Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
What do you have to earn to be rich?
Options
Comments
-
Ah, what I mean is annual interest.
Quick crappy example...
1 million quid in a bank, not touched or needed, earning 5% interest interest after dirt, giving 50k a year for essentially nothing.
That's very comfortable living, forget all this nonsense about equities and property prices that change with the wind. Rock solid money not going anywhere.
A simplistic example, but that's my measure of "being very well off".
Which savings account is that?
0 -
Which savings account is that?
I know, I know
Simple example, that's all.
That said, if you turn up with enough dough to a prospective bank you'd be surprised about flexibility on basics like interest rates. I once saw someone negotiate, quite rapidly, from 5% to 8%, and it wasn't 7 figures or anything.0 -
I know, I know
Simple example, that's all.
That said, if you turn up with enough dough to a prospective bank you'd be surprised about flexibility on basics like interest rates. I once saw someone negotiate, quite rapidly, from 5% to 8%, and it wasn't 7 figures or anything.
I would be surprised and even if that's true, pretty bad return on locking up a million quid for a year.0 -
-
I know, I know
Simple example, that's all.
That said, if you turn up with enough dough to a prospective bank you'd be surprised about flexibility on basics like interest rates. I once saw someone negotiate, quite rapidly, from 5% to 8%, and it wasn't 7 figures or anything.
Gotta echo whats already being said. No bank is offering that. Also on substantial amounts banks are actually charging customers to keep their money with them. So your actually losing money.
Reason being its relatively easy for banks to borrow money themselves now and they aren't reliant on money from their customers nearly as much as they might have been in the past.0 -
Advertisement
-
-
Gotta echo whats already being said. No bank is offering that. Also on substantial amounts banks are actually charging customers to keep their money with them. So your actually losing money.
Reason being its relatively easy for banks to borrow money themselves now and they aren't reliant on money from their customers nearly as much as they might have been in the past.
I agree, to an extent, but roll up to the right place with the right amount, and it's far more attractive than money markets. Anyway, to each their own experience
0 -
-
-
Not sure what you mean by "rock solid money". You mentioned inflation yourself but apart from that there's limits to Irish banks deposit guarantee.
With a million there is a number of investment funds you could buy into to and be fairly sure of a decent return.
"Fairly sure"means little in terms of finance, it's the equivalent of saying "maybe true". There are good bets, of course, but make no mistake that they are all bets at the end of the day.
As for guarantee limits and all that, it's getting down to minutiae, and I'm only posting a general idea on a message board. It can all be done, if done right, inflation can be beaten too in very simple ways without betting.
Bear in mind this isn't the average amount of money in a regular savings account, it's large scale. My point being that "large" may not be as large as first thought. Anyway, that's all there is to say at this level 0 -
Advertisement
-
"Fairly sure"means little in terms of finance, it's the equivalent of saying "maybe true". There are good bets, of course, but make no mistake that they are all bets at the end of the day.
As for guarantee limits and all that, it's getting down to minutiae, and I'm only posting a general idea on a message board. It can all be done, if done right, inflation can be beaten too in very simple ways without betting.
Bear in mind this isn't the average amount of money in a regular savings account, it's large scale. My point being that "large" may not be as large as first thought. Anyway, that's all there is to say at this level
It means about as much as "rock solid money". Deposit guarantee limits aren't minor details, I don't think you've thought this through.0 -
I agree, to an extent, but roll up to the right place with the right amount, and it's far more attractive than money markets. Anyway, to each their own experience
Im gonna say it again its not true. Why would a bank pay you 5% for yoir 1 million when they can borrow 1 million easily for a fraction of that interest rate.
I don't care where you rock up to, its not happening0 -
-
-
-
-
-
-
-
The point being, if you're intent on talking bullshoite, you go big.
The likes of "I'm a multi millionaire!" versus "you can negotiate interest rates in specific circumstances"
I mean, you'd need to have some lacking imagination for something of the sort
Its the interest rates your quoting thats unbelievable. Google banks charging millionaires for deposits and youll get a number of results that will show you im right. And even if you find a bank which doesnt nobody will negotiate up to 5%.
The days of people winning the lotto and living off the interest are long over.
Why would anyone risk money on stocks when they can just have the bank give them money at zero risk
You should let Warren Buffet in on your money making idea0 -
Advertisement
-
-
-
-
-
-
-
-
-
-
Advertisement
-
Advertisement