NZ 1st homebuyers are ScReWeD...

[fungus pudding]

That depends

On the first 2 digits.

No it doesn't. The lowest possible no is 10 which makes the grade you burbled about

[SBQ]

Not really..

It's protected by an 8 figure networth.

Interesting to know i'm not the only one sitting with an 8 figure net worth. But as I told you before, I have morals against making massive financial gains from owning houses. I do not want to be part of that camp.

The more important issue is not how much you have by gloating about it but rather, what are you going to do with it? I have the following statement to regard:

“I know people who have a lot of money, and they get testimonial dinners and they get hospital wings named after them. But the truth is that nobody in the world loves them,” said Buffett. “If you get to my age in life and nobody thinks well of you, I don’t care how big your bank account is, your life is a disaster.”

I can not help not mentioning what does a person do with all that kind of wealth? You know Mr TeslaGod, if you made all that money from owning houses in NZ, certainly it means it came out of society. Will you give it back?

For myself I give generously, and I make a habit to teach my 2 children, who are on the autism spectrum, how important it is to give back to society. Because daddy's wealth did not come 'poof' out from the sky. One's ability to make wise investments, work hard owning a business, etc. should not come at the cost of society if - 'so and so accountant says you should buy another house again and again to add to the property portfolio'.

[TeslaGod]

Interesting to know i'm not the only one sitting with an 8 figure net worth. But as I told you before, I have morals against making massive financial gains from owning houses. I do not want to be part of that camp.

The more important issue is not how much you have by gloating about it but rather, what are you going to do with it? I have the following statement to regard:

“I know people who have a lot of money, and they get testimonial dinners and they get hospital wings named after them. But the truth is that nobody in the world loves them,” said Buffett. “If you get to my age in life and nobody thinks well of you, I don’t care how big your bank account is, your life is a disaster.”

I can not help not mentioning what does a person do with all that kind of wealth? You know Mr TeslaGod, if you made all that money from owning houses in NZ, certainly it means it came out of society. Will you give it back?

For myself I give generously, and I make a habit to teach my 2 children, who are on the autism spectrum, how important it is to give back to society. Because daddy's wealth did not come 'poof' out from the sky. One's ability to make wise investments, work hard owning a business, etc. should not come at the cost of society if - 'so and so accountant says you should buy another house again and again to add to the property portfolio'.

Perhaps you can use your 8 figure networth to bail out your zombie company you said was failing.

But good on you if you want to be Mother Teresa!

Quick fact:

Her practices, and those of the Missionaries of Charity, the order which she founded, were subject to numerous controversies. These include objections to the quality of medical care which they provided, suggestions that some deathbed baptisms constituted forced conversion, and alleged links to colonialism and racism.

[FTG]

Interesting to know i'm not the only one sitting with an 8 figure net worth. But as I told you before, I have morals against making massive financial gains from owning houses. I do not want to be part of that camp.

So SBQ, let's unpack these morals of yours a little so we can understand them better.

- What exactly is it that you find morally abhorrent ? A) Making massive financial gains, or B) Owning houses, or C) Owing a house AND making massive financial gains from those houses?
- Do you own a house(s) or do you rent? Based on your stated claim of having a 8 figure net worth presumably you would own (directly or indirectly) at least one home?
- In your view what is the definition of "massive" financial gains? Is it a % return based figure or a specifically defined amount of dollars?

[SBQ]

Perhaps you can use your 8 figure networth to bail out your zombie company you said was failing.

But good on you if you want to be Mother Teresa!

Quick fact:

Her practices, and those of the Missionaries of Charity, the order which she founded, were subject to numerous controversies. These include objections to the quality of medical care which they provided, suggestions that some deathbed baptisms constituted forced conversion, and alleged links to colonialism and racism.

What company did I refer to in the past that has been 'failing' ? I don't recall making such claims.

[TeslaGod]

What company did I refer to in the past that has been 'failing' ? I don't recall making such claims.

You posted this:

"I don't believe i've formally mentioned my financial situation in regard to "how much is enough". When I married my lovely wife 15 years ago, we assumed that having about $5M net worth (a house of $1M) was enough to see through our retirement. Well I had already achieved that level 10 years ago through my investment portfolio (which does not hold any real estate). The Covid has changed our business for the worse (being tied to tourism"

[SBQ]

So SBQ, let's unpack these morals of yours a little so we can understand them better.

