Australian Politics Forum - First Guardian Super fund loses all their money:

Bobby. Gold Member Online Australian Politics Posts: 112361 Melbourne Gender:	Re: First Guardian Super fund loses all their money: Reply #30 - Jul 16^th, 2025 at 5:31pm Jasin wrote on Jul 16^th, 2025 at 5:30pm: Hi Bobby. Can you lend me $60? Ask Aussie - he is very easy with money.
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Bobby.

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Re: First Guardian Super fund loses all their money:
Reply #31 - Jul 16^th, 2025 at 5:32pm

Carl D wrote on Jul 16^th, 2025 at 5:27pm:

Bobby. wrote on Jul 16^th, 2025 at 5:18pm:

Wow - I'm with Aussie Super - I hope they don't try that with me.

lol... don't get me started with Aussie Super.

I had a job that only lasted a month 10 years ago, they insisted I set up a separate super account with Aussie Super which I did.

When I finished working there after a month there was $103 in that super account which I forgot about for several months.

What made me remember was when I got a letter from Aussie Super saying the account had been closed because there was no money left in it - all gone in "fees and charges".

As I've said before - I've always wondered why the government didn't run Australia's superannuation system themselves but I think it's fairly obvious why... the banks and other companies must have been rubbing their hands together with glee thinking about all the fees and charges they could get and they told the government "we'll handle it".

Too many scammers in the super industry.

Nail said they skim off $30 billion per year in fees. Roll Eyes

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John Smith Gold Member Offline Australian Politics Posts: 77706 Gender:	Re: First Guardian Super fund loses all their money: Reply #32 - Jul 16^th, 2025 at 5:33pm freediver wrote on Jul 16^th, 2025 at 5:06pm: What is stopping you putting your super in a bank? I don't have a SMSF
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Carl D

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Re: First Guardian Super fund loses all their money:
Reply #33 - Jul 16^th, 2025 at 5:36pm

Something else to watch out for is the Superannuation insurance "scam".

When you open a Super account they can provide insurance which I suppose is nice but it is usually "turned on" by default and it takes a bigger bite out of your super balance than the regular fees and charges.

At least that's what happened with the 3 or 4 Super companies I've had to deal with over the years... and I'm sure they all do the same thing.

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freediver

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Re: First Guardian Super fund loses all their money:
Reply #34 - Jul 16^th, 2025 at 6:04pm

John Smith wrote on Jul 16^th, 2025 at 5:33pm:

freediver wrote on Jul 16^th, 2025 at 5:06pm:

What is stopping you putting your super in a bank?

I don't have a SMSF

So the only thing stopping you from putting your super in the bank is your own laziness?

If you select the "cash" option in your managed super fund, that is the same thing. Few people do it, because it is a bad idea.

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Re: First Guardian Super fund loses all their money:
Reply #35 - Jul 16^th, 2025 at 6:06pm

Carl D wrote on Jul 16^th, 2025 at 5:09pm:

I think the hardest thing would be trying to find a bank that pays 4% interest on savings these days. Or anywhere near it.

And... I'm so relieved I finished with all this superannuation BS nearly a year ago and I'm now on the age pension.

I must have paid at least $5,000 in fees to have my super paid to me as a monthly pension for 5 years. What a rort.

https://www.macquarie.com.au/everyday-banking/campaign/savings-account-aff.html

4.5%

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Bobby.

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Re: First Guardian Super fund loses all their money:
Reply #36 - Jul 16^th, 2025 at 6:23pm

freediver wrote on Jul 16^th, 2025 at 6:04pm:

John Smith wrote on Jul 16^th, 2025 at 5:33pm:

freediver wrote on Jul 16^th, 2025 at 5:06pm:

What is stopping you putting your super in a bank?

I don't have a SMSF

So the only thing stopping you from putting your super in the bank is your own laziness?

If you select the "cash" option in your managed super fund, that is the same thing. Few people do it, because it is a bad idea.

I have had mine in cash since the losses of the GFC in 2008.
I lost about $25,000 and Bernie Fraser didn't make me feel better. Embarrassed

I was just paralysed by fear ever since.

When I finally felt better in 2019, Covid hit and I stayed with cash
as I thought the world was going to end.
In the last 3 years we've been on the verge of WW3 every day.

