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interest adds up!

November 1st, 2007 at 08:39 pm

I just figured out my interest for the month and it was $2204.56. Not as good as late month, but rates went down in several accounts and I made a big withdrawal. Now, If I could just live on $2000 a month, that would be really good!!

9 Responses to “interest adds up!”

  1. JanH Says:
    1193951386

    That's a cool goal...to live on your interest each month. Maybe some day I'll get there...first I've got to make that kind of interest! Way to go!

  2. Aleta Says:
    1193952095

    That's what they call passive income. It is one way to become financial independent. Good job Ima. You are an inspiration.

  3. Amber Says:
    1193972050

    That is great, can't wait until i can live off my interest Smile

  4. kilcher Says:
    1193981986

    If I had $2200 a month in interest coming in I'd find a way to live off of it. Smile

  5. Nic Says:
    1194004763

    Way to Go! Smile

  6. Caoineag Says:
    1194013146

    Sadly, we live on less than that minus debt payments and savings, lol. The only problem with trying to live on that is that you can't guarantee interest rates so you always need to be earning a lot more than you need to make sure you don't have any issues between inflation and rates.

    Still think its really cool that you are earning that much though ;D

  7. Koppur Says:
    1194014521

    Heh, that just kills me, because $2,000 a month to live on would make our lives easier since we live on much less!

  8. Aleta Says:
    1194015069

    When you need money coming in steady every month, you have to ladder CD's or bonds so you can count on the interest for the time you invested it. It's possible to live off of it if you do that but your standard of living may go down a bit.

  9. Ima saver Says:
    1194015317

    Well, I am sure I could live on that amount if we just downsized a little. Having a much smaller house and only one car would save us a lot in insurance and taxes.
    But as long as my husband is working full time, we will just live it up a little!!

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