Tuesday, September 02, 2008

Gone in Sixty Minutes: $100



When I was a kid, a hundred dollars was a whole lot of money. Heck — my very first paycheck was only sixty-something bucks. I remember going out to the garage to show it to my dad, and telling him how surprised I was for the paycheck to be THAT MUCH.

My, how times keep changing. This, the tab from our last Sunday afternoon of August, 2008:

It goes quick, huh?


A hundred bucks — gone in sixty minutes.

Good thing inflation is only five percent or so, while the most popular online savings account pays a mere three percent.

That, kids, is what's called a losing battle.

But you still gotta fight it.

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— Posted by Michael @ 9:16 AM








5 Comments:
 

Can't really show you empathy on this one. Good job on driving the Honda but what's with renting two video games for $18.00? Also, for the money you spent on barbeque, you could have had at least two family steak dinners at home. Not critizing your leisure time spending choices, but they were choices.

 

@ Mr. Toughmoneylove,

Not gunning for empathy or sympathy on this one. Just seemed like an easy way to show just how far a Benjamin doesn't go these days.

@ Infidl:

Yeah, but the reason Wamu is paying that rate is because they're starved for cash. I try to not have my savings in banks whose stocks are trading around four bucks per share. FDIC insurance makes this a non-issue, I know, but it's a hassle I don't much want to mess with if I can help it.

 

Michael,

I know this is off-topic in a way, but ...

I don't see how there's any significant hassle potential w/an FDIC-insured account. My brother had a lot of money in a CD with IndyMac, and after the Feds came in it was maybe a day before it became IndyMac Federal Bank, FSB. Business as usual for him after that. Nothing changed but the bank name from his perspective. Such a small inconvenience is not something that I myself would lose sleep over, and the APY delta adds up to real money for me.

 

Isn't this what the grandpa's are supposed to tell us? "Back in my day I could eat a whole cow for 3 cents..." but I guess things are getting so bad, we get to skip a generation and tell these stories to our friends instead of children and grand children!

Thoughts on my personal finances, goals, experiences, motivations, and accomplishments (or lack thereof).

My financial life began turning around when I took responsibility for it.
— Dave Ramsey


100%

Start (2005-12): ~$21,900
Currently: $0
[About My Debt Paydown]

41%

Savings Goal: $15,000
Currently: ~$6,138
[About My Liquid Savings Goal]