Greed and Financial Literacy

[GordonGekko]

There has been a lot of specualtion and negativity towards GREED and it's role in our society more and more over the past few months. The Prime Minister has blamed GREED for our financial situation, shareholders and the struggling community have blamed GREED also, but including the GREED of banks and brokers that seem to manipulate the financial world.

Where does the financial literacy come into it?

Where does the responsibility of people's education and actions come into it?

I, as an advocate for GREED, teach that GREED IS GOOD to the young and old from all walks of life. I lecture at Universities/TAFE's in Australia, hold courses and workshops throughout Oz and have more recently been on radio and TV interviews because of my controversial education and focus on GREED.

Of course I receive certain amounts of ridicule from certain socioeconomic types from both ends of the spectrum. (rich and poor)

I am wanting to create this topic as a means to judge the pro and con arguments from both sides and gauge for myself where exactly YOU fit in to the equation and what exactly YOU are going to do about our current situation. Does financial literacy need to be focused upon from an education point of view in our children's class rooms?

Are you struggling with your mortgages, rent, basic everyday things? Have you lost money in super-funds, and would you like to own more properties or seek an easier way to alleviate the financial stress?

Let me know!!!

GEKKO

 

[Wysiwyg]

Re: GREED Financial Literacy and Property

Hi, I have one question and that regards what YOUR interpretation of greed is?It is certainly a - hard to define - word.

 

[chops_a_must]

Re: GREED Financial Literacy and Property

What does greed have to do with financial literacy?

 

[Ageo]

Re: GREED Financial Literacy and Property

I think there are 3 phases in finance today.....

Financially illiterate -----------> Financially literate--------------> Financially moral.

Basically the 1st phase is anyone financially poor and really doesnt have an understanding of finance (perhaps more gambling).

The 2nd i spose are people that pretty much accept (to themselves) in life that the current system is just that and they cant do anything about it so instead of whinging about it they learn from it and profit immensly.

The 3rd stage is when people realise that the way the monetary system is developed creates unnecessary boom and busts due to its crazy credit creation (money printed out of thin air etc..) and usually transfers wealth from poor and middle class to the rich class (as we are seeing now in some cases). I guess the people in this category believe that are current system isnt sustainable forever and will need massive reform eventually.

Personally i like to be in the 2nd and 3rd as although i dont believe this system is good for our society overall (not just to me) i cant hope that it will change overnight so i need to think about my family at this present stage.

Gekko i think greed that your thinking can be taken as many things, for 1 financial literacy isnt a bad thing but i spose you could call it greed as your wanting to acquire more wealth.

My understanding of greed is when you acquire wealth at the cost of someone else (usually there life). There are both wealthy people (good and bad) and i would call the bad greedy simply for there pure motives, Bill gates for an example giving alot of his money to charity would be classified as not greedy.

 

[GordonGekko]

Re: GREED Financial Literacy and Property

Hi, I have one question and that regards what YOUR interpretation of greed is?It is certainly a - hard to define - word.

Hi Wysiwyg,

"GREED" def. – noun "excessive or rapacious desire, esp. for wealth or possessions".

No where in the definaition of GREED does it say that it back stabs, cuts throats, lies or cheats.

My definition of GREED is the want and desire for life, love, money and knowledge. I am concerned because I am seeing less and less people applying GREED to their lives, instead they opt for the 9-5 job that pays a pittance, winge about fuel prices and apply nothing to their own lives except complaints and negativity.

GEKKO

 

[numbercruncher]

Re: GREED Financial Literacy and Property

and would you like to own more properties

lol ....


May the Greedy become the Needy

 

[GordonGekko]

Re: GREED Financial Literacy and Property

What does greed have to do with financial literacy?

Exactly my point.

But yet GREED is being BLAMED for the financial problems we are facing today. Yet no focus on Financial Literacy.

GEKKO.

 

[Glen48]

Re: GREED Financial Literacy and Property

Look at all the Dictators Marcos, Armin, and all the rest, what good did their Billions do for them.
Can you sleep any better in a $2,000 a night room than coming home drunk and crashing on a Lounge Suite?
How much money do you want when some one like Gates drops $500 and make that much before he picks it up?
Nope 1 Mill would do me.
E-mail for a PO box to help me out as I have one thing money can't buy




Poverty

 

[Wysiwyg]

Re: GREED Financial Literacy and Property

Exactly my point.

But yet GREED is being BLAMED for the financial problems we are facing today. Yet no focus on Financial Literacy.

GEKKO.

Like Philosophy, it should be a mandatory subject taught at school.Many adults place their TRUST in someone elses so called experience and understanding of financial matters.

 

[Wysiwyg]

Re: GREED Financial Literacy and Property

E-mail for a PO box to help me out as I have one thing money can't buy




Poverty

It`s the cigarettes Glen48, ya gotta give up the durries bro.

