Saving some buck$ for your kid

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Kammekor
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Saving some buck$ for your kid

Post by Kammekor » Mon Dec 30, 2019 4:40 pm

OK, I've been saving up some money for my kid since 2015 or so. While doing this the interest rates offered in my home country dropped from 1-2% per year to 0.01% (last week). So down the road I bought some stocks and some bitcoin for my little one, but being very cautious with someone else's money I put most into a savings account back home. 100% guaranteed up to 100k and a yearly interest rate of 0,0x%.

So I bit the bullet, and started browsing around in my town. AMK offers 7% on a one year deposit, Sathapana 6.0%, Prince 4%, ACLeda 4.5% and ABA 3.5%. It's just too tempting with stocks at all time highs and being a non bitcoin believer....

So I decided to transfer the money into Cambodia and put half in AMK and half in Sathapana. Fingers crossed.....
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phuketrichard
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Re: Saving some buck$ for your kid

Post by phuketrichard » Mon Dec 30, 2019 5:12 pm

prasac offers 8% for a year deposit - 6% tax on interest.

https://www.prasac.com.kh/en/services/d ... it-account

crazy to leave money in a non interest bearing account, even if its safe..
In a nation run by swine, all pigs are upward-mobile and the rest of us are fucked until we can put our acts together: not necessarily to win, but mainly to keep from losing completely. HST
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Kammekor
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Re: Saving some buck$ for your kid

Post by Kammekor » Mon Dec 30, 2019 5:15 pm

Thanks, will check if we have prasac here....
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CEOCambodiaNews
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Re: Saving some buck$ for your kid

Post by CEOCambodiaNews » Mon Dec 30, 2019 6:35 pm

Kammekor wrote:
Mon Dec 30, 2019 5:15 pm
Thanks, will check if we have prasac here....
May interest you:
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atst
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Re: Saving some buck$ for your kid

Post by atst » Mon Dec 30, 2019 8:12 pm

Good on ya go doing this even if returns aren't great at lest your doing something
I'm standing up, so I must be straight
What's a poor man do when the blues keep following him around.
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cptrelentless
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Re: Saving some buck$ for your kid

Post by cptrelentless » Mon Dec 30, 2019 11:33 pm

Pretty sure AMK is a registered MFI so your money is as safe there as anywhere.
pczz
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Re: Saving some buck$ for your kid

Post by pczz » Tue Dec 31, 2019 2:58 am

Kammekor wrote:
Mon Dec 30, 2019 5:15 pm
Thanks, will check if we have prasac here....
check the terms. I think prasac give sanme interest rate on USD and KHR, others do not. There are also different penalties for early withdraway.
Play safe. Instead of 1 $10,000 bond take out 5x $2000 then if you need a bit in a hurry you only pay the penaltyon 1/5th of it. There is no disadvantage to openeing 5x2000 instead of1x10000
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Bitte_Kein_Lexus
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Re: Saving some buck$ for your kid

Post by Bitte_Kein_Lexus » Tue Dec 31, 2019 9:04 am

Good job as others have said. I wouldn't worry about the bank collapsing. Interest rates in Western banks are non-existent, so I really don't see why you'd even contemplate putting savings in them. The only worthwhile thing to do would be to buy a few blue chip stocks or something and hold on for 15 years. If you don't mind us asking, how much are you putting aside per year and how old is the child? I'm guessing the amounts are fairly small, so I wouldn't worry about a bank default (especially the bigger ones). If the amount gets sizeable in ten years or something, then you can always cash out and transfer to a western bank for safety.
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phuketrichard
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Re: Saving some buck$ for your kid

Post by phuketrichard » Tue Dec 31, 2019 9:23 am

The dow gained almost 5,100 points this years end and fast approaching 30,000

Start saving now an by the time their ready for college you might be able to afford it....:-)
Never to soon to start saving.... ( or get her/him interested in a sport and push her/him)
In a nation run by swine, all pigs are upward-mobile and the rest of us are fucked until we can put our acts together: not necessarily to win, but mainly to keep from losing completely. HST
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Bitte_Kein_Lexus
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Re: Saving some buck$ for your kid

Post by Bitte_Kein_Lexus » Tue Dec 31, 2019 9:38 am


phuketrichard wrote: Start saving now an by the time their ready for college you might be able to afford it....:-)
Never to soon to start saving.... ( or get her/him interested in a sport and push her/him)
Or better yet, don't be American, and have affordable education? :-P
Ex Bitteeinbit/LexusSchmexus
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