Forum Replies Created
Silversand wrote:
"…..I would be eternally grateful if you'd let me know if you will ever have an office in Adelaide, the forgotten capital! …"Response:
Thank you for your feedback on my book, it makes all the hard work and long hours worth while when i hear stories such as yours. So the gratitude is mine.
We are currently looking for the right person for Adelaide and once we find him/her we will definitely be going to Adelaide. We have had a few approaches from Accountants in Perth but we are careful with who we choose. It will also take many months of training to get them to understand the Strategies and Structures that we have such as the Investors Trust Deed.
If you log yourself into our website for a free newsletter http://www.chan-naylor.com.au you will get notification when we open in Adelaide.NOVO wrote
My husband and I were very pleased to read that Chan & Naylor are opening an office in Newcastle. We are in that class of investors that lives from week to week. It is very stressful and we constantly feel like a heavy weight is always bearing down on us. We have two young children and we try to shield them from the anxiety we are feeling, but its hard, very hard.
We desperately need direction from accountants who are not only property-savvy, but also care about helping us achieve our goals. Looking forward to the opening of the Newcastle office,Anne & Brett
Hello Anne & Brett
I do not normally have time to contribute on Forums as i have a fairly heavy schedule but i have got involved this time due to the comments made by "Wealth4Life" which were not true.However I was taken by your post above especially how you are finding it tough currently with 2 young children. I would like to help if i can. I do not have your financial information and i am not sure whether you want to disclose it on a public forum, however if you call my office and speak to Holly Atherton 93915000 and ask her for a Financial Health Check Form to complete. She will immediately start telling you that i no longer see new clients and try to put you to one of the other consultants (who are by the way, very good but they will charge you for it as they need to earn an income to feed their families). I will send Holly an email to let you through. Holly is very protective of me due to the volume of people who call up wanting to see me. Holly will tell you what to do once you have completed the Financial Check Form. Also tell her i am doing this for free otherwise she will try and charge you for it. I will than call you personally (to save you the phone costs because a Financial Health Check can take up to 2 hours.) and maybe we can do some thing to ease the financial pressure you are currently feeling.
Wealth4Life wrote
"..Yes Ed when you're right you are a hero and when the market turns even the best financial adviser hides under their desk … time can heal many wounds as long as you have enough of it to recover … many do not who are baby boomer's and have suffered worse fates in the hands of Fincorp, Lifespan, Westpoint and many others – how many hundreds of millions of dollars lost in 2007 with bad advise??People who are unsophisticated investors rely on qualified experienced professionals to guide them towards their retirement nest egg – and the humble accountant is one of the most trusted advisers. I am sure you feel their hurt Ed when the market turns and the value of their assets drop substantially…."
My Comments
I am afraid you and i differ on this point. It depends on whether you are a TRADER or an INVESTOR. If you are a TRADER than its absolutely imperative to buy at the low and sell at the high. Rene Revkin is a Trader so timing is everything for him but not everyone is as skilful as he is (or was). However if you have ever read my books I advocate INVESTING and not trading. If you are an investor, there will always be highs and lows over the long term. Name one market (eg property or shares) that have not gone up and down and up and down again. As an Investor one must accept the highs and lows and plan around them.If you read my book called "How to Achieve Wealth for Life Through Property Investing" you will see that through our Financial Health Check process we work out a Wealth PLAN for clients so that they do not get in trouble. People generally do not plan to fail, they simply fail to plan.
I have always advocated that one is not buying property but rather, one is BUYING TIME. The longer time one has "bought" the safer the investment( even investing in shares), because the right property has always gone up in value and rental over the longer term.People get in trouble because they cannot service the loan and are forced to sell. However if you were able to service the loan for at least 10 years than both the value and rental would have gone up. I call it "BUYING" 10 years of time. In our Wealth Plan that we prepare for our clients we determine the number of years they need to be safe based on their particular circumstances.
