4 ms·

Unfortunately it's a fever dream that, as an individual, you have no choice but to buy into. In a world with 7% annual inflation, putting your money in a tradit

Unfortunately it's a fever dream that, as an individual, you have no choice but to buy into. In a world with 7% annual inflation, putting your money in a traditional savings account is tantamount to hiding it under your mattress.

deleted 3y ago
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itsoktocry 3y ago
>In a world with 7% annual inflation, putting your money in a traditional savings account is tantamount to hiding it under your mattress. My business savings account is paying 5.5%. That's a long way from 0% in your mattress.
- thayne 3y ago
  Where can I get a personal savings account with that kind of interest?
  - Elidrake42 3y ago
    5.5 is further than what you can get with Personal Savings, but ~5.0 is not difficult to find at all right now, have to be able compete with those raising interest rates: https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/ https://www.bankrate.com/banking/savings/best-high-yield-int...
  - EricE 3y ago
    Don't discount credit unions. If you or a family member is or was in the military you can get into Navy Federal which even offers interest on their checking accounts (!!). And more importantly, a serious lack of fees and add-on charges.
  - ryukoposting 3y ago
    Shop around. I have one at 4.5%. My credit union has one that goes up to 4.9% if your balance is high enough.
  - kedean 3y ago
    A high yield savings with Discover has a 4.3% APY right now. That's higher than both the mortgage I took out in 2016 and the loan I took out a few years later for new windows on said house. Not 7%, but also way better than cash.
mschuster91 3y ago
The problem is, eventually there will be a correction, there has to be, as every bubble will pop sooner or later. And then, a lot of people will be left holding really fucking large bags, like the Detroit housing market post-2008 where people were completely underwater with their mortgages, and communities/society at large would be left with the fallout of urban blight. Meanwhile, those profiting from the bubble all the time have long since cashed out.

deleted 3y ago

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itsoktocry 3y ago

>In a world with 7% annual inflation, putting your money in a traditional savings account is tantamount to hiding it under your mattress. My business savings account is paying 5.5%. That's a long way from 0% in your mattress.

thayne 3y ago
Where can I get a personal savings account with that kind of interest?
- Elidrake42 3y ago
  5.5 is further than what you can get with Personal Savings, but ~5.0 is not difficult to find at all right now, have to be able compete with those raising interest rates: https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/ https://www.bankrate.com/banking/savings/best-high-yield-int...
- EricE 3y ago
  Don't discount credit unions. If you or a family member is or was in the military you can get into Navy Federal which even offers interest on their checking accounts (!!). And more importantly, a serious lack of fees and add-on charges.
- ryukoposting 3y ago
  Shop around. I have one at 4.5%. My credit union has one that goes up to 4.9% if your balance is high enough.
- kedean 3y ago
  A high yield savings with Discover has a 4.3% APY right now. That's higher than both the mortgage I took out in 2016 and the loan I took out a few years later for new windows on said house. Not 7%, but also way better than cash.

mschuster91 3y ago

The problem is, eventually there will be a correction, there has to be, as every bubble will pop sooner or later. And then, a lot of people will be left holding really fucking large bags, like the Detroit housing market post-2008 where people were completely underwater with their mortgages, and communities/society at large would be left with the fallout of urban blight. Meanwhile, those profiting from the bubble all the time have long since cashed out.