My Unbased Opinion – June 11

By David O. Heishman –

I wish I knew more about money and banking and America’s financial system. I’ve read and studied about stock markets since mid 2008 with intent of doing some trading for profit once I understand how things work. Rate I’m going now, I’d guess I’ll end up camping on funds I have and leave the trading part alone.

But, what’s to be done with money not needed for everyday expenses? If payments and groceries don’t take all your income, what’s to be done with leftovers? How can that money be safeguarded and put to good use earning more money?

Used to be for common working folks banks were best answer. Passbook savings accounts accepted any amount you had handy. Banks rented your money from you and paid you interest at regularly published rates. I remember not long ago when banks competed for deposits based on interest rates which were regularly listed in advertisements in this newspaper.

No more. Banks no longer pay interest, or at least not enough to mention. From long ago days when my savings account earned two or three percent, rates have fallen now to one or two tenths of one percent, not enough to be worth mentioning. Today, banks are simply safe places to park your money and still have convenient access to it. Days of earning a bit of profit on it are gone.

So, what to do with that extra money? Buy stuff? Wheel more plastic junk out of Walmart? Junk you or your family will use a couple times and then leave lay around till somebody pitches it out, gives it away, or puts away in case you actually need it some day.

My Unbased Opinion – June 11
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