casey00001

Dividends Get No Respect

Unfortunately the young is a credit card debt society not a savings society. A friend of mine with teenage sons described it best as the "remote control generation". I want it, I want it now (I'm entitled) and if I don't like what's on/happening I will change the the channel.


On Sep 21 09:20 AM whisperonthewind wrote:

> One other point that bears repeating - when I was young, banks had
> savings accounts that gave 4% interest. This was explained to us
> as the way to make our hard earned lawn mowing money grow, and it
> was a terrific idea. Kids everywhere put their money into those savings
> accounts, and were successful at earning quite a bit of money.<br/>
>
> Now, your typical savings account for the common person bears somewhere
> around 1/2% and for some reason everyone thinks this is a good interest
> rate. I know CDs have better interest rates, but with those you have
> to have a minimum deposit, which doesn't help the young kids. If
> we really want to encourage our children to learn to save, we need
> to give them a healthy reason why. We need to begin to increase the
> interest rates on ordinary savings accounts. It would encourage more
> people to save money, which benefits all of us in the long run. Spending
> has its place, but saving has a future built in.