Your Bank deposits are not safe anymore !

[StoneTheCrows]

Hmmm

I know it is stupid but I cant get my head around investing.
I always thought banks and super were safe

Now I don't know.
I have never trusted financial advisers since my folks lost their super in the 70's
Now I am closing in on retirement and still clueless

Lucky my wife is switched on (still probably got her first paycheck)

I have started buying gold and will have to start learning about investing
I guess it is never too late

 

[Moneybox]

Hmmm

I know it is stupid but I cant get my head around investing.
I always thought banks and super were safe

Now I don't know.
I have never trusted financial advisers since my folks lost their super in the 70's
Now I am closing in on retirement and still clueless

Lucky my wife is switched on (still probably got her first paycheck)

I have started buying gold and will have to start learning about investing
I guess it is never too late

I just cashed in my retirement savings plan and life insurance. I figured once I'm gone I won't need either one. Then I cashed in the little super I had and used the funds to pay off half the mortgage. Then Mrs M cashed in one of her super funds and paid out the rest so now we are mortgage free. Next month we'll cash in her remaining super and invest in a bit of real estate. It's probably the most secure thing we can hold right now.

 

[PabloP]

I have never fully trusted super or even banks for that matter and also learned that Financial Advisers and the like are also not to be trusted. Early on I set up a parallel savings scheme to my super, based on and "Investment house" recommended by my industry credit union, plus real estate and term deposits. After about 6 years found that the investment mob were just making money from me and I was going backwards with them, so canned that and put it into the other two streams.

Have found so far that my super has actually appreciated even though drawing from it, RE has made very solid gained and Term deposits, have been up and down sometimes excellent sometimes scraping a few extra $ (based on interest rate of course), but at least TD was better that the investment house ripoff.

I don't have enough Gold to help me unfortunately and I won't touch the crypto's and the like as have seen a young brother get ripped off there. Unless there is a major financial catastrophe, I am sure that what is left will see me out and leave a bit for the family.

Rob P.