I find it slightly wrong that people who earn a normal amount get a bit 4p interest from te bank a year (after they've took off all the interest they've paid TO the bank off!)
YET a rich person gains 1,000s of pounds worth of interest a day/week just for letting their money sit there.
Rich people already have the money - and they get more.
Normal people barely have enough money and they get none.
Poor people have NO money and they get even less.
A bit backward?
2007-01-19 00:01:22 · 23 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Just wanted to add a comment - most of you agree (thanks for that).
Those who dont and have told me to 'stop being angry'; I'm not angry - it's not worth being angry over. What I am saying is that it seems silly to give somebody very well off more money (in interest) for nothing.
2007-01-19 06:31:32 · update #1
Yes i think it,s wrong but what can you do. Obviosly it pays if you have entrusted large amounts of money with the bank. The system is wrong, start your own bank that rewards poor people and sign me up.
2007-01-19 00:12:25 · answer #1 · answered by Anonymous · 1⤊ 5⤋
Imagine the rich didn't put their money in the banks because people who think like you passed a law that said something like "all interest over $1000/year is taxed at 100% to stop the rich from getting richer".
What do you think would happen? The rich would stop putting money in the banks, and the banks wouldn't have any money to loan the poor.
2007-01-19 01:57:38 · answer #2 · answered by Quixotic 3 · 1⤊ 1⤋
No. The rich people likely got rich by working so why wouldn't they get the rewards?
If you had more money you'd be earning more and I bet you wouldn't be complaining then.
Also, why are you paying interest to a bank? If you have debt, pay it off. There is no reason to pay interest to anyone if you are living within your means.
It sounds like you fall into the normal/poor group. What are you going to do to change that besides being angry at people who have more than you?
You are the only one who can control your life so do it and quit blaming others!
Good luck!
http://www.personalfinance101.org/?utm_source=YH&utm_medium=link
2007-01-19 03:51:15 · answer #3 · answered by personal_finance_101 3 · 0⤊ 1⤋
I don't think its backward...
ANYone can put their money away and have it make even more money... the poor simply choose NOT to. Everyone blames the rich or puts the rich down for having the money but I rather befriend the rich and learn the tricks of the trade so to speak.
I save save save and have it grow. Many people I know rather spend spend spend then have more bills to take care of all the crap they bought. It is rather simple if you look deeper into it. BUY things that will make you money rather than things that cost you.
I grew up in a poor farming family... I will not EVER live like that again due to MY CHOOSING to make things different.
You can choose as well.
Happy Friday !
: )
2007-01-19 02:21:53 · answer #4 · answered by Kitty 6 · 2⤊ 1⤋
Perhaps it might be better to think of it as those with money in the bank are making it work for them.
If you are in debt, then your money (or lack of it) is working for the bank.
Why should it be wrong to reward someone who manages their money, saves regularly and stays in the black?
It's not the rich person's fault if you don't save your money.
I do agree though, money goes to money... you just need to get yourself into the position to be the recipient.
2007-01-19 03:02:30 · answer #5 · answered by muppetofkent 3 · 2⤊ 0⤋
Rich people make more money in interest than you because they have more money to gain the interest with. Are we to start punishing rich people for having money? If we take away the perks of having money, no one will strive to make money. And then you complain that poor people with no money don't get any interest at the bank? Are you insane?
2007-01-19 00:12:45 · answer #6 · answered by The Maestro 4 · 2⤊ 1⤋
No its not wrong at all were do u expect them to keep there money. If a person is rich then good luck to them.
I'm not rich by the way.........and if I was maybe i'd let my interest grow too.
2007-01-19 00:20:36 · answer #7 · answered by Anonymous · 2⤊ 0⤋
I recon that there should be a point at which the bank stop giving accounts intrest like at 100,000 pounds or something like that and that the bank should take all or most of the intrest normal people earn
2007-01-19 00:13:07 · answer #8 · answered by Anonymous · 1⤊ 1⤋
No......the money in the bank is being used to invest in businesses, mortgages and other things that help people make a living AND it helps the bank make money AND all the people who work there.
2007-01-19 03:13:27 · answer #9 · answered by lurkingonthirtyfourthstreet 3 · 1⤊ 1⤋
No it is not wrong, I am not rich and live month to month but I do not begrudge those who are from capitalising on it.
All my money is taken paying my mortgage, so in a way I am investing, and gaining capital (well at the moment anyway!)
2007-01-19 00:13:30 · answer #10 · answered by Anonymous · 1⤊ 1⤋
It is not wrong that they get richer off of their investments, but what is wrong is all of the TAX breaks that they receive. Here in the US the rich get all of the tax breaks, the middle class pay more in taxes and the poor well they are usually exempt, but if they do pay the get better rewards then the middle class, usually the middle class that is working and not sitting on their A^^ collecting welfare or SSI get to pay more in taxes, but I agree the Rich get richer while the poor get screwed.
2007-01-19 00:21:15 · answer #11 · answered by ? 2 · 0⤊ 3⤋