Forum Replies Created
Hi WayneL
That was exactly my point on buying Gold to protect your self. It would not do you any good in a total economic collapse as you have said, how would you spend it?I think we could all join Foundation and dig potatoes.
Hmmmmmm where did I leave my hoe?
KerwynHi Foundation
I have a pretty good handle on the 1991 crash in Russia. My wife is a Russian doctor and lived through that period there. Her father was high in the communist party in his area and had lots of privileges that the normal Russian did not have: he lost absolutely everything he had in the bank.
To answer your question if he had his money in gold would it have made a difference: the answer is absolutely yes? The problem was that Russian people could not exchange there money for gold even if they wanted to. My wife had gold jewelry, ear rings with rubes set in them and a gold necklace. She tried to sell them but all they were worth was a couple loafs of bread and some caned food.
If it was gold bullion than that would have been a different matter, she could have sold that at a good profit.
As it was she continued to turn up for work every day for 18 months with no prospect of getting paid.
I have to ask would you?
KerwynHi All
Talking about a World wide economic crash is ok, but if it did happen then no amount of planing on any ones part would save them.Here is a scenario for you to pounder over.
The World economy collapses 21st August 2007, stock market disintegrates: financial mayhem rules. People can’t pay there debt loss of millions of jobs, government goes broke and can’t pay welfare.
1st October 2007, you wake up to find that all banking has been frozen and the government has issued new currency and all the old currency is worthless. On the 30th September you had $3 million dollars in the bank because you had sold all your property and liquidated your assets. This has been for nothing because you are now a penniless bum like the rest of the population and your money is totally worthless.
Now! you may think this is total fantasy and can’t possibly happen: well think again because it has happened before.August 1991 the collapse of communism Russia, government stops paying all its wages to the population, economy in freefall, the government is broke.
October 1991, the population wakes up to find all the money in the banks worthless and a new currency has been issued. Riots in Moscow, army troops supported by tanks move in to Red square many people killed. For the next 18 months there are no wages paid by the government and people have to fend for themselves the best way they can.Sure this is a worse case scenario, but people on this tread are talking about total collapse of the World economy. So the above scenario is very likely to happen as history has a particular habit of repeating its self.
So no matter what you do you will fall with the rest of the population even if you do what Steve said in his post? The only thing you can do to protect yourself is to buy gold bullion as money would be worthless, but how would you convert it to cash? With millions of people homeless on the streets as has been stated in this tread the crime rate would be extremely high and you would most likely be killed for you money.Now I do not believe this will happen as I don’t subscribe to all the doom and gloom proficies. This is not the 1930s and since the great depression measures have been put in place so that can’t happen again. Also there are 2 new powerhouse economies starting to emerge in the World, India and most importantly China. These countries alone will continue economic world growth for the foreseeable future. There is also the emerging new Russia that has the biggest oil reserves on the planet that are basically untouched.
So I for one will not be losing any sleep, I will leave that to all you doom and gloomers out there.
Kerwyn.Hi Dazzling
I am not sure if you have done any other seminars since you attended Craig’s, but I have been to quite a few. The first I went to was John Burley in Sydney, then one of Steve’s and of course Craig’s I also have a few CDs of Rick Otten’s live seminars.You stated that “Technically, that’s where you go wrong Kerwyn. I seem to recall at Craig’s seminar a great big page slapped up right at the very front of his presentationâ€
Now the reason for this is very simple: last year ASIC changed the rules to make in illegal to give financial advice if you are not a registered financial advisor. I can tell you that all the above mentioned people have the same disclaimer as you sew at Craig’s seminar. You will also find that if there is to be financial advice given like asset protection, the presenters will have a registered person giving that advice.
There is nothing shady or untoward about the disclaimers made at the seminars by the presenter, it is purely there to protect themselves. ASIC has been known to have an undercover person in the audience just to make sure no financial advice is given by a non licensed presenter.
If you want to turn a large amount of money into a small amount then go see one of these so called licensed financial advisors. Just ask the people who took their advice and put their money in managed funds a few years ago? Just because ASIC puts in new rules does not make them correct, most times it is just another form of control by some lobby group with alternative self protection motives.You can never have enough education that is why I do not begrudge paying to go to seminars or buy CDs and DVDs. I tend to place a high regard on education.
