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els comments on Rationality Reading Group: Fake Beliefs (p43-77) - Less Wrong Discussion
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Civil forfeiture? Yikes, I never knew this could happen. Maybe if I had heard of this happening, it would have influenced my decision.
This wasn't a ton of money, just my checking account balance of $8,000, so it wasn't earning anything in the bank. The only cost I really considered was the risk of being burglarized, which I figured was smaller than 1/320th.
The risk of civil forfeiture is the risk of being robbed.
You could have been invested, or had a CD or high yields savings account which would have at least yielded a few hundred dollars.
In just a few months? Yikes, I really should have pay more attention to money matters.
I did invest the money within one week of getting back to the US, but honestly, I hadn't really been expecting much money to have piled up at all. I was in Guatemala mostly for a long, fun vacation, and my small part-time teacher's salary was just a bonus. My bank receipts never listed my current balance, and I was kind of curious about how much I had, but not curious enough to stand in the 20 minute line at the other half of the bank where people inquired about such things (Guatemala isn't known for efficiency). When I finally withdrew, I realized I had spent literally none of it.
Anyway, you've just reminded me that I should get my past four months of untouched nanny salary invested as soon as possible, so thanks!
I was thinking on the order of a year. Here you can get 4% savings rates with a little bit of trickery, which would be $75 after three months, $320 after a full year.
Even if it's just $50, those $50 add up over time. And if you're disciplined to always add more than you take out from savings, the effects of compounding are huge. You're probably leaving a lot more money on the table than you realize.