Author Topic: Savings in bank...  (Read 1750 times)

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Offline ironglow

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Savings in bank...
« on: September 29, 2021, 12:06:59 AM »
.
    Any savings in bank will due to inflation, be eroded away in value. One would be amazed to see how quickly it can happen!

  When the mid 1970s Carter inflation hit, the wife an I had enough saved to pay cash for another home, and were considering investing in one.

The inflation came on so quickly..that the savings would just about pay the down payment for the same home !
 Besides, the gubmint will soon be prying into your accounts !

 https://www.freedomworks.org/content/warning-if-you-have-more-600-your-bank-account-irs-wants-know
 
If you recall, both interest and inflation were running at about 20-21% during that time.

  Question:  What to do with savings accounts?

 
If you don't want the truth, don't ask me.  If you want something sugar coated...go eat a donut !  (anon)

Offline Lloyd Smale

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Re: Savings in bank...
« Reply #1 on: September 29, 2021, 12:23:30 AM »
i tend to drive mine or fish off of them. I think i have like 5k in the bank.
.
    Any savings in bank will due to inflation, be eroded away in value. One would be amazed to see how quickly it can happen!

  When the mid 1970s Carter inflation hit, the wife an I had enough saved to pay cash for another home, and were considering investing in one.

The inflation came on so quickly..that the savings would just about pay the down payment for the same home !
 Besides, the gubmint will soon be prying into your accounts !

 https://www.freedomworks.org/content/warning-if-you-have-more-600-your-bank-account-irs-wants-know
 
If you recall, both interest and inflation were running at about 20-21% during that time.

  Question:  What to do with savings accounts?
blue lives matter

Offline ironglow

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Re: Savings in bank...
« Reply #2 on: September 29, 2021, 12:36:30 AM »
.
  i live quite simply..without the frills...so I still wonder..
If you don't want the truth, don't ask me.  If you want something sugar coated...go eat a donut !  (anon)

Offline ironglow

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Re: Savings in bank...
« Reply #3 on: September 29, 2021, 02:32:35 AM »
The real problem is they changed the rules on bank failure from 'bail out' to 'bail in'. Use to be bank settlements were from outside the bank from government agencies. Now the bank depositers are treated like stock holders, and are on the hook first in 'bail in'. You could or would loose everything....
.
.

  Yeah, what I was thinking of.  I have left the money in savings..maybe making $1.20 every 6 months for every $10,000.  I still wasn't too concerned, until th eDems came back in , and started dreaming up ways to rob the individual.

  Anybody buy gold or silver?  If you live in a state with state sales tax, must one pay sales tax on purchases of metal?
If you don't want the truth, don't ask me.  If you want something sugar coated...go eat a donut !  (anon)

Offline Ranger99

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Re: Savings in bank...
« Reply #4 on: September 29, 2021, 08:39:06 AM »
Only thing about having gold and
silver ingots and such, is the question
I've asked for years that I've yet
to get a satisfactory answer to.
How do you buy say, a loaf of
bread with an ounce of gold ?
18 MINUTES.  . . . . . .

Offline Dee

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Re: Savings in bank...
« Reply #5 on: September 29, 2021, 08:43:02 AM »
LOL, and who gets to decide what the market value of the gold is.
Hard times create strong men. Strong men create good times. Good times create weak men. Weak men create hard times.

Offline orerancher

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Re: Savings in bank...
« Reply #6 on: September 29, 2021, 09:12:38 AM »
Only thing about having gold and
silver ingots and such, is the question
I've asked for years that I've yet
to get a satisfactory answer to.
How do you buy say, a loaf of
bread with an ounce of gold ?

You Don't....  and even if You got a Big Bag of Gold Nuggets...Nobody is gonna give Ya "Market Price" for It...

Offline ironglow

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Re: Savings in bank...
« Reply #7 on: September 29, 2021, 09:26:41 AM »
Only thing about having gold and
silver ingots and such, is the question
I've asked for years that I've yet
to get a satisfactory answer to.
How do you buy say, a loaf of
bread with an ounce of gold ?

