Word: accountants
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Dates: during 1990-1999
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...today's dollars, that couple will pay approximately $320,000 in payroll taxes over their lifetime, and will receive $450,000 in benefits during their retirement. This represents an annual rate of return of 1.23 percent. In other words, the Social Security system is equivalent to a bank account that yields 1.23 percent annually after adjusting for inflation. But remember--no such account exists in our pay-as-you-go system! On the other hand, if the couple had, placed that $320,000 in a tax-deferred account, and invested 50 percent in stocks, then they would receive...
...giants hints at a deeper, more complex revolution. The neat little boxes in which we store our finances--mortgage, cash, savings, and so on--are being subdivided in a million ways. Soon you won't recognize them individually. For instance, all your assets could be wrapped into a wealth account that is constantly on the prowl for investing opportunity worldwide...
...Internet encoded in an E-mail instead of sending a check. This saves you the trouble of balancing the checkbook at the end of the month, and it gives you the option of transferring the money from wherever you want: mutual fund, money market, even an old-fashioned checking account. Your daughter can store the money any way she wants--on her laptop, on a debit card, even (in the not too distant future) on a chip implanted under her skin. And, perhaps best of all, you can program the money to be spent only in specific ways. You might...
...Sanford's vision of particle finance, every financial asset, from the mortgage you hold on your house to the items you've charged on your credit card, will become part of a giant, interconnected financial universe. And each piece of your superportfolio, called a wealth account, will be understood not simply as a "stock" or a "bond" but as an instrument designed to match your financial needs with the available options. In the same way a FORTUNE 500 treasurer may use derivatives to balance his or her need for pesos and yen, wealth accounts will precisely balance your demand...
...banks love to point out, creates cost saving. But several studies show that, if anything, the banks have pocketed whatever value they've sprung loose. And new and higher fees have been introduced as banks merge and branches close. Noninterest service fees--for bounced checks, certified checks, etc.--now account for a third of industry profits, totaling $18.5 billion. Last year a report by the U.S. Public Interest Group (USPIRG) found that consumers paid 15% more to maintain a regular checking account at a big bank than at a small bank. Similar results were found by a Federal Reserve report...