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6% interest on millions of dollars...

Topic closed. 8 replies. Last post 10 years ago by Coin Toss.

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Honduras
Member #20982
August 29, 2005
4715 Posts
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Posted: February 10, 2007, 4:42 pm - IP Logged

Guys I thought you should know this..I don't know much about interest but i've been told that some banks give you 6% interest...I've been told that no bank will give you more than 6%..I don't know but if any of you know more you are welcome to mention it and then we can calculate the percentage..I calculate this percentage by using a percentage calculator..YOu can find them on yahoo, google, etc..

 

6% of 1 million dollars = 60,000 (sixty thousand dollars)

6% of 10 million dollars = 600,000 (six hundred thousands)

6% of 20 million dollars = 1,200,000 (1 million two hundred thousands)

6% of 100 million dollars = 6,000,000 (six million dollars)

6% of 200 million dollars = 12,000,000 (twelve million dollars)

6% of 1 Billion dollars = 60,000,000 (sixty million dollars)

6% of 10 Billion dollars = 600,000,000 (six hundred million dollars

6% of 50 Billion dollars (Bill Gates) = 3 Billion dollars...

    guesser's avatar - Lottery-017.jpg

    United States
    Member #41383
    June 16, 2006
    1969 Posts
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    Posted: February 10, 2007, 5:06 pm - IP Logged

    Interest rate on what ?

    Simple Savings ?

    3 year CD ?

    10 year CD ?

    The max I have found IS 6%, but I didn't look real hard (bankrate.com)

    And if folks cannot figure out in their head what 6% of 1, 10, 20, 100, 200, a billion dollars is, they should not even be allowed to HAVE money, let alone a checking account or credit card.

      Coin Toss's avatar - shape barbed.jpg
      Zeta Reticuli Star System
      United States
      Member #30470
      January 17, 2006
      10353 Posts
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      Posted: February 10, 2007, 5:39 pm - IP Logged

      pumpi76

      People with $1,000,000 and more don't settle for 6% interest.  

      Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

      Lep

      There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

        JAP69's avatar - alas
        South Carolina
        United States
        Member #6
        November 4, 2001
        8790 Posts
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        Posted: February 10, 2007, 6:08 pm - IP Logged

        pumpi76

        People with $1,000,000 and more don't settle for 6% interest.  

        I Agree!

        People with that kind of money find secure places with a higher return.

        If you bank it you have a negotiating advantage.

        MAGA

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          Honduras
          Member #20982
          August 29, 2005
          4715 Posts
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          Posted: February 10, 2007, 6:17 pm - IP Logged

          Interest rate on what ?

          Simple Savings ?

          3 year CD ?

          10 year CD ?

          The max I have found IS 6%, but I didn't look real hard (bankrate.com)

          And if folks cannot figure out in their head what 6% of 1, 10, 20, 100, 200, a billion dollars is, they should not even be allowed to HAVE money, let alone a checking account or credit card.

          Coin Toss: I see..

          Guesser, i don't know, i don't know almost nothing about banks and interest rates and stuff of that sort..

          I posted those rates because that's what i thought a person would be getting ever year..LIke I thought someone with 1 milliion dollars will be getting 6% every year....Enlighten me guesser if you are not busy..I would greatly appreciate it...

            justxploring's avatar - villiarna
            Wandering Aimlessly
            United States
            Member #25360
            November 5, 2005
            4461 Posts
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            Posted: February 10, 2007, 8:32 pm - IP Logged

            Pumpi, the best advice anyone can give someone who wins money is to contact an attorney or financial advisor you trust.  I'm not talking about picking up the phone and calling a place listed in the Yellow Pages.  I mean to find out who counsels the rich.  Once you have money, everyone wants to help you, so it might not be as difficult as it sounds.

            Most people don't want to pay taxes on interest if they don't have to, so they look for tax deferred investments. Let's say you buy government bonds or an annuity. You might get a lower rate of return, but if you are in a very high tax bracket, you'll end up getting more than in a bank account because they are tax deferred.  If you don't have one already, the first thing is to make sure you have the maximum allowable in an IRA and add to it every year. In any tax deferred account, the interest grows without a tax burden for years.  Why pay tax on money you're not using?  Of course any interest withdrawn later on is taxed.  Again, a good attorney and financial planner would help you set up these investments. I've taken lots of courses and still wouldn't be able to handle millions of dollars at this point. Someone recently spoke to me about an extensive, ongoing training program for this very thing, that is, to learn how to help people protect their wealth. It's not easy to simply say "do this" or "do that."  It takes years of experience.

            I don't know what kind of interest a person would get on a million dollars if he decided to just place it in a bank.  It wouldn't be FDIC insured anyway.  Banks offer different rates depending on the amount you invest and the length of the term.  So if you have $10,000 and buy a Certificate of Deposit (CD) for 1 year and get 5.1%, the same bank might offer you 5.5% if you buy a 3 year CD and so on.  If you have $100,000 you will get a higher rate.  Of course the bank can't break any federal regulations and it cannot afford to pay a rate higher than what it's earning by investing your money.  They are in business to make a profit. As you know, the money isn't sitting in the bank. It's used for mortgages, personal loans, etc.  The more money they get from depositors the more they can invest.

            I've always wondered about offshore banks like Millenium Bank (MLNbank)  I wonder how safe it is to invest your money.  They've always had great interest rates on CDs and still offer the highest I've seen on the internet, but I'd contact an international lawyer or specialist in these matters before I ever invested my money out of the United States.  Many people with a lot of money have offshore accounts. I believe Federal Law dictates you are still supposed to claim interest earned to the IRS, but they've been used as tax havens for years, especially places like Switzerland and the Caymen Islands.

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              San Diego
              United States
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              January 23, 2007
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              Posted: February 10, 2007, 10:54 pm - IP Logged

              "And if folks cannot figure out in their head what 6% of 1, 10, 20, 100, 200, a billion dollars is, they should not even be allowed to HAVE money, let alone a checking account or credit card."

               

              If people were that smart with numbers, the lotteries would be out of business.

                guesser's avatar - Lottery-017.jpg

                United States
                Member #41383
                June 16, 2006
                1969 Posts
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                Posted: February 10, 2007, 11:36 pm - IP Logged

                JX - bingo! - BUT - The Swiss idea isn't so safe anymore, not after 9/11.

                FL - you got that right.

                Pumpi - enlighten you to what ? Go look at interest rates for yourself. I'm almost like you in that I want a decent return, but I want a safe return for about half of my money, which means no stock market: half will be safe, and half I will dicker with, which does include the stock market, mutual funds, buying toys, building living trusts, charities, buying Todd a Server farm, etc.....

                As far as FDIC Insurance goes, you spread it across several different banks in several states. No, I don't mean in you take home 100 million dollars that you split it up and find 500 different banks, but I would split it up into about 20 different lots of money and do it that way. 

                  Coin Toss's avatar - shape barbed.jpg
                  Zeta Reticuli Star System
                  United States
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                  January 17, 2006
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                  Posted: February 10, 2007, 11:53 pm - IP Logged

                  pumpi76

                  There exists something called "old money" - that is the "bluebloods", people born into it, they come from families that started businesses that became very large and successful. These are the Rockefellers, Getty, Rothschild, etc...

                  They look at people who suddenyl come into money as the "nouveau rich", the new rich.  They know these people did not come from money and in many cases their fortune will be fleeting (gond fast).

                  The old money has the kind of investment advice that Justxploring mentioned, the nouveau rich look for interest rates on savings accounts, if that.

                  Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                  Lep

                  There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.