- What exactly is it that you find morally abhorrent ? A) Making massive financial gains, or B) Owning houses, or C) Owing a house AND making massive financial gains from those houses?

Not all asset classes are the same in terms of social impact or it's benefit to society. What is the cost to society when the gov't does nothing to control house prices to a reasonable level? Note I use the term 'massive' financial gains because the NZ gov't has essentially left that asset class untaxed. Certainly a joke when you compare to what the gov't offers instead, Kiwi Saver. This is not to say that house prices abroad, like Aus or Canada have not gone crazy too. However, there's a massive difference. The low income people living in those countries aren't as poor as the ones we see living in cars in S. Auckland (or at least they are able to have social housing at WHO living standards for the past many decades). How may are on the social housing waiting list in NZ per capita vs those in other countries? To me this is the social cost when this asset class houses, has been incentivised in the most abhorrent way.

- Do you own a house(s) or do you rent? Based on your stated claim of having a 8 figure net worth presumably you would own (directly or indirectly) at least one home?

We own our home. To be more specific, I have never taken a mortgage out. I don't see how this is relevant to how much house prices have gone up. My view is every working person, or young family, SHOULD BE able to get into their own home. It does not have to be a 3 or 4 bedroom house, but it should be at least 'obtainable'. The NZ gov't has done nothing. Canada on the other hand has done a hell of a lot more this area. Here's a recent proposed project in ritzy West Vancouver:

https://www.nsnews.com/local-news/pr...earing-4334938

We do not see much of this in Auckland, if any. That's because in NZ, there's a huge movement called the NIMBY. A shame because at prime locations where the demand is highest, the only option is simply to those that have the most money.

- In your view what is the definition of "massive" financial gains? Is it a % return based figure or a specifically defined amount of dollars?

Again, I say "massive" in a return that exceeds all other asset classes for the given level of risk and net of any taxation. The incentives in NZ are wrong. All previous gov'ts in NZ are weak in addressing this issue. Our politicians are deaf when it comes to critics abroad such as delegates from the UN. I'm saying this because the losers aren't you and I that already own a house. The losers are future generations that PAY for all these massive gains when they try to buy a house (because if you have more than 1 child, your house that you live in is only a portion towards their mortgage deposit).

Where as investments in equities, you are taking shareholder ownership in a business which multiplies it's profits. Creates employment, multiplies the $ from hand to hand, without the banks siphoning the profits abroad in a mortgage.

[SBQ]

You posted this:

"I don't believe i've formally mentioned my financial situation in regard to "how much is enough". When I married my lovely wife 15 years ago, we assumed that having about $5M net worth (a house of $1M) was enough to see through our retirement. Well I had already achieved that level 10 years ago through my investment portfolio (which does not hold any real estate). The Covid has changed our business for the worse (being tied to tourism"

Without a doubt those in tourism have been hit hard due to Covid. But that does not mean it's failed - the correct term would be on temporary pause. Nevertheless, we could have easily shifted the business liquid assets into buying multiple and multiple houses all over NZ. Wait 5 years and sell it off one at a time without paying any CGT. Morally I don't accept this because I know NZ has a serious housing problem.

So I ask, what is your end game plan? I know a family in Christchurch that owns over 50 properties. Tight as a vise grip with no knowledge of philanthropy.

[TeslaGod]

Wow that was really a long post SBQ.

I think your asking me what I'm doing moving forward in regards to the moral issues of owning a large amount of real estate?

I don't have an opinion on the Realestate.

I don't see them

I don't go inside them (Many I have never even been inside)

I don't know the individuals who rent or lease them

Honestly they mean nothing to me they are just numbers on a spread sheet in goings and out goings on different Bank accounts and annoying emails I have to reply to now and then.

I couldn't be any more honest.

[fungus pudding]

Wow that was really a long post SBQ.

I think your asking me what I'm doing moving forward in regards to the moral issues of owning a large amount of real estate?

I don't have an opinion on the Realestate.

I don't see them

I don't go inside them (Many I have never even been inside)

I don't know the individuals who rent or lease them

Honestly they mean nothing to me they are just numbers on a spread sheet in goings and out goings on different Bank accounts and annoying emails I have to reply to now and then.

I couldn't be any more honest.

Why have more than one bank account?