Banks: Another Warning if you own your own Business: Banks are at it again
June 14th 2007 02:21
I digress again. But if you own your own business and are 60 or know anyone who is read this, the banks are at it again. My parents could lose everything if this goes wrong...yes I am pissed........
A few weeks ago I wrote of how the Banks were chasing my parents to lend them $1million to put into their Super to get the tax break before June 30 - story is linked to this post -
They are still hounding my Dad and telling him it is a good idea. I did the homework and this strategy is only profitable IF you intened to sell your business/ asset in the VERy SHORT TERM....unless of course you are the bank they get interest fees, fees and a few more fees which adds up on a million bucks let me tell you.
When I spoke to the guy from the bank on my Dad's behalf and took him to task on the many faults
in his strategy and the HUGE risk for my parents he cracked it at me and lectured me on the fact that he has a Phd and is a leading financial advisor..... yes of course and as a leading financial advisor he gets a cut of a) the interest the bank charges my dad b) the fees for the investments he is proposing my dad's super makes and a cut of the $1,000 he has already charged my parents when HE APPROACHED THEM to enter into this structure. Don't get intimidated when they throw letters and degrees at you, I have a Phd in life,,,I don't sit in an office earning fees while people who have worked hard all their lives gamble their future at the 11th hour.
I can't advise anyone here on their finances but be really careful, it really does look like the banks are pulling a fast one here.
Apparently there was a report about this on the ABC news last night and there is an Article in a Special lift out inside the Financial Review this morning, anyone who is getting pressured to invest their super and take advantage of the $1million loophole should go get a copy. Gordon Cooper of sydney based accountanys Cooper and Dwyer says
Don't these banks have enough F$%king money without stealing from people who have worked their arses off for 40 years......imagine getting this far and losing it all.........anyhow rant over but please all be careful.
A few weeks ago I wrote of how the Banks were chasing my parents to lend them $1million to put into their Super to get the tax break before June 30 - story is linked to this post -
They are still hounding my Dad and telling him it is a good idea. I did the homework and this strategy is only profitable IF you intened to sell your business/ asset in the VERy SHORT TERM....unless of course you are the bank they get interest fees, fees and a few more fees which adds up on a million bucks let me tell you.
When I spoke to the guy from the bank on my Dad's behalf and took him to task on the many faults
I can't advise anyone here on their finances but be really careful, it really does look like the banks are pulling a fast one here.
Apparently there was a report about this on the ABC news last night and there is an Article in a Special lift out inside the Financial Review this morning, anyone who is getting pressured to invest their super and take advantage of the $1million loophole should go get a copy. Gordon Cooper of sydney based accountanys Cooper and Dwyer says
I consider it a risky strategy if you are not going to clear the debt in the short term. He adds a number of his clients have said banks are pressing them to borrow to contribute to super
My dad honestly worked on the assumption that the banks must know what they are talking about because they are the bank, they totally confused him and he almost fell for it.Don't these banks have enough F$%king money without stealing from people who have worked their arses off for 40 years......imagine getting this far and losing it all.........anyhow rant over but please all be careful.
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