No one will know me any way here in this forum
Net asset worth more than 2.5 mil (PPOR and cash in term deposit)
What is your NET WORTH?
- Thread starter virgo
- Start date
No one will know me any way here in this forum
Net asset worth more than 2.5 mil (PPOR and cash in term deposit)
All money outside of PPOR in cash TD? If so a polite suggestion would be to look into guarding that money against inflation.
Why is advertising worth an issue? Forbes does 50 or whatever it is richest people in the world and has quite some detail so i presume it doesnt bother those people
WHo can see?
FYI, there was an option for seeing who voted what but when i created the poll, i did not click on that option!
Hope that helps!
FYI, there was an option for seeing who voted what but when i created the poll, i did not click on that option!
Hope that helps!
Who's got negative $5m?
I lost any semblance of anonymity years ago 
As to net worth, depends who you ask. The bank thinks our house is worth a lot less than everyone else thinks it is worth because they insist on comparing it to houses that *need* $50-100k spent on them, not houses that have *had* $50-100k spent on them. And they refuse to define when you reach 'finished' in a renovation. Spose I should finish painting my outdoor dunny green if that means 'finished' and thus add $100k to my net worth according to the bank. But I have a cold and don't feel like painting and it is pretty clear they don't want our business so even plating the house gold and adding a second storey and an olympic sized swimming pool wouldn't convince them to come revalue it.
You only truly realise that net worth when you sell.
I want my new house and a new bank dammit
As to net worth, depends who you ask. The bank thinks our house is worth a lot less than everyone else thinks it is worth because they insist on comparing it to houses that *need* $50-100k spent on them, not houses that have *had* $50-100k spent on them. And they refuse to define when you reach 'finished' in a renovation. Spose I should finish painting my outdoor dunny green if that means 'finished' and thus add $100k to my net worth according to the bank. But I have a cold and don't feel like painting and it is pretty clear they don't want our business so even plating the house gold and adding a second storey and an olympic sized swimming pool wouldn't convince them to come revalue it.
You only truly realise that net worth when you sell.
I want my new house and a new bank dammit
Fear not RE, you ain't Robinson Crusoe in that respect.
After 16 years I'm yet to hear one Banker say to me "we want your business and are prepared to sit down with you to work this through".
How a business in the business of lending money continually acts like it doesn't want to lend any money and yet makes oodles in the business has got me stuffed. Perhaps I just don't get it and they do.
I was just wondering this myself and it does amaze me the difference in attitudes friom bankers here Vs say Singapore. Our office in Singapore has a facility of USD300k that is secured by a USD100k deposit that is used for working capital, pretty standard stuff.
We tried to get something like that in australia and was told not a problem, we would be happy to give you a USD100k facility if you give us USD100k as a deposit. The guy managed to say it with a completely straight face as well. Truly mind boggling that they think someone would be happy to pay the bank interest in return for using their own money
Yeah; banks...
got a call yesterday from a guy from Bank West. Claimed to have spoken to me late last year - I don't recall him at all, but maybe he did.
The call started off by him saying he wasn't try to get me to switch banks or anything, and quickly progressed to his interest rate being 6%, and would we be needing any funding in the near future?
Wanted to come and see me at work or after hours to discuss stuff. I advised he could deliver an info pack if he wished and I'd look at that.
The call ended fairly quickly after that for some reason.
got a call yesterday from a guy from Bank West. Claimed to have spoken to me late last year - I don't recall him at all, but maybe he did.
The call started off by him saying he wasn't try to get me to switch banks or anything, and quickly progressed to his interest rate being 6%, and would we be needing any funding in the near future?
Wanted to come and see me at work or after hours to discuss stuff. I advised he could deliver an info pack if he wished and I'd look at that.
The call ended fairly quickly after that for some reason.
Interest rate of 6%.. and a banker wishing to loan you money! Do you have his number handy? I'm quite serious by the way.
