Topic: Banks Won't Make You Rich - page 15. (Read 1789 times)

You are right, banks will not make you rich, they are just after your money that they will take care of it because they are using it in lending it to some people and in some companies which they are lending at higher price but they are just giving you a bit amount of interest on it so they are just the one earning and not us.

In my country, many people still think that they only need to send money to the bank to get the monthly interest to become unconditionally money but on the other hand, they do not know that those banks have made Get a lot of profit by getting hold of customer coins.

saving in bank is sometime very risky if you want extra profit of them, so i think online investment is much better than banking because if you invest in online currency it will give extra profit and you will buy any thing for your family and future but bank will never give you these all facilities.

This could never happen because of all the fees they charge you to do anything with your own money you are holding with them.
They in a sense do not even have your money with them but lend it out to other banks and gain even more interest from it than they give out to their customers.
So it is a double loss if you are customer of any bank in the world.
Everything is on paper (or for most on a screen now a days) and not actually held physically in the bank.

Of course, even we are deposit on long term doesn't make us richer. It's not right decision if you want expand your money, but for security, i will never doubt it.

I agree with this "Banks won't make us rich" . I believe that we put or money in the banks for safe keeping, that's true but if you think your money will grow in their safekeeping, think again. How much is the interest of your money per year in a bank, 1% to 2%? do you really think this will help you increase your money's worth over time? yes technically it will increase but if you look closely and check inflation, then its a totally different story now. If you want your money to grow, increase and get rich, have a job or a business and start investing for your future, may it be in stock market, mutual funds, land and real estate properties, gold and even in crypto currencies like Bitcoin. That is the real way for your money to grow never the banks.

Absolutely yes,  that's right.  Because bank fees are infuriating for everyone and it seems every chance they get, banks find a way to stick it to you. I understand banking is a business and fees are a major source of revenue. But banks fees feel insidious, not because banks shouldn't charge for their services, but because they are so opaque. Banks often charge fees for services without asking you first.

And in fact, base on my researched I found out something that what's particularly galling to me about overdraft fees is that they disproportionately are levied on the poor. The billionaire is not typically the one who pays these fees. About 80% of bank fees are paid by 20% of bank customers, and according to the FDIC low income (people who earn less than $30,000) earners are nearly twice as likely to have paid an overdraft fee. Even worse, it is not uncommon for poor people to rack up many fees and owe the bank money they can not pay. Eventually their account is closed by the bank. Once your account is closed it's extremely difficult to open an account at another bank. So worst right?  Pity to those people who is poor.

Regressive bank fees are a terrible equilibrium. But to be fair, in a world of no fees, poor customers are the most expensive for banks. Banks are still not the government; they do not have a social obligation to tax the rich and give to the poor. Quite the opposite, banks have every incentive to treat high net worth customers better. And that would be the reasons why bank won't make poor rich. And that's the fact and reality.

In my opinion banks will not make you rich but it can give a average or high amount of money depends on how huge your investments is, making your money more secured is there main process and not making you rich maybe it can give a little amount because of the annual interest.

Yeah, i agree with you. Banks won't make us rich, their job is to keep your money safe, because it will be more dangerous if you keep all your money in cash at home, right? If you want to be richer you might want to invest your money into gold, stocks, properties or currencies.

Banks won’t make you prosperous because they turn out to be richer thanks to you. They are no longer charities. When they give you a loan, they make money from the interest, and when they supply you hobby for leaving your money there, they additionally make money due to the fact they get a higher interest managing that money. But genuine one splendid way to have a massive return is to enter in shares and of direction trading. But this is much greater, this is what's exact being in cryptocurrency. We have mining. Don't forget about to invest in mining. This is one of the best way to get wealthy it has a terrific return when you insert your money.

I must agree. In fact this is not an opinion, its the reality. But on the other hand Banks really do make profits, if and only if you're investing a really large amount of money, like in the millions - that's financial freedom for you. That's how cryptocurrencies and fiats differ from each other.

you are right, the bank is just a place to keep our money safely bank not a place of investment that can give big profit like bitcoin

yeah bank are invented in a long time ago to keeping your money from a hand of bandit, but right now bank making an invovation to using as a lending and then making a people who want to getting an interest by deposit in their account but it just a little cost with it, because they don't want you getting benifit to much

Apparently, that was not really the main purpose or intention of banks for its customers or loyal investors because mainly banks are just storage for money that offers different services in accordance of creating money for business. If you are thinking that banks are making tour life comfortable as what you are thinking of, then it is not because at the end of the day, it was still purely business and all are just part of their services offered that somehow makes your money grow in a bit because of the interests you can grant to somehow make it obtain profit but merely the main reason why they are doing it is just to return the favor that they have used up your money in business circulation for their own sake and that was not to make you rich.

In terms of earning yes banks cannot support your needs or give a earn that you want just because of on a month you can earn a super tiny amount not like in bitcoin that if you invest you can earn big than banks but if bitcoin fall your investment was fall also but interms of savings yes banks was one of the best to save your money and banks is not for earning but for savings.

I agree with you but we actually did not had a free market because all banks no matter their name or where they're located follow very similar policies so there is not really a free market there, in fact it is only with the creation of bitcoin that we have a free market, before we did not have a choice, which is why they do not like bitcoin at all and it is one of the reasons of why a significant portion of my wealth is in bitcoin so I can avoid them and their fees.

Yes, that is so true. Banks won't make you rich, but banks can guarantee your money's safety, because the smaller their interest rate is, the saver your money will be. If you want to be rich, you can just invest your money into something worth, such as stocks, property, open up a bussiness, etc.

Banks were made not to make you rich. This is a wrong concept. Banks provide service for keeping your money safe. The interest where just a sort of an attraction to lure potential customers to do transaction with the bank. It is the depositors who are actually paying for their service. The money you have just deposited goes to their funds for lending services or any other service the banks have.

I agree with you fully on this. Banks are the biggest gangsters in the world. Trust me. They charge for doing almost anything related with the money, even if it means just holding on to it. They take your funds at a very low rate of interest and advance such funds to the needy ones as loans on which they charge high rate of interest. So you cannot expect to become rich by keeping your funds in banks.

Investing in cryptocurrencies or stock market also not guarantee you to become richer. It will depend on your expertise and skills to be able to become rich. Banks primary purpose is moneys safe keeping and granting loans on businesses. Banks can be considered not essential as investing tools due to low interest rate.