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| quote: | Originally posted by Nrg2Nfinit
sometimes a stagnant savings account just isn't enough which is why you should just give yourself that extra category.
Imagine you held 5000 dollars in your bank account just sitting there without adding to it for 10 years. the future value of that money depreciates considerably due to inflation at around 2 or 3% a year. 5000 dollars would probably cost you around 6500$ 10 years from now. So not only should you be continually adding to that amount, it should be incurring an interest of at least 3% to retain its value.
anyways, don't mean to badger here this is all just my opnion. |
It won't go anywhere near that long without being added to. I didn't add to it during university because I was broke, but otherwise I add to it every year or two. And it does get an interest rate of about 3%, although hopefully that'll go up in a year or two.
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