Comments on: Why does the RICH get RICHER, and we all poorer? http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/ Another IT guy.......Amongst Millions of them! Fri, 09 Jan 2009 13:47:04 +0000 http://wordpress.org/?v=2.2.1 By: Why The Rich Get Richer. | 7Wins.eu http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-5496 Why The Rich Get Richer. | 7Wins.eu Mon, 16 Jun 2008 21:31:58 +0000 http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-5496 [...] The Rich Get Richer, The Left Gets PoorerMoney Talks: Rich Get Richer, Poor Spend More - Blaze News Why does the RICH get RICHER, and we all poorer? at Rayboy Tags make money rich man business opportunity business money scam fraud rich poor job market [...] […] The Rich Get Richer, The Left Gets PoorerMoney Talks: Rich Get Richer, Poor Spend More - Blaze News Why does the RICH get RICHER, and we all poorer? at Rayboy Tags make money rich man business opportunity business money scam fraud rich poor job market […]

]]> By: Cypher http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4988 Cypher Wed, 16 Apr 2008 15:53:44 +0000 http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4988 Hmmmmmm......I wouldn't be surprised if Lord Raj is a banker himself...hmmmm that's why you don't get our point of view! Hmmmmmm……I wouldn’t be surprised if Lord Raj is a banker himself…hmmmm that’s why you don’t get our point of view!

]]> By: rayboy http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4987 rayboy Wed, 16 Apr 2008 12:30:39 +0000 http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4987 Wow... quite a bit for me to catch up Wow… quite a bit for me to catch up

]]> By: L o r d R a j http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4986 L o r d R a j Wed, 16 Apr 2008 11:25:12 +0000 http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4986 Observer i am not going to argue about the service bit. But I will say, that no matter what service anyone offers, people always expect better. Anyways, moving on. As far as I know, most of the banks issuing credit cards, let you settle your payments online itself. The charges hitting your credit card are usually available online too and are updated. You don't really have to wait for the credit card statement in the mail to settle your balance. The details (credit card) are also available over the telebanking services. About the minimum balance.. well at the time of opening the account, these details are given to the customer. and the customer IS INFORMED about the charges (penalty). If someone has a problem with it, they should make it clear then and there and look for an alternative. You come across one.. great. good for you and perhaps a lot of other people too. Chill mate. Next thing you will saying, when we make an investment in a fund, why do we pay a placement fee !! (well I don't pay a placement fee, but that is a different story) It's your money, you are giving it to the fund manager and on top of it, he is charging you a placement fee.. you don't find that questionable? Then when you want to get out of the fund and ask for your money back, the fund manager charges you a Redemption Fee.. I don't see anyone complaining about that either.. It's your money, which you gave to them and they invested for you (by charging a placement fee) and now that you want it back (with the profits earned) they want you to pay a redemption fee as well. no questions? now.. further.. if the fund does great, the fund manager is entitled to a an incentive fee payable over the earnings that were above the hurdle rate.. hmm again.. no questions? and I haven't even gotten into the Management Fee.. When you buy shares (securities), you pay a brokerage commission to .. you keep those shares with the portfolio manager who charges who a Custody Fee No questions again? My point is.. if we start cribbing about the fees and this and that being charged by bank or financial institutions and start thinking the way you are thinking, hell I doubt anyone would ever put up any money in a bank or ever invest. The charges are there and the customer/client is notified about these charges before hand itself. these are STANDARD OPERATING CHARGES.. sure there are loop holes to avoid some of the charges, eg. if you withdraw money from a bank and instead of using your ATM Card (for whatever reason, I had to do it, because my ATM Card was with my father) You walk in and go to a teller, you are supposed to pay a fee, if the amount is below 500 KD... now.. you want just a 100 KD.. well you could ask for the 100 and pay the fees. OR you could withdraw 600 .. take the 100 you want, and deposit the remaining 500 back.. at the same time at the same counter and NOT PAY THE CHARGE. you don't expect your banker to come up and tell you about such loop holes and more... do you? don't cribb for things like this.. it doesn't really make sense. Just because it is a big organization or is making money, doesn't mean it is correct to label them as evil or cheats. Observer

i am not going to argue about the service bit.

