People with $200,000

[jodi]

Re: People with $200,000

The wealth is not appreciated when given but rather when earned.

Beautiful quote! I just finished The Richest man in Babylon and that phrase could not have summed up the entire book any better.

[Ima saver]

Re: People with $200,000

I agree, and I enjoyed that book too!!

[lillyb]

Re: People with $200,000

I definitely need to read that book but can't find it at the library. Yes, I think people that strive to better themselves appreciate wealth when they've earned it, not when given. If you don't like your situation, change it. Plain and simple.

[Ima saver]

Re: People with $200,000

Gavin, did you understand the math to figure out how much interest you will earn? If I could get $10,000 a month interest on my $200,000 in the bank, we would never have to work again!!

[Broken Arrow]

Re: People with $200,000

Just for fun, to get $10k per month out of $200k would require 60% APR!

The math for calculating interest has been presented in the past before, but I'm not sure if he read it or not.

[Ima saver]

Re: People with $200,000

Please call me when you find the bank that pays 60% apr!! Thanks!!

[Joan.of.the.Arch]

Re: People with $200,000

This thread is evidence of the low level of financial understanding out there. Sorry, but it is fourth grade math that is being misunderstood.

[Lemony]

Re: People with $200,000

Communists!

[Ima saver]

Re: People with $200,000

That is how we learn, by asking questions!!

[boomeyers]

Re: People with $200,000

Exactly! You learn by asking questions. I don't remember any interest and investment math in fourth grade! I should really be applying myself to learn these things now, instead of relying on others. I just have always had mathaphobia. I think our initial question is a good one. But I do agree that first people need to learn to help themselves! $10,000 is too much to start with. With some people it is getting a job and learning what to do with that money before they go into debt!

[autoxer]

Re: People with $200,000

what I am trying to get to is we could help each other get richer faster and with that comes only good things because there would be less poverty. I know money isn't everything, but to help people to not have to struggle that would be great

Isn't that why we all came to this board? Education will have a much bigger affect than giving someone money.

You could give somebody $10,000 which may get them out of debt temporarily, but that won't change their spending or money management habits, so they will likely end up right where they started. They have to really want to change for it to be effective.

[Ima saver]

Re: People with $200,000

You have hit the nail on the head, autoxer. Giving away money won't fix the problem!!

[Broken Arrow]

Re: People with $200,000

Indeed. That's exactly how many lottery winners end up. Some end up worse off.

[Ima saver]

Re: People with $200,000

This is true, they did a story on tv, showing that most lottery winners were broke 10 years later. They blew the money, instead of saving it, and living on the interest.