Kerwyn.“Being rich is having money, being wealthy is having time”
Hi All
This will probably come as no surprise but I think Smithy29 is pretty well on the money regarding Craig. Many people are willing to form an opinion based on a few minutes listening without taking the time to get some in depth education. You can form a negative opinion about Steve McKnight or Rick Otten or even John Burley who Robert Kiyosaki states in one of his books; as having the best mind for property he has ever met?
I don’t know if anyone has seen the article in this months Property Investor that a Parliamentary joint committee on corporations and financial services has recommended that only licensed real estate agents be able to give property advice. This would mean the above mentioned people could not give advice on how to get wealthy out of investing in property, even though they have made vast amounts of money?
Now I have talked to many real estate agents who do not have a clue about property investing apart from buy and hold and negative gearing and even then they did not know much. Would anyone on this forum be happy with this cozy little arrangement: well I for one would not?
I do know that Craig is a licensed real estate agent but I am not sure the others are.
All these people mentioned have walked the walk and should not be put down by people who have not reached the same heights. No one knows everything but I would take there advice over some dropkick real estate agent any day.
Kerwyn.Hi All
I have the highest regard for people’s opinions and will entertain them willingly. What I am saying is at least do a bit of constructive research before bagging someone on the forum.
Look behind what that person is saying and see who else is there in support. Jamie is not for everyone but I believe the majority of the other speakers are of very high quality. I tend to use a bit of logic and ask myself: if these other speakers like Ian Daily who obviously is very successful in his own right, doesn’t need money, but still has a high opinion of Jamie and his teachings: then there must be something in those teachings?
“The human mind is like a parachute: it doesn’t work unless it is open�
KerwynHi all
Again there seems to be a lot of negitive towards Jamie and what he teaches. To all you people who have an opinion and who have not taken the trouble to do his study course, I would suggest you do it before you write on any forum.
Jamie is not the only person who teaches on his course. I would suggest you watch the DVD by Ian Daily an expert on taxation and who owned 99% of all ITP offices in QLD. If you are still a big fan of ASIC and the government after that, then there is not much hope for you and you deserve what you get.
KerwynHi All
I have spent a lot of time with Craig and I can tell you he is the real deal. He is straight forward and will not spin you any bull.
To all of you who have written derogatory post about Craig I have a simple answer? He is a millionaire many times over out of property investing and you are not?
When you get to his level I will only gladly listen to your views.
KerwynHi brahms
Yes trusts are worth it if you have assets that are over $70000. The scum bag lawyers will not normally go you if you have less than this: not worth their effort.
Here’s an interesting scenario for you. Child playing with knife cuts up the carpet in rented home. One hour later mother falls over cut in carpet and breaks her arm, then sues the owner of the property for negligence. The insurance company distances itself from the claim stating negligence as its way out. Owner now has to fight the case in court plus take the insurance company to court as well, all at their expense. Sounds far fetch doesn’t it? But this is a true story.
I know some people who have a trust set up for every property they own, 1 property 1 trust. This protects them from scum bags looking for a get rich quick scheme and they only have one property that the lawyers can try and take. If you have the equity all used up on your investment properties there would not be enough money for a lawyer to try and sue you. Got to protect yourself especially if you own multiple properties with equity?
KerwynHi Westan
Hmmm! can only report what the article I was reading said, may be the journalist was being flippant, or hoping to embellishing his story?
Still weather patterns are changing and there could be more incidents in the future.
KerwynHi Terry
Good post.
I met a Thai lady a few years ago who was working in a Thai Restaurant as a cook. She was a lawyer in Thailand but could make heaps more money here as a cook. She was building a house in Bangkok and all the money she earned was going back there to complete the house. I saw the pictures and it was a really nice place.
Would be interested in how much houses cost in Bangkok now.
Kerwyn.Hi All
If memory serves me correctly didn’t Greymouth get hit by a tornado a few months ago? It has a bit of a reputation of being NZs tornado ally or so the article I was reading stated. Don’t know if I would buy in a place where your roof got blown off on a regular basis.
