In my country banks don't pay anything on deposits. I'm not sure why but it's like that. They will direct you to put money in various instruments, some are very common, government backed, but you can't put more than less than 1BTC at current prices. After that we're talking life insurance, bonds stocks etc.
But in the US banks pay something, and I was seeing that JPMorgan made tons of money lately, because they hiked the rates of mortgages like crazy, but increased the rates they pay on deposits to something ridiculous like 0.3%. If I was a customer I would be angry...
It is often difficult to explain to the older generation how much they lose when they keep money in banks. Especially when interest is charged on deposits. Often they simply say that they needed to save more so that the interest on deposits would cover current expenses. And the extent to which these expenses have increased over the past decades is difficult for most people to grasp. Many people try to instill the habit of trusting banks in their children and grandchildren. Conservative views on this issue will play into the hands of banks for a long time to come. There is more hope that young people with their open eyes will be able to understand the idea of bitcoin. Those of the older generation who are skeptical now are unlikely to change their attitude. Youth will have to help them later.
The best thing my parents did with money was what they spent on everyday needs, on entertainment, on experiences. And almost all the savings in the bank only depreciate more and more.
You can think that. But if you have some wealth spread around cash is fine.
7,000 a month take home in pensions
and 2,000,000 wealth
700,000 paid for home
400,000 401k getting 5% in bonds
100,000 in hard metal gold,silver
you have 800,000 to do whatever. BTC, stocks, shitcoins
So now rates are 5% for bonds the 401k makes 20k .
Lots of other methods to use the home equity.
Lets say interest drops like a stone you could mortgage 💸 at 2 or 3%.
Make other moves with that home equity.
But if you are paycheck to paycheck banks offer very little.
Maybe 1 in 25 people living in the US can do my first example of having wealth .
Many people in the US are paycheck to paycheck.
