Quote:
Originally Posted by norm
The whole thing is the pits and we literally have no say in it at all. The greedy CEO's of the likes of Telstra, Macquarie Bank, Qantas et al will still walk out with golden parachutes one way or the other.
I find it more astonishing that this has probably brewed for some years and only the last 9 months did the chickens come home to roost. Financial planners, funds managers, all the so called experts didn't even see it coming, at least not the crisis it is now.
I wished I'd move all my super to a cash fund now  . I do feel sorry for those due to retire in the next couple of years.
Couldn't agree with you more mate!!!
One more thing, given we have compulsory superannuation, shouldn't the government at least guarantee your principal ?
Its sickening to know that our hard earned $$$ are dwindling away......  |
I think they saw it coming and will have privately positioned themselves , but chose not to tell their clients .... after all their clients' money is not their money and so if the clients loose money based on their advise - given in so called "good faith" then it's no skin off their noses.
I decided financial advisors were a waste of time when they ALL told me I should put ALL my money from my separation and super into their products when Newcastle Steelworks closed .... BAD IDEA !!! . I instead took my own advise and rolled over the super I have wait to access into a low risk rollover, and used a big chunk of my cash to pay out my house mortgage , pay out the car loan and the personal loan and to clear the credit cards , and I still had money left for emergencies and living in case I couldn't get another job soon. Best move I ever made.
The warning signs were all there about 12 months ago , maybe longer for those of us who follow the markets and know something of the last few crashes.
Of cause Bush and Howard saying thing were fine didn't help.