Earn Money while having Fun with Family

India
August 23, 2012 10:13am CST
Hi friends, I am not talking something weird about earning money. What I am talking is a legitimate way of earning money by doing practically nothing. I am sure you are surprized to know if such a thing really could happen. But, to be true, it is a fact and you too will agree me after going through my idea. My simplest and practical way is put all your money in a Bank as Term Deposit depending on your necessity and you will continuously earn interest as long as you desire to keep your money with the Bank. Especially the Indian Banks are offering lucrative interest rests (even up to 10.5%) for a deposit extending up to 5 years. Don't ridicule, I might have utilized the wrong category for this post, but to attract attention in the fear that if I put in proper category, it might pass un-noticed.
1 person likes this
2 responses
@riyauro (6428)
• India
23 Aug 12
Well it is okay with the category. i don't mind it. anyway going back to your topic, I think if someone has lots of money an does not want to earn anymore and is satisfied with what they have, then it is a good idea to put the money which you have a like a lump some in the bank. I know many people in Goa do that. In Goa, many people are going Gulf countries to work and also most people keep their families here and only the men is abroad working. So, in some time they come down to home and eat the interest of the money in the bank. My father in law was also in Qatar and he is here from last 19 years and eating the interest. They had bought a truck which is used to transfer the iron ore and they are relaxed. They have 2 houses and have bought a flat for other son in mumbai and another flat for the daughter Here in Goa. That that is about it. They are happy. My husband was very naughty and therefore till now they not helping him. We just stay in the old house and they in the double story nice bungalow.. I am happy with my life and don't want anyone's things as far as they happy. thanks for sharing and have a wonderful day ahead.
• India
23 Aug 12
That's the big Indian dream, if I'm not wrong, isn't it? But it is feasible because Dinar is worth more than Rupees. So we have the advantage of Forex in this case. For the west it may not be so. Even after working for long overseas, a western may have to look for work when he returns. As for him the Forex is against him. Also, given the Indian standards and cost of living, the plan works. Earnings from the interest seems and is enough. But not for all. It is so demographic based. Something which works here, may not work across the globe. Anyways, good to hear about the very good condition of your in-laws. The Qatar trip worked positively here and made your father-in-law rich. A bit sad about your husband though. But I'm sure they love him equally and everything will workout just fine. Good day!
• India
23 Aug 12
Hi Riyauro, it is nice to know about the Goan people from your comments. It matters little how big the money you are interested to invest. The basic principle of converting money to a deposit lies with the amount of idle money you have with you. Say, you got 10000 INR which you won't be requiring in a short while. So, you can keep that with the banks for better return. I won't ask you to go for call market for the high risk factor compared to Zero Risk Factor with the Banks. Further, you could close your account prematurely in case of emergencies, yet earning some extra bucks. As we are not sure of the genuine sites to invest our idle fund, it is better to go for banks instead of keeping those in our vault. For Mimo: FOREX makes little differences as you stated. Even if you bring some fund which is lower in value than that of INR, you will be benefited. The most important part is the comparison in interest rates between two place. Higher the interest rate, higher will be return. And yes, I forgot to mention in your response about the senior citizen interest rates. Senior Citizens are paid around .5 percentage or 50 basis point of higher rates than general public. So, I was quoting General Public interest rates there.
• India
23 Aug 12
I agree with the placing in the right category part. Sometimes important topics go unnoticed because they were put in the right category. The point is that you earn from the interest no doubt, but imagine the magnitude of amount you need to invest to meet your daily expenses. Where will you get that kind of money? Also, the kind of interest rate you're talking about is for senior citizens. I don't think that NRE accounts will be privileged with the same interest rates. Moreover, by cashing out the interest monthly, you're actually eroding your capital in the long run. Say, after 10 years at maturity you get back your money sans the interest, the money would have been reduced to half by then in terms of real value of money. As time has money value, and everyday it is increasing, suppose $5 = 1 burger. It would be $10 = 1 burger after 10 years. So the actual money you get back is diminished to half in value. Even if you reinvest the same then, the interest you'll get won't be enough to meet your the then expenses. As everything is becoming costlier by the day. For capitalistic markets, the growth rate is even more tremendous. Thus, keeping long run achievements and hazards in mind, I don't think its a very feasible plan, unless of course you have millions to invest. Good day!
• India
23 Aug 12
Hi Mimo, thanks for your interaction. But, a little information I want to put up for you is that, the amount one can invest is to the minimal. Say 5000 INR (approximately 100 bucks equivalent)and in multiple of thousands thereafter. For the later part of your response, I must state that you got the option to transfer your monthly interest to your Savings Bank account which you could utilize for your day to day need. Further, money won't be de-valuated that fast. The only exception is that, you could invest your idle funds only, which almost most of us don't have at present.