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Author Topic: Money tip for the well off  (Read 5711 times)

kicker

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Money tip for the well off
« on: January 01, 2011, 09:41:15 pm »
Heard last night ,
Buy a house in Van for 4 mill ,2 mill down , the 2 mill borrowed at 2%
-- put the borrowed 2 mill in in Iranian bank and get 6 % on your money .
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Offline EV Dan

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Re: Money tip for the well off
« Reply #1 on: January 01, 2011, 10:27:06 pm »
2 mil down  :o

now lemme just go find a cash machine...

 ;D
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kicker

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Re: Money tip for the well off
« Reply #2 on: January 01, 2011, 10:39:30 pm »
Yeah ,me too , I think I'm hanging around with the wrong crowd .
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baumer00

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Re: Money tip for the well off
« Reply #3 on: January 01, 2011, 10:52:16 pm »
If you're well off and have that kind of change, why don't you just put $2,000,000 in the Iranian bank instead of borrowing anything?

I wouldn't put $50 in an Iranian bank, but that's just me.
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kicker

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Re: Money tip for the well off
« Reply #4 on: January 01, 2011, 11:23:41 pm »
I expect most people feel the same way as you do .
This was a money making tip ,( politics were not discussed ). I questioned the choice of Iran .
He said their banks are solid . At 6 % is $ 160,000 a year interest .
Whether those figures are correct doesn't matter to me . I don't have $ 2,000,000 .

added
This topic came up because he said "Iranians are moving to Vancouver ,putting $ 2,000,000
down on houses costing $ 4,000,000 here , taking a loan out here for the rest at 2 % interest then sending the money back to their country earning 6 % in their banks .
« Last Edit: January 01, 2011, 11:36:32 pm by kicker »
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Offline aquadorhj

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Re: Money tip for the well off
« Reply #5 on: January 02, 2011, 02:02:50 am »
with the cost of exchanging money and transfer fees that are applied here, i don't think it would actually end up being 4% higher interest after all is said and done.
probably earn enough pocket change with interest difference, but what if the exchange rate changes?   what of the inflation in iran? economic stability?  all those factors would actually prevent me from sending money to iran even if i was a gazillionaire, because i simply do not know enough to invest there.

people with money, though, always seem to find a way to make more money.
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kicker

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Re: Money tip for the well off
« Reply #6 on: January 02, 2011, 02:33:30 am »
Can't really comment - just reporting .

I've heard is always good to make money using other peoples money ( leverage )
So I would rather use someone elses 2 mill to make my money than my own .

Re Iran stability - what I would see pertinent would be if the bank is solid .(I'm sure with all that oil they can't be doing too badly)
You state things like exchange rates etc . but since you haven't done it , you really don't know what your take home would be .

But as I say, this is out of my depth, so I cannot comment on it with any accuracy at all .

Added -- There are always a 1,000 reasons why something won't work when all you need is one reason why it will work .
I'm sure Millionaires and Billionaires didn't get where they are without thinking big or taking chances . ( Not that this would be thinking big for them at all ) . What millionaire has his money sitting in a bank ?
It's out there making money for him .
This is as safe as it gets . Its a bank .

« Last Edit: January 02, 2011, 02:52:12 am by kicker »
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Offline tpl

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Re: Money tip for the well off
« Reply #7 on: January 02, 2011, 05:51:11 am »
I doubt banks in Iran will be stable after Israel pops a cap over the Iranian nuclear facilities.

AND why would anyone invest in a country that:
a) doesn't like us much
b) is corrupt as hell
c) is run by a set of religious crazy men.
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kicker

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Re: Money tip for the well off
« Reply #8 on: January 02, 2011, 07:16:13 am »

They take advantage of canada's low interest rates I'd take advantage of theirs .