You will see in the book i dedicate a whole chapter to how the investment strategy must be SAFE otherwise don't do it and the more conservative you are the more "time you need to buy". We call this a BUFFER. For example if the negative gearing is $10,000pa and you are really conservative than you need to have a Line of Credit put aside to enable you to service that negative gearing for 10 years. For example if you did not want to rely on your wages than you need to put aside a Line of Credit of $100,000. This will buy you close to 10 years of time and hopefully the right property would have gone up and you can refinance the increased value of the property to increase the Line of Credit which will buy you more time.
Where people have lost out is that they have not planned how much time they can buy and typically they (in the extreme cases) have only planned to service the loan on a weekly basis(ie they have only bought themselves one week of time). Hence when the interest rates go up and or they lose a tenant or they lose their job etc they cannot service the loan and they are forced to sell and this typically happens when the market is at the lowest. However the person who has had someone from Chan & Naylor work out their Wealth PLAN would have had a BUFFER worked out for them so they can survive 10 years (as an example because it depends on their particluar circumstances).
Wealth4Life wrote:
"….Finally Ed as an accountant, public person of influence licienced adviser and author why do you degrade your self by sounding like Robert Kiyosaki – "my rich uncle (Dad) told me" – too many gurus IMHO fall victim to this marketing and advertising Americanisms which is soooo tacky in todays world. I think you are a highly intelligent person Ed and suggest you seek a professional agent to improve your profile and get away from the RICH guy approach – let the other idiots do that Ed there's plenty of them. …"My Comments:
I tell the story because it is true. I also told the true story how my wife suffered an aneursym last year and i nearly lost her. I would not tell a story that was not true. I was just being myself and simply wanted to share a true story for no other reason except that it was true. I am also not into all the Americanism so i choose not to (as you suggest "..seek a professional agent to improve your profile ….") because I did not go out there purposefully seeking publicity nor wanting to be a public speaker (in fact i was asked to speak and did it kicking and screaming).If you got to know me you will realise i would rather stay at home with my family and i would definitely not engage some "professional" to turn me into someone i am not and certainly i would not do it because it would "improve my profile". I want less publicity, not more publicity.
I simply enjoy helping and teaching people the things that have been successful for me and i try to tell it as it is.
I also do it because, like China, who was able to reduce its poverty from 600,000,000 to 300,000,000 people from the year 2000 to 2005 as the average person on the street increased their wealth, it dragged up the average for everone including those in poverty. It's truely a win/win when people and its nation become wealtheir. If i can contribute to that in a small way through the books and education than it would be all worth while.
Finally you are right about the "tall poppy syndrom". As i said earlier I am a very private person and reluctantly carry "public profile" and since the success of the books and our Company, unfortunatley every now and again, i get a few unkind people throwing mud and generally they do not reveal themselves, like hiding behind a balaclava, to what end i do not know.Wouldn't the world be a nicer place if we were more constructive,happy and encouraging to each other, rather than critical and negative, because without it being too much of a cliche' and without it sounding like i am talking about myself, its the successful people that bring the average up for everyone..
Thank you to V8GHia and trakka for your support and yes i think what trakka said regarding being careful about what you state on a public forum is important because people do not have an opportunity to defend allegations and a lot of people believe everything they read without checking the credibility of the sources.There is no need for an apology from Wealt4Life. Everyone makes mistakes including me.
Wealth4Life wrote
"….Please provide the evidence that has been trusted to you, as you stated above, regarding 25+ years and I will remove myself from this site forever as a show of my commitment and good faith to you all …"My response:There is no need to remove yourself from this site because a healthy debate is great. I don't blame you for being skeptical but make sure you satisfy yourself by going to the University of Technology (previously known as NSW Institute of Technology) and you will see that i graduated with a Batchelor of Business Degree in 1982. I started Chan & Naylor in 1985 but have been a Practicing Accountant since i graduated in 1982…
Wealt4Life wrote
"…I do have an issue with professional experienced people double dipping Mr Yardney…"My Response: Whenever we received a Referral Fee which in most cases was around $1000 we did not charge the client for the time we spent with them determing the right structiure for asset protection,tax planning,estate planning,finance structutures and sometimes we could spend up to 6 hours or more doing this if the clients circumstances were extremely complicated. We only charged the client the time we spent with them when we did not receive a Referral fee. We have not double dipped.
