Yeah, you misread the account. If someone today wanted to duplicate Read's $8 million fortunate, it would take $300 per month for 65 years at 8% per year. Read put away a modest amount of each paycheck into dividend-paying stocks that reinvested dividends into additional shares throughout the 1970's, 1980's, 1990's and 2000's. Since he had a five-inch stack of stock certificates in a safe deposit box, he was playing for keeps and didn't get skittish when the markets went up and came down.
If you could make $5833 per month but are willing to live on $4167 per month [...]
I only need $32,000 per year to live on. Everything else goes into savings and retirement.
Most people put far too much value on a stable job, and this is one prime example.
Job security allows me to take a breather from being an IT contractor, where most of my jobs last from either one day to one year, be able to put money in the bank and financially recover from the Great Recession, get my info security certifications and look for my next job in three or four years that will double or triple my income.
Most people want big houses, big cars, big women and big kids in Silicon Valley, but that gets expensive in a hurry. If you live a modest lifestyle, it's entirely possible to live here on $50K.
Has it occurred to you that maybe that's not the most reliable source?
I read the book, "Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America" by Matt Taibbi. Many other books on the Great Recession confirmed the details in that book.
That's why instead of giving creditors your ACH information so they can "pull" payments from your account, you should use your bank's online bill pay feature to "push" the payments.
The only two items I have deducted from my checking account is gym membership and rent. Both are in the no choice category. Everything else is deducted from a credit card with 2% cash back.
They received some TARP money, but they certainly didn't need it.
Goldman Sachs was made 100% whole by U.S. taxpayers via their customers and victims.
Prior to 2008, Goldman Sachs was hardly a household name, but on Wall Street this investment bank is arguably the most powerful non-government bank in the world. Nobody thought that a bank of this size could be brought down, almost overnight. It happened, however, and along with an investment by Warren Buffett, Goldman Sachs received $10 billion in TARP funds. Using funds raised from a $5 billion stock offering, Goldman Sachs paid back TARP funds less than one year later, but in the end, tax payers made $1.4 billion.
That's funny. If I wanted creditability, I wouldn't be posting here. Slashdot exists to keep me amuse while I'm waiting for a script to complete at work. Thank you for your participation.
His original comment was valid because pretty much nobody should be keeping large amounts of money in checking or savings accounts (unless they're saving up for a down payment on real estate).
My late father used to keep $50,000 in his checking. That is until Sprint debited $5,000 from checking account for his $50.00 bill. Twice. After that, he kept only $2,000 in checking and kept the rest in a CD ladder. When short-term CDs started paying less than a saving account, he got tired chasing after the rates and dumped everything into a savings account.
To present some trivial personal anecdote in a way that could only serve to mislead others?
How did I mislead others? When I posted my comment about interest rates, I was immediately called a liar because I didn't post a link. After I posted a link, I was again called a liar because the interest rate for $50,000+ was significantly less than the Goldman Sachs. The problem is no one specified a dollar amount at the beginning of the thread. For $21,999 or less, my credit union pays more interest (blended APY). Goldman Sachs is a better deal for account with more than $22,000.
Why would you care about the rate for only a small portion of your account instead of looking at the actual rate?
Because that's the actual rate for my small deposit. Everyone else is comparing rates for $50,000+. I'm not even sure if I would keep that much money in one institution.
Did anyone state how much money was in the account? My statement stands true — for small deposits.
It's somewhat interesting that everyone is looking at the interest rate for the maximum deposit. I've heard about this behavior. Always scrambling to find the best interest rate, lurching from institution to another, and probably spending more effort than it was worth. Must be a sad way to live.
Maybe he has a time machine and traveled back to 1980.
When the banks were terribly boring, savings account paid 5.00% interest (give or take), and the wolves of Wall Street were kept far, far away from Main Street.
That would seem to depend on how much you've got liquid in the bank.
Precisely. Although I only keep enough in savings to cover several months of expenses at different institutions. I would rather put my money into under-valued, dividend-paying stocks with well-established track records.
Uh, no. I'm getting paid more interest at my credit union than GE Capital/GS Bank for the modest amount I have on deposit. No one asked about the interest rate for the maximum deposit.
Did you forget to hit post as AC before posting a lie so easy to get caught in?
Blaming short sellers for crashes is like blaming storms on the weathervane.
Let's focus on the short sellers. Pay no attention to the sucking sound from Goldman Sachs in the background.
The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who's Who of Goldman Sachs graduates.
Goldman Sachs offers bank account only to a globally wealthy elite.
Oh, really? With a simple name change from GE Capital Bank to GS Bank, I'm now a member of the globally wealthy elite. Nice! Do I get a brass ring with that?
Slashdot Mirror
For example, as long as Steve Jobs was alive and running Apple, Apple was not "corporate", because its identity was intrinsically tied to Steve Jobs.
You're getting confused between "corporate" (a separate legal entity) with Steve Job's reality distortion field (whatever you think it was).
Something is seriously wrong about this account.
Yeah, you misread the account. If someone today wanted to duplicate Read's $8 million fortunate, it would take $300 per month for 65 years at 8% per year. Read put away a modest amount of each paycheck into dividend-paying stocks that reinvested dividends into additional shares throughout the 1970's, 1980's, 1990's and 2000's. Since he had a five-inch stack of stock certificates in a safe deposit box, he was playing for keeps and didn't get skittish when the markets went up and came down.
If you could make $5833 per month but are willing to live on $4167 per month [...]
I only need $32,000 per year to live on. Everything else goes into savings and retirement.
Most people put far too much value on a stable job, and this is one prime example.
