Word: interest
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Dates: during 1990-1999
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...family's needs are met, everything else is negotiable. Periodically, I've taken a page out of the Good Parent's Rule Book and given my daughter an allowance, usually accompanied by a little speech about money management, the go-go stock market and the magic of compounding interest...
...small amount from a credit card or use Grandma's birthday money as their child's online slush fund. These cybermalls are only too happy to point your child toward must-have products. They also offer FDIC-insured banking services so that little Timmy can watch his money earn interest between spending binges...
...that I might otherwise pay an outsider to do, such as shoveling snow from the walk or raking leaves. But we're abandoning our allowance farce--after I repay the $257 I owe her. Fortunately for me, she has generously offered to let me retire that debt at low interest, in weekly installments--you know, kind of like an allowance...
There have been some innovations in the past 12 months--the new I-bond, whose interest rate rises and falls with inflation; the EasySaver plan, which features automatic bank-draft purchases; and PC purchasing via a bank. Next up: online purchases direct from the Treasury with no commissions or fees. Treasury will be trumpeting these new features--which private industry caught onto years ago--in a marketing campaign next year...
...Treasury, as it ponders how to get the word out on its new savings-bond programs, would do well to address some old problems first. The main one: some $6.5 billion of savings bonds are no longer accruing interest because they are 30 or 40 years old. Yet they go unredeemed. Many of them are tucked in a drawer or safe-deposit box, and the owner, who may have inherited them, has no idea that the bonds have matured. If you own savings bonds, check the dates. At minimum, any bonds that are no longer accruing interest should be converted...