The Law Intentional bankruptcy

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The system is built to discourage saving, so yes it is believable.
 
Smiling Buddha said:
Can you elaborate on this?
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The RBA sets an inflation target of 2-3%. That means every year any cash you hold on to devalues by 2-3%. This is effectively a tax that redistributes wealth from savers to debtors and helps encourage spending and borrowing.

So you attempt to get around this by putting it in a bank, earning some nice interest. Except any interest will be taxed, and if you're earning a decent enough income this will be at 50%.

It is always wise to have a reasonable amount of money stashed away in savings, but it is not a sound strategy for accumulating wealth.
 
kranky al said:
Smash out loans using your drivers license, Medicare and bank card

Enjoy your fun os on a kick arse holiday

Move to another state on return - swap your license over - change your name by deed poll - have licence adjusted accordingly - you can then return to home state -when you change your license over it will have a new number. - smash out serious housing loan using new drivers licence - new passport and new bank card etc

New person as far as the system is concerned
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Caught in the Act - Redgum

Change your name, get a new address
All it takes is gall
Fifty-five bucks a week's no social security at all

It's a form of reprisal, a song of survival
Keep your morals intact
Don't be naive, you're stealing from thieves
It's a matter of tact
Just don't let yourself get caught in the act

Insure your goods with the AMP
Get your house ransacked
Split the cheque and throw a party
When your stuff comes back

It's a form of reprisal, a song of survival
Keep your morals intact
Don't be naive, you're stealing from thieves
It's a matter of tact
Just don't let yourself get caught in the act

Buy a dust coat, have it embroidered
”Ace Removal man”
A Myer's salesman will sign your form
Then help to load your van

It's a form of reprisal, a song of survival
Keep your morals intact
Don't be naive, you're stealing from thieves
It's a matter of tact
Just don't let yourself get caught in the act

Get yourself a delinquent Bankcard
Make it ANZ
Meet your needs and not your greed's
Get yourself ahead

It's a form of reprisal, a song of survival
Keep your morals intact
Don't be naive, you're stealing from thieves
It's a matter of tact
Just don't let yourself get caught in the act
 
Smiling Buddha said:
Can you elaborate on this?
Click to expand...

Example
- inflation at say 3% reduces your wealth if you stick in under your mattress.
- So you stick it in the bank and get 5%. Less tax at 30% means the 4% is 2.8%. Bugger, still going backwards or possibly a small margin profit. The bank of course takes you money, works it by lending to someone who does spend it.
- So you have to invest in in stocks. So yes you are saving it but the company is spending it to make a profit.

So to make money you have to spend money.
 
this bloke seems pretty wild and an outside thinker, would i be right?
sounds like he just wants to travel, and see heaps of different things that most people who are 'stuck in the rat race' wouldnt. If i was this guy, with the same attitude, YOLO it. If the plan works - good on him/her, legend in my books :thumbsu: . If not, whats the worst that could happen? Prison for 20 years? maybe, idk. IF prison is the worst outcome, and there is no way out, commit suicide before you enter. Seems like this 'friend' wouldn't really care if they were required to go to prison. So may as well end their life on a massive positive.

I know i would if I had no assets, family, or things to tick off the 'bucket list'.

Each to their own fellas
 
When I lived in Scotland long term, the Bank of Scotland would routinely up my credit card limit, offer me serious overdrafts (5000 quid) and personal loans. This was AFTER the organisation had collapsed and been bailed out. Also, this is them knowing, because I'd had to use it as my ID to set up the account, that I wasn't a UK or even EU citizen. If I wanted to, I could have taken them for tens of thousands of pounds when I left.
 

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Smiling Buddha said:
I have a friend who genuinely believes that (most) young people today with no assets ought to try to go bankrupt while young and live it up while doing so. I should note that he has been talking about it for a while now so I think he is being serious
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2 things to note:

1. I wonder how old your friend is if he thinks nothing of future consequence. Dare I suggest not very

2. If your friend believes this why doesn't he grow a pair and do it
 
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