This is a thorny area most, if not all of us, post under a pseudonym, so if we make a potentially libellous statement it may be possible for the person being libelled to seek redress from the website and not the poster.
Hello Ed and thank you for your answers,
Chinese whispers are true in any arena and as I said I am only saying what was told to me buy some clients.
Yes the Sydney market cycle turned but people were being warned about that at that time on several fronts and invested at their own risks, the frenzy changed and the blood is still on the streets, never buy in the peek of a cycle – Rene Revkin.
The clients I am talking with attended seminars put on by your self and Pilgram Properties who were selling Queensland Duplexes, which I will not elaborate here as people will take that out of context and I will not expand on. (i love duplexes by the way b4 you shoot me down)
Yes Ed when you're right you are a hero and when the market turns even the best financial adviser hides under their desk … time can heal many wounds as long as you have enough of it to recover … many do not who are baby boomer's and have suffered worse fates in the hands of Fincorp, Lifespan, Westpoint and many others – how many hundreds of millions of dollars lost in 2007 with bad advise??
I guess it's worse when you put your self out there in the public eye writing books and being a qualified adviser such that you are deemed to be by your qualification. The tall poppie is ready and able to shoot you down because of your success. As I said it's harder getting a good name than a bad one.
I am aware that Pace Developments (who I know very well) paid commissions of 6% + to agents, we do not accept commissions higher than the limits set by the REI and any overs are paid back to our clients to cover loan and other costs … our clients love us for that disclosure and cash back … quite frankly these high commissions by developers paid to marketing companies creates a selling greed in MHO and will only come back one day to bite them … new rules coming .
I am not a jealous or spinal person Ed and wish any person no harm … I have recorded that which was told to me and asked a question on a public forum – many others are attacked like, Henry Kaye, Jamie MacIntrye, Neil Jenman all of who are in the public eye Ed as are you. People who are unsophisticated investors rely on qualified experienced professionals to guide them towards their retirement nest egg – and the humble accountant is one of the most trusted advisers. I am sure you feel their hurt Ed when the market turns and the value of their assets drop substantially. Many investors are not self employed on big incomes and this hurt can go on for years as well you know.
Finally Ed as an accountant, public person of influence licienced adviser and author why do you degrade your self by sounding like Robert Kiyosaki – "my rich uncle (Dad) told me" – too many gurus IMHO fall victim to this marketing and advertising Americanisms which is soooo tacky in todays world. I think you are a highly intelligent person Ed and suggest you seek a professional agent to improve your profile and get away from the RICH guy approach – let the other idiots do that Ed there's plenty of them. I have met you on a few occasions although you may not recall, Eagles are leaders and individuals, there are lots of geese out their coping others like ………….. dare to be different !!
As I said if I am wrong I will leave here forever, I have had many posts here and offer help support and experience. I am licienced and have other diplomas also, I also own a multimillion dollar portfolio including my PPOR over 2.5mill value with no mortgage, and i came from a poor family. God bless … sleep well.
Regards D
wealth4life.com wrote:I have recorded that which was told to me and asked a question on a public forum
No, you stated "his newsletter states he has been an accountant for 25 years when our research shows this is not the case at all". (The grammatically dubious question mark that you put after it doesn't convert this statement to a question.)wealth4life.com, if your statements were true, I'd be applauding you for exposing this. I don't know Ed, nor have I been a customer, but I get the impression that you're publishing speculation as fact, and therefore I feel morally obliged to defend Ed because what you are doing in publishing baseless allegations is highly unethical and also illegal.
If I'm wrong, and you have proof that either a) Ed has not been an accountant for more than 25 years, and b) Ed received a commission of $30,000, then please provide it.
If I'm correct and it's just speculation, then you should show your strong character and ethics and offer Ed an unreserved public apology for your outrageous behaviour in publicly slandering him.
