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Post by Deleted on Jun 16, 2022 8:08:11 GMT 12
Just taken another big hit in the last 2 days.
These wankers who say they are actively managing my conservative fund are bull shitters!...
Most good conservative fund managers get out of bonds when interest rates rise... But not the idiots at ANZ!... They are useless and causing huge losses. It's a pity I can't just take my KS and invest it for 12 months @ 3% .
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Post by GO30 on Jun 16, 2022 11:10:27 GMT 12
Investing at 3%? That's a why would ya for sure. Mines in a active fund and taken a hit but it's had a few years of gang busters so on average it's bearable. Don't look and that way it can't get any worse  |
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Post by ComfortZone on Jun 16, 2