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Thread: A small (and possibly idiotic) question about interest

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    Default A small (and possibly idiotic) question about interest

    Thanks I'll just ask somewhere free of freaking snarkitude.
    Last edited by RoseLeigh; 03-19-2008 at 03:24 PM.

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    Default Re: A small (and possibly idiotic) question about interest

    Plug and play

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    Default Re: A small (and possibly idiotic) question about interest

    Shit. I wanted to hear the answers. Thanks Mister.

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    Default Re: A small (and possibly idiotic) question about interest

    Quote Originally Posted by Zinaida View Post
    Shit. I wanted to hear the answers. Thanks Mister.
    I hate Dollar Den sometimes. You have a totally normal question and someone comes by and says 'Duh, why don't you know THAT, stupidstripper?'

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    Default Re: A small (and possibly idiotic) question about interest

    I don't post in here a lot because I know a lot of my inquiries would sound really dumb to some ears and I know I'll get jumped on.

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    Default Re: A small (and possibly idiotic) question about interest

    Quote Originally Posted by Zinaida View Post
    I don't post in here a lot because I know a lot of my inquiries would sound really dumb to some ears and I know I'll get jumped on.
    I generally don't unless it's about taxes, since guys won't usually answer those. Damn, I just wanted to know what all the varying percentages meant and how it worked.

    Can we try and make Dollar Den a cuddlier, safer place?

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    Default Re: A small (and possibly idiotic) question about interest

    I feel the same way about Dollar Den. Decent questions that many people have, but one dares to ask, getting hit with snarkitude. What is up with that? Why treat those that are trying to learn about money like morons?

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    Default Re: A small (and possibly idiotic) question about interest

    Quote Originally Posted by shakti View Post
    I feel the same way about Dollar Den. Decent questions that many people have, but one dares to ask, getting hit with snarkitude. What is up with that? Why treat those that are trying to learn about money like morons?
    I think a lot of it is because Melonie is mod and she's hardcore financial wiz woman. So it's less normal, somewhat clueless person friendly, simply because of the crowd it attracts. It's not amateur world. Maybe it needs to be split up into a member's board type of area and a friendly area? Not that Pryce needs more work. Maybe a new thread is in order?

    Melonie if you read this, any ideas for us 'little dogs' who might want financial advice without getting run over? I've been reading some books, but I like real people advice too.

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    Default Re: A small (and possibly idiotic) question about interest

    I say go ahead and post your questions, regardless of how 'little' the dog may be, and I'll seriously bitch slap the snarkmongers !

    Keep in mind that I have absolutely no formal training in economics ... that everything I have learned has come from the 'school of hard knocks'. Some measure of that has come from absorbing knowledge from guys in NYC VIP rooms who thought I was a 'dumb stripper' who couldn't possibly understand what they were discussing among themselves.

    However, in fairness to hard knocks, I have discovered that a lot of times the supposed 'experts' are too f#@ked up by their textbook teachings to absorb or admit what's really going on in the financial trenches. There's no such thing as a dumb question where real world economics is concerned ... so don't let yourself be intimidated out of asking questions !

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    Default Re: A small (and possibly idiotic) question about interest

    Thanks Melonie, great response. So many people who are financially clued in also started at the 'school of hard knocks', but once they've learned some things they get a superiority complex and snarkiness toward beginners. Not everyone of course, but enough to be noticeable. I thought building wealth was supposed to make us all happier!

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    Default Re: A small (and possibly idiotic) question about interest

    Did I miss something or is it my post drawing all this?

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    Default Re: A small (and possibly idiotic) question about interest

    That was a great response, thank you. I do think this area is a little (or a lot) intimdating to those of us who don't know a lot about financial stuff. I do wish if someone posts a 'simple' question, that the 'expert' folks would back off a lot. I feel like most of the folks here feel like we are idiots. I don't want a response to be just a link to Wikipedia, like I am an idiot, you know? (I know I have no control over repsonses, but the SW love, people. The love.) I wish there was a Dollar Den: The Basics forum.