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Sir lastnail

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Re: First Guardian Super fund loses all their money:
Reply #37 - Jul 16^th, 2025 at 6:55pm

Carl D wrote on Jul 16^th, 2025 at 5:27pm:

Bobby. wrote on Jul 16^th, 2025 at 5:18pm:

Wow - I'm with Aussie Super - I hope they don't try that with me.

lol... don't get me started with Aussie Super.

I had a job that only lasted a month 10 years ago, they insisted I set up a separate super account with Aussie Super which I did.

When I finished working there after a month there was $103 in that super account which I forgot about for several months.

What made me remember was when I got a letter from Aussie Super saying the account had been closed because there was no money left in it - all gone in "fees and charges".

As I've said before - I've always wondered why the government didn't run Australia's superannuation system themselves but I think it's fairly obvious why... the banks and other companies must have been rubbing their hands together with glee thinking about all the fees and charges they could get and they told the government "we'll handle it".

I agree with you carl for once. When the GFC happened and the markets tanked, everyone lost their arse, and their so-called Aussie super advisors shot through and made themselves scarce for months on end. To add insult they wanted people to pay another 2K for their great financial advice after losing a truck load of your money.

Not only that, they were obscuring the gains from contributions and taking credit for it as though it was the money they were making. I remember it was almost impossible to find out how much they were actually making for you until I requested all of the statements over a 10 year period and then realized that they had lost a truck load of money whilst taking credit for the contributions. Typical hare brained politician idea Sad

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John Smith

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Re: First Guardian Super fund loses all their money:
Reply #38 - Jul 16^th, 2025 at 8:35pm

freediver wrote on Jul 16^th, 2025 at 6:04pm:

John Smith wrote on Jul 16^th, 2025 at 5:33pm:

freediver wrote on Jul 16^th, 2025 at 5:06pm:

What is stopping you putting your super in a bank?

I don't have a SMSF

So the only thing stopping you from putting your super in the bank is your own laziness?

If you select the "cash" option in your managed super fund, that is the same thing. Few people do it, because it is a bad idea.

Tell me dumbarse, What's lazy about not having a smsf?

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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Bobby.

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Re: First Guardian Super fund loses all their money:
Reply #39 - Jul 16^th, 2025 at 8:38pm

John Smith wrote on Jul 16^th, 2025 at 8:35pm:

freediver wrote on Jul 16^th, 2025 at 6:04pm:

John Smith wrote on Jul 16^th, 2025 at 5:33pm:

freediver wrote on Jul 16^th, 2025 at 5:06pm:

What is stopping you putting your super in a bank?

I don't have a SMSF

So the only thing stopping you from putting your super in the bank is your own laziness?

If you select the "cash" option in your managed super fund, that is the same thing. Few people do it, because it is a bad idea.

Tell me dumbarse, What's lazy about not having a smsf?

The fees are much higher for a SMSF.

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greggerypeccary Gold Member Online Australian Politics Posts: 144890 Gender:	Re: First Guardian Super fund loses all their money: Reply #40 - Jul 16^th, 2025 at 8:39pm
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John Smith

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Re: First Guardian Super fund loses all their money:
Reply #41 - Jul 16^th, 2025 at 8:41pm

Bobby. wrote on Jul 16^th, 2025 at 8:38pm:

John Smith wrote on Jul 16^th, 2025 at 8:35pm:

freediver wrote on Jul 16^th, 2025 at 6:04pm:

John Smith wrote on Jul 16^th, 2025 at 5:33pm:

freediver wrote on Jul 16^th, 2025 at 5:06pm:

What is stopping you putting your super in a bank?

I don't have a SMSF

So the only thing stopping you from putting your super in the bank is your own laziness?

If you select the "cash" option in your managed super fund, that is the same thing. Few people do it, because it is a bad idea.

Tell me dumbarse, What's lazy about not having a smsf?

The fees are much higher for a SMSF.

Of course they are. SMSF's are only worth it if you put in enough to justify the costs. I put as little as possible into my super. I'd rather invest it elsewhere. Unless the govt guarantees super, I'm not putting in one cent more than necessary

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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freediver

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Re: First Guardian Super fund loses all their money:
Reply #42 - Jul 16^th, 2025 at 9:09pm

John Smith wrote on Jul 16^th, 2025 at 4:55pm:

freediver wrote on Jul 16^th, 2025 at 2:56pm:

John Smith wrote on Jul 16^th, 2025 at 1:19pm:

If govco wants to make super compulsory, it should guarantee it.

