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Sir Bob Jones - 'Saving is for fools'

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  • Sir Bob Jones - 'Saving is for fools'

    http://www.nzherald.co.nz/nz/news/ar...ectid=10876263

    About time somebody cut through the rhetoric and nonsense and told it like it is.

    Well done, Sir Bob.
    Patience is a virtue.

  • #2
    It was an interesting read...... but I wonder what would happen if every one in the world borrowed and didn't save?
    The mission of any business enterprise should include the aim to develop economic conditions rather than simply react to them.

    Comment


    • #3
      Like now, you mean?
      Patience is a virtue.

      Comment


      • #4
        Thank you for posting the good read. i think Saving is good. But i am saving in the form of real estate, not in cash.

        Comment


        • #5
          I just saw this

          http://www.stuff.co.nz/business/mone...ch-warns-banks

          One can not fault Bob Jones on his money making ability. His article cetainly made me think. However I think as this ratings warning indicates its all a matter of balance. I am sure Biob Jones uses borrowing to fund his business's from time to time that money has to come from somewhere....Shares, retirement funds, Insurance company investments and the such like. Saving isn't just a matter of sticking money in the bank it can involve: buying a home, investing ( as opposed to speculating) in the share market, Buying bonds and so on. I am sure BOb jones would have no problems with people saving by means other than bank accounts, otherwise he would not be where he is today!!!!
          The mission of any business enterprise should include the aim to develop economic conditions rather than simply react to them.

          Comment


          • #6
            Wheeler is new to the role and Bob was letting him know he needed to focus on doing his job rather than tell people what to do with their money. And Bob's right - for the majority of NZrs struggling from day today they would be better off investing it in housing and making their money work harder for them.

            Cheers,

            Donna
            SEARCH PropertyTalk, About PropertyTalk

            BusinessBlogs - the best business articles are found here

            Comment


            • #7
              Apart from the all-important pleasure they will deprive, history shows that on
              the financial front they'll come out way ahead of Wheeler's savers. It's been
              a winning formula for decades because it's logical and proven. Attacking it
              defies comprehension.
              I do hope that "deprive" was meant to be derive. (Bloody spell checkers!
              Give me a competent proof reader, any day)
              Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

              Comment


              • #8

                All this pseudo pious hand-wringing over property is all-the-more farcical because
                the cranially challenged who keep chanting the mantra never seem to consider
                (either via epiphany, or after being told) that it is the very policies of the mantra-
                chanters which cause the 'love of property.'
                Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

                Comment


                • #9
                  Bread and Circuses.
                  Could do with more bread though...what with marmite back and all.
                  The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.

                  Comment


                  • #10
                    A good laugh from Sir Bob as usual.

                    I think I’ll take Mr Wheelers international banking experience over Sir Bob’s on this one.

                    Sir Bob would do well in taking his own advice as far as “minding his own” on matters that don’t concern him.

                    Comment


                    • #11
                      Originally posted by McDuck View Post
                      I think I’ll take Mr Wheelers international banking experience over Sir Bob’s on this one.
                      Like just what, specifically? Without some detail,
                      that comment is just so much hollow rhetoric.
                      Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

                      Comment


                      • #12
                        Originally posted by http://www.rbnz.govt.nz
                        Mr Wheeler was employed at the World Bank from 1997 until 2010. During this time, his roles included managing director operations (2006-2010), and vice-president and treasurer (2001-2006).

                        In his role as Managing Director, Mr Wheeler led the World Bank’s interactions with the IMF on the Global Financial Crisis, and represented the World Bank at the G8, G20, Development Committee, International Monetary and Financial Committee, and Financial Stability Forum.

                        During his time with the World Bank, he was also awarded the World Bank Staff Association Good Manager Award for his leadership.

                        Previously, Mr Wheeler worked at the New Zealand Treasury as deputy secretary and treasurer of the Debt Management Office (1993-1997).

                        He also ran his own advisory business in the United States from 2010.
                        It's definately international and I expect he had some experiences along the way.
                        DFTBA

                        Comment


                        • #13
                          One would think so.

                          Or he may have just been employed.

                          Being employed and getting experience, aren't mutually inclusive.
                          Patience is a virtue.

                          Comment


                          • #14
                            Originally posted by McDuck View Post
                            I think I’ll take Mr Wheelers international banking experience over
                            Sir Bob’s on this one.

                            Sir Bob would do well in taking his own advice as far as “minding
                            his own” on matters that don’t concern him.

                            Originally posted by Perry View Post
                            Like just what, specifically? Without some detail,
                            that comment is just so much hollow rhetoric.

                            Originally posted by cube View Post
                            It's definitely international and I expect he had some experiences
                            along the way.

                            Originally posted by essence View Post
                            One would think so.

                            Or he may have just been employed.

                            Being employed and getting experience, aren't mutually inclusive.
                            How true. Just like many real wealth accumulators have observed: if
                            their advice was worth following, then said advisors would also be fol-
                            lowing it and be sufficiently wealthy as a consequence, so as to not
                            need the day job they're in, from which they dispense the advice that
                            Sir Bob makes plain he considers not worth believing.

                            And Mr Wheeler's tenure at the World Bank, Treasury and in his advisory
                            business equipped him well to foresee the GFC that his experience told
                            him was coming and to therefore immediately implement measures to
                            forestall it occurring.

                            Yeah, right.

                            Here's a few ideas worth reflecting upon.

                            1) Do you suppose Sir Bob's personal fortune was amassed by saving?

                            2) Does Mr Wheeler have a wealth profile comparable with Sir Bob?

                            3) If so, did Mr Wheeler amass that by savings, as he advocates
                            ....others should do? Or is it a matter of do as I say, not as I do?

                            After all, Mr Wheeler is probably 'expected' to say certain things.

                            Meanwhile, down at the Wheeler McDuck savings-filled money bin . . .

                            Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

                            Comment


                            • #15
                              It's funny how when we were growing up Scrooge McDuck was seen as bad, but now everyone is trying to emulate him?
                              Squadly dinky do!

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