Comments on: Every Penny Counts Video

By: Josh Chan

Josh Chan — Sat, 30 Jan 2010 08:07:37 +0000

Thanks to everyone here for supporting me, and I’d happy to share that I received the first place award in the scholarship contest!

Ravi: I’d be more than happy to send you the video if you could let me know where to send it to.

By: Ravi

Ravi — Mon, 05 Oct 2009 09:12:10 +0000

Hi Jim,
Could I request Josh if he could email me the video which I could show my kids when they are a little older. They are currently 4 years old and I would like to show them the video a couple of years down the line.
Thanks!
Ravi

By: Anthony

Anthony — Wed, 02 Sep 2009 14:04:01 +0000

@dilbert69

I can agree with your statements, but realize that the point of the video is not to tell everyone to (literally) save/deposit a penny a day. The point was to show the power of compounding interesting (and, perhaps, also to recommend saving money).

Very good video!

By: dilbert69

dilbert69 — Tue, 01 Sep 2009 23:18:36 +0000

I have several problems with this video. First of all, banks don’t reckon interest to the eighth decimal place, so you wouldn’t really earn any interest the first year. But even if they did, and even if you can get 5%, hardly anyone has 50 years to do this, and obviously it’s not worth anyone’s time to go to the bank every day and deposit one penny. I’d be happier if he pointed out that putting a penny in a jar each day at zero interest would yield an impressive $182.50 after 50 years.

By: dilbert69

dilbert69 — Tue, 01 Sep 2009 23:16:09 +0000

Actually, it’s 8.9%. Coinstar will give you an Amazon gift certificate with no fee. Since using a gift certificate instead of my Amazon VISA card costs me 3%, that is the same as lowering the Coinstar fee from 8.9% to 3%. If you don’t have an Amazon VISA card, you’re paying zero. I also rarely throw in quarters, since they are so handy for vending machines and parking meters.

By: Mr. Bee

Mr. Bee — Tue, 01 Sep 2009 20:44:32 +0000

I always underestimate the amount too whenever I bring it to coin counting machines.

But, why CoinStar? You are giving up around 8% of your money by using CoinStar. There are more banks offering free coin counting, even for non-customer.

By: TheDiligentProsper

TheDiligentProsper — Tue, 01 Sep 2009 19:00:30 +0000

The first time I emptied my jar of coins at the CoinStar machine I estimated about $12, it turned out I had about $50. It’s amazing how much coins add up! Especially when you throw in quarters, dimes, and nickels.

By: Daniel

Daniel — Tue, 01 Sep 2009 18:57:43 +0000

Jim, I think you know that I am a BIG fan of collecting those pennies! So I appreciate the message in this video.

But yes, as the previous poster mentioned – please tell us where this miraculous 5% savings account can be found!

By: centsandthecity

centsandthecity — Tue, 01 Sep 2009 17:45:16 +0000

Great video. I’m a teacher and I’ve seen students throw pennies in the GARBAGE because they didn’t feel like dealing with them. I’m going to have to show them that video!

Also, 5% interest would be AMAZING right about now!

By: Josh Chan

Josh Chan — Tue, 01 Sep 2009 17:34:41 +0000

Thank you Jim for sharing my video, and thank you nickel, Stephanie and Michael for your kind comments. I don’t know if I’m deserving of all of them, but I’m glad nonetheless.

As for your laptop contest, Stephanie, I’ll just have to wait for your next one.

By: Michael Harr

Michael Harr — Tue, 01 Sep 2009 17:05:16 +0000

That is a GREAT video! All that for a scholarship contest? I think a marketing firm/ad agency would charge north of $10k for that work. Very nicely done.

By: StephaniePTY

StephaniePTY — Tue, 01 Sep 2009 16:59:28 +0000

Excellent video! He should have entered my laptop giveaway contest… he might have two laptops right now if he’d entered this video! I love it and he definitely would have made my “favorites” list.

By: Jim

Jim — Tue, 01 Sep 2009 16:51:27 +0000

Quit being a spammer and you won’t get that message.

By: nickel

nickel — Tue, 01 Sep 2009 16:38:00 +0000

Very cool.

(By the way, I just got warned that my comment was too short, so now it’s longer.)