The interest on my 5.25% money market account got added to my account yesterday. I love earning interest. I told my husband that our net worth increased by $1793.73 yesterday and he said, how? I was surprised!! I said, it is one month's interest on our money market account. He does not seem to realize that when we are building a house, we are losing a lot of money in interest. Buyers should be aware of that also. We lose about $2000 a month in interest. We use our own money to build. If we had to borrow from a bank, we would be paying even more interest.
Anyway, it was nice to see that $1793 added to our account, plus I have more interest being payed to a jumbo c.d. that I opened. I am keeping track of how much interest I earn each month.Wow, I like this!
I love earning interest!!
February 23rd, 2007 at 01:51 pm
February 23rd, 2007 at 01:57 pm 1172239055
Could you consider yourself loaning it to the house and charge the house the interest you'd be making if the money were left in the bank?
February 23rd, 2007 at 04:31 pm 1172248309
February 23rd, 2007 at 06:13 pm 1172254384
But yes, you certainly could or should factor in the loss of interest income as an expense of the house building (in the same one someone who is borrowing money expenses the interest they pay).