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> an older generation trying to tell the younger one about putting money in a savings account and letting it earn compound interest i have not heard a single o

by chii 3y ago

> an older generation trying to tell the younger one about putting money in a savings account and letting it earn compound interest i have not heard a single older person saying this. Every one of them says to invest in assets, not bank interest.

stetrain 3y ago
I heard it from parents, grandparents, high school teachers and college professors. And the comment I replied to specifically mentioned "compound interest"
snovymgodym 3y ago
I've heard the savings/bond/CD advice from older people who were working during the Volcker years.
- memcg 3y ago
  Sure, I started an IRA account in 1985 with CDs paying 10+% But, I bought my house in 1982 with a 15.5% mortgage, refinanced @ 11.25 after a couple years and again @ 8.5% until it was paid off in 2002
  - stetrain 3y ago
    What happened to the value of your home in that time?
    - memcg 3y ago
      The point is that mortgage rates and savings rates move together, so your experience is determined by whether you are a saver or borrower.