Grand Avenue by Mike Thompson for May 07, 2013
May 06, 2013
May 08, 2013
Transcript:
Michael, let's bring your money to a bank and open a savings account for you! But I can't spend my money if it's in the bank! That's the whole idea! You save your money instead of spending it, and you gain interest! I'm already interested in my money! No, you earn more money via interest! What good does more money do me if it's locked in some bank? Because you won't be able to waste it on silly stuff! I see your point! I could waste your money on silly stuff instead!
The problem is your interest is taxed as income from money you paid taxes on in the first place. Making your interest income much less than it looks.