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 Replies: 7 / Views: 2,191 |
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Valued Member
Australia
112 Posts |
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Bedrock of the Community
Australia
21788 Posts |
The rich ones are always in a better position to rort the system, but why do it with $100 bills? Much better to use a good accountant, and do it legally.
If you had $50,000 in stashed banknotes, you are loosing $1,500 per year to inflation. That's dumb. If you had $50,000 as part of a self managed pension fund with no tax to pay, invested in cash at 5%, you are $1,000 per year better off, with inflation taken into account. For rich pensioners it is always possible to re invest the $2,500 back into the pension fund, up to the age of 70.
More to the point: Within the next few years, a $200 and a $500 note are more likely to be issued, due to the ravages of inflation.
Here is a much better strategy:
I am reasonably well off as a pensioner.
With advice from an accountant, I am in the process of divesting as much as I can of my assets to the favour of my kids as it is possible fo me to do.
They need to money more than I do. They are to ones with the big mortgages, not me. That is how my parents helped me; I have an obligation to pass that on.
I will execute the terms of my own will, BEFORE I die. there is far less tax and legal fees to pay.
Edited by sel_69l
09/24/2012 8:38 pm
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Pillar of the Community
Australia
4411 Posts |
A ridiculous suggestion really. I dont know about anybody else but the note I use the most in transactions is $50's. $20 doesn't go very far. I'm seeing more and more $100 notes being used as well. As inflation decreases the value of the dollar theres little hope they will ever remove the $50 and $100 note from circulation. I think its probably more likely theyll issue a higher denomination.
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Pillar of the Community
Australia
2180 Posts |
Like having a bigger stash will stop anyone. I don't know if anyone has seen the movie Dodgeball, but there's a scene where a company is bought for $50000, and is payed for with a bundle of notes maybe 5cm high. While it's probably exaggerated for comedic effect, I don't think it's far from the truth.
Also, how much would it cost to replace more than half of the notes currently in circulation?
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Valued Member
Australia
145 Posts |
the way inflation is $50's are the new $20's dont go far, nither does any note to be honest, unless bundled, if we get the $200-$500 note this country would be in debt up to its neck,heres a idea everyone lets just get plastice cards with muiltiple figures we dont intent to pay back before its due?opps thats what got us here in the first place.
on a serious note, I rather have my 1980 gold $200 koala, even if I had to pay $400 for it,
But thats all ramble.. I'm yuong but correct me if I'm wrong, the $100 note(paper) was issued 84, and our resesion between 87-91?, I'm guessing it was the relise of that note that hinted the darker times ahead? and if we saw this $200 note we'd see a similar pattern?
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Pillar of the Community
Australia
2830 Posts |
funny to think that many years ago, Oz had a 1000-pound note.
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Pillar of the Community
Australia
2180 Posts |
What I find so mind-boggling about the 1000 pound note is that taking inflation into account, it was worth more than $100000 of today when first released in 1914.
Even the 100 pound note had huge value for something that circulated.
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Bedrock of the Community
Australia
21788 Posts |
Bad to stash banknotes. Inflation makes that so.
Buddy of mine was a bank teller. When the gold $200 dollar was out of vogue she was buying them from the bank at FV, via customer returns, when gold was around $650 per ounce, some years ago. Has about 20 of them. She is laughing now!
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Replies: 7 / Views: 2,191 |
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Posted 09/24/2012 8:32 pm
