A group of local Capital Region residents has organized a weekly Money Workshop to learn more about their money and their future. The next meeting is Thursday, August 14, 7:00 pm, at the Point Cafe in Schenectady, 964 Heldeberg Avenue.
Conducted by local investors, the meetings require no prior investing experience. Darrell Cook, one of the organizers, says that "We must band together to get vital information out to our family, our friends, our community."
Fred Elia, another organizer, quotes Warren Buffett who has said, "If you wait for the robins, spring will be over."
According to the group,
- "Even though people may feel comfortable with the fact that investments in banks and savings and loans are 'guaranteed' against loss by the FDIC, what you are purchasing with that kind of 'guarantee' is something you hadn’t counted on–a guaranteed loss!"
- The bank takes our money, pays the current rate, maybe around one per cent at this time, and then loans that money out or invests that money directly in the economy. The bank receives high rates of interest on its investments and is happy to pay a low interest rate for the use of savers' money.
- As a general rule what you really have there is a “loaning” account, rather than a “savings” account, according to the group. You are lending money to the bank and they are making a profit off your money. You have no choice but to reverse the situation, if you want to make your money work for you.
Attendees will receive an e-copy of the acclaimed book How Money Works: A Common Sense Guide to Financial Success.
This Thursday, August 14 is the next Money Workshop: Securing Your Financial House With Gold?, at the Point Cafe in Schenectady. 964 Heldeberg Ave. RSVP to 952-1257.