Bank interest Rates?

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Jon

In memory...
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Joined
Jun 28, 2011
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Northcote, Auckland
I have a few accounts with the same bank. One called the Serious Saver where if I put in $20 a month I get a higher interest rate
In this account I have about $89 thousand. Checking my last statement I found that I had put in that $20 to get the higher interest rate then I got $14.59 interest for the month with the bank paying our Inland Revenue tax of $2.55 so therefore I reckon I am not doing too well. I remember the days where you got a decent amount of bank interest. I feel sorry for the people who cant work anymore and who had a decent amount in the bank with the interest paying some of their bills
 
Not here unless you are a first home buyer as the Inland Revenue take a third of the profit if you sell the house. You have to keep it for 5 years to get that tax break. The govt is trying to force the price down on houses. Also there are too many council and other regulation you have to deal with to build a new house. Heard too many horror stories Rental houses have too many regulations these days so some landlords are selling as they cant be bothered with the drama of rental houses anymore
Commercial buildings dont get that tax but if you look around here every second building has a for lease sign on it. Banks closing, people working from home etc etc
I do have a 5% share of a freehold commercial building 23 years old which pays alot better than the bank pays. Its a pity I didnt have the money all those years ago to invest more at the time
I reckon the mortgages should go back up to the old days rates so I get a better interest rate :)
 
I have heard of banks charging for holding many millions, it can be a convenience for some/companies who have nowhere to put it.

Real Estate prices are crazy now, my wife sold her aunts condo, bought at 60, put 10 in and sold for 140 after 5 years, the new owner of a few of them is getting 1500 a month to rent.

not sure I trust money in bank from all these hackers. That’s why I don’t have any, can’t steel what I don’t have.

buy a charge card company and lend to people like me with bad credit for 25% interest.

speaking of which I need @ 45k, my wife went to Walgreens she said and checked on covid vaccine 2nd doses for a family member, I said why Walgreens to get Tobacco? She said Yes, I said you need tobacco? I said I need ta back hoe, she said what are you up to? She’ll know when they deliver it.
 
Build a house and sell it. The 50k profit you’ll make in a few months is better than any bank interest.
But that was last year. Even though building is still booming right now, it wouldn't surprise me in 6 months if the bottom started to fall out of it. The plywood prices as high as they are and people still building........
..... And even though I've never been able to afford building a home, now must be the scariest time in history to do so.
Nope I don't know the markets nope I don't know crap about money and investments.... just I gut feeling.
Housing costs can only go up so fast for so long. I'm thinking it has to be near its peak.
..... Then again I have a Chevy 1993 S10 that's awaiting delivery of a front wheel spindle from a wrecking yard on Wednesday. 😁
....iffin' ya need investment advice, I'll give you a lot of BS for fity bucks.
....non refundable of course.
 
House of Cards, I agree, when the bottom fell out last time houses in one neighborhood went from 80k to 25k, now selling at over 100k, we couldn’t get money to take advantage of that. The whole economy suffers together except for the richest who increased their net worth.
 
When investing, I like telecom stocks, especially Verizon and ATT. They pay a healthy dividend and are very stable.
If housing crashes, and the fed goes back to making the prime rate zero again, look at agency REITs. They make money on the spread between the prime rate and mortgage rates. In bad times they can. Approach 16% or higher.
 
For years, the rule of thumb was if you had $ one million in a savings account, you could easily live on just the interest, and have about $60,000 a year to live on. Now, if you have $ one million in the bank, your interest rate received is about $5,000 a year.

Hell, I spend more than that on just gasoline, or as Jon would say.... "petrol", right Buddy?
 
Verizon is paying 4.5% yield and ATT is paying 7% yield. AGNC is paying 8.5%. The latter is too risky for me unless the housing market tops out.

I like big names that pay dividends. They aren’t going out of business any time soon and they pay out money thatyou won’t lose if the price drops.
 
Amazon stock is an institution bought stock. Not affordable to the average Joe. I ignore those. I concentrate on what is affordable, stable, and makes money. Emotion and company loyalty have nothing to do with investment. For instance, you don’t buy Ford stock because you own a F150. You buy it because it’s making you money. As soon as it doesn’t, you dump it and buy another stock that will make money.
 
