Sir Bob Jones - 'Saving is for fools'

[speights boy]

I guess today's equivalent may be Montgomery Burns.
Still rich, but being an oppressive employer and polluter of the planet takes on more focus.

MB baying "release the hounds Smithers" sounds a bit more sinister than Scrooge setting lovely ol' Pluto on his nephews.

[McDuck]

Like just what, specifically? Without some detail,
that comment is just so much hollow rhetoric.

The basic idea of saving is a good one.
It can be seen in all of nature.
That bit of fat around your middle is your body putting a bit away for a rainy day.
A flywheel in an engine stores momentum for when the immediate requirements temporarily surpass the systems ability to deliver.
Because our planet is subject to seasons, most farmers will know the wisdom of storing surplus for the winter.
The cyclic flooding nature of the Nile prompted the idea of grain banks to see the people through the lean times; it’s said to be the start of banking.

The basic idea of saving, say grain for a lean year is a good one. Now if your grain store is looted by rats thus destroying your provision…well that’s a totally different matter.

[Perry]

Or if your savings store is looted by inflation and
RWT, well, that's a matter to consider, too, right?

[Perry]

As as been observed before, there's more to savings than
digits in a bank database or notes under the mattress.

[speights boy]

Or if your savings store is looted by inflation and
RWT, well, that's a matter to consider, too, right?

It most certainly is Perry.
Precisely why the Savings Working Group report recommended income from interest and dividends be indexed to inflation.

[McDuck]

Or if your savings store is looted by inflation and
RWT, well, that's a matter to consider, too, right?

Lol, you got that right, most people don’t fully appreciate the insidious effect of inflation on money (The CPI is misleading sometimes).

In the article, was Sir Jones suggesting that overseas savings could be substituted for local savings?
What if the rest of the world wants their money back when we need it most?
(Global financial synchronisation).

Say a farmer outsourced his hay production… then in one particularly bad winter, the outsource supplier decides keep the hay themselves.

[Perry]

I doubt he said it in as many words, but
I suspect that Sir Bob was saying or
implying that someone had to be using
the savers' money 'out of interest.'

[flyernzl]

Logically, if 'everybody' saved then nobody would want to borrow and interest rates would go to zero.
This happened in the UK in the late 1940s, as you just could not buy stuff - everything was rationed.

Similarly, if 'everybody' became a Landlord there would be no tenants and we would all go broke.

[McDuck]

Logically, if 'everybody' saved then nobody would want to borrow and interest rates would go to zero.
This happened in the UK in the late 1940s, as you just could not buy stuff - everything was rationed.

Similarly, if 'everybody' became a Landlord there would be no tenants and we would all go broke.

Lol, you might have made a few incorrect connections there.

In the forties everyone was not saving, they were spending like there was no tomorrow. Money was being turned into tanks and aircraft and food and our young men were being sent off to be blown to bits overseas.
You might have heard of World War II.
The reason they were spending like there was no tomorrow…because “no tomorrow” was a very real possibility.

Also in very recent history all property was owned by about twenty landlord families, the rest of us would have been tenants..
Only by making sure everyone could own property and therefore have a stake in the future was the public persuaded to reduce it’s passion for bloody revolution..

It’s interesting to note that the Cromwell family owned nearly all of the land where the Jones family name is first recorded. It’s a good bet that the ancestors of Sir Bob Jones were paying rent.

[ben9465]

To own a house one must SAVE a deposit. That is where saving comes in. A 10-20% deposit is usually required which is about $30 000 plus in most places( i'm Being conservative). This kind of money requires serious saving for years to achieve. Bob Jones managed to form a massively successful business forming advertising booklets and made a massive amount of money in 2 years. It was fortunate for him he did have an idea that meant he did not need to work in a job and spend years saving to buy a house. I think he said once he made 1000 000pounds in 2 years. That was back in the early 1960s when $ 2000 000 was a lot of money. A bit similar to Sam Morgan and trademe making hundreads of millions on trademe in 7 or so years then telling people they don't need to save. Saving is critical for people to reach a goal of owning a house. We the priveledged rich who have money through inheritance, intelligence, inventiveness or great jobs and hard work or combinations of such need to realize that if you start from scratch and don't have the 1 in 30 000 business ideas that make us rich will need to save.

[kapitibeanman]

The thing to know about Bobbity Bob is it's all about Bobbity Bob.
It's bloody obvious that the average citizen has to save, otherwise
there would be no rent money for one thing. It's all a matter of
degree, surely.

[Davo36]

In his recent column in Bayleys Total Property magazine, he was saying how properties he bought in the 70s went up 800% in value 2 years. Pretty hard not to make money in those conditions.

[Damap]

Sir Bob says whatever will get reported. He doesnt give a toss and knows that the masses neither understand nor have the nous to act.

[Glenn]

Bob said a little more than just the simple bank account savings stuff was nuts.
He mentioned the retirement saving via insurance companies and the such was a con.
I faithfully paid into the Government super scheme for 27 years. I had a life time job.
The deal was the Govt was supposed to pay into the fund $2 for every dollor I put in. Too bad the crooks did not pay what we together agreed on. Then they made me redundant at 45. They gave me back what I had put in plus about what I would have earnt if I had put the money into the Post Office savings bank. My family could have used that money when the kids were babies.
Bob is right. I should have put it into property. The trouble is when you are 18 you do not have a clue about what the financial future holds. Not that I know much more today. Wheeler and English are liars hypocrites is what Bob is saying. He is correct. Just look at how many farms English has.
What government in the world has a policy that actually encourages bad housing for its citizens.
The New Zealand National Government does.

[Perry]

Just look at how many farms English has.

Oh? How many?