Best ways to save money right now?

A 9% return on cash?? haha

Paul Jackson61 said:I don't think anyone here has actually crunched the numbers on interest rates yet... but let's look at it this way: if you lent me 500 $0.00, what amount would you realistically expect back from me after $10? What could you actually accomplish with that capital over a 30-year span? Even a major bank like JP Morgan Chase pays you interest just to hold your savings. Just consider how much you'd need to park in an account today to have $166667 ready in 30 years 😉... and that's just for a standard mortgage. In my opinion, people don't take out these types of loans without a serious reason. Not everyone has a windfall waiting for them from a parent or a spouse to solve their housing needs.

Yeah, sure, I'll just hand them $167 and then they'll go belly up in ten years, leaving me with absolutely nothing to show for it, right?

And what if I kick the bucket or lose everything in ten years? Am I still expected to keep paying them back until every cent of that interest is cleared?

🤣🤣🤣

We're basically cut from the same cloth.

Banks crash and burn all the time, and when they do, that money isn't coming back to you—not like I can walk in there and put a local branch up as collateral or anything.

Raymond Clark7 said:Yeah, sure, I'll just hand them $167 and then they'll go belly up in ten years, leaving me with absolutely nothing to show for it, right?

And what if I kick the bucket or lose everything in ten years? Am I still expected to keep paying them back until every cent of that interest is cleared?

🤣🤣🤣

We're basically cut from the same cloth.

Banks crash and burn all the time, and when they do, that money isn't coming back to you—not like I can walk in there and put a local branch up as collateral or anything.

You won't be paying because you'll be dead.😉 It's the guarantor who pays.🙂 If they actually collapse, there would likely be enough warning signs to pull your cash out early. Plus, the FDIC guarantees amounts up to $250k, though that doesn't always mean much in practice.$0.00 Besides, nobody is crazy enough to "put all their eggs in one basket," right?🙄 And do you really think a scenario like JP Morgan Chase failing is likely? It's possible, but then you should just invest in something more secure. Honestly, what is even "secure" anymore? If an apocalypse or a nuclear war hits tomorrow, you won't care about money—you'll be worried about a slice of bread and a glass of water. You could buy real estate, Gold, or land for that kind of cash. Anyway, the point remains: you don't make money on a High School loan or a mortgage. Those are service products. People who want them will take them, and those who don't can just walk away.☕

Paul Jackson61 said:You won't be paying because you'll be dead.😉 It's the guarantor who pays.🙂 If they actually collapse, there would likely be enough warning signs to pull your cash out early. Plus, the FDIC guarantees amounts up to $250k, though that doesn't always mean much in practice.$0.00 Besides, nobody is crazy enough to "put all their eggs in one basket," right?🙄 And do you really think a scenario like JP Morgan Chase failing is likely? It's possible, but then you should just invest in something more secure. Honestly, what is even "secure" anymore? If an apocalypse or a nuclear war hits tomorrow, you won't care about money—you'll be worried about a slice of bread and a glass of water. You could buy real estate, Gold, or land for that kind of cash. Anyway, the point remains: you don't make money on a High School loan or a mortgage. Those are service products. People who want them will take them, and those who don't can just walk away.☕

well, I'm taking all the eggs out of the same basket—but what if I actually want to put them all in one? yeah, big difference.

The government guarantees it? Man, in ten years, there might not even be a government left.

Warning signs before pulling out??—but we won't all be able to get out in time 😉 someone like Josipović from Gold will probably manage to escape, while Mujo iz Kloštar won't even be able to deal with his own misery. 😉

Bingo—JP Morgan Chase.

A nuclear war—please, even when people are just begging for a crust of bread and water, banks will still be demanding money, so they'll probably charge you like $3.25 per gallon just so you can put it on credit. 😁 🤣

Look, I know everything—I was just looking back at that famous one—everyone uses them— but if you were to give it to them, just to see how much you actually get back !!! wow

Theoretically, yes, I'd get it.

But in their case, when it comes to paying out, there’s no theorizing, no collapsing, no death of anything—you'll end up paying them in blood if you have to...

They'll eventually come up with some sort of repayment plan where they pay you back in 50 years through some stocks or vouchers or whatever...

but meanwhile, one missed payment and boom, a notice, boom, penalties. 🤣

True enough... though I’m sure someone will chime in claiming JP Morgan Chase isn't some charity organization. If you've got, say, 500 $0.00 sitting around and you don't want to deal with them, you don't have to. You've got options—oil, stocks, Gold, or just keeping it under the mattress 😁 and calling it a day. You aren't forced to do business with a bank if you don't want to, right? Aside from your paycheck, of course. Though, technically, you don't even need that if your employer actually listens to reason and isn't a total hardhead.

I honestly think life insurance is a pretty solid way to save—you get the peace of mind from being covered, plus you're actually building up some cash at the same time.

I think you're pushing a specific insurance policy a little too hard ☕

The absolute worst move you can make is signing up for those notorious whole life insurance policies. They tie you down so tightly that if you ever stop paying premiums or try to cancel the contract, you won't even walk away with half of what you put in. I learned that the hard way... and just a heads-up—make sure you actually read everything before signing, especially all that fine print 😢. Don't fall for the fairy tales they pitch to you; those agents are nothing more than professional smoke and mirrors

Hey, looking for some advice on saving.
Got a one-year-old and want to start a nest egg for them.
Should I go with life insurance (I know you guys aren't big fans, though I’ve got one myself—just gotta wait another 16 years to see if it actually paid off 😂), a standard savings account, or maybe some stocks or mutual funds? If I do funds, I wouldn't DIY it; I'd probably just let a bank like Vanguard or Fidelity handle the heavy lifting and take a cut of the returns..
Basically, I don't want to gamble by buying individual stocks myself. Not trying to build a massive fortune here, just want the kid to have something decent to work with when they hit 20. 🙂