Thanks Bayview.
Thanks Bayview.
I was thinking exactly the same thing..... 6% is better than 7+% for me....
Watch Basel III come in and the banks getting even stricter
This is actually pretty close to the mark. Although, not everyone in the head office is as smart as what you may think.
I spent (read-wasted) 6 years of my life working for the leaches in Corporate finance. I believe I was a pretty reasonable banker, and my clients agreed - but I left the industry altogether. The people making the decisions are pretty clueless and some of the decisions were just abysmal.
I was always amazed when speaking to senior managers (even the state manager) about personal finance - how little they actually understood about (making) money, running business, or investing. These were the people 'providing advice' to clients with 20+mil in debt. Yet, ALL of them (that is not an understatement) had few investments, not one who I worked with had an investment property, most had significant mortgages and all had personal credit card debt.
At the time I was on a comfortable 6 figure salary, and was at the bottom of middle management I would guess that my state manager would have been on $300k as a minimum, yet didnt know enough about money to be comfortable.
So, you really shouldn't be too surprised that your banker doesn't want your business. He/she probably doesn't understand what you are doing, what you are trying to achieve, or even believe that it is actually possible to make THAT much money.
Good luck.
I reckon you could simply call Bank West and quote the conversation here and see what their deals are.
I wonder what the catch is with a cold-call like that? 6%....sounds too good to be true in this current climate?
It may have been genuine, but my normal reaction to a cold-caller is to not even talk to them, so this bloke was never really going to be able to argue his case too much before I hung up.
My loss?
Just did a quick search on the Bank West site - lowest rate listed for any type of loan is 7.01%.
6% would have to be some ARM or honeymoon type product methinks.
Anyway; cold caller - POQ, buddy.
Yep.....can relate to this. I don't trust any banker who does not have a background in credit or lending.
I think thye have put me on the difficult client list...because I have tend escalate pretty quickly..I usually end up beating up the Area Manager who act quickly to make me go away. These days I have some pretty competent people helping ...and this is with the CBA where most of the staff are pretty useless and clueless. It also helps when this banker has connections with lady in credit who now is decision making authority.
It is also important to get away from the young ones who rely on making decisions base on looking at the computer and who can't read a P/L if their life counted on them.
Most of the ladies/guys are old school....though they still go through the same computerised processes...they also know how to get things through the system.
By the way...I found that it pays to be not so nice....if you are real persistent pain in the ar$e they tend to act quickly to get you out of their face. Even better if you can make them look like they don't know what they are talking about.....
I think thye have put me on the difficult client list...because I have tend escalate pretty quickly..I usually end up beating up the Area Manager who act quickly to make me go away. These days I have some pretty competent people helping ...and this is with the CBA where most of the staff are pretty useless and clueless. It also helps when this banker has connections with lady in credit who now is decision making authority.
It is also important to get away from the young ones who rely on making decisions base on looking at the computer and who can't read a P/L if their life counted on them.
Most of the ladies/guys are old school....though they still go through the same computerised processes...they also know how to get things through the system.
By the way...I found that it pays to be not so nice....if you are real persistent pain in the ar$e they tend to act quickly to get you out of their face.
Even better if you can make them look like they don't know what they are talking about.....I was always amazed when speaking to senior managers (even the state manager) about personal finance - how little they actually understood about (making) money, running business, or investing. These were the people 'providing advice' to clients with 20+mil in debt. Yet, ALL of them (that is not an understatement) had few investments, not one who I worked with had an investment property, most had significant mortgages and all had personal credit card debt.
At the time I was on a comfortable 6 figure salary, and was at the bottom of middle management I would guess that my state manager would have been on $300k as a minimum, yet didnt know enough about money to be comfortable.
So, you really shouldn't be too surprised that your banker doesn't want your business. He/she probably doesn't understand what you are doing, what you are trying to achieve, or even believe that it is actually possible to make THAT much money.
Good luck.
