Quote:
Originally Posted by FlashDrive
I have lost 6K so far from my Super ..... 
So ....my wallet is now in ' Lock down ' ... not spending on anything that is not necessary.
Thought there is 1 item that will still carry on ...my ' pimping ' and restoration of my 10" Dob. 
Col.... |
I've lost $70k since mid February on my Super, which isn't what I needed with only a few years to retirement. Looks like I might be working an extra couple of years if I still have a job in a few months.
I tried to turn a -ve into a +ve explaining to my wife that it had gone up by $50k in the 7.5mths from 30th June to 19th February; so in reality we had only lost $20k over the position we were at in June 2019.
The thing I am really cranky at myself about is that I had an insight into the economic effects that Corona Virus would have, as the company I work for produces about 70% of its revenue with Meat Exports to China and the lock down in China from late January almost crippled us. We couldn't send any meat into China and it was all sitting on the wharves for a month. In addition all the banks in China were closed and we couldn't get paid for stock that had been delivered prior to lock down. Things started to move again in China about the first week of March, so they got over the hump pretty rapidly. I should have moved my super across to cash at that point, but when you're working 12 hour days trying to keep the business rolling, you aren't really thinking about your own super.
The other positive is that I converted to cash about 8 days ago and have the opportunity to make some gains, as I believe the market will fall a fair bit further yet; and hopefully I can buy back in at the bottom end of the market and get back to my previous point within a year or two.
Cheers
John B