I look for Amazon stocks to take a hit. I was reading that since they quit the 2-day delivery, they are losing 50 customers a day.

they are up 3% in last week, 9% in last month, 21% in last year. Amazon can take quite a hit and they will still make 20%/ year. Even Walmart can’t compete with them.
 
they are up 3% in last week, 9% in last month, 21% in last year. Amazon can take quite a hit and they will still make 20%/ year. Even Walmart can’t compete with them.
Eventually it will hurt them. Much of their stuff is more expensive than it is elsewhere. The 2 day delivery is what got them a lot of their customers. We are buying more groceries at Sam's club and other stuff at Walmart because we get it just as fast and it is much cheaper. Amazon is slow to answer customer complaints too and the other two get right on it. If I have a return for Walmart I can just take it to the local store. Amazon is now wanting returns dropped off at the nearest UPS store which is 100 miles round trip for us.
 
Eventually it will hurt them. Much of their stuff is more expensive than it is elsewhere. The 2 day delivery is what got them a lot of their customers. We are buying more groceries at Sam's club and other stuff at Walmart because we get it just as fast and it is much cheaper. Amazon is slow to answer customer complaints too and the other two get right on it. If I have a return for Walmart I can just take it to the local store. Amazon is now wanting returns dropped off at the nearest UPS store which is 100 miles round trip for us.
The price isn’t as big an issue as the convenience and the massive selection across the board. And the Walmart app is cludgy. It takes at least 3 clicks to get to the search tool on the Walmart app. Amazon has it on the first page, logged in or not. But I like Walmart too. Just not as much as Amazon.
 
I bought a lottery ticket yesterday for two bucks.....
...That's over a 30% return in less than 2 minutes. 😁😁😁
Don't ask me about last week. 😱😁
 
House of Cards, I agree, when the bottom fell out last time houses in one neighborhood went from 80k to 25k, now selling at over 100k, we couldn’t get money to take advantage of that. The whole economy suffers together except for the richest who increased their net worth.
I love those rich people they're going to pay me $2,000 to install a carpet runner on a set of stairs.
..... Then 2 years later, pay me $1,600 to do four stairs and fabticate four custom made stair rods.
That same horrible rich person donated close to $400,000 to buy a building for the boys and girls club in town to use as a dance studio. She caught wind at the dance studio was being moved because of new school was being constructed. They use the school as a dance studio. Now they had nowhere to go. She heard they found a new place to rent but this place was soon going to be sold.
She lives 3/4 of a mile away. She drove down and wrote a check and bought the building for them.
All we hear about is the rich people and their yachts and their second and third and fourth homes. We never hear the good things they do with their money because a lot of people like to be silent about that.
Rush Limbaugh did that. He donated money with the promise that they wouldn't mention his name.
I have yet to understand the hatred of rich people. I make my living, they make theirs.
If a filthy rich person by the second home or a third home and buys a yacht and a jet..... Their employing people that are paid very good wages. If they don't build a home if they don't buy the yacht if they don't buy the plane, how is that good for employment and how is that good for the economy? I love rich people. The filthier the better.
Look what Tesla's done to assist NASA. Look what he's done for people that are thrilled with the Green technology in electric cars.
Look at what Branson has done. Bezos is about to employ a crap load of people to build himself a 5 million billion dollar yacht. Look at all those jobs he is creating.
Had all these rich people sat on their butts and gave all of their wealth every year back to their employees, you'd have people's average wage change from 28,000 a year to $32,000 a year.
Now who's going to form a company that builds electric cars?
Who's going to be employed building multi-million dollar yachts?
They certainly won't be building their second third or fourth homes, so that reduces employment in our line of work.
Rich people are horrible horrible people.
......not!
 
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An elderly lady here donated 10 acres of prime real estate for a new jail. When the county tried to buy an adjoining 10 acres for future expansion, she gave them that too. I have worked for her and her late husband. Never any question about cost and they insisted that when you got done, you come to the house and get paid. He did not want to owe anyone. She recently offered more real estate for an animal shelter.
 

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