But I will say, that no matter what service anyone offers, people always expect better.

Anyways, moving on.

As far as I know, most of the banks issuing credit cards, let you settle your payments online itself. The charges hitting your credit card are usually available online too and are updated. You don’t really have to wait for the credit card statement in the mail to settle your balance.

The details (credit card) are also available over the telebanking services.

About the minimum balance.. well at the time of opening the account, these details are given to the customer. and the customer IS INFORMED about the charges (penalty). If someone has a problem with it, they should make it clear then and there and look for an alternative. You come across one.. great. good for you and perhaps a lot of other people too.

Chill mate.

Next thing you will saying, when we make an investment in a fund, why do we pay a placement fee !! (well I don’t pay a placement fee, but that is a different story)

It’s your money, you are giving it to the fund manager and on top of it, he is charging you a placement fee.. you don’t find that questionable?

Then when you want to get out of the fund and ask for your money back, the fund manager charges you a Redemption Fee.. I don’t see anyone complaining about that either..

It’s your money, which you gave to them and they invested for you (by charging a placement fee) and now that you want it back (with the profits earned) they want you to pay a redemption fee as well.

no questions?

now.. further.. if the fund does great, the fund manager is entitled to a an incentive fee payable over the earnings that were above the hurdle rate..

hmm again.. no questions?

and I haven’t even gotten into the Management Fee..

When you buy shares (securities), you pay a brokerage commission to .. you keep those shares with the portfolio manager who charges who a Custody Fee

No questions again?

My point is.. if we start cribbing about the fees and this and that being charged by bank or financial institutions and start thinking the way you are thinking, hell I doubt anyone would ever put up any money in a bank or ever invest.

The charges are there and the customer/client is notified about these charges before hand itself. these are STANDARD OPERATING CHARGES..

sure there are loop holes to avoid some of the charges,
eg.

if you withdraw money from a bank and instead of using your ATM Card (for whatever reason, I had to do it, because my ATM Card was with my father) You walk in and go to a teller, you are supposed to pay a fee, if the amount is below 500 KD…

now.. you want just a 100 KD.. well you could ask for the 100 and pay the fees. OR you could withdraw 600 .. take the 100 you want, and deposit the remaining 500 back.. at the same time at the same counter and NOT PAY THE CHARGE.

you don’t expect your banker to come up and tell you about such loop holes and more… do you?

don’t cribb for things like this.. it doesn’t really make sense. Just because it is a big organization or is making money, doesn’t mean it is correct to label them as evil or cheats.

]]> By: Observer http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4985 Observer Wed, 16 Apr 2008 10:05:19 +0000 http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4985 I just do not understand that it is such a big mistake that your minimum account balance fell below a certain limit and you get penalised through the monthly fee. Similarly if your check for the credit card bill was stuck in the mail or they (intentionally) cleared it after a delay that is your fault and you have to pay for that. However if they miss their profit projections or write of $1 trillion of bad debts (due to incompetence of their own) they go home with more than $20 million of annual compensation package. It is such an ugly scene to look at the profits earned by banks in Kuwait with such a lousy service! I just do not understand that it is such a big mistake that your minimum account balance fell below a certain limit and you get penalised through the monthly fee. Similarly if your check for the credit card bill was stuck in the mail or they (intentionally) cleared it after a delay that is your fault and you have to pay for that. However if they miss their profit projections or write of $1 trillion of bad debts (due to incompetence of their own) they go home with more than $20 million of annual compensation package. It is such an ugly scene to look at the profits earned by banks in Kuwait with such a lousy service!

]]> By: Lord Raj http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4983 Lord Raj Wed, 16 Apr 2008 05:39:11 +0000 http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4983 Cypher... If you buy an economy class ticket, do you expect the same service a business class passenger would get. :) now you can call it customer discrimination and make it sound bad. I call it segregation of services.. and in my opinion, IT IS NECESSARY. Being born with a silver spoon.. well that could be one way of looking at it. See, if you are born poor, it is not your fault, but if you live poor and die poor - IT IS. don't expect portfolio managers and investment companies to come knocking at your door saying that we will open up a portfolio for you for so and so amount. You have to find them. and it really isn't that hard. They do advertise.. but if you don't see it or don't know where to look for those.. it is not their fault. Sure they are losing customers, but that is their flawed marketing. If complaining about it gets you somewhere and a better deal .. SURE go ahead.. do it. I don't think it achieves anything. Things don't JUST happen for you. you have to make them happen for you. It is not that people with small amounts DONT get professional portfolio management services, THEY DO. Might not be from the same bank Rayboy has an account with, but THEY DO manage to get the service. It is very easy to blame others and point out their mistakes. But if it doesn't accomplish what you want, it is an exercise in futility. Cypher…

If you buy an economy class ticket, do you expect the same service a business class passenger would get.
:)

now you can call it customer discrimination and make it sound bad.

I call it segregation of services.. and in my opinion, IT IS NECESSARY.

Being born with a silver spoon.. well that could be one way of looking at it.

See, if you are born poor, it is not your fault, but if you live poor and die poor - IT IS.

don’t expect portfolio managers and investment companies to come knocking at your door saying that we will open up a portfolio for you for so and so amount. You have to find them. and it really isn’t that hard.

They do advertise.. but if you don’t see it or don’t know where to look for those.. it is not their fault.

Sure they are losing customers, but that is their flawed marketing.

If complaining about it gets you somewhere and a better deal .. SURE go ahead.. do it.

I don’t think it achieves anything.

Things don’t JUST happen for you. you have to make them happen for you.

It is not that people with small amounts DONT get professional portfolio management services, THEY DO. Might not be from the same bank Rayboy has an account with, but THEY DO manage to get the service.

It is very easy to blame others and point out their mistakes. But if it doesn’t accomplish what you want, it is an exercise in futility.

]]> By: Cypher http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4981 Cypher Mon, 14 Apr 2008 14:20:35 +0000 http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4981 It's damn not fair! It’s damn not fair!

]]> By: Cypher http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4980 Cypher Mon, 14 Apr 2008 14:19:11 +0000 http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4980 I would say it's a sad situation wherein we earn our salaries by working hard & live our lives. We are always trying to save. By saving I mean making your money work for you. Where else can your money work for you if not at the banks? Due to the bad rates of the deposits, we try to get into Mutual Funds or Shares, but you still need expert guidance on what & when to buy & sell. So if banks will cater only to the "Bigs", what about the others who are working hard & then trying to make their money work? Lord Raj, I would definately say this is customer discrimination and I'm even more amazed that we have to accept it as a way of banking life! About banks promising the stars to get their accounts flowing & then pathetically saying that they are under staffed, I would say that's their "pathetic gimmick". Because, if they very well knew that were under-staffed, they should've told you, please go to another bank, we are unable to cater to you because we are uselessly understaffed. But no, they hog up the monies which ofcourse the banks invest & roll on to various funds & make our money work for them while we hopelessly wait to see the promises met. I'd definately say it's a sad situation.....& I really wonder where to go from here....coz this only means --- Your money will never work for you, but you always have to work harder to make more money. Rayboy, I totally agree with you, as I face exactly the same. Lord Raj...surely there are those who are missing something somewhere - being born with a silver spoon. So is it fair after working hard?? Melwin, what exactly do you mean by "a smaller bank" - another private bank who we hope & think can help us OR the stooopid nationalized bank who gives a damn? Personalized service in private banks is definately available BUT only for those whose account is filled with 35 lacs!!!! Go where?! Observer, surely banks have modernized, they have improved on how to roll on funds for their betterment AND they have also improved by fixing a good fat ceiling (35 lacs) as a deciding factor whether to guide their customer or to hell with the customer. Modernization! I would say it’s a sad situation wherein we earn our salaries by working hard & live our lives. We are always trying to save. By saving I mean making your money work for you. Where else can your money work for you if not at the banks? Due to the bad rates of the deposits, we try to get into Mutual Funds or Shares, but you still need expert guidance on what & when to buy & sell. So if banks will cater only to the “Bigs”, what about the others who are working hard & then trying to make their money work?
Lord Raj, I would definately say this is customer discrimination and I’m even more amazed that we have to accept it as a way of banking life!
About banks promising the stars to get their accounts flowing & then pathetically saying that they are under staffed, I would say that’s their “pathetic gimmick”. Because, if they very well knew that were under-staffed, they should’ve told you, please go to another bank, we are unable to cater to you because we are uselessly understaffed. But no, they hog up the monies which ofcourse the banks invest & roll on to various funds & make our money work for them while we hopelessly wait to see the promises met.
I’d definately say it’s a sad situation…..& I really wonder where to go from here….coz this only means — Your money will never work for you, but you always have to work harder to make more money.
Rayboy, I totally agree with you, as I face exactly the same.
Lord Raj…surely there are those who are missing something somewhere - being born with a silver spoon. So is it fair after working hard??
Melwin, what exactly do you mean by “a smaller bank” - another private bank who we hope & think can help us OR the stooopid nationalized bank who gives a damn? Personalized service in private banks is definately available BUT only for those whose account is filled with 35 lacs!!!! Go where?!
Observer, surely banks have modernized, they have improved on how to roll on funds for their betterment AND they have also improved by fixing a good fat ceiling (35 lacs) as a deciding factor whether to guide their customer or to hell with the customer. Modernization!

]]> By: Observer http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4979 Observer Sun, 13 Apr 2008 13:53:47 +0000 http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4979 Hi Ray, Actually I am pretty much familiar with the workings of Indian banks and Kuwaiti banks. Would you believe me that in India a bank typically makes around $2 profit every year. On the other hand in Kuwait that profit is over $100 at least and that is on the conservative side of the picture. Earlier banks used to work on nine to five basis. That means that they used to lend money at 9 percent and borrow it from central bank at 5 percent and make 2 percent profit deducting the operating expense and defaults. Some suggest that it was actually you go to the office at 9 and leave for golf at 2 and go back home at 5. Now they work on 7 two 20 basis. You pretend to start work at seven by switching on your laptop at 7 in the morning at home and switch off at 20:00 hours in the evening. Some suggest that it is actually you borrow at 2 percent from the depositor and write off 7 percent as credit losses on portfolio and lend at 20 percent on the personal loans. So here you go, who says that the banks have not yet modernized. Hi Ray,
Actually I am pretty much familiar with the workings of Indian banks and Kuwaiti banks. Would you believe me that in India a bank typically makes around $2 profit every year. On the other hand in Kuwait that profit is over $100 at least and that is on the conservative side of the picture. Earlier banks used to work on nine to five basis. That means that they used to lend money at 9 percent and borrow it from central bank at 5 percent and make 2 percent profit deducting the operating expense and defaults. Some suggest that it was actually you go to the office at 9 and leave for golf at 2 and go back home at 5. Now they work on 7 two 20 basis. You pretend to start work at seven by switching on your laptop at 7 in the morning at home and switch off at 20:00 hours in the evening. Some suggest that it is actually you borrow at 2 percent from the depositor and write off 7 percent as credit losses on portfolio and lend at 20 percent on the personal loans. So here you go, who says that the banks have not yet modernized.

]]> By: Melwin C. J. FALCAO http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4977 Melwin C. J. FALCAO Sun, 13 Apr 2008 10:06:00 +0000 http://blog.rayboy.org/why-does-the-rich-get-richer-and-we-all-poorer/#comment-4977 Hi Raymond i stumbled upon your site. Its a nice reading. I would suggest you read Robert Kiyosaki's - Rich Dad Poor Dad and all the other series relating to same. Regarding the frustation you are facing with the bank its really true but you have to move on. Today there are so many banks so move to a smaller branch with more personalised service Hi Raymond i stumbled upon your site. Its a nice reading. I would suggest you read Robert Kiyosaki’s - Rich Dad Poor Dad and all the other series relating to same. Regarding the frustation you are facing with the bank its really true but you have to move on. Today there are so many banks so move to a smaller branch with more personalised service

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