Why keeping money in bank is not a good idea
Current interest in bank is pretty attarctive as the banks are offering 17% interest rate per annum. Seems a good option to keep your money in bank and earn decent reward.
Despite all the attractive return, it is not a good idea to keep your money in bank. Although bank can increase your amount 17% after one year but the way the currency of the underdeveloped countries are depriciating, it is not a profitable to invest in bank.
In my part of the world Rs has been depreciated more than 40% in last one year. Increase in Dollar price simply means higher inflation. Despite earning 17% profit if you check the worth of money it will be around 23% down from your initial investment.
On the other hand, you can utilize your money in a best way by investing in multiple projects. You can invest in precious metal like gold and silver. In last one year Gold has observed more than 30% rise. This reveals the investment in gold is far better than keeping your money in bank. You can invest your money in stock exchange, crypto market, real estate business or even e-comerece business. Investment in multiple business will make your investment less risky. There is no need to lay eggs in one basket, better to diversify your portfolio.
You can even investment your money in stable coins, which is currently offering decent profit on your investment. Currently Hive Blockchain stable coin HBD is offering 20% APR on HBD investment. Huge profit considering the price of stable coin is almost equivalent to $1. I would love to know your opinion in this matter? What is your opinion my friends?
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.
Here they are offereing 10% interest rate but the inflation has rised about 25 to 30 % with in 8 month :D Fuck governament and fuck banks :D
In this modern day economy, especially in developing countries it's really a hassle saving money in banks with ridiculous and unexplainable bank charges and sometimes bad services. It is worth considering the potential benefits of investing in cryptocurrencies, such as the potential for high returns and the ability to diversify one's portfolio.
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Totally agree, I really like facts you mentioned here. In my view, it is better to keep in gold than to keep money in your country's currency. Because gold is not de-valued due to infection while your country's currency is de-valued.