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Financially Wise
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Take control of your finances. Be Financially Wise to Be Financially Free
Take control of your finances. Be Financially Wise to Be Financially Free

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“A bitcoin has no intrinsic value,” he said.

Wow, so it's just like all fiat currencies then?

And more... “It only has value if people think other people will buy it for a higher price — the Greater Fool theory..."

And that sounds like the Australian property market and the US stock market.

http://www.news.com.au/finance/money/investing/it-makes-no-sense-former-paypal-ceo-says-bitcoin-is-the-greatest-scam-in-history/news-story/3ab1193c520f6eba1dafa1100e144726
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I think it's time to put the "too big to fail" furphy behind us. NO company is too big to fail.

This implied government guarantee offered to the banks (and just the banks, no other company has this luxury) has meant the banks have become reckless with their lending.

All this has done is blown up asset bubbles and created a bigger concentration of financial services in the economy than is healthy for properly functioning economy.

Remove the implied government guarantee, and watch how quickly the banks become more prudent with their lending and general financial practices.

Let's hope this is one of the recommendations to come out of the Royal Commission.

https://thenewdaily.com.au/money/finance-news/2018/04/24/banks-royal-commission-rigged-game/
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Some humour to come out of the banking Royal Commission. I love the number of customers the Commonwealth Bank supposedly has.

http://www.theshovel.com.au/2018/04/20/commonwealth-bank-opens-new-cemetery-branch-to-be-closer-to-its-customer-base/
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So, the RBA (and other central banks around the world) are concerned that inflation is low and prices aren't rising as much as they'd hoped.

Here's another word they should know, but are probably unfamiliar with. Deflation. Before central banks, deflation was as much a part of the economic cycle as inflation and steady prices. But since the rise of central banks, deflation is almost unheard of.

Coincidence? I think not.

https://thenewdaily.com.au/money/finance-news/2018/04/24/inflation-up/?utm_source=Adestra&utm_medium=email&utm_campaign=PM%20Update%2020180424
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"Malcolm Turnbull has conceded it would have been “better for us politically” if the government had created a banking royal commission two years ago..."

Better for them politically??? Are you kidding me! Was it better for those poor banking customers that got suckered in and fleeced by the banks in those extra two years the banks were allowed to continue to rip people off?

https://thenewdaily.com.au/news/national/2018/04/23/malcolm-turnbull-banking-royal-commission/?utm_source=Adestra&utm_medium=email&utm_campaign=PM%20Update%2020180423
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"Live below your means" Or within it anyway.

The way to grow wealth is really is as simple of that. Don't spend more than you earn. Consistently. Growing wealth is and should be boring.

And it doesn't matter what your income is. There are people who earn seven figures who have no assets, and people who don't earn much at all who have built themselves a wealth portfolio.

It just needs discipline and action. Pay yourself first. Always.

http://www.news.com.au/finance/money/wealth/surprising-habit-of-the-super-rich/news-story/a8fdc07cfe29dd3e2e678830674d28ab
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Saving is habit that should begin from childhood with pocket money and automated to a set percentage once a person starts drawing a regular wage.

Here are some scary statistics. Just over a fifth of Australians have no savings buffer at all. Just over another fifth only have a month's worth of savings. The rest have more than a month, but this report doesn't specify how long. It could just be two month's worth.

It will only take one emergency or breakdown of something important to blow those entire savings in one fell swoop.

Two years ago in 2016 a report from MLC found that nearly 50% of Australians were living from pay to pay, so nothing much has changed in two years.

http://www.news.com.au/finance/one-in-five-australians-have-no-cash-savings-to-fall-back-on/news-story/0208d50855ce48b0a5aa19fc266a4f0d
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Another in a long line of countries quietly and not so quietly repatriating their gold or building their gold supplies.

According to this list China is 7th on the list. I think their gold holdings are under reported and they have a lot more than the rest of the world thinks.

At the end of the day, gold is real money and has been for thousands of years. No fiat currency on the other hand has been around longer than 100 years, and in the entire history of fiat currencies, none has ever survived long term.

https://www.zerohedge.com/news/2018-04-20/turkey-will-repatriate-all-gold-us-attempt-ditch-dollar
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I think we can possibly say that the classic Keynesian response no longer works these days and that QE has been a failure. All it did was inflate asset prices. Dropping interest rates also didn't work. All that did was create bubbles.

There are no businesses, companies or organisations that are too big to fail, and it is not the government's place to take the place of enterprise when an economy contracts. It's a natural part of an economic cycle and should not be circumvented.

http://thehill.com/opinion/finance/383602-theres-no-free-lunch-for-central-banks-either
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