  I guess a guy could buy what is called "junk silver"..dimes, quarters etc, that are not collectibles.  But I doubt they may break down far enough to buy say, a loaf of bread.

  Here's where a supply of .22 LR cartridges may serve well.
If you don't want the truth, don't ask me.  If you want something sugar coated...go eat a donut !  (anon)

Offline Mule 11

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Re: Savings in bank...
« Reply #8 on: September 29, 2021, 09:41:31 AM »
I’d bet at some time you could get a couple loaves of homemade bread for 50 rnds of even lrn 22’s.

Offline Dee

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Re: Savings in bank...
« Reply #9 on: September 29, 2021, 10:02:40 AM »
You could get a loaf of bread with 1 round.
Hard times create strong men. Strong men create good times. Good times create weak men. Weak men create hard times.

Offline Buckskin

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Re: Savings in bank...
« Reply #10 on: September 29, 2021, 10:37:43 AM »
The real problem is they changed the rules on bank failure from 'bail out' to 'bail in'. Use to be bank settlements were from outside the bank from government agencies. Now the bank depositers are treated like stock holders, and are on the hook first in 'bail in'. You could or would loose everything....
.
.

  Yeah, what I was thinking of.  I have left the money in savings..maybe making $1.20 every 6 months for every $10,000.  I still wasn't too concerned, until th eDems came back in , and started dreaming up ways to rob the individual.

  Anybody buy gold or silver?  If you live in a state with state sales tax, must one pay sales tax on purchases of metal?

 Go to small shops, some will go straight up if you pay cash.
Buckskin

"I have tried to live my life so that my family would love me and my friends respect me. The others can do whatever the hell they please.   --John Wayne

Offline Mule 11

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Re: Savings in bank...
« Reply #11 on: September 29, 2021, 11:26:48 AM »
You could get a loaf of bread with 1 round.
You can take all a man has with 1 round. You know what I meant...

Offline Mule 11

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Re: Savings in bank...
« Reply #12 on: September 29, 2021, 11:31:28 AM »
The real problem is they changed the rules on bank failure from 'bail out' to 'bail in'. Use to be bank settlements were from outside the bank from government agencies. Now the bank depositers are treated like stock holders, and are on the hook first in 'bail in'. You could or would loose everything....
.
.

  Yeah, what I was thinking of.  I have left the money in savings..maybe making $1.20 every 6 months for every $10,000.  I still wasn't too concerned, until th eDems came back in , and started dreaming up ways to rob the individual.

  Anybody buy gold or silver?  If you live in a state with state sales tax, must one pay sales tax on purchases of metal?

 Go to small shops, some will go straight up if you pay cash.
Better yet deal one on one. Shops have to pay for all the amenities involved In running a business or shop... Think private sales...

Offline ironglow

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Re: Savings in bank...
« Reply #13 on: September 29, 2021, 11:52:06 AM »
.
  There are of course, different cases.  I was talking in the OP, about preserving cash value during an inflationary period.

  If all goes to pot..and it becomes a survival situation, then ammo or perhaps survival goods..knives, hatchets etc may gain some value.
If you don't want the truth, don't ask me.  If you want something sugar coated...go eat a donut !  (anon)

Offline orerancher

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Re: Savings in bank...
« Reply #14 on: September 29, 2021, 12:46:23 PM »
You could get a loaf of bread with 1 round.
You can take all a man has with 1 round. You know what I meant...

I think that Time is not far off.....

Offline Ranger99

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Re: Savings in bank...
« Reply #15 on: September 29, 2021, 04:09:13 PM »
JMHO-  I'd not be trading ammunition to
people I didn't know well
Friends and family I would imagine I'd
supply them with ammo gratis.
I've already done that for a long time
18 MINUTES.  . . . . . .