Could someone please tell me the contact details or any other info. for Chan & Naylor in Perth. Thanks Linda
I found this on their website:
CHAN & NAYLOR PERTH
Level 1, 251 Hay street
EAST PERTH WA 6004Phone: 08 9467 7509
Fax: 08 9221 5533Wealth4Life wrote
"..Yes Ed when you're right you are a hero and when the market turns even the best financial adviser hides under their desk … time can heal many wounds as long as you have enough of it to recover … many do not who are baby boomer's and have suffered worse fates in the hands of Fincorp, Lifespan, Westpoint and many others – how many hundreds of millions of dollars lost in 2007 with bad advise??People who are unsophisticated investors rely on qualified experienced professionals to guide them towards their retirement nest egg – and the humble accountant is one of the most trusted advisers. I am sure you feel their hurt Ed when the market turns and the value of their assets drop substantially…."
My Comments
I am afraid you and i differ on this point. It depends on whether you are a TRADER or an INVESTOR. If you are a TRADER than its absolutely imperative to buy at the low and sell at the high. Rene Revkin is a Trader so timing is everything for him but not everyone is as skilful as he is (or was). However if you have ever read my books I advocate INVESTING and not trading. If you are an investor, there will always be highs and lows over the long term. Name one market (eg property or shares) that have not gone up and down and up and down again. As an Investor one must accept the highs and lows and plan around them.If you read my book called "How to Achieve Wealth for Life Through Property Investing" you will see that through our Financial Health Check process we work out a Wealth PLAN for clients so that they do not get in trouble. People generally do not plan to fail, they simply fail to plan.
I have always advocated that one is not buying property but rather, one is BUYING TIME. The longer time one has "bought" the safer the investment( even investing in shares), because the right property has always gone up in value and rental over the longer term.People get in trouble because they cannot service the loan and are forced to sell. However if you were able to service the loan for at least 10 years than both the value and rental would have gone up. I call it "BUYING" 10 years of time. In our Wealth Plan that we prepare for our clients we determine the number of years they need to be safe based on their particular circumstances.
You will see in the book i dedicate a whole chapter to how the investment strategy must be SAFE otherwise don't do it and the more conservative you are the more "time you need to buy". We call this a BUFFER. For example if the negative gearing is $10,000pa and you are really conservative than you need to have a Line of Credit put aside to enable you to service that negative gearing for 10 years. For example if you did not want to rely on your wages than you need to put aside a Line of Credit of $100,000. This will buy you close to 10 years of time and hopefully the right property would have gone up and you can refinance the increased value of the property to increase the Line of Credit which will buy you more time.
Where people have lost out is that they have not planned how much time they can buy and typically they (in the extreme cases) have only planned to service the loan on a weekly basis(ie they have only bought themselves one week of time). Hence when the interest rates go up and or they lose a tenant or they lose their job etc they cannot service the loan and they are forced to sell and this typically happens when the market is at the lowest. However the person who has had someone from Chan & Naylor work out their Wealth PLAN would have had a BUFFER worked out for them so they can survive 10 years (as an example because it depends on their particluar circumstances).
Wealth4Life wrote:
"….Finally Ed as an accountant, public person of influence licienced adviser and author why do you degrade your self by sounding like Robert Kiyosaki – "my rich uncle (Dad) told me" – too many gurus IMHO fall victim to this marketing and advertising Americanisms which is soooo tacky in todays world. I think you are a highly intelligent person Ed and suggest you seek a professional agent to improve your profile and get away from the RICH guy approach – let the other idiots do that Ed there's plenty of them. …"My Comments:
I tell the story because it is true. I also told the true story how my wife suffered an aneursym last year and i nearly lost her. I would not tell a story that was not true. I was just being myself and simply wanted to share a true story for no other reason except that it was true. I am also not into all the Americanism so i choose not to (as you suggest "..seek a professional agent to improve your profile ….") because I did not go out there purposefully seeking publicity nor wanting to be a public speaker (in fact i was asked to speak and did it kicking and screaming).If you got to know me you will realise i would rather stay at home with my family and i would definitely not engage some "professional" to turn me into someone i am not and certainly i would not do it because it would "improve my profile". I want less publicity, not more publicity.
I simply enjoy helping and teaching people the things that have been successful for me and i try to tell it as it is.
I also do it because, like China, who was able to reduce its poverty from 600,000,000 to 300,000,000 people from the year 2000 to 2005 as the average person on the street increased their wealth, it dragged up the average for everone including those in poverty. It's truely a win/win when people and its nation become wealtheir. If i can contribute to that in a small way through the books and education than it would be all worth while.
