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Wait till you find out about how they compound your interest vs how they compound their own. Your interest on your saving account gets compounded 12 times a years; The bank's 365 times a year.
Yes this is how a business makes money....
Remember. No business "makes" money. They just take the money from someone else. Business make products and services, they're "busy" doing something for someone else. If a business or businessman gets money in return for no job, thats not a business, that's a theft.
Imagine trying to be this pedantic. Christ.
Exactly. Income vs expenses. We learned this as children selling lemonade.
Nowadays people call the cops because you don't have a business license, permit, health violations, and tax evasion.
Well only if you're black
Get into Crypto. That will solve this problem.
"Yes, Bitcoin? I'd like to apply for a mortgage, please"
Crypto lending is totally a thing though
LoL. Maybe one day. I didn't suggest they put all their holdings into crypto! Banks are very necessary. But crypto has massive advantages in terms of interest earned. Massive.
Crypto also has much bigger risks that traditional savings accounts don't have. Massive risks, as you'd say. My Discover savings account doesn't tank when Elon Musk sends a tweet.
True, but your dollars are worth less every day due to inflation and the dilution of the money supply. I'm not saying that I don't support the government printing money, just that you can't print more Bitcoin. So... yeah, you are losing value slowly every single day by holding USD.
Obviously Bitcoin is risky, I'm not arguing against that. I'm just pointing out the difference between Bitcoin and USD.
I think most people understand inflation. Still better to lose some than all. You have a more reasonable approach, though. People touting this mentality that it can never fail and will always go up are dangerous. The overconfidence will be their demise. I'm not against crypto in anyway. I've made money off it. It's just not where I'm gonna hold my bulk savings. My brother had $80k he put into crypto and right when he needed it for a buisness purchase, the market crashed and he couldn't afford it. It came back of course, but the opportunity had already left. It's things like that that make me keep my money out of it these days. Like I said before, I'm fine with my money not losing value when Elon Musk decided to tweet about it.
So true. Excellent point. But you can stake stablecoins for the less risk willing investor.
Yeahhh. My cash is better off in my backyard than a bank or crypto. Buuut that's me
You stick your money into a savings account...we will use ours for bitcoin...come back in 5 years and tell me who has the higher balance!
This is the way
...lube not included.
Risk.
You lending them money there's no chance of loss. Thus they pay very little interest.
Them lending you money there's a heavy chance of loss. Thus you pay lots of interest.
No chance of loss? Remind me again what happened to some 9 million savings accts during the great depression?
Feel free to look up the Emergency Banking Act of 1933. That can't happen today.
I think looking at their profit margins, one could argue that argument is really pushing it
Defending banks? We don't do that around here, fella.
Me who was going to say the same thing as OP…
No. Those are just the facts of economics and finance, no matter the lender. Risk is a very simple concept.
This is the internet. Kindly take your stupid facts elsewhere.
Do you seriously need help with this? Risk is a very simply concept.
Why, I have never heard of such things! Congratulations on having such a firm grasp of economics.
Interesting