Quick Fire Question Of The Day:
"I have approximately $1.5 million in the bank.
I have had nothing but trouble and worry with money throughout my life. I invested in mortgages with lawyers, who stole one million dollars from me. I had money invested in Equiticorp in debentures, and I lost that money because Hawkins went bankrupt.
I was then ripped off by another lawyer, who I loaned money to. I even lost interest for about eight years with a bank who would not return this money in Australia. I loaned money to a real estate agent, who I had to litigate with for years to get a pittance back.
So, with the ridiculously low interest rates for bank term deposits now, can you please advise me as to what to do? I am 73 years of age.
If I went to KiwiSaver or a managed fund, I am told that the fees that they charge outweigh the returns. And financial planners cannot be trusted as they have a vested interest in the companies they recommend.
If you buy an investment house, and put it in the hands of a real estate agent to look after it, I have heard that the property can be trashed, and $3, 500 rent in arrears cannot be collected.
I do not want the stress and the hard work of collecting the rent myself, so I guess that I would have to put it into the hands of a real estate agent, because I would not be in the country.
So, my question is where can you put the money in other than the bank?"
Source: NZ Herald 22 August 2020
Once again for those wanting their question answered on the podcast email me at ryan@oneplan.co.nz, send a voice message below or capitalise on our free online tools and advice:
