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Wednesday, March 20, 2013

How safe are our savings?

Picture this: you work hard all of your life, you try to keep your expenses in balance and you manage to put aside a certain percentage of these wages for later.

This is what most Flemings do. They are hardworking and want to leave their children and grandchildren a nice bonus to get them started in life. Most parents pay a quarter of the price of a house, just because they've been saving all of their lives.

Now the Cypriotic government plans on taxing the savings of every inhabitant. It's still in debate whether they'll manage or not, but anyway it causes a lot of protest. And it is a dangerous precedent. If they pull this trough, who is to say whether not any goverment will want to do this? Think of Spain, Italy, Greece... They all are in financial difficulties and Europe (=Angela Merkel) doesn't want to give away any more support money. These countries will have to make sacrifices.

But others may also become inspired. If you know that we Belgians have more than 240 billion Euro in savings accounts, it would be a dream for our government to tax us all 6% on it and in one instant they'll be free of debt! They'd even have money to spare.

Now I think this is going too far. You get almost nothing of interest on your savings. And then you'd have to pay extra on it? I think not!

So I'm ever so glad to say I don't have much savings anymore. I used to have a big amount put aside, but it's long gone. I paid for two renovations to my house, had a new kitchen fitted, renovated the bathroom, did the garden, fixed the roofs, ... And the rest of the money goes to trips. If you spend almost everything, you got something for it and they're not able to take that away.

I consider my house of my biggest saving account. I'm the owner, I don't own anything to the bank anymore. It's better than a pension plan.

What do you think of this?

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