Banks Won't Make You Rich - page 25.

Demughni

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Quote from: ammobile69 on April 21, 2018, 08:53:59 AM

This is my opinion.Banks won't make you rich.saving in bank can never do that,because of interest rate that bank gives you is too tiny.You saving will be simply be eaten up by the sleepy monster called inflation. As a example I will take ,When I'm in grade school,each day I received 10Rs (my country currency) from my mother.It was enough to by me 2 meals,but in now 10Rs enough to buy 2 candies. Lips sealed

Banks are just for keep your money safe! Tongue

yes it is right. Interest rate of bank is too tiny. if you want to be rich, you can invest your money in crypto or buy property. it can make you rich.

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Quote from: ammobile69 on April 21, 2018, 08:53:59 AM

This is my opinion.Banks won't make you rich.saving in bank can never do that,because of interest rate that bank gives you is too tiny.You saving will be simply be eaten up by the sleepy monster called inflation. As a example I will take ,When I'm in grade school,each day I received 10Rs (my country currency) from my mother.It was enough to by me 2 meals,but in now 10Rs enough to buy 2 candies. Lips sealed

Banks are just for keep your money safe! Tongue

I agree with this. This is the one of my reasons why I don't want to put my money into banks because aside from it won't make you rich but it has a low annual interest (in our country). Every year, there is an inflation of around 2-3% (I think) in our country and the annual interest is around 1% so putting your money in the bank is useless because inflation will eat your interest. Useless banks. I'd rather invest my money in stocks or in crypto.

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Quote from: green_fish on April 21, 2018, 10:12:58 PM

Buffett has said his secret to becoming rich is to save money and invest. Keep saving and keep investing.

The bank can only deposit the money cannot invest, put the money in the bank, the bank will take your money to invest!

Bank cant invest the money? Off course man thats what they do! They use your money to lend it to other people or their own customers. They loan you the money for car, personal use, home and much more at huge interest rates and that is how they earn huge money in terms of intrerest and guess what that too using our money. What they do is just the paper work, online work and etc to keep the system running. However they do earn more than required. I mean without that banking system will never work. With bitcoin as emerging way of putting your money into it I am sure its the best one both in terms of getting profits and storing them securely.

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Quote from: ammobile69 on April 21, 2018, 08:53:59 AM

This is my opinion.Banks won't make you rich.saving in bank can never do that,because of interest rate that bank gives you is too tiny.You saving will be simply be eaten up by the sleepy monster called inflation. As a example I will take ,When I'm in grade school,each day I received 10Rs (my country currency) from my mother.It was enough to by me 2 meals,but in now 10Rs enough to buy 2 candies. Lips sealed

Banks are just for keep your money safe! Tongue

Bank is the centralized storage system of our financial assets so it is clear that the banking system only serves to store our financial assets. so if you think about wealth goals obviously have nothing to do with it but if you want to keep your financial assets with a rich purpose of course bitcoin is a very appropriate way because I think bitcoin is a very valuable financial asset. so it still depends on what you want for your financial assets, whether your goal is just to save or for investment purposes and if your goal is to make an investment of course bitcoin is the right choice.

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Quote from: ladydark on April 22, 2018, 05:56:40 AM

It's only the banks which earn profits by lending our invested money as loans for interests.The only benefit which we could get is that our investment remains safe but not safe from deflation.

I don't know where you saw the deflation. All Fiat are experiencing inflationary pressures. Governments are constantly using emissions to pay for their mistakes in the economy with our money. I never keep my money in a Bank. This is not profitable from an economic point of view. Bitcoin is really the most effective tool for protecting our savings to date.

ladydark

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It's only the banks which earn profits by lending our invested money as loans for interests.The only benefit which we could get is that our investment remains safe but not safe from deflation.

JerryJam

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Banks are not a guarantee of safety of your deposits. Banks act as intermediaries. They exist at the expense of our money. This is a large Commission, a large percentage of the loan, insurance premiums, etc. I personally don't trust the banks and try not to mess with them. For example, in Ukraine only for 1 year 86 banks burst. Some disappeared along with the depositors ' money.People lost their savings.Confidence in banks is gradually decreasing. if you store your money in electronic form on their wallets, then this method is much safer. Then we become something of a Bank ourselves. And we can manage our own money.

flying_bit

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It's true that bank will not make you rich and will never be but bank is for safe keeping of your money and use for savings. Bitcoin and altcoins is high risk investment with high return but with high risk too. Basically you should only invest what you afford to lose and don't include your savinga in your investment.

