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RainyDayRichard last won the day on March 15 2018

RainyDayRichard had the most liked content!

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About RainyDayRichard

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  1. This is a useful tool - money transfer NZ Disclosure - I do not work for "Pocketwise".
  2. RainyDayRichard

    Spotting Ponzi schemes

    Another day, another Ponzi: http://www.scoop.co.nz/stories/AK1803/S00591/ponzi-scheme-operator-receives-jail-term-for-175m-fraud.htm
  3. RainyDayRichard

    Sorted Community Forum rules

  4. RainyDayRichard

    Challenge of the month! Consumerism

    Indeed. There is sooooo much consumerism. I believe spending habits come from aggressive marketing and "lenders will always give you money" mentality. Look at how "Q Card" is marketed. Disclaimer for the members who reported me to Sorted - THIS IS NOT AN ADVERTISEMENT AND I AM NOT AFFILIATED WITH Q CARD, ANY OTHER LENDER OR RELATED PARTY. Yesterday at the Air NZ lounge heading back to Wellington, so many computer screens on online shopping, despite it being 3pm. That's a window into NZ spending habits.
  5. RainyDayRichard

    Spotting Ponzi schemes

    Interesting summary. The problem is that you can detect a Ponzi on a micro-level, but good luck if you're an institutional investor. For example, if a friend (or more likely, a "friend of a friend") has a great "investment", you can ask questions, get financial statements, ask for a bank account confirmation, and in all seriousness, run away from it...fast. For institutional Ponzis, forget it. Santander (big Spanish bank) poured hundreds of millions into Madoff because it got a 1% trailing commission. The institutions follow the money, always have, always will. Sure, the fund prospectus says they will "stress test" assets they invest in, but in the end they'll take a piece of paper as confirmation the investments are real. As will the auditors, who will request it independently from the custodian, and any variances can be explained away if it's Ponzi. Jeffry Picower was a MAJOR investor in Madoff, knew the returns were bogus, but it didn't matter as they skimmed the top of it. My friend's sister was caught out by RAM. Who would have suspected the wonderful Mr Ross to be running a Ponzi, right? Right? All those parties. And I was at university with his son. None the wiser. And then there was the Auckland woman before that who ran a mini Ponzi to fund her lifestyle. She had written (an excellent) book on empowering financial skills for women (I've read it at the Auckland library). It's excellent, so how did she go off course? So when you say "asking challenging questions is a good place to start to protect ourselves" I would say Ponzis will always exist, and the only way to protect yourself is to never invest on a whim, and if you're being offered "consistent returns" (on something that's not commercial property or a fixed term investment) then it's likely to be Ponzi. Before I get criticized by other members (yawn), I would like to state on the record that I have a background in investment banking, and before that, funds management. And that work at one point involved unwinding a Ponzi.
  6. RainyDayRichard

    Looking forward to chatting with you all!

    Love the community spirit!
  7. RainyDayRichard

    Looking forward to chatting with you all!

    Loving the money confessional videos on the Sorted facebook page! That's honesty right there
  8. RainyDayRichard

    Children in KiwiSaver

    It's a great idea, but I believe you only get the $1000 once your child turns 18 per http://www.kiwisaver.govt.nz/new/situation/under-18/
  9. RainyDayRichard

    You and your partner's money personalities....

    "Your money personality is: Practical domestic" for me.
  10. RainyDayRichard

    What does an insurance broker do?

    Insurance is not easy. I recently found out when I reversed, by accident, my HILUX into a crate at Placemakers that my "insured value" isn't what I'm getting paid out! So needless to say I dropped the cover amount!
  11. RainyDayRichard

    Paying off your mortgage faster

    Get an offset mortgage. Takes into account all your savings, so you're not left cash poor. Interest rates competitive.
  12. RainyDayRichard

    Low-interest loan tips

    For people looking for short/medium term borrowing, look at this guide to personal loans - highlights p2p lending which can work out cheaper.
  13. The article appears on its own thread you inserted above
  14. RainyDayRichard

    Best place to raise a child

    Not an easy thing to answer. Quality of jobs vs quality of life. Auckland = bad commutes for 50%+ of workers, but the beaches and weather are first rate. Nelson sits in the heart of god's country, but jobs more limited. Christchurch has a great community, but is still recovering. You could pro and con every place in NZ. I say go to where you feel most comfortable - your heart knows best. Finding the right job is part of the process and you'll know before you decide if the place in question is really going to work. Disclaimer: Have lived happily in Auckland, Nelson and Dunedin
  15. RainyDayRichard

    How much do you spend on gifts?

    8 members have voted. Time to share this on FB me thinks.... Personally I spend about $30, usually a nice wine and chocolates or an experience (double art exhibition pass or tickets to movie). Avoiding junk.