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Credit Suisse: Finance Meets Philately

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Pillar Of The Community
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United States
6583 Posts
Posted 03/24/2023   8:12 pm  Show Profile Bookmark this reply Add floortrader to your friends list  Get a Link to this Reply
You got this wrong ---- With the 8% increase Social Security this year plus the big increase in interest rates yields on CD's deposits a lot of older collectors will be able to spend 10% to 20% more on their hobbies .
You can see this in Florida everyday ,those sit down restaurants especially the breakfast places are full of old people and you have to stand in line to get seated at a table.
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Bedrock Of The Community
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Posted 03/24/2023   8:39 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
A few observations:

Hobbies and eating are apples and oranges (pun intended).

On average social security payments will increase by $140 per month. How many breakfast specials is that in a month? Well, the average breakfast at Denny's is $15/person with tip.

CD rates:



As you can see, they are hardly exploding upward.

Beware of financial analysis based upon anecdotal evidence and perceptions.
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Pillar Of The Community
United States
4237 Posts
Posted 03/24/2023   9:43 pm  Show Profile Bookmark this reply Add Partime to your friends list  Get a Link to this Reply
Those CD rates you posted seem extraordinarily low. I've banked with Ally in the past. Here is a clip from today for the 12 month CD:

The 18 month rate is 5%, while the 5 year rate is 4.25%. And, there is no minimum amount to open an account.
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Bedrock Of The Community
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Posted 03/24/2023   9:56 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
Yes, there are some higher rates from Ally, Cap One etc. that are promotional in nature (generally three times the average rate) but overall, the rates I posted above are what is out there as of two days ago. If an entirely online bank works for you, it is an option.
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United States
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Posted 03/24/2023   10:59 pm  Show Profile Bookmark this reply Add floortrader to your friends list  Get a Link to this Reply
CD rates are 4.5% to 5% for a one year deposit , most senior and older people are putting funds in much longer than 30 days or 90 days ..........Charles Schwab is giving 5.10 % today on $25,000 . for one year I already posted here last Nov. 2022 on this chat board , that I was locking up money at 4.90% plus S.S. was up 8% start of 2023 .
So for those here that are math challenged ,that is $1,000 a month more ,that is a lot of breakfasts for many senior citizens .
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Bedrock Of The Community
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Posted 03/25/2023   08:29 am  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply

Quote:
So for those here that are math challenged ,that is $1,000 a month more
.that is locked up.

Anyway, apparently the overall economy is booming contrary to what data shows and based upon the "going out for sausages and bacon and leaving a small tip" study we should expect to an uptick in discretionary spending. Awesome

PS: The Dollar Store visitation study depicts a different story but this financial science can be tricky just like Fed basis point moves.
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Posted 03/25/2023   08:45 am  Show Profile Bookmark this reply Add canyoneer to your friends list  Get a Link to this Reply
Had breakfast out yesterday with my wife... just the coffee alone was $4.50 each so you imagine what the total bill was. They also charged a 5% "wellness fee" to cover worker health care. Told my wife I guess we'll be eating out less and less in the future.
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Bedrock Of The Community
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Posted 03/25/2023   08:53 am  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
Canyoneer - Your experience points out the missing point in this topic. Yes, interest rates are going up, but why? Because everything costs more (inflation). Earning more on your money is not a sudden windfall because you have to spend more to live. Duh!

Math Challenged

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Posted 03/25/2023   09:31 am  Show Profile Check eyeonwall's eBay Listings Bookmark this reply Add eyeonwall to your friends list  Get a Link to this Reply
Spot on Rog
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Netherlands
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Posted 03/25/2023   12:16 pm  Show Profile Bookmark this reply Add NSK to your friends list  Get a Link to this Reply
So, if social security was 7,300 a month, you now get 584 a month more. Which means you must have had 99,840 in a deposit that yields 5% more than before to have 1,000 a month extra.

Of course, if social security was just 2,000 a month, you must have had 201,600 yielding 5% extra.

Naturally, you must also be debt free, or have fixed-rate debt, and not experience any increase in the cost of living that caused the rise in social security.
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