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| Thread ID: 82234 | 2007-08-20 07:14:00 | Have you or your family lost money in the recent finance companies collapses? | robbyp (2751) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 583087 | 2007-08-20 21:36:00 | Higher potential returns have always meant higher potential risk. No thanks, I prefer to sleep at night. I've seen far too many crashes over the years. As long as the main banks don't fall over we are OK. |
Sue (33) | ||
| 583088 | 2007-08-21 01:59:00 | NZ banks can fail and you can lose your money. Kiwibank is the only one that can not fail due to people/government ownership. If the times starts to get bad, Kiwibank will be the only safe place for your money. | dfgrt (12698) | ||
| 583089 | 2007-08-21 02:04:00 | Amazing how many interpretations there can be of a seemingly simple thread. And next winmacguy talks of " the type of investment advice you're looking for." But that's not what the thread question asked. It was quite specific. If it was meant to be a request for investment advice, it should've said so. . I originally answered directly by saying that I hadn't lost any money from any of the collapses. Followed by "my money is invested in 2 places, one of which is the bank and I am happy with it where it is." |
winmacguy (3367) | ||
| 583090 | 2007-08-21 13:00:00 | The worst story I heard was about the lady in nelson who lost most of her savings in an earlier investment crash and put the remaining money into that latest one. Both investments were on the advice of an investment advisor who I remember advertised widely on TV and radio a few years back. |
netchicken (4843) | ||
| 583091 | 2007-08-21 22:03:00 | Forget losing money - we haven't got any. But if the banks fall over do I lose my mortgage? Now THAT could be useful! | Mercury (1316) | ||
| 583092 | 2007-08-22 00:34:00 | Easy dont invest in any institution with group or corporation in its name. And dont whinge like a pom when you lose your money. No sympathy for rich whites/asians with that much money anyway. Its like stock market, driven by fear and greed so dont go running to the media when your investment goes tits up. My tip put in a bank which is at least a 100 years old you have as much chance of losing the money as being hit by a meteorite. tedheath |
tedheath (537) | ||
| 583093 | 2007-08-22 01:45:00 | The thing is to choose a big high quality bank, such as some of the main Australian ones. Way to go Robbyp. This is not a solution but part of the problem. I would suggest Kiwi Bank, more likely to get bailed out by Govt. than a foreign bank. Also it helps with our balance of payments meaning a more stable economy. It tends to be either greedy or ignorant people that invest in high risk finance. I have little sympathy for people that make money off the less able members of any society, i.e. those that invest in finance companies that lend to people who cannot afford the repayments on an overpriced second hand car. |
JackStraw (6573) | ||
| 583094 | 2007-08-22 03:24:00 | Way to go Robbyp. This is not a solution but part of the problem. I would suggest Kiwi Bank, more likely to get bailed out by Govt. than a foreign bank. Also it helps with our balance of payments meaning a more stable economy. It tends to be either greedy or ignorant people that invest in high risk finance. I have little sympathy for people that make money off the less able members of any society, i.e. those that invest in finance companies that lend to people who cannot afford the repayments on an overpriced second hand car. I think you will find that some of these recent finance comapnies have only gone bust, because they relied on a constant influx of new investors. Nathans fo example has been around in it's current form for at least a decade, and last years financial reports looked good with no bad debts, and lending to quality sectors as per this Scoop press release www.scoop.co.nz Because investors are now scared of the whole finance sector, it will cause a domino effect and their will now be many more that will fail. This is going to cause billions of dollars of losss for NZ economy. You could say that many people who put their money into buying a home, doing it up to sell, are also greedy, as they are expecting to sell it for a huge capital gain. However as the squeeze goes onto the lending sector, interest rates will go up and house prices are going to drop. I think we could see a lot of people also losing money in property in the next few years. |
robbyp (2751) | ||
| 583095 | 2007-08-22 03:33:00 | Way to go Robbyp . This is not a solution but part of the problem . I would suggest Kiwi Bank, more likely to get bailed out by Govt . than a foreign bank . The main banks in NZ are australian owned and are massive, hence why it is less risk putting your money into one of them, rather than a small locally owned bank . The governemtn has no obligation to bail out any bank, and like Kiwisaver it is not government gauranteed . You should never assume it will be bailed out either . The kiwi bank is far smaller than the main banks, and if the NZ economy fails, it is more likely to go under than one of the major NZ banks . Just because the government bailed out the BNZ and AirNZ when the went under, it won't nessarily bail out another bank . Basically don't put all your money into the one bank, spread the risk . |
robbyp (2751) | ||
| 583096 | 2007-08-22 03:36:00 | Forget losing money - we haven't got any. But if the banks fall over do I lose my mortgage? Now THAT could be useful! It could be worse than that. You maybe forced by the receivers to pay back the mortgage early. This would mean either remorgaging the house, or having to sell it and making up the shortfall. |
robbyp (2751) | ||
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