I would like to apologise to everyone who is trying to read my last posting as i did not format the sentences properly and it all jumbled together. This is the first time i have ever been on a public forum due to time constraints and was not familier with how it all worked. I hope i have done this one better. I even put a smile face at the end of my sentence which turned out looking JJ
Hi Wealth4Life It has come to my attention that you have made several comments about myself that are inaccurate and I thought it best to correct it with the facts On your comment … his newsletter states he has been an accountant for 25 years when our research shows this is not the case at all ???? My response:I am not sure where you are researching but I received my Batchelor of Business Degree in 1982 from the University of Technology (previously known as the Institute of Technology) when I was 22 and I am now 49 (this year) so that makes it 27 years. I then attained my CPA status in 1983 but when David Naylor(NIA) and I joined up together in a Partnership known as Chan & Naylor in 1985 I left the CPA’s and joined The National Institute of Accountants(NIA) as CPA’s could not be in partnership with NIA’s back in 1985. Chan & Naylor was subsequently incorporated in 1990 (check ASIC records).So Chan & Naylor is over 23 years old and we now have offices in NSW (Pymble, Parramatta, Castle Hill), Perth, Melbourne, and Brisbane (recently) and soon to open in (2008) Central Coast and Newcastle. I am especially proud of the fact we have grown our business from 2 people to over 100 people based on good service, honesty and integrity and our specialisation in property structuring, asset protection and wealth creation through property.Chan & Naylor won the 2007 BRW Fastest Growing Accountancy Firm in Australia and continue to grow mainly from word of mouth referrals, publication of our books and seminars. We have spent minimal money on direct advertising which is a testament to the culture and goodwill of the brand and value of our services to client that has shown consistent growth for 23 years. On your comment “……does he really have a rich uncle in Melbourne that taught him how to get rich – sounds a bit like rich dad poor dad to me ???” My responseHis name is Bernard Chan and he lived in Sydney and has since passed away. His fortune was handed down to his 3 sons who now appear in the BRW Richest 200 Families in Australia. Their story maybe read in every BRW article which is published around September of each year. You can purchase back copies from BRW or wait till the next one is published. You will find them mentioned as the “Chan Family” and in 2007 their wealth was $220 million which was up from $200 million in 2006. I refer to him often because it was he who first started me thinking differently about wealth creation and taught me how 95% of people are held back by their own cynicism. Its fine to be sceptical because that saves you from being ripped off but a closed mindset is a by product of cynicism and that only hurts oneself. Like the cynical person who refused to buy a property because he had to pay the real estate a fee and the property doubles in value On your comment “….he also purchased a property from him where he believes he was paid over $30,000 commission from the developer 3 years ago and now the property has dropped by $140k in value..” My response I do not ever remember getting a fee of $30,000. However from time to time when clients ask us for property, we refer them to various Developers or Agents, but insist that they do their own research. Some developers pay no fee for a referral and others do pay a fee. The developer generally pays a larger Commission to a Real Estate Agent for selling the property as opposed to a Referral Fee. The Referral fees were generally $1,000 at that time. This usually covered the time required to spend with the client to advise them on the right structure such as Trusts, Companies etc and assist with finance structuring, assessing the numbers and tax planning etc which otherwise would have been charged to the client separately. We charged clients our time when we did not receive a referral fee from the Developer or agent. The Referral fee was a win for the client because it saves the client from getting an accounting fee from us. Currently our practice is to disclose all fees received. Statistics from Residex shows that 3 years ago the market in Sydney was at its peak (2003/2004) and most properties in Sydney showed a decline in value since then (except perhaps the higher end properties in the Eastern suburbs). Most of my own Sydney portfolio has suffered the same decline. It is simply part of the property cycle and anyone who knows anything about property knows that all investments go up and down and you only crystallise a loss if one sells. Investors as opposed to traders ride through the highs and lows. The Sydney market is expected to experience an upturn over the next few years but will eventually come back down again, its part and parcel of the property investing cycle which has seen similar cycles historically. Your Comments “….is this bloke for real” My commentsThe last time I looked in the mirror I was realJJ