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Offline tpl

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Re: Money tip for the well off
« Reply #9 on: January 02, 2011, 07:24:47 am »
I suggest that there are better ( safer) places than Iran with interest rates higher than Canada to do this arbitrage play.  Note that I do not have a problem with the arbitrage...I wouldn't do it  but anyone who can persuade their bankers is welcome to it.
« Last Edit: January 02, 2011, 07:34:39 am by tpl »
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Offline tenpenny

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Re: Money tip for the well off
« Reply #10 on: January 02, 2011, 08:12:56 am »
I think that 'cash machine' pictured is one of those that takes your cash, not gives it to you.
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Offline safristi

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Re: Money tip for the well off
« Reply #11 on: January 02, 2011, 08:21:07 am »
 Bank of Iran allows INTEREST wait till Khomeni hears about this blashphemy :stick: :pimp: >:D
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kicker

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Re: Money tip for the well off
« Reply #12 on: January 02, 2011, 08:39:16 am »
Higher interest rates than Canada ? You're kidding ? At our current lofty 2% ?
Tell me a country whose Bank offers higher than Irans 6% and I'll pass it along .
Safer places to put money ? Sure , then I can watch inflation eat away at it .


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Offline johngenx

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Re: Money tip for the well off
« Reply #13 on: January 02, 2011, 08:42:27 am »
Quote from: kicker on January 02, 2011, 02:33:30 am
...this is out of my depth, so I cannot comment on it with any accuracy at all...

And yet you do, repeatedly.
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Offline Ex-airbalancer

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Re: Money tip for the well off
« Reply #14 on: January 02, 2011, 09:09:30 am »
Quote from: kicker on January 02, 2011, 08:39:16 am
Higher interest rates than Canada ? You're kidding ? At our current lofty 2% ?
Tell me a country whose Bank offers higher than Irans 6% and I'll pass it along .
Safer places to put money ? Sure , then I can watch inflation eat away at it .

Putting money in Iran bank has to be the dumbest think I have read in a long time
Putting your money into mortages would be much safer and get more of a return
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kicker

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Re: Money tip for the well off
« Reply #15 on: January 02, 2011, 09:50:29 am »
With interest rates so low , the only way they can go is up . With people maxing themselves out to get their house in the first place they will never be able to afford the upward swing .
Canadians have a massive dept load (it's in their house). Investing in mortgages now is the dumbest thing I've heard .

I can't believe I'm actually carring on a conversation on something I know so little about , but it looks like I'm not the only one .

I posted this " money tip " because I think it has merit . The only ones who could see value in it are the ones that are well off ($ 2 - $ 5,000,000 ) They think differently about risk than most people, thats why they are rich and we are not . These people realize that risk is necessary and are confident in themselves to take such risks . Taking risks is how they acquired their wealth to begin with .
No one else could possibly see the value of it because they are afraid of risk . Thats whats separates them from us .

What else can I say ?

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Offline wing

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Re: Money tip for the well off
« Reply #16 on: January 02, 2011, 09:58:25 am »
Not many of those ppl on this forum me don't think..
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Offline tpl

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Re: Money tip for the well off
« Reply #17 on: January 02, 2011, 10:10:45 am »
I suspect that you are correct Wing, not too many people here but...

These last two decades it has been possible to make some serious money without dangerous risk.

The recovery from the small recession of the early '90s
The runup in Tech stocks in the late '90s
Being brave enough to stay invested in 2001/2002 not in Techs!
The runup in the mid '00s to 2008
Being even braver and toughing it out 2008 summer through summer 2009
And now in late 2010 and hopefully into 2011/2012 a solid recovery. Plus the "bubble" in Cdn resources *may* continue for a year or three.

IMHO the big trick through these times has been to stay out of debt. Apart from a mortgage, if you can't pay cash then you can't afford it. I am emphatically NOT saying that you should always pay cash. As others have pointed out, there is essentially free money ( 2% is free in real terms) out there.
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Offline quadzilla

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Re: Money tip for the well off
« Reply #18 on: January 02, 2011, 10:11:12 am »
Quote from: kicker on January 02, 2011, 09:50:29 am
What else can I say ?

How about nothing?
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Offline EV Dan

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Re: Money tip for the well off
« Reply #19 on: January 02, 2011, 10:13:38 am »
With 2 mil change in my pocket I think I'd get a Crappy Tyre franchise. That should bring a lot more than 6% , plus I could get parts at cost  ;D
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