Share
58,089 Posts.
lightbulb Created with Sketch. 16
clock Created with Sketch.
19/09/20
18:41
Share
Originally posted by pintohoo:
↑
hmmm - depends on if you consider having an asset you call home so bloody big with a huge price ticket - makes one wealthy personally, I don't think it does - because wealth is only wealth if you can capitalize on it (and, pretty quickly) - if the 'wealth' is in the home and you sell the home - there goes your income stream. I remember a friend who had a fairly expensive property in the country several years back and he had a stroke - couldn't work and his wife was full time caring for a few years (he's since recovered) - he said it was dreadfully hard because they didn't have any income and the property asset value didn't allow them to get any social security at all he said - what do they expect you to do - rip a few planks off the wall and sell them whilst you wait to get better selling the place would have been long and hard unless they took a pittance - then, they would have had no home and no income later if he recovered we sure have some pretty dumb systems
Expand
Yep the entire assets and income testing needs scraping. It only penalizes the honest and/or poorly informed. The rest find clever ways (honest and dishonest) to get around it. Plus it requires a huge bureaucracy to administer.