Do you eventually end up paying more than what you receive as interest? Should I just keep all my money out of the bank? Sent from my iPod touch using Grasscity Forum
im going to sum this up for you as fast as possible. A bank is not used to keep your money safe. Guns and safes are used to keep your money safe. A bank is specifically to prove to other people that you are trustworthy and reliable enough to invest, save, spend, and repay debts and loans. Banks are positive if you are making LEGIT money and want to invest in things such as property, cars, appliances, stocks, IRAs, etc etc. If you are not making legit money and dont have a decent laundering sceme then a bank is useless for you. The other positive to a bank is the convenience of online shopping and the ability to use money without having to carry more than a debit card. Personally i put a percentage of my income in the bank and focus on building my credit score with it. The rest of my income goes to overhead and savings. Use it for what you need it for or dont at all. I personally know that you will never own anything expensive without a bank account. Atleast not financing. If you purchase anything over 10 grand with cash people have to report it to the feds anyways. So its up to you and your situation. That is the simplest whay i can put it. otherwise you can take a small business course or banking course at your local community college so long as you live anywhere in the usa. hope i helped
Unless you have mills / bills interest is not noticeable for me I get 2 p interest from my savings account for putting in 700 a month Sent from my iPhone using Grasscity Forum mobile app