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    #1
    full metal merchant timmy's Avatar
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    Quote Originally Posted by jon View Post
    http://www.moneychimp.com/calculator...calculator.htm

    the typical savings account pays 0.03%

    say you had $10,000 in it and added $1,500 more every month ($18,000/year) for 40 years; savings is compounded 12 times annually, with additions at the end of the year

    you could have $493,006.20 after that time but savings are insured to only $250,000 per account so you won't get exactly that figure but close

    instead after 20 years you will have $250,778.60 and then have to start all over again with only $778.60 principal unless you want to risk getting fucked by the fed, which is trying to fuck you every day, and another 20 years from that figure earns $241,501.71 for a total of $241,501.71 + $250,778.60 = $492,280.31, a deficit of only $725.89

    it can be more advantageous to use certificates of deposit on a quarterly basis; bankrate.com reports 0.29% for a 3 mo. CD with a $10,000 principal

    such an arrangement compounds 4 times annually (3 month CD, 12 months per year) yielding $257,601.31 after 20 years

    certificates of deposit are also FDIC insured to $250,000 so you risk a greater sum but not much, $7000 and change to the formers' $700 and change

    unfortunately $250,000 will earn you only $725 at 0.29%, so you would need three such accounts to subsist on interest of $725/month, skimming off the top of each every 3 months

    this is why your actual retirement plan is bagging groceries
    thanks johnathaniel
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    full metal merchant timmy's Avatar
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    maybe this is only in australia though since we have so few houses and so many immigrantes trying to come in maybe thats why our houses are like 1 million for a 5 room with a big garage... and thats not even in the heart of sydney


    a fuckin 2 room unit in sydney cbd costs like between 1 to 2 million, and renters would pay around 1000 per week depending on its location...

    fuck sydnbey
    Last edited by timmy; 06-21-2013 at 01:12 AM.
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    Muscle Furry 12 inch Dick juji's Avatar
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    Quote Originally Posted by cbarry View Post
    maybe this is only in australia though since we have so few houses and so many immigrantes trying to come in maybe thats why our houses are like 1 million for a 5 room with a big garage... and thats not even in the heart of sydney


    a fuckin 2 room unit in sydney cbd costs like between 1 to 2 million, and renters would pay around 1000 per week depending on its location...

    fuck sydnbey

    I thought boobz is still denying you are richer than him


    Quote Originally Posted by Steffies Yelle View Post
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