Offline BUGEYE

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Re: Savings in bank...
« Reply #16 on: September 30, 2021, 02:31:26 AM »
The real problem is they changed the rules on bank failure from 'bail out' to 'bail in'. Use to be bank settlements were from outside the bank from government agencies. Now the bank depositers are treated like stock holders, and are on the hook first in 'bail in'. You could or would loose everything....
.
.

  Yeah, what I was thinking of.  I have left the money in savings..maybe making $1.20 every 6 months for every $10,000.  I still wasn't too concerned, until th eDems came back in , and started dreaming up ways to rob the individual.

  Anybody buy gold or silver?  If you live in a state with state sales tax, must one pay sales tax on purchases of metal?

 Go to small shops, some will go straight up if you pay cash.
We go to a large indoor flea market where a guy has coins and bars from 1oz to 10oz.
His price is always less than a dollar over market.
No tax, no questions. :)
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Offline Dee

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Re: Savings in bank...
« Reply #17 on: September 30, 2021, 03:43:34 AM »
I carry everyday in my pocket a silver dollar that is 1 troy ounce of .999 pure silver.
At the time I bought it, I think it was about 20 bucks. That's all the precious metal I own.
Hard times create strong men. Strong men create good times. Good times create weak men. Weak men create hard times.

Offline Winchester94

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Re: Savings in bank...
« Reply #18 on: September 30, 2021, 05:06:51 AM »
I own gold, silver, guns, ammo, a house, and farm land (all lien-free). I've learned to grow food. I can hunt and fish.
Winchester 94, S&W revolvers, Colt 1911, Marlin

Offline Ranger99

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Re: Savings in bank...
« Reply #19 on: September 30, 2021, 05:51:21 AM »
The only reason I ask when the subject
of federal reserve currency failure comes
up, is the question I asked a friend some
years ago.  When he became ill, his wife
of some years decided that it was an
optimum time to pack a bag and leave
and had cleaned out what monies she
could find. He recovered ( I suspect out
of spite) mostly,  and after a while started
buying gold and silver to hide.
I asked him in the nicest way I knew how
that exactly how was he supposed to
make normal everyday purchases with
that gold and silver using a loaf of bread
as a for instance. Although the place he
lived at the time was still " small " , I
can't think of any of the few stores that
could have made change for a bar of
silver, much less accepted it in the
first place.
Not trying to stir up troll type stuff,
it's a valid question to me for anyone
that could ever answer it

I have a few pieces of silver myself,
mostly pre 64's and Morgans
18 MINUTES.  . . . . . .

Offline Dee

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Re: Savings in bank...
« Reply #20 on: September 30, 2021, 06:08:18 AM »
I own gold, silver, guns, ammo, a house, and farm land (all lien-free). I've learned to grow food. I can hunt and fish.

I to, am debt free, with some savings. I don't fantasize about living off the land as I figure most of my time would be taken up in my garden, and protecting what I have left.
Hard times create strong men. Strong men create good times. Good times create weak men. Weak men create hard times.

Offline Ranger99

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Re: Savings in bank...
« Reply #21 on: September 30, 2021, 06:17:46 AM »
That's pretty much the logical path to be on ^ ^
18 MINUTES.  . . . . . .

Offline Ranger99

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Re: Savings in bank...
« Reply #22 on: September 30, 2021, 06:25:05 AM »
I still hear some that think they're
going to strap on all their tactical
goodies and roam the countryside
and grab up whatever food or
whatever catches their eye, and
stop by the local cattle ranch and
" shop" for some beef.
All the farmers and ranchers I've
ever known would defend their
possessions right now in " good "
times, and more so if things went
to pot. There'd be less hesitation
to deal with thieves and rustlers
if there were SHTF happening
18 MINUTES.  . . . . . .

Offline Dee

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Re: Savings in bank...
« Reply #23 on: September 30, 2021, 06:35:37 AM »
In the last Great Depression the population in my old home county 50 miles north of Dallas Texas, all the deer were hunted out to feed families.
The deer have never been able to make a  comeback, and the people population has more than quadrupled since the depression.
If it happens again, people will be scouring the countryside for food.
Due to modern fertilization, and cattle raising  our population has out grown the land.
Cut those new methods off, and no fuel? It won't take long to get a big dose of reality, and find out how mean you really are.
Hard times create strong men. Strong men create good times. Good times create weak men. Weak men create hard times.

Offline ironglow

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Re: Savings in bank...
« Reply #24 on: September 30, 2021, 12:06:50 PM »
.
  I am debt-free..all I ever owe, is the utility bills and real estate taxes, when they come due.  Have gone into debt for homes for up to 15 years, but paid all off before 8 years.. I hate being in debt, even though there are some times when it can be beneficial

  I considered buying land, since I already own some prime acreage at another location.  ..but of course, ther eis the survey search, and closing costs, along with the yearly taxes.

  Here the deal is, when you own some vacant land, the first acre is taxed as a prime building lot..and the rest at a somewhat lower rate.

  Wheteher it is just a pasture, or a rolling, wooded acreage, bordered by a nice trout stream as mine is, it is still called "vacant land" unless a dwelling is on it !

     Although my retirement is not extravagant, the fact that I live simply..don't smoke, drink, chew or visit the casino or buy any 'toys' other than my guns & scooter, I can do fairly well.

  My only other expenses are church and donations to worthy causes.
If you don't want the truth, don't ask me.  If you want something sugar coated...go eat a donut !  (anon)

Offline Mule 11

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Re: Savings in bank...
« Reply #25 on: September 30, 2021, 12:38:47 PM »
I am sorry for all those including myself that live without extravagance and put money away. We are being robbed on every front. Sorry guys, butt that is the truth of the matter. Worse for our offspring and theirs...

Offline ironglow

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Re: Savings in bank...
« Reply #26 on: October 02, 2021, 05:37:37 AM »
.
  Main reason to move cash..   Inflation at 30 year high..even CNN has to admit it !

   https://www.cnn.com/2021/10/01/economy/inflation-incomes-august/index.html
If you don't want the truth, don't ask me.  If you want something sugar coated...go eat a donut !  (anon)

Offline Lloyd Smale

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Re: Savings in bank...
« Reply #27 on: October 02, 2021, 11:27:00 PM »
my dad is old school. Hes 90 this year. Has a substantial savings account and still will duck tape his shoes together. I dont know what hes saving it for but he just cringes at parting with a dime. Hes talked for 10 years about getting a new truck and could buy 10 of them cash and now at 90 its about silly to do it. What did he gain? The bank president probably bought 3 new cars in that ten years. ME? I worked hard for my money. I intend to enjoy it. If i want something i buy it. My kids can take care of themselves and dont need my bank account. They can fight over the house cars guns and toys that i leave behind. My wifes set. She gets her retirement, my retirement, social security and my Va disability pension. Only debt is i keep one new car loan going. I put insurance on that so that if i die its paid off. I keep enough in the bank to bury me. I dont get a hard on looking at a bank book or playing with some gold rock. Id much rather play with a new gun, boat atv truck ect and my wife would rather go on a cruise or head across country to visit her son. If shtf and really hit the fan all of this talk is about silly. We know that very few at our age could be self sufficient. Or funnier yet run off and live off the land in the woods. Id probably be in better shape with my gun and ammo stash that anyone with 5 lbs of gold would be. Bank account? That would be the first thing to go down the tubes. When i was in my 30s and 40s. having some cushion in the bank made sense to me. But at that time i couldnt really save what i would have liked to because i had a family to raise. Now at 65 I dont intend to live in fear of a society collapse and bottom line any day could be my last even from age. If it happen so be it. But until then the man that dies with the most toys wins!!! Personaly i think the mentality of having to have money in the bank or stocks or gold comes from the people profiting off selling them or providing the service. Its been beat into our heads since youth by them.
blue lives matter

Offline ironglow

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Re: Savings in bank...
« Reply #28 on: October 03, 2021, 12:30:36 AM »
.
  Lloyd..Pardon me, but you sound just like my son ! ;D  ..And I am sure I sound to him, just like your Dad.
 Nothing wrong with that, but some things get ingrained into our psyche early in life.
 
   Assumin, I sound much like your dad, let me try to help by way of explanation.  Your Dad has about 5 years on me, so in this case it may be more deeply ingrained.

    He and I are "children of the depression".  The depression brought on a necessity of making everything last as long as possible. Few people today can understand how tough things were at the time!

  The crash was 1929..about 2 years before your dad was born.  If your family was like mine, they were just average folks, so were hit very hard by the depression. Jobs were almost impossible to find, because those who normally hired help, were almost all broke, themselves.

  During the early years of the depression, my dad was fortunate, in that my uncle had a small lumbering business, and he hired my dad.  The deal was, dad got a dollar a day and his dinner, but had to furnish his own team of horses.  He was grateful for that !
  During the depression few people could afford any new clothes, shoes or anything else, so they learned to make do with what they had.

   Following the great depression, was the war years (1941-1945). The war brought the country out of the depression, because jobs were available...but almost nothing was being made for the civilian market.  Everything from meat, coffee, sugar, shoes, tires, gasoline..all commodities were scarce, and RATIONED !.

  During the war there was used a popular slogan, which applied to everything from clothes to shoes to almost any manufactured item. The slogan was this; "use it up...wear it out..make it do...or do without!"

  That early training lasts! Although I can remember very little of the depression years, I do recall very well, the WW2 years.
 
    Think of this, when you try to puzzle out your dad's motives..
     
If you don't want the truth, don't ask me.  If you want something sugar coated...go eat a donut !  (anon)

Offline Lloyd Smale

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Re: Savings in bank...
« Reply #29 on: October 03, 2021, 02:03:34 AM »
im sure your very much right. My dad grew up POOR. Im talking walk to school in the winter without boots and lard sandwiches in his lunch. He said his bedroom had canned stuff stored under the bed and it sometimes froze and snow was on the floor in the morning. Im sure it made his money a precious thing to him. Something he never dreamed he had. He worked two and three jobs supporting us 6 kids and while putting my ma through college. When she graduated and started working and us kids were getting older and leaving the nest and he started having money to  burn he didnt have a clue how to light it on fire. He always had it in the back of his mind that tomorrow he might be back in that cold house. But come on. Him at 90 and you at 85??? What are you saving it for. It wont buy you a slice of bread in heaven. Ive told him many times to spend the money that will be my share when he dies. I dont need it. None of my sisters do either. Told him flat out a number of times that if he didnt spend it a week after he dies ill buy a new boat or a truck. Even that wont budge him to part with it. Kind of comical. Hes still can hunt. Got his buck last year and plans to hunt again this year. He has a 20 dollar walmart battery feeder thats probably 15 years old. Total pos. When he buys batterys for it he wont spend the extra 5 bucks and get a good duracell. Nope a 3 dollar eveready from walmart and he wont change it till the thing flat out wont work. So this year he was complaining. I had a new moutrie magnum in the box i bought for a spare. I set it up for him Gave him two rechargable batterys a charger and even put a solar pannel on it. Hers how cheap he is. He set it all up but said he isnt buying any corn for it till two days before season!! Darned stuff cost 7 bucks for 50 lbs!! Wouldnt want to put a dollars worth of corn on the ground for a couple weeks. Then he set up his old cheap one (wouldnt want to toss it in the trash where it belongs) in his yard to feed turkey. Seems my brother in law gave him 200lbs of corn from last year so hes feeding the turkeys. He calls me up last week  and asks if i have any more of those rechargable batterys. I said yup but they cost 10 bucks and it cost me 12 bucks i gas to bring it to you and i had a siezure so i cant drive till january. Told him id give him one if he came and picked it up and he said AH  FORGET IT. Talked to my brother in law yesterdary and he said dad bought nice new silver eveready for it!!!! Be dammed if he was going to spend 10 bucks on a battery when he might die next week :o
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