 

[chops_a_must]

Re: GREED Financial Literacy and Property

Hi Wysiwyg,

"GREED" def. – noun "excessive or rapacious desire, esp. for wealth or possessions".

No where in the definaition of GREED does it say that it back stabs, cuts throats, lies or cheats.

It's explainable in reverse.

The actions of the greedy are often played out like that. You can't have "excessive or rapacious desire" without actions or indications of such.

Exactly my point.

But yet GREED is being BLAMED for the financial problems we are facing today. Yet no focus on Financial Literacy.

GEKKO.

No, it's not your point.

Financial literacy and greed are two distinct issues. Greed, applied to anything in life, invariably does not end well regardless of the arena it is applied to. The current crisis being the result of unmitigated greed, not financial illiteracy.

You have failed to make a valid argument as to why they should be considered in the same sentence. Just because one presents often in a similar arena, does not make it mutually exclusive to all but that arena.

 

[GordonGekko]

Re: GREED Financial Literacy and Property

It's explainable in reverse.

The actions of the greedy are often played out like that. You can't have "excessive or rapacious desire" without actions or indications of such.

No, it's not your point.

Financial literacy and greed are two distinct issues. Greed, applied to anything in life, invariably does not end well regardless of the arena it is applied to. The current crisis being the result of unmitigated greed, not financial illiteracy.

You have failed to make a valid argument as to why they should be considered in the same sentence. Just because one presents often in a similar arena, does not make it mutually exclusive to all but that arena.

Ahhhh yes it is my point. Please read my posts if you wish to reply to them.
I am agreeing that financial literacy and GREED are two separate topics. However additionally to my point I add that we are blaming the wrong thing. GREED is NOT RESPONSIBLE for our current situation, IGNORANCE IS.

You comment here on 'GREED being applied to any arena doesn't end well??' Well how do you explain all of my clients, their success and their constant implementation of GREED. Please don't tell me that you can't see between the lines......IGNORANCE V's GREED.

My goal is not to make a valid argument to certain people who will disagree with everything that I retort. They are in the same sentence because one is being surpassed for blame over the other, and those who do not recognise their mistakes are doomed to repeat them. Please don't let the media control all your views.

GEKKO.

 

[prawn_86]

Re: GREED Financial Literacy and Property

I would argue that greed is responsible for this current crisis, by over-riding simple financial literacy.

Remember is was the whole sub-prime thing that kicked this all off. So, due to short-termism and greed for bonus/their own pockets etc, supposedly smart bankers and the like lent money to people whom they knew would not be able to pay it back.

They got greedy and hoped that they would make enough before the house of cards fell over. Some did, some didnt.

Greed over-rode financial literacy.

 

[chops_a_must]

Re: GREED Financial Literacy and Property

Ahhhh yes it is my point. Please read my posts if you wish to reply to them.
I am agreeing that financial literacy and GREED are two separate topics. However additionally to my point I add that we are blaming the wrong thing. GREED is NOT RESPONSIBLE for our current situation, IGNORANCE IS.

You comment here on 'GREED being applied to any arena doesn't end well??' Well how do you explain all of my clients, their success and their constant implementation of GREED. Please don't tell me that you can't see between the lines......IGNORANCE V's GREED.

My goal is not to make a valid argument to certain people who will disagree with everything that I retort. They are in the same sentence because one is being surpassed for blame over the other, and those who do not recognise their mistakes are doomed to repeat them. Please don't let the media control all your views.

GEKKO.

Complete and utter bollocks.

How do you explain that the most educated, most financially literate people in the world were largely the cause of the derivatives market melt down? Which is the cause of the property down turn and market down turn generally.

You credit "greed" with your clients success? "My clients have benefited from greed, therefore everyone can", is such a preposterous argument. Because any success you have is reliant upon people not doing what you are doing.

And in any case, have you ever thought that perhaps any success you may have had along the way may have simply been be cause of market conditions, or even generally, pot luck? There is simply no way you can say that what you are doing, will continue to work in the future because it has not lasted through varying conditions.

And in any case, from what I can gather from the brief look I've had, you advocate leveraging to the hilt. It would only take one bad deal for those people to lose a lot, everything probably.

Let us know how your "greed" goes if you are still using the same tactics in 10 years time.

 

[Macquack]

Re: GREED Financial Literacy and Property

Gordon Gekko/Luke Gilford, when are you going to cut with the waffle and give us all some actual details about the deals whereby you make your clients/prey millions of dollars?

 

[GordonGekko]

Re: GREED Financial Literacy and Property

Complete and utter bollocks.

How do you explain that the most educated, most financially literate people in the world were largely the cause of the derivatives market melt down? Which is the cause of the property down turn and market down turn generally.

You credit "greed" with your clients success? "My clients have benefited from greed, therefore everyone can", is such a preposterous argument. Because any success you have is reliant upon people not doing what you are doing.

And in any case, have you ever thought that perhaps any success you may have had along the way may have simply been be cause of market conditions, or even generally, pot luck? There is simply no way you can say that what you are doing, will continue to work in the future because it has not lasted through varying conditions.

And in any case, from what I can gather from the brief look I've had, you advocate leveraging to the hilt. It would only take one bad deal for those people to lose a lot, everything probably.

Let us know how your "greed" goes if you are still using the same tactics in 10 years time.

Ha ha ha ha ha ha... Oh my...

The most educated??? Financially Literate people??? What the???
I have been in this game for more than 10 years, and I will be in this game for 10 more and then 10 more after that and 10 more after that and so on...
It's funny that you class the people in America into the "Financially literate and most educated category...

Let me give you some insight into that comment and how blatenatly unfounded it is. If I had a dollar for every time I go to a seminar or open forum and hear corporate banking super giants and senior investment banking directors that have been involved in this area of business for 30+ years, babble on and get it wrong EVERY TIME because they are living in the past and fail to move on and keep up their financial literacy (there are those two beautiful words again) i'd be richer than I already am.

Imagine a corporate banking super giant NOT knowing what an OFFSET account is. This account is PARAMOUNT to the success of any investor because of its workability and diversification. But imagine GETTING THAT WRONG because you cant recommend to your clients something that you don't even know exists.

So sorry to disappoint you Chops, but thinking that the boys and girls over in USA are financially literate (not all of them, some are actually quite good) is one of the biggest mistakes anyone can make.

To add on your clearly founded opinions regarding where I have made my success...I do not close my eyes and throw darts at a board, I am educated in the art of development and real estate speculation and don't require the market's falls and gains to make my move in the marketplace. And I never have. I make my money in BULL and BARE markets.

My clients DO NOT put all of their eggs in one basket, they use substantial diversification through many different aspects of tangibilities and it is here that they make their money really work for them. And can I ask, what is that you do? Are you preaching from mere read knowledge, or from experience, and experience through practice NOT preach???

What did you mean by saying that my success is reliant upon people not doing what I am doing? Are you saying that there is not enough for everyone? That comment is preposterous. Anyone and everyone can do what I do, tall, thin, white, black, educated, uneducated (as long as they are willing to learn) poor, rich, successful, unsuccessful, young and old. ANYONE.

GEKKO.

 

[GordonGekko]

Re: GREED Financial Literacy and Property

Gordon Gekko/Luke Gilford, when are you going to cut with the waffle and give us all some actual details about the deals whereby you make your clients/prey millions of dollars?

Ha ha ha PREY, love it!!!

Details??? What would like to know???

Would you like me to explain on a forum how to do all of "this". "This" that takes months of education and applied learning? You expect me to just quickly let you know all about it in a few sentences?

You wish.

But direct a more focused question to me and I would be happy to help you. Maybe we can start with something simple....

Did you know that you can buy property with NO MONEY DOWN and manage that property and even pay that property off using NONE OF YOUR OWN MONEY???

GEKKO.

 

[adobee]

Re: GREED Financial Literacy and Property

Ha ha ha PREY, love it!!!

Details??? What would like to know???

Would you like me to explain on a forum how to do all of "this". "This" that takes months of education and applied learning? You expect me to just quickly let you know all about it in a few sentences?

You wish.

But direct a more focused question to me and I would be happy to help you. Maybe we can start with something simple....

Did you know that you can buy property with NO MONEY DOWN and manage that property and even pay that property off using NONE OF YOUR OWN MONEY???

GEKKO.

Did you know that you can buy property with NO MONEY DOWN and manage that property and even pay that property off using NONE OF YOUR OWN MONEY???


Are you for real or taking this piss ???????

 

[Julia]

Re: GREED Financial Literacy and Property

Ha ha ha ha ha ha... Oh my...

I make my money in BULL and BARE markets.

"BARE" Markets???

Ha ha ha PREY, love it!!!

Maybe something about glass houses and stones?

I would argue that greed is responsible for this current crisis, by over-riding simple financial literacy.

Remember is was the whole sub-prime thing that kicked this all off. So, due to short-termism and greed for bonus/their own pockets etc, supposedly smart bankers and the like lent money to people whom they knew would not be able to pay it back.

They got greedy and hoped that they would make enough before the house of cards fell over. Some did, some didnt.

Greed over-rode financial literacy.

I agree, Prawn.

I'd have thought "Greed" and "Financial Literacy" were two whole different topics. Financial literacy is essential.

 

[nunthewiser]

Re: GREED Financial Literacy and Property

Did you know that you can buy property with NO MONEY DOWN and manage that property and even pay that property off using NONE OF YOUR OWN MONEY???


Are you for real or taking this piss ???????

i dont think he is and i personally have an understanding how its done using equity in another property and tenancys , coupled with the right loan, can be done

and im illiterate