I updated my bank book this morning and looked at the amount of bank interest I earned for the year 2013. I was really quite surprised when I looked at the interest sum earned on my deposits. The interest was really very low and I really think that the interest rate has headed south by a fair bit. I mean, I do not expect to see a good amount of bank interest earned as we are in an economy of low interest rates. But the bank interest rate is really very unimpressive and I think, based on my calculation, the interest rate is around 0.025%!
Anyway, I do not factor in the interests earned on my bank deposits as a plank towards my strategy of building wealth. I think I have said enough of leaving your hard-earned monies inside banks only to have the worth of these monies eroded ......