Kerwyn.Hi All
The removal of the vendor tax has good and bad effects on investment in NSW. It has been said on the forum that House prices may fall in the short term when the tax goes: this is good if you are looking to buy at a later date; not good if you already own a place.
On the other hand if the tax had remained for another few years there would have been an upward pressure on rental returns as rental property became scarcer: landlords would have finally got better returns.
I have stayed away from investment properties in NSW since the tax was introduced; so now it will be interesting to see what does happen?
Interesting times.
KerwynHi All
Kabung! I think you are missing the point of duncthedunc post. I tend to agree with that particular point of view. Why listen to so called expert advice on buying property or shares or anything else if that person as not walked the walk themselves? Why go to a so called financial advisor to get advice on investing if that advisor has never invested in their life? The surest way to turn a big amount of money into a little amount of money is to listen to these so called experts: just ask the people who put their hard earned cash into managed funds a few years ago.
I had a friend who took these experts advice because he wanted to retire a few years earlier. He was advised to put in $100000 in a managed fund; he now has $60000 and the prospect of having to extend his working life by another 5 to 7 years just to get back to even.
What duncthedunc says is quite accurate, if these people are so good then why are they still working in a 9 to 5 instead of relaxing on a beach some where?There are always heaps of doom and gloomers around when things start getting a little slow. You know the type who runs around screaming the sky is falling and these people should be ignored. There is a simple statistic that I came across that states the largest amount of people who became millionaires in any given period of time ever; was in the great depression in the 1920 and 30s? I personally knew one of these self made millionaires from that period, although I was only a child at the time and did not understand until much later.
Opportunity is everywhere if you open your eyes and look.[biggrin]
KerwynHi Westan
Good news for Marton.
I could never find a deal there unfortunately, went through in Jan this year and there was a couple of places but they had offers on them.
Went through April absolutely Zippo: plus the prices were really high, well above any CF+ out come. So I guess if you have property there it is good news.Kerwyn.
AHHHH, I wonder when all this gloom and doom will eventuate? 20 million people losing their homes, where are they going to sleep?
Gee the US government better start making a lot of park benches. There you go, a safe industry to ride out the total disintegration of the world economy: better start sharpening my saw.Kerwyn.
Hi All
It depends on how old the property is. I got a LIM that had zero in it as it predated the recording date and was a big waste of money. If I was buying commercial I would get a LIM but reluctant to get one for a residential, unless I had a suspicion that there maybe some illegal additions.
I have a great solicitor who checks for unpaid rates and other stuff as part of his service, he also believes LIMs are a waste of money 99% of the time.
KerwynHi All
I don’t like to bag anyone but I have heard a few negative reports about Ed.
I have a close friend who did a 12 month mentoring course and was less that impressed. Not with the info shared, but Ed’s bombastic attitude.
Of course it may have been a personality clash but my friend is a really easy going person who normally gets along with everyone.
He said that Ed should brush up on his people skills as he has none, he is as subtle as a brick through a plate glass window: his words not mine.
KerwynHi All
I tend to agree with Muppet. I think Tok is a great place to invest and has good CG at the moment. It is not a one horse town and has a varied work environment that doesn’t just rely on a single industry.
Although it has a few properties for rental at the moment the good areas are still attracting tenants.
If anyone is buying at the moment and are a bit worried in regard to finding a tenant, then buy a place with a sitting tenant. This will give you a buffer to get settled in, plus a lot of people don’t want to move in winter. So a place with a tenant already there is a safer bet.
Kerwyn.PS: I know of a great deal going in Tok at the moment if anyone is interested, drop me a PM and I will let you know.
Hi All
After reading Yack’s post, I think I will just shoot myself: all is lost no good going on. I think I will just have to go back to my day job and grow old gracefully like the other 99.99% of the population.
But wait a moment? I have had a flash of inspiration? Just maybe if everyone else is about to stick their heads in the sand for 5 to 10 years there just might be a few opportunities out there.
Hmmm maybe I won’t shoot myself after all.
Kerwyn
