Comments on: Lousy Interest Rates = Spend

By: Anonymous

Anonymous — Mon, 01 Feb 2010 06:39:54 +0000

There are other internet banks that offer up to 4% APY! Transfer your $$$ Nev.

By: Dale

Dale — Sun, 31 Jan 2010 23:49:05 +0000

Neville,

You know, I did read your posts on starting up an e-commerce site. I plan on reading it again now that I've sunk all that money into it. Actually, Shopify has a 30 day free trial thingy, so I actually haven't sunk anything yet!

Thanks for the encouragement. You can't imagine how much that means to me.

By: John

John — Sun, 31 Jan 2010 22:42:40 +0000

Hey Nev,
Have you thought about putting your money in an overseas account? USA probably has one of the lowest interest rates in the world at the moment.
I'm currently getting 3.90% in my savings account.
Money transfer fees would probably make a fair hit but It would be an interesting calculation exercise to compare the benefits.

By: Zack

Zack — Sun, 31 Jan 2010 22:10:35 +0000

Not checking the account for 5 years cost you some money as well. At once time EmigrantDirect had really good rates as well as a nice 1.4% cashback credit card. They have been going downhill for the last few years rate wise. Would have been better to move the money to different places and track it.

BloggerZack
http://bloggerzack.blogspot.com/

By: Money Honey SF

Money Honey SF — Sat, 30 Jan 2010 23:58:14 +0000

I am not a huge fan of money market funds or CDs due to their low rates. If you're young like me, you should invest in stocks with a higher return in the long run. Banks offer you 1-2% return on your investment when they in turn lend out your money to others at a rate of 18%-22% such as credit cards.

come and check out my blog moneyhoneysf@yahoo.com

By: Mrs. Money

Mrs. Money — Sat, 30 Jan 2010 02:14:51 +0000

I love this! It's fun to see devil's advocate type posts!

It makes me want to go buy a new tv though. :)

By: Neville

Neville — Fri, 29 Jan 2010 17:31:33 +0000

Dale,

You are losing considerably if you have a normal bank account in the U.S....it's much better to invest that money (at least SOME) into business endeavors.

If I take $25,000 and make $1,000 off it...I'm better off than leaving that money sitting.

As for your venture into ecommerce...good going! At least you will learn an IMMENSE amount of knowledge you didn't previously have, you might actually make a good amount of money, and I'm sure you're figuring out that starting a business is pretty fun and rewarding.

Have you read my post:
http://www.nevblog.com/2007/12/house-of-rave-com-story-part-1.html
?

Adam's recommendation to you for an ecommerce host was solid. Also try Volusion as an all-in-one solution.

If you're going to sell lots of products use a proper ecommerce solution.

Don't try to perfect your store right away, just get the damn thing running and working then make improvements from there!

By: Dale

Dale — Fri, 29 Jan 2010 01:48:53 +0000

Neville, just wanted to say thanks for getting me out of my rut. As I said in my post, pardon the plug, (http://corporatepreneur.blogspot.com/2010/01/foray-into-e-commerce.html) I was having trouble coming to grips with spending money on what might be throwaway for a e-commerce hosting site. Your point on how I'm actually losing money with money in my ING account has inspired me to go invest it on a potential business.