The only thing the government can guarantee is higher fees and lower returns. There is nothing stopping you putting your super in a bank earning 4% interest if that's what you want.

sure there is

John Smith wrote on Jul 16^th, 2025 at 8:35pm:

freediver wrote on Jul 16^th, 2025 at 6:04pm:

John Smith wrote on Jul 16^th, 2025 at 5:33pm:

freediver wrote on Jul 16^th, 2025 at 5:06pm:

What is stopping you putting your super in a bank?

I don't have a SMSF

So the only thing stopping you from putting your super in the bank is your own laziness?

If you select the "cash" option in your managed super fund, that is the same thing. Few people do it, because it is a bad idea.

Tell me dumbarse, What's lazy about not having a smsf?

You said there was something stopping you from putting your super in the bank. We now know what it is.

Bobby. wrote on Jul 16^th, 2025 at 8:38pm:

John Smith wrote on Jul 16^th, 2025 at 8:35pm:

freediver wrote on Jul 16^th, 2025 at 6:04pm:

John Smith wrote on Jul 16^th, 2025 at 5:33pm:

freediver wrote on Jul 16^th, 2025 at 5:06pm:

What is stopping you putting your super in a bank?

I don't have a SMSF

So the only thing stopping you from putting your super in the bank is your own laziness?

If you select the "cash" option in your managed super fund, that is the same thing. Few people do it, because it is a bad idea.

Tell me dumbarse, What's lazy about not having a smsf?

The fees are much higher for a SMSF.

Depends how much super you have. You can get cheap online SMSF's for about $1000 per year. From what I can tell, that is cheaper than the super funds that charge you a percentage fee once your super balance gets to about $100k.

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People who can't distinguish between etymology and entomology bug me in ways I cannot put into words.

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Bobby.

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Re: First Guardian Super fund loses all their money:
Reply #43 - Jul 16^th, 2025 at 9:17pm

John Smith wrote on Jul 16^th, 2025 at 8:41pm:

Bobby. wrote on Jul 16^th, 2025 at 8:38pm:

John Smith wrote on Jul 16^th, 2025 at 8:35pm:

freediver wrote on Jul 16^th, 2025 at 6:04pm:

John Smith wrote on Jul 16^th, 2025 at 5:33pm:

freediver wrote on Jul 16^th, 2025 at 5:06pm:

What is stopping you putting your super in a bank?

I don't have a SMSF

So the only thing stopping you from putting your super in the bank is your own laziness?

If you select the "cash" option in your managed super fund, that is the same thing. Few people do it, because it is a bad idea.

Tell me dumbarse, What's lazy about not having a smsf?

The fees are much higher for a SMSF.

Of course they are. SMSF's are only worth it if you put in enough to justify the costs. I put as little as possible into my super. I'd rather invest it elsewhere. Unless the govt guarantees super, I'm not putting in one cent more than necessary

Consult with a financial advisor.
If you have too much money and assets outside Super you can be refused the pension.

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Sprintcyclist

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Re: First Guardian Super fund loses all their money:
Reply #44 - Jul 16^th, 2025 at 9:32pm

Bobby. wrote on Jul 16^th, 2025 at 6:23pm:

freediver wrote on Jul 16^th, 2025 at 6:04pm:

John Smith wrote on Jul 16^th, 2025 at 5:33pm:

freediver wrote on Jul 16^th, 2025 at 5:06pm:

What is stopping you putting your super in a bank?

I don't have a SMSF

So the only thing stopping you from putting your super in the bank is your own laziness?

If you select the "cash" option in your managed super fund, that is the same thing. Few people do it, because it is a bad idea.

I have had mine in cash since the losses of the GFC in 2008.
I lost about $25,000 and Bernie Fraser didn't make me feel better. Embarrassed

I was just paralysed by fear ever since.

When I finally felt better in 2019, Covid hit and I stayed with cash
as I thought the world was going to end.
In the last 3 years we've been on the verge of WW3 every day.

Investing is really hard. I have done it for decades. It does not get easier

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