- Joined
- Sep 2, 2022
- Messages
- 1,034
Recently, I saw a newsflash about Russia raising its official interest rate to a whopping 19.0% (to control the inflation caused by the government throwing money at the wartime economy).
Now, obviously I am not going to be opening a bank account in Russia anytime soon. However, there are a number of fairly politically and economically safe countries with rates well above 10%, such as Nigeria and Kazakhstan.
How hard would it be to just open a savings account with a reputable bank in such a country and then make a steady market-beating passive income off of it? This would be easily enough to grow the capital while skimming off a disposable income stream.
Is it that simple? I feel like once you do due diligence ensuring that the regulators in the target country are functional (or anyway, at least as functional as the captured system we have in US) and that the bank in question is solid, you could just stick several K or more and just keep tabs on that country’s economy to make sure new risks don’t arise. Right?
Separately, if it is indeed ridiculously lucrative yet fairly safe, more profitable yet less risky than the stock markets, why don’t more people do this?
Now, obviously I am not going to be opening a bank account in Russia anytime soon. However, there are a number of fairly politically and economically safe countries with rates well above 10%, such as Nigeria and Kazakhstan.
How hard would it be to just open a savings account with a reputable bank in such a country and then make a steady market-beating passive income off of it? This would be easily enough to grow the capital while skimming off a disposable income stream.
Is it that simple? I feel like once you do due diligence ensuring that the regulators in the target country are functional (or anyway, at least as functional as the captured system we have in US) and that the bank in question is solid, you could just stick several K or more and just keep tabs on that country’s economy to make sure new risks don’t arise. Right?
Separately, if it is indeed ridiculously lucrative yet fairly safe, more profitable yet less risky than the stock markets, why don’t more people do this?