Money

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Does NT keep their money in two or more banks cuz people shouldn’t leave all their money in one bank? If if true, I wish people on SSI could do this too. I guess it smart for NTs to do this, cuz I read that people should only keep like around 200K, I think. There another thing I don’t understand, I know on SSI, you should only have up to 2,000, SSI want people to use only their money & want people poor, that just very stupid, some people on SSI work. I wish SSI allows people to deposit Life Insurance from a parent or trust fund, with trust funds, it may not last forever, with Life Insurance, what if it under $200. I think SSI should have higher pay, there are ALOT of people that have medical issues, what if they need to buy stuff that their insurance won’t cover. I never did understand all the social security paperwork, they give out like 4-7 pages or more, they use to put your social security number on every page that was soooo stupid! People can steal your mail. It happens here in my city, people always steal packages more & the owner of the house has a video camera, but the person that stole packages don’t care. Having SSI can be great & can be bad.

I think a major reason why having accounts at different banks can be good is if you get better deals with different banks for different types of accounts; like you have a checking account with one, a saving account with another, savings bonds with another, & mutual funds with another.

I completely agree with you about SSI. The system is set up in order to keep people dependent on it so the people with money & power can keep their money & power by making their poor & disabled their b!tch/um scapegoats.

The FDIC limit for a insured bank account at a single bank is 250 grand so some wealthy people with lots of cash will have 250,000 each in different bank accounts.But generally its not a good idea to have a lot of money in savings for no reason due to inflation.Also middle class and upper-middle class and working class NTs who are not on social security disablity will have lots of different accounts sometimes like a household making 100,000 a year may have 401ks, IRAs, Roth IRAs and HSAs and different bank accounts and brokerage accounts.Also people have bank accounts for their businesses separate from their personal accounts.

I was on social security disablity but not anymore so now I have no income but I do have a big trust fund that I will live off of in the future.A trust fund would have to have a lot of money in it to sustain a disabled person after their mom and dad dies so it extremely uncommon to have a huge trust fund like that 2,000 dollars is nowhere close to the amount to sustain you for a lifetime that a trust fund could give you.But disabled people can have trust funds set up by their parents.

Also some parents set up able accounts for their children which have a 100,000 dollar limit but again thats nowhere close to sustaining someone for the rest of their life in this country.Its not a good idea to have 250,000 in the bank making 1 percent with inflation.NT peple need to take that money and invest in the stock market and real estate to keep up with the pace of inflation.Because that 250,000 would be worth a lot less after working for decades if it was just in cash in the bank .Its a good idea for people to just have enough cash to cover emergencies for 3 months to 1 year and invest the difference.Many rich people lost money because they had too much money in their accounts at a bank recently and they had more than the 250,000 limit.Sorry for the novel lol.

Banks are okay.

I prefer real-estate.

You don’t put your money in a bank? What you mean you prefer real estate?

What does being ND or NT have to do with finance? Different people will have different banking needs, regardless of their neurology.

You can have more that one account at a bank and they are insured separately so the insurance limit is per account not per customer. Whether you have 5 accounts at one bank or 1 account at 5 banks It doesn't make a substantial difference.

He means he buys properties instead of just sticking money in a bank. He likely makes more money from real property appreciation and/or rent as a landlord than he could make in interest from a bank - hence preferring real estate to banks.

Yes, I have money in banks, but 'flipping' real-estate earns greater return on investment in a shorter amount of time.

I also have long-term investments in stocks.  This strategy is called "Diversification of Monetary Assets".

A true capitalist.
I have a nice home in a good area and my stock portfolio.
I made some great profits with the shares.
10x what I would have gotten if I had put it in the bank.

Last edited by Pepe on 16 Apr 2023, 7:20 am, edited 1 time in total.

I love money me.

Unless we have a big real estate market crash or I somehow earn a Lot of money I dunno if I'll ever purchase a property.

I mean, I guess I could Technically go all in on an old cheap apartment in a city I don't want to live in - but that seems crazy. Especially since I'd also have to pay hundreds/month for strata fees -> some strata's downtown are like $700+/mo just for the condo fees!! Plus mortgage/taxes etc.

Alternatively, it's Possible, I suppose, that I could buy a property far away and rent it out. But coming up with a down payment for a house here is beyond crazy.. especially if you work a job for a living and can only qualify for a few hundred thousand dollar mortgage or so. Would only need a $1.4M down payment in that case.

Sometimes I wonder if there's a rental market for cheaper properties in this tiny little town my dad grew up in as a teenager. Some places sell for half a million, but others for only $125k. Could buy something there just to say I own it, rent it out for 30 years, then retire there in a tiny little dying town with nothing and no one around. (but there's a natural beauty to the place, so I get why my dad liked it and wants his ashes spread there.)

Or maybe I'll just never buy property like many people my age and younger. *shrug*

The property market is a f*****g stitch up. It's the same in the UK.

When I was a kid, we had a neighbor who had lost his life savings in the Great Depression.

After that, whenever he got some money (generally when selling a crop), he would open up a new bank account in a different town to deposit the check.

When he passed away, he had quite a few bank accounts in numerous towns in about five or six different states.

Yeah.. London, Vancouver, Sydney, Hong Kong - top 4 least affordable real estate markets on the planet vs. local incomes. Hong Kong takes top prize, but Vancouver isn't far behind. It's nuts - people can only buy condos if their parents die and they inherit real estate equity wealth.

Bob Rennie, the Condo King, believes they need to build more "affordable," housing in the $1.1-1.5M range for condos that millenials can buy after their parents die. A-holes!

In the US big buisnesses landlords buy up most of the properties & land for sale. In some areas most of the rental property & land for sale is owned by one or two buisnesses/people. Sometimes they don't even use or sell half their property. They just want control over the market so they can jack their prices way up.

A previous government of the day in Australia provided enormous incentives for investing in the property market.
I took advantage of that, and I am financially secure now.

Because of the property prices here now, I think it is harder these days, and those benefits will be taken away if Jim Chalmers ever becomes PM over here.
Talk about being an extremist left-winger.
Lenin/Marx, move over! EEP!