Finally you are right about the "tall poppy syndrom". As i said earlier I am a very private person and reluctantly carry "public profile" and since the success of the books and our Company, unfortunatley every now and again, i get a few unkind people throwing mud and generally they do not reveal themselves, like hiding behind a balaclava, to what end i do not know.Wouldn't the world be a nicer place if we were more constructive,happy and encouraging to each other, rather than critical and negative, because without it being too much of a cliche' and without it sounding like i am talking about myself, its the successful people that bring the average up for everyone..
Thanks Trakka! You're a star! Linda
A very well thought out response Mr Chan, it makes me want to search out your book and read it. It would appear that Wealth4life is not big enough to apologise for her hearsay comments and all I can say to that is, beware when pointing the finger at other people as there are three fingers pointing back at you. She has lost credability at least in my mind.
Jon
Well worth reading Jon.
It has helped me greatly although I do not currently use Chan and Naylor as my accountants.
Just google Chan and Naylor and you can order it online.
Regards, Ian
I have read two of Ed Chans Books on how to legally reduce your tax and on SMSF. I have also heard him speak twice at events run by Michael Yardney, and spoken with him in person at same. I also have a DVD home study kit where he features. He is knowledgable, gracious and humble although that should be evident from his replies to "wealth4life's" comments.
Whilst wealth4life blesses God and sleeps well, Ed Chan takes the time and replies (last post above) at 1.45 am.
I was curious and went to her website, as her name is unknown (she is branded by her domain.) Well, well well…….went to her forum link and page and under the Property category and the General Property thread (that has Q & A on all property related topics) were links to pornography.
Perhaps the moderator(s) of this forum would care to take a look at this and disallow use of the domain name as their member name. Perhaps wealth4life may also wish to explain why her website features porn links under the forum relating to property.
Whilst Ed is exercising his right to defend himself……. it appears that wealth4life (who is, of course, free to feature porn on her site) may also eventually exercise her right to exit this community as she has mentioned she may do. Hmmmm!
Hi Ed,
My husband and I were very pleased to read that Chan & Naylor are opening an office in Newcastle. We are in that class of investors that lives from week to week. It is very stressful and we constantly feel like a heavy weight is always bearing down on us. We have two young children and we try to shield them from the anxiety we are feeling, but its hard, very hard.
We desperately need direction from accountants who are not only property-savvy, but also care about helping us achieve our goals. Our current accountant has been far from helpful, but we haven't been game to 'jump ship' in case we go from bad to worse.Looking forward to the opening of the Newcastle office,
Anne & Brett
michaelparis wrote:I was curious and went to her website, as her name is unknown (she is branded by her domain.) Well, well well…….went to her forum link and page and under the Property category and the General Property thread (that has Q & A on all property related topics) were links to pornography.
Hmmm. Disturbing.
Well spotted mate,
Ian
The lesson here is that the information posted on website forums should be taken with a pinch of salt. Many comments are tongue in cheek, could be madein jest, or to exageratte to make a point of view or even to muck rake and can be taken out of context fairly easily. Nothing posted should be considered as fact and is only discussionary. The information on these forums is worth as much as you paid for it.
bardon wrote:The information on these forums is worth as much as you paid for it.Sorry
"Some of the information on these forums is worth as much as you paid for it."
In my short membership period I have read some excellent advice from people who have obviously had plenty of real life experience. These folks help to maintain a forum of high standards and I hope they continue to contribute for everyones sake.
Ian
Ian Landy wrote:bardon wrote:The information on these forums is worth as much as you paid for it.Sorry
"Some of the information on these forums is worth as much as you paid for it."
In my short membership period I have read some excellent advice from people who have obviously had plenty of real life experience. These folks help to maintain a forum of high standards and I hope they continue to contribute for everyones sake.
Ian
Yes your right here but the risk is that some naive person might conversley do something silly based on that small element of incorrect information.
I think its all good though and this forum is one of my favourite surfs….even though the arguments are a bit sooky…..would like to see a bit more robust argument and an acceptance of the other persons position you dont have to agree this is the best form of communication and is called understanding.
