Fund means that ordinary people give money to professionals, and professionals invest their money in securities, such as buying stocks and bonds, so as to increase the value of ordinary people's money and collect some management fees, so that investors (ordinary people) and fund managers can achieve a win-win situation. Of course, if there is investment risk, the money invested by ordinary people will be wiped out. However, under the current bull market, the income of funds is generally several times or even dozens of times higher than that of time deposits and national debt.

National debt refers to the government borrowing from the people, agreeing to return rice to the people within a certain period of time and paying interest higher than or close to time deposits, but the income from national debt is exempt from interest tax. There are two kinds of national debt, one is called book-entry national debt, which is usually bought and sold in the securities market and the counter of state-owned banks; The other is voucher-type national debt, which has poor liquidity. People can't transfer them when they buy them, but they must hold them until they get full interest at maturity. If they are in urgent need of cash, they can only exchange it with the bank at a very low interest rate and pay a handling fee of one thousandth at the same time, or they can mortgage the national debt to the bank for a loan, the loan amount is about 90% of the national debt you hold.

In fact, both of them are financial investment products of ordinary people, with high risk and high return on capital and low return on national debt, which are suitable for different types of investors. Ordinary people can combine the two products and buy some insurance, so as to achieve the purpose of preserving and increasing the value of personal assets. ...