    My question was simple-I have an ING account and I'm confused by all the percentages. 3.10% APY, but also 3.057% is listed. And 3%. I've only made 23 cents so far , but I wanted to know WHAT is going on. The only interest I've dealt with is on my college loans and that's a fixed amount. Does my account's percentage go up and down? Does it change every day? It's a small account (for my quarterly taxes), but I have to start somewhere.

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    Default Re: A small (and possibly idiotic) question about interest

    Melonie, I appreciate your positive, kind response!!! It makes me feel much better about asking questions in the future. Thank you!

    RL, I wish I could answer your question, but alas, I am as much of a financial newb as you are.

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    Default Re: A small (and possibly idiotic) question about interest

    Quote Originally Posted by stellaforstars View Post
    Melonie, I appreciate your positive, kind response!!! It makes me feel much better about asking questions in the future. Thank you!

    RL, I wish I could answer your question, but alas, I am as much of a financial newb as you are.
    The invasion of DD begins... *turns on Ride of the Valkyries*

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    Default Re: A small (and possibly idiotic) question about interest

    ^^^ to add a tiny morsel to PanDah's explanation of APR versus APY, ING's website makes reference to an Orange Savings Account with a 'Variable 3% Annual Percentage Yield" (as of 3/19). This implies that the APR / APY on this type of account is subject to periodic change, presumably based on changing financial market conditions. I tried to look around ING's website to see if there was some sort of official declaration as to how often the APR / APY changes (some financial institutions do this monthly or weekly), or some sort of official declaration as to how the 'new' APR / APY is determined (some financial institutions use a formula based on US Fed Funds rate, LIBOR or other financial industry standard), but came up emptyhanded.

    I would also add that, while ING doesn't make specific mention of this, there is a second variable which applies to the interest calculation. That second variable is the balance upon which the interest calculation is made. Sometimes financial institutions make a daily interest calculation based on actual daily minimum balance. However, other financial institutions may utilize an average daily balance (based on a month's worth of actual daily balances). The point is that these days it's not uncommon for financial institutions to bring some 'fine print' rules into play in order to save themselves a few pennies on the actual interest payout, while still being able to publish a 'high' interest rate being offered.

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    Default Re: A small (and possibly idiotic) question about interest

    Quote Originally Posted by Pan Dah View Post
    To help improve the quality of responses in DD, can you maybe give some feedback on whether this was too complex, too simple, or what?
    That makes sense, actually. Thank you. There's so many acronyms around it gets crazy unless it's there all the time.

    document.write(strSavAPY)It's $300 and it's only been in there for about 2 weeks. The account says this:
    Current Annual Percentage Yield: 3.00%
    But also:Interest Rate Change to 3.057% (3.10% APY)

    I don't plan on putting a lot in there, but once I get out of all this debt I need to know something about what's going on with my money.

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    Default Re: A small (and possibly idiotic) question about interest

    ^^^ it would appear that ING has decided to raise their variable interest rate this week !

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    Default Re: A small (and possibly idiotic) question about interest

    Quote Originally Posted by Pan Dah View Post
    OK, I think we're all equally confused here. As Mel said, they're showing an APY of 3.10% (APR 2.9595%) right now, so the 3.10% APY may have been before the "change". The language doesn't seem to be saying that, but it makes more sense than the opposite since rates have dropped recently.

    ETA: Melonie slipped her post in while I was typing. Nope, not too confusing, lol.
    I agree with her reading - who knows, maybe they're just slow updating the web site?
    I'll take some raising instead of lowering! My regular bank offers .25% on savings. Woopdedoo. So in a month, I get my 23 cents (or whatever)?

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    Default Re: A small (and possibly idiotic) question about interest

    I don't think its tied to LIBOR. Probably the Federal Funds rate, or the U.S. Government or U.S. Treasury Reserve.

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