Bardon wrote
[/quote]Yes your right here but the risk is that some naive person might conversley do something silly based on that small element of incorrect information.
[/quote]
Yep I guess that's what naivety is though – acting on some pieces of advice given on a forum by someone not so experienced like me!
Oh well I hope that maybe someone will be assisted by my ramblings on! In the meantime there is some great reading on the site but I expect we may soon be hit with for this thread.All the best, Ian
NOVO wrote
My husband and I were very pleased to read that Chan & Naylor are opening an office in Newcastle. We are in that class of investors that lives from week to week. It is very stressful and we constantly feel like a heavy weight is always bearing down on us. We have two young children and we try to shield them from the anxiety we are feeling, but its hard, very hard.
We desperately need direction from accountants who are not only property-savvy, but also care about helping us achieve our goals. Looking forward to the opening of the Newcastle office,Anne & Brett
Hello Anne & Brett
I do not normally have time to contribute on Forums as i have a fairly heavy schedule but i have got involved this time due to the comments made by "Wealth4Life" which were not true.However I was taken by your post above especially how you are finding it tough currently with 2 young children. I would like to help if i can. I do not have your financial information and i am not sure whether you want to disclose it on a public forum, however if you call my office and speak to Holly Atherton 93915000 and ask her for a Financial Health Check Form to complete. She will immediately start telling you that i no longer see new clients and try to put you to one of the other consultants (who are by the way, very good but they will charge you for it as they need to earn an income to feed their families). I will send Holly an email to let you through. Holly is very protective of me due to the volume of people who call up wanting to see me. Holly will tell you what to do once you have completed the Financial Check Form. Also tell her i am doing this for free otherwise she will try and charge you for it. I will than call you personally (to save you the phone costs because a Financial Health Check can take up to 2 hours.) and maybe we can do some thing to ease the financial pressure you are currently feeling.
Hi Ed. Thankyou for taking the time to clear your besmirched name. My husband joined this forum one year ago but never felt compelled to post or reply. I stumbled on to it this morning and cannot believe my timing! I have just spent all day Saturday reading Michael Yardney's book, followed by all day Sunday reading the one you co wrote with Tony Melvin.
What a revelation! I was fascinated by your topics and finally after 5 years of attempting to invest with absolutely no idea where I was going – I finally have direction! Our accountant is a lovely guy but sadly his area of expertese is superanuation and how to maximise centrelink payments, he has admitted he does not know a great deal about how to successfully invest in property. We obviously need to move on. After trawling the net looking for links to sound property investing, I found Metropole. There I found reference to you. I purchased both books online late at night and they arrived just in time for the weekend. I was just about to list two properties I had built for sale and your advice to hold and never sell was a very timely life buoy. I have done this twice before and can't believe how much my ignorance has cost us! I am positive now we can finally make it work! I was desperate to make property work as we operate a retail outlet in a shopping centre for which the lease is coming to an end, and therefore our income, and like Anne and Brett (above mentioned to whom I wish all the best and I know when you get the benefit of your assistance from Ed, you'll be just fine!) was worried sick for my children who have been observing our anxiety.
Now I sigh with relief. Thankyou so much! Finally, Ed, I would be eternally grateful if you'd let me know if you will ever have an office in Adelaide, the forgotten capital! We would love to bring your firm our business. Regards and best wishes, JodieWell Done- Very generous of you Ed I’ve enjoyed the books as well; look forward to the next installment ;o)
Silversand wrote:
"…..I would be eternally grateful if you'd let me know if you will ever have an office in Adelaide, the forgotten capital! …"Response:
Thank you for your feedback on my book, it makes all the hard work and long hours worth while when i hear stories such as yours. So the gratitude is mine.
We are currently looking for the right person for Adelaide and once we find him/her we will definitely be going to Adelaide. We have had a few approaches from Accountants in Perth but we are careful with who we choose. It will also take many months of training to get them to understand the Strategies and Structures that we have such as the Investors Trust Deed.
If you log yourself into our website for a free newsletter http://www.chan-naylor.com.au you will get notification when we open in Adelaide.
for this thread.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
