What is the % rate on savings account in the Bahamas these days?



This is an excellent thread!



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Scarcity usually promotes savings not the other way around.


Scarcity promotes savings?? Scarcity of what?? Money. That's pretty much what I said. The more money there is, the higher prices are or the greater inflation. If the government and the central bank, as I said earlier, promoted more restrictive fiscal and monetary policies, then the value of money would increase and people would save more.

While your macro views holds water the micro problem is really consumption and lack of discipline.

But there is no micro problem. If the majority of Bahamians live below the mean or median - that is a testament to their discipline. Considering the economy, I think most Bahamians individually make the best financial decisions considering their options. There are some people that may have emotional issues when it comes to money but for the most part Bahamians, or people in general, know how to manage their finances. What they don't know is how to improve their finances, however, it doesn't work on an individual basis. Everyone must improve. Otherwise people will continuously fall off the wagon or go into debt or seek counsel, none of which they need. Its just a band-aid for a gunshot wound.

Given the cost of living in the Bahamas what percentage of income would you say you are able to save on a monthly basis?

what are some of your suggestion on how a person could get started on really saving for the future,or just to start.

Scarcity promotes savings?? Scarcity of what?? Money. That's pretty much what I said. The more money there is, the higher prices are or the greater inflation. If the government and the central bank, as I said earlier, promoted more restrictive fiscal and monetary policies, then the value of money would increase and people would save more.
But there is no micro problem. If the majority of Bahamians live below the mean or median - that is a testament to their discipline. Considering the economy, I think most Bahamians individually make the best financial decisions considering their options. There are some people that may have emotional issues when it comes to money but for the most part Bahamians, or people in general, know how to manage their finances. What they don't know is how to improve their finances, however, it doesn't work on an individual basis. Everyone must improve. Otherwise people will continuously fall off the wagon or go into debt or seek counsel, none of which they need. Its just a band-aid for a gunshot wound.

Wow, what happened to personal responsibility.

40 years ago persons had much less and accomplished so much more all because they took personal responsibility. Unfortunately, its a self inflicted gunshot wound...

Mr F.,

What's the interest rate % on a plain vanilla Bahamian savings account these days?

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what are some of your suggestion on how a person could get started on really saving for the future,or just to start.

It may surprise but the first thing you need to do is forget about saving for the future. You should instead be focus on "creating wealth." This is simply using your time and money to replace the need to continually have to work for a paycheck.

Savings happens to a be critical step in this process. Example a farmer harvest his crops and the first thing he does is set aside a portion of his harvest for replanting, why because he want to be able to duplicate or surpass what he just got, a bountiful harvest.

If he use or sell all of his harvest then he has nothing for planting. (I'm sure you can say buy seeds but ...)

In the same way, what you do with your money is driven by what you want. These would be your goals. Without goals then any use of your money is seen as a worthwhile one.

Goal focus you to use your resources as best as possible recognizing that every dollar spent has the potential of "jeopordizing rather than enhancing your future."

How do you determine what to spend money on, your plan. So you see savings is all about getting what you want. When this concept is truly grasped then you are on your way freeing yourself financially....

It may surprise but the first thing you need to do is forget about saving for the future. You should instead be focus on "creating wealth." This is simply using your time and money to replace the need to continually have to work for a paycheck.

Savings happens to a be critical step in this process. Example a farmer harvest his crops and the first thing he does is set aside a portion of his harvest for replanting, why because he want to be able to duplicate or surpass what he just got, a bountiful harvest.

If he use or sell all of his harvest then he has nothing for planting. (I'm sure you can say buy seeds but ...)

In the same way, what you do with your money is driven by what you want. These would be your goals. Without goals then any use of your money is seen as a worthwhile one.

Goal focus you to use your resources as best as possible recognizing that every dollar spent has the potential of "jeopordizing rather than enhancing your future."

How do you determine what to spend money on, your plan. So you see savings is all about getting what you want. When this concept is truly grasped then you are on your way freeing yourself financially....

A simply explanation of the problem is. "Get in the habit of saving" even if it is only a dollar a week! If we can get in the habit of saving, it will become easier over time - and the amounts will get bigger! :)

A simply explanation of the problem is. "Get in the habit of saving" even if it is only a dollar a week! If we can get in the habit of saving, it will become easier over time - and the amounts will get bigger! :)

Yes but also having a plan for how that money could be converted to wealth. You can have saving accounts but are you using that money to take control of your future?

Wow, what happened to personal responsibility.

40 years ago persons had much less and accomplished so much more all because they took personal responsibility. Unfortunately, its a self inflicted gunshot wound...


Nothing happened to personal responsibility. Not having enough money to live on because prices are too high is not a personal choice. Its a social fact.

I don't think Bahamians intentionally ruined their economy driving aggregate wealth to other parts of the globe. Poor fiscal and monetary policy did that. Also, 25 years of corruption. I'm not disagreeing with at all. In fact, I know dozens of individuals such as yourself trying to do the same thing. And the result is always the same because the approach to the "problem" is always the same.

Yes but also having a plan for how that money could be converted to wealth. You can have saving accounts but are you using that money to take control of your future?

That will come in time. First of all one needs capital.

That will come in time. First of all one needs capital.


*AHEM*

Wow, what happened to personal responsibility.

40 years ago persons had much less and accomplished so much more all because they took personal responsibility. Unfortunately, its a self inflicted gunshot wound...

I agree! Years ago we had discipline, not today! Today we are spend, spend until we feel better!

Nothing happened to personal responsibility. Not having enough money to live on because prices are too high is not a personal choice. Its a social fact.
I don't think Bahamians intentionally ruined their economy driving aggregate wealth to other parts of the globe. Poor fiscal and monetary policy did that. Also, 25 years of corruption. I'm not disagreeing with at all. In fact, I know dozens of individuals such as yourself trying to do the same thing. And the result is always the same because the approach to the "problem" is always the same.

You get money by offering your services to the market. Over the past 25 years countless new business persons have done just this and created a great deal of wealth for themselves.

The real question is what do you have to offer? This will determine the markets demand and ultimately your earning power.

This is why it is so important to maximized your time. You should spent your time developing skills that are marketable (that's what you have done...). Therefore, enabling yourself to survive in any market.

I cannot imagine any ecomony that is corrupt as China's yet they lead the world in trade...Russia, creating countless billionaires.

You have the ability to thrive in any economy once you take control of your time and money

That will come in time. First of all one needs capital.

Now you are getting there. Saving only provides the initial capital to get you where you want to go...

That's why knowing where you are headed is so important...

What is the % rate on savings account in the Bahamas these days?
This is an excellent thread!
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The average saving account pays between 2.5% & 3.5% not much. At those rate you are barely keeping pace with inflation.

Which is why Ting-um makes a very good point of your dollar actually losing its buying power over time if you put it into these accounts.