Job security allows me to take a breather from being an IT contractor, where most of my jobs last from either one day to one year, be able to put money in the bank and financially recover from the Great Recession, get my info security certifications and look for my next job in three or four years that will double or triple my income.
How do you survive in silly valley on $50k?
Most people want big houses, big cars, big women and big kids in Silicon Valley, but that gets expensive in a hurry. If you live a modest lifestyle, it's entirely possible to live here on $50K.
Has it occurred to you that maybe that's not the most reliable source?
I read the book, "Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America" by Matt Taibbi. Many other books on the Great Recession confirmed the details in that book.
https://en.wikipedia.org/wiki/Griftopia
That's why instead of giving creditors your ACH information so they can "pull" payments from your account, you should use your bank's online bill pay feature to "push" the payments.
The only two items I have deducted from my checking account is gym membership and rent. Both are in the no choice category. Everything else is deducted from a credit card with 2% cash back.
They received some TARP money, but they certainly didn't need it.
Goldman Sachs was made 100% whole by U.S. taxpayers via their customers and victims.
Prior to 2008, Goldman Sachs was hardly a household name, but on Wall Street this investment bank is arguably the most powerful non-government bank in the world. Nobody thought that a bank of this size could be brought down, almost overnight. It happened, however, and along with an investment by Warren Buffett, Goldman Sachs received $10 billion in TARP funds. Using funds raised from a $5 billion stock offering, Goldman Sachs paid back TARP funds less than one year later, but in the end, tax payers made $1.4 billion.
http://www.forbes.com/sites/investopedia/2012/05/23/4-tarp-recipients-that-made-a-profit
Yeah, but this is a real bank so they don't do everything ass backwards.
When the bank comes to you with a paddle, you bend backwards, take a whack in the balls, and ask for another?
[...] credibility to declare [...]
That's funny. If I wanted creditability, I wouldn't be posting here. Slashdot exists to keep me amuse while I'm waiting for a script to complete at work. Thank you for your participation.
His original comment was valid because pretty much nobody should be keeping large amounts of money in checking or savings accounts (unless they're saving up for a down payment on real estate).
My late father used to keep $50,000 in his checking. That is until Sprint debited $5,000 from checking account for his $50.00 bill. Twice. After that, he kept only $2,000 in checking and kept the rest in a CD ladder. When short-term CDs started paying less than a saving account, he got tired chasing after the rates and dumped everything into a savings account.
To present some trivial personal anecdote in a way that could only serve to mislead others?
How did I mislead others? When I posted my comment about interest rates, I was immediately called a liar because I didn't post a link. After I posted a link, I was again called a liar because the interest rate for $50,000+ was significantly less than the Goldman Sachs. The problem is no one specified a dollar amount at the beginning of the thread. For $21,999 or less, my credit union pays more interest (blended APY). Goldman Sachs is a better deal for account with more than $22,000.
Why would you care about the rate for only a small portion of your account instead of looking at the actual rate?
Because that's the actual rate for my small deposit. Everyone else is comparing rates for $50,000+. I'm not even sure if I would keep that much money in one institution.
Go take a maths class.
$7,000 (blended APY): 2.00% > 1.05%
QED
That shows .2% interest you damn liar.
You're looking at the wrong end of the chart. My statement stands true — for small deposits.
That's terrible. They only pay 0.25% on $50k and over. GS pays more than four times that much!
For the small amount I have on deposit, I'm getting more interest than GS.
Or, are you that bad at math?
Did anyone state how much money was in the account? My statement stands true — for small deposits.
It's somewhat interesting that everyone is looking at the interest rate for the maximum deposit. I've heard about this behavior. Always scrambling to find the best interest rate, lurching from institution to another, and probably spending more effort than it was worth. Must be a sad way to live.
Maybe he has a time machine and traveled back to 1980.
When the banks were terribly boring, savings account paid 5.00% interest (give or take), and the wolves of Wall Street were kept far, far away from Main Street.
That would seem to depend on how much you've got liquid in the bank.
Precisely. Although I only keep enough in savings to cover several months of expenses at different institutions. I would rather put my money into under-valued, dividend-paying stocks with well-established track records.
Which proves you a liar.
Uh, no. I'm getting paid more interest at my credit union than GE Capital/GS Bank for the modest amount I have on deposit. No one asked about the interest rate for the maximum deposit.
Did you forget to hit post as AC before posting a lie so easy to get caught in?
I never ever post as AC.
Do you know how I know you're not an engineer?
As the asshole who works in the IT department, do you think I care about your question?
(Hint: Oh, hell no!)
They only pay 1/5 of a percent, except for tiny deposits.
On those tiny deposits, I'm getting paid a lot more interest.
You just proved the GP correct.
GP didn't say how much money was in the account.
Notice how the liar refuses to name the credit union.
Notice how many ACs didn't bother to ask.
https://www.patelco.org/Checking-And-Savings/Savings/Money-Market/#MoneyMarket
I call BS. I have accounts with three large credit unions, and the best account pays 0.55%.
https://www.patelco.org/Checking-And-Savings/Savings/Money-Market/#MoneyMarket
Blaming short sellers for crashes is like blaming storms on the weathervane.
Let's focus on the short sellers. Pay no attention to the sucking sound from Goldman Sachs in the background.
The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who's Who of Goldman Sachs graduates.
http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405
Goldman Sachs offers bank account only to a globally wealthy elite.
Oh, really? With a simple name change from GE Capital Bank to GS Bank, I'm now a member of the globally wealthy elite. Nice! Do I get a brass ring with that?