Sock it To Me

Today's lesson is about thrift.  Now we all know that the government lets us keep part of the money we earn, because we work so hard. But, that money can just slip away from us if we don't take care of it.   Pictured below is a handy savings aid.  It's a cute little folder you can get for free from your nearby bank.  Supplies are limited, so be sure to get there before 1972.  If you fill up this little cardboard folder (there are tiny half-moon slots inside, just the right size for a dime) you will have "squirreled away", in no time at all, Three Entire Dollars.  

Just take this, along with your pass-book, down to your corner bank, and the teller will put this into your savings account for you. Just watch it grow!  In no time at all, you will have fifty dollars, a  hundred dollars, or more!  The magic of compound interest will increase your money as you save, building a secure nest-egg for your future.

And that brings us to today's project.  Now that we have more money than we ever dreamed of, keeping that money safe is of paramount importance.  Let's compare different investment options.

• Let's take $490.00 in cash, and deposit in our M&I Bank savings account.  
• For comparison, let's put the same amount in a sock, and toss it under the bed.  

A year later, we pull out the sock, which has accumulated an unbelievable amount of dust - where does all that fur come from?  Reach in, and pull out the money, what have we got?   $490.00 - the money was not in the bank, and so it did not grow.

Now, let's go to M&I and empty out the savings account.  Arrange it on the table, and count it.  Isn't it amazing?  After a year in an M&I Savings account, you now have --- $454.00.  There is less money than there was a year ago because M&I has charged four times a $9.00 per quarter maintenance fee.

So, when it comes to saving your money, the clear choice is:  The Sock!.

Thanks for listening and contributing. I'd love to hear from you.