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$1 Million in the Bank Pays 15K in Interest Monthly?

Discussion in 'Stocks & Investments' started by OCTaco, Oct 15, 2014.

  1. Oct 15, 2014 at 2:09 PM
    #1
    OCTaco

    OCTaco [OP] Well-Known Member

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    Hi,

    I was having a conversation with a friend about finances and what our plans are for retiring.

    He stated he's trying to save up to $1 Million. According to him if you deposit $1 Million, most banks will pay you $15,000 each month in interest.

    This doesn't make sense to me because they would be paying you at a much higher interest then is offered currently.

    Does anyone know anything about this? Am I missing something?
     
  2. Oct 15, 2014 at 2:17 PM
    #2
    Flowin

    Flowin Well-Known Member

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    lol no, especially not a bank.
    15*12 = 180 ---> (180/1000)*100 = 18% return lol
     
  3. Oct 15, 2014 at 2:18 PM
    #3
    PB65stang

    PB65stang Well-Known Member

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    Maybe annually...but yeah, he's WAY off.
     
  4. Oct 15, 2014 at 2:19 PM
    #4
    Willie B

    Willie B Well-Known Member

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    At the current 1% rate, that would pay $833 a month.
     
  5. Oct 15, 2014 at 2:19 PM
    #5
    OH-MAN

    OH-MAN Well-Known Member

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    I would say your friend may be incorrect.
    Unless he can offer a bank name that will pay that interest I say no.
     
  6. Oct 15, 2014 at 2:32 PM
    #6
    Tax

    Tax Member

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    He may be looking at an annuity that will lead to a forfeiture of theinitial principal. However, an $15,000/ month is extremely unlikely on a$1,000,000 investment.
     
  7. Oct 15, 2014 at 2:40 PM
    #7
    Flowin

    Flowin Well-Known Member

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    well maybe if he's 102 years old...

    currenlty some bond funds pay around $5K+ a month on a million, I have one of those and it's tracking 6% per year...but I don't have a million in them lol
     
    Last edited: Oct 15, 2014
  8. Oct 15, 2014 at 3:07 PM
    #8
    G17GUY

    G17GUY Well-Known Member

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    How many phone cards does he have to sell?
     
  9. Oct 15, 2014 at 3:28 PM
    #9
    ziggynagy

    ziggynagy All Glory To The Hypnotoad

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    Is it possible? I guess, but not likely. If you're treating it like a perpetuity of $15k/month.... then

    PV=C/(r/12)
    1M=15k/(r/12)

    Work it out, he would need to find someone that guarantees 18% in interest which is just ridiculous.
     
  10. Oct 15, 2014 at 3:36 PM
    #10
    OZ-T

    OZ-T You are going backwards

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    OP's buddy got annual return confused with monthly return me thinks
     
  11. Oct 15, 2014 at 3:58 PM
    #11
    OCTaco

    OCTaco [OP] Well-Known Member

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    Thanks for all the feedback. Apparently there's a member on TW that's done this. I'm working on getting his name. I'll keep you posted.
     
  12. Oct 15, 2014 at 4:36 PM
    #12
    oldstick

    oldstick Medicare Member

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    Exactly. Give the bank the million and in return they give you a 15K/month annuity for something like 6 years.
     

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