Would you keep over $100, 000 in the Bank?

[GrimJack]

Originally Posted by ummabdullah

Islam strictly prohibits any earnings from Interest! Although many muslims still go against Islamic law.. this is a black and white in our religion. Just as Jesus is the "son" of God in christianity is black and white..

In islam if I tell another person to hold £100. That person may invest that £100 if they are certain it will increase in money. Whatever earnings that person makes on that £100 is mine and so is the £100. The person who invested my money does not gain any financial benefit except that they did a good deed.

Judaism prohibits taking interest.. but does not prohibit earning from interest. So in the Torah it states that Jews may charge interest to anyone who is not jewish. And in earlier muslim countries it was the Jews who handled financial affairs in this way.. and were very successful at it.

Interesting about christianity prohibiting interest. I didn't know that?

Kind regards
Maryum

Maryum,

I guess that since the 3 are "Abrahamic" and were formed in the same area (Iraq is the 2nd most referenced country in the bible, Israel of course is 1st) that they share the same duality with 'earnings'

The Bible and church councils through several centuries strictly forbade Christians from earning interest by lending money to one another.

and

Moses clearly commanded his Jewish followers to freely lend among themselves (Dt 15:8) He established seventh year debt forgiveness (Dt 15:1) and termed it “evil” to refuse to lend because the year of forgiveness was near (Dt 15:9). Jesus even took time in the Sermon on the Mount to command his followers to freely lend to anyone in need, even if the loan wasn’t government guaranteed. Both clearly wanted borrowing and lending to be a routine part of the economy, even if the modern ministry doesn’t.

There is a prohibition against earning interest but not against taking interest or earning a return.

Thanks for the correction and forcing me back into research instead of depending on my recall.

Grim

sorry all for the religious side trip.

[LuxLiving]

"If thou lend money to any of My people,...thou shalt not be to him as a creditor; neither shall ye lay upon him interest."
—Exodus 22:24

[GrimJack]

Originally Posted by LuxLiving

"If thou lend money to any of My people,...thou shalt not be to him as a creditor; neither shall ye lay upon him interest."
—Exodus 22:24

He withholds his hand from sin and takes no usury or excessive interest. He keeps my laws and follows my decrees.
ez 18:17

Well then, you should have put my money on deposit with the bankers, so that when I returned I would have received it back with interest.
-matt 25:27

Why then didn't you put my money on deposit, so that when I came back, I could have collected it with interest?'
-luk 19:23

You must not lend him money at interest or sell him food at a profit.
- lev 25:37

Any book of faith requires that you read it all and hold dear what is important to you and understand others can read the same book and hold something else dear.



any further discussion should be off-line as we are kind of moving away from the original discussion (though I find it quite interesting)

GrimJack

[ummabdullah]

Extremely interesting grim jack and luxliving. I think this topic is really good in a way.. because half the people on this site are trying to get out of debt by creditors. Its nice to see what the ancients thought of such transactions.. if from only a historical basis. After all the bible is one of the best books on history.. or so some people say?
mm maybe we should start a history thread?

[LuxLiving]

interesting article:

What Religions Say About Money

http://www.bankrate.com/msn/news/advice/20040121a1.asp

[Potato_Picker]

I think it's a great goal to have $100 grand invested somehow (savings + mutal funds + stocks + whatever). At that point, you're not so much working for your money, but putting some of it to work for you.

The only thing I'll add is that don't overlook your retirement savings in your quest to save $100K. If retirement savings are part of your $100K plan, or you're doing retirement saving in conjunction with your plan, then great. But if not, maybe you should think about it. If you work for a company, 401k plans are funded with before-tax money and grow tax-free until retirement. Plus many employers contribute to employees' 401k accounts. It's free money. Even if you're self-employed, you can contribute to regular and Roth IRAs to get some tax benefits.

I'm trying to nurse along both my retirement savings and non-ret. savings. I'd also love to hit $100k in my non-ret savings, because then that principle can generate enough interest to start paying some of my yearly expenses, like property taxes and car insurance.

[scfr]

As others have mentioned, if you have accounts at the same bank that have different ownership registrations, you may be insured for more than $100,000. The FDIC has a section on their web site that will help you calculate if all of your deposits are insured. The link is http://www2.fdic.gov/edie/

[Ima saver]

I pened an account with over $100,000 at the same bank last month. I say same bank, becuse I had a money market with $69,000 in it at the time. I opened this acct. in my name only but the other acct. has my dh and my name on it. That way both accts are insured. I did that because the bank had the best rate around, 5.25% I could put another $100,000 in just my dh name, and it would be insured also.