Blue Bell

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Quote from: Free1bitco.in on April 21, 2018, 12:26:03 PM

yes banks can not make you rich, you just make them rich. The bank functions only where your money is safe and you are only given a small amount of interest. Grin

You are absolutely right banks are not able to make you rich, if you deposit your money today in banks and you keep on holding your money in banks for a lot of years even then you will not earn very high but if you will save investment in bitcoin then it will give you more than double profit with very short time but bitcoin dies not lose your money it grows only, on the other hand saving money in bank will only expire your money and your profit so don’t trust bitcoin for saving money.

LodisMcguire

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Of course not,bank is exist to help circulate the money into masses and help economy,while taking profit from it.So that's why you can't become rich by banks,it's not their purpose.People who want to be rich with easy way,they just invest the money into something that will have much value in the future like gold and real estate.

xuan87

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Banks are not the place to make you rich it's the place for you to save your money and to lend money, the interest is very small it's not balance with the inflation that happened, that is why we never heard anyone getting rich from bank's interest, if you want to be rich find other place to put your money

jrrsparkles

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We are making the banks richer by giving all our money to someone because they are saying they will keep your money safely.Such an idiotic system we are living through that is the reason we want to adopt to decentralized system we can keep our money safely without making others richer move to bitcoin payments and be your own boss for your own money.

green_fish

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Buffett has said his secret to becoming rich is to save money and invest. Keep saving and keep investing.

The bank can only deposit the money cannot invest, put the money in the bank, the bank will take your money to invest!

maculeth

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yes, saving money in the bank is actually not a good way, but we can trust its security level. in the bank, the money we save will not increase, we can even be subject to cutting costs as long as we save. more just invest into bitcoin. equally save money, be safe, and we can expect profit.

paparexon0414

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Got your point, but people nowadays are not thinking that bank will make you rich. Its main purpose is to keep your money safe, make some third party transaction, helps you pay bills and purchases online and give them some money for their services they offered. Bank is also a business, it need to gain income for the employees and for the owner. They are the one who are getting rich day by day. I dont know if all the banks have hidden charges but i am sure most of them have. They just slowly sucking money out of us that is undetectable. But still, banks are very useful if you really have a big money and afraid of keeping it at home.

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Quote from: romecheo on April 21, 2018, 09:24:46 PM

As far as I do understand, the main purpose of bank was to keep your money safe and bank are not have any system to make you rich. Actually bank make money out of their clients money. They are the one who make fortune from others.

right. I agree with your thoughts. I think the bank is just a place for us to keep safe money. The interest that we receive every month is too low compared to keeping a large amount of money. In my country, deposited in banks $ 46k and you only get $ 363 in 1 month. That's a huge difference. Instead of depositing in a bank, we can earn more than $ 363 in just 5 days. Angry

mylyn2327

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Quote from: ammobile69 on April 21, 2018, 08:53:59 AM

This is my opinion.Banks won't make you rich.saving in bank can never do that,because of interest rate that bank gives you is too tiny.You saving will be simply be eaten up by the sleepy monster called inflation. As a example I will take ,When I'm in grade school,each day I received 10Rs (my country currency) from my mother.It was enough to by me 2 meals,but in now 10Rs enough to buy 2 candies. Lips sealed

Banks are just for keep your money safe! Tongue

Banks will let you saved your money under them then banks will use your money for their business. So banks will not make you rich but they're the one who will be rich thanks to your money. The evolution of money is not increasing but decreasing it's value. As time goes by the cost of living are becoming harder and harder.

romecheo

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As far as I do understand, the main purpose of bank was to keep your money safe and bank are not have any system to make you rich. Actually bank make money out of their clients money. They are the one who make fortune from others.

cahbagus555

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Quote from: ammobile69 on April 21, 2018, 08:53:59 AM

This is my opinion.Banks won't make you rich.saving in bank can never do that,because of interest rate that bank gives you is too tiny.You saving will be simply be eaten up by the sleepy monster called inflation. As a example I will take ,When I'm in grade school,each day I received 10Rs (my country currency) from my mother.It was enough to by me 2 meals,but in now 10Rs enough to buy 2 candies. Lips sealed

Banks are just for keep your money safe! Tongue

Interest in bank reducing by inflation and its not profitable at all. Its we want to growing our money, better make investment and many investment instrument we can choose. But banks have good infrastructure in financial industry

Nylelyn

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Exactly true. Banks will not make you any richer. The main business of this institution is to loan your money to others at a high interest rate and gives you back a very low profit return. However, money deposited in Banks are safe but coverage is up to Php.500k only. It is good to save some money in Banks but not all your savings, because saving money in Banks is never an investment and will not make your money grow bigger.

Topic: Banks Won't Make You Rich - page 25. (Read 1782 times)