money and then they totally screw you over regarding the interest rates

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                                          • Bobert
                                            Confirmed User
                                            • Mar 2006
                                            • 169
                                            #61
                                            Originally posted by Pornwolf
                                            That's pretty much impossible in the highly populated areas in New York & certain parts of Conneticut where a 1 bedroom apartment starts a $400,000.
                                            I hear da bro! Good thing we're in the outskirts. Why not come up to Canada to invest? Downtown T.O. is the same though but you can get a nice house here for $250k. You'd live like a king here for 1 mil. Prices are up though in the last 5 years. Hard to find the gem of a deal anywhere, but if you're loaded like this fella you could buy a few houses outright. I can find a house for $150k but it'll be small and in the hood. Used to find stuff at $100k and that was nice, since then it's $225k average.
                                            I shoot video. ICQ 212-072-421

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                                              • pussyluver
                                                Clueless OleMan
                                                • Mar 2003
                                                • 11009
                                                #62
                                                If you have all the cash in one bank and have exceeded FDIC insurance limits -- time to spread that around to multiple accounts at different banks. Banks in different states make sense too.

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