Growing up my dad told me to do a number of things, at times I thought he was nuts.
But in my dotage, I see the wisdom in what he said.
Unfortunately, what he needed to do was explain it better to his dim-witted son better first.
During the Carter administration, my father kept telling me to take my money out of savings and put it in a CD. At that point in time CD’s were paying 12% a year and I had $1,000 in saving I was not supposed to spend on comic books.
I was a very shy and timid person. The thought of me walking into the bank and follow my father’s plan, had too much anxiety.
Now, I wish I had asked him to go with me to do this. In not doing so I left $120 to $240 on the table in interest. This would have kick started my financial education off on a much better foot.
Currently I have money in a saving account making 4%, a far cry from the 12% of the 1970’s, but still better than the 1% I am getting in a couple of other accounts.