Went to bank today...

[ironglow]

.
   With the Biden inflation, the purchasing power of any savings account, is rapidly being eroded away...

   I figured I had some substantial funds just sitting there, which heretofore i wasn't too concerned about,
   since inflation was no great challenge..and I got a few pennies interest..

   My financial adviser seems paralyzed by Covid, so I figured, I would check on putting some into a CD.

   I figured..maybe a 2% CD, would cut a Biden inflation of say 8%, down to at least 6% ..

  THen I found out..CDs good, not for 2%..but rather, good for only 0 .25%   or virtually nothing..

[northwoodneil]

I remember in the early 80's a couple guys retired. They had new trucks and about 10 grand in the bank and thought life was good. By 1985 they were back at work just gettin' by. I think inflation hurts the retired folks the worst. Let's go Brandon!

[ironglow]

.
  With Jimmy Carter's mismanagement during his tenure, the inflation went as high as 20% per annum.
   
   When Jimmy was elected, the wife and I had saved just enough to buy another home outright, which we intended to do..but mistakenly held off.
   
     Time Jimmy got done with his mess, we had enough left for a down payment !

   ..And yes..it is we retired, that are hit the hardest, since wages do trail inflation albeit slowly.  However, a "fixed income" is fixed..it doesn't grow, but rather shrinks in buying power.

  Here's a picture of interest rates for CDs has waned over the years.  I haven't bought a vehicle or anything else on time for so many years, I'm not familiar with the rates.    ..So, how much does one pay in interest for a loan on a new F-150?

[mcbammer]

.
   With the Biden inflation, the purchasing power of any savings account, is rapidly being eroded away...

   I figured I had some substantial funds just sitting there, which heretofore i wasn't too concerned about,
   since inflation was no great challenge..and I got a few pennies interest..

   My financial adviser seems paralyzed by Covid, so I figured, I would check on putting some into a CD.

   I figured..maybe a 2% CD, would cut a Biden inflation of say 8%, down to at least 6% ..

  THen I found out..CDs good, not for 2%..but rather, good for only 0 .25%   or virtually nothing..

The Fed is saying it will start to  raise interest rates in 2022 ,so you might get a better rate next year .

[DDZ]

I can remember a time of getting 12% interest or higher from money in a bank account.

[Dee]

Yeah, mine is almost nuthin.

[scattershot]

These days, you’re about as well off hiding cash in your mattress as putting it in some kind of savings instrument.

[ironglow]

These days, you’re about as well off hiding cash in your mattress as putting it in some kind of savings instrument.

  You're right..put $20,000 in a savings account... and see it become perhaps $20,003.56 by the end of the year..

  Of course, with Biden's inflation at 8%, it will only be worth 18,403.56..by the end of the year.

[northwoodneil]

You can get near zero percent interest on a new F-150 but that doesn't help with the $60,000 sticker price

[Lloyd Smale]

You can get near zero percent interest on a new F-150 but that doesn't help with the $60,000 sticker price

yup im half ass thinking about a new hellcat. They offer 0 percent on them too but your looking at 80k and what they dont want you to know is if you buy one under the 0 percent they wont dicker price. 3 years ago i was looking at the same car and they had a deal where they knocked 7k off the sticker before you even began dickering and I had the salesman at 11k. A smart man 3 years ago would have taken 10k and bought primers or ammo with it. You could have made some serious money. I love my cars and trucks but we all know there about the biggest money pit going.

[ironglow]

.
  Yes...I get a blast iut if some of theose auto company buy~baits..

  One company says..."you buy our scatmobile, and we will donate $250 to the ASPCA..."

  So what happens ?  ..I'm guessing, they jack up the MSRP by $250..and catch bunch of cat lovers...

[Lloyd Smale]

Dad died last week and to ma's surprise my sister found 30k in a small safe buried under clothes in his closet. What it was for none of us know. He never told a sole. He was so confident ma wouldnt find it (she pretty crippled up and cant walk) that it wasnt even locked. told my sisters i wonder what else is hidden in that house. 3 savings accounts at the bank. my sister that was his executor or whatever the proper terminology is said she only was told about two and that one had another 10k in it. Tear apart my house and you might find 30 bucks.

These days, you’re about as well off hiding cash in your mattress as putting it in some kind of savings instrument.

[phalanx]

I still have some left. But I had to fix a few things around my house. That put a dent in it.

[ironglow]

.
   You may want to check the house and grounds closely Lloyd, since anyone who is inclined to squirrel money away in one place, could well be doing it in others.

[Lloyd Smale]

theres a bit of a problem with that. Dad did it and ma didnt know about it and she didnt say anything but I know it didnt make her happy. I think shed rather pretend it wasnt true and would really frown on us digging through her house. Its not like she or any of us really needs money anyway. All of us are in pretty good shape. So if it shows up it shows up. Im not going to be the one that looks like a money grubber digging through the house. We sure were cut from a different piece of cloth. No way i could sleep next to 30k when theres guns and toys to be bought. But he grew up with nothing. The perfect example of the one set of clothes and one pair of shoes for school. I grew up in a totally different atmosphere with both parents making decent money and a nice house with always plenty of food and even big boy toys. My sisters are all worked up over this. I told then basically to back off. Its not there money its dads and mas and if ma asks you to scrounge through the house do it. If she doesnt to keep your mouth shut. 

.
   You may want to check the house and grounds closely Lloyd, since anyone who is inclined to squirrel money away in one place, could well be doing it in others.

[ironglow]

.
   Th ereason I suggested you look, is because I mistakenly assumed your Mom would be moving, perhaps to one
  of the children's homes.
  Knowing th psyche of the situation..I only suggested a search before Mom's moving out.

  Here's wishing your Mom good health..

[Lloyd Smale]

no, right now ma has no intension of going anywhere. She has my 3 sisters that live real close that are willing to help and even stay there in rotation and my wife who could come on weekends. Truthfully i dont think she could cut it at an old folks home. Way to opinionated and demanding. It will be tough on her though. She cant walk anymore and everything is wheel chair and im sure it will come when nobody can make it over there for a day but she still has my learning disabled brother who can walk to the store or heat up something in the microwave but his health is poor too and i dont know how long he will be around either. But for emergency's one sister is right across the street. She is the one i feel sorry for. Dad waited on her hand and foot and she EVEN HAD A BELL TO RING to get him to come to her room where she spent most of the day. told my wife if she ever did that ive got a place for that bell. I think in the big picture this will be good for ma. It will force her out of that bed and make her do some things dad did for her and she will probably live longer because of it. In the last 3 years the only times shes been out of the house was to go to dads death bed in the hospital and probably spent 22 hours a day in her bed. She knows if she goes to a home nobody is going to wait on her and she will have no one to control. I thinks the sisters are panicing about the money because they fears she will give it all to the church. I think she believes she can buy her ticket there. Me?  i could give a rats ass what she does with it. Its hers and if she wants to give it all to a crack addict thats her business not mine.

[ironglow]

.. 
   ...Sounds like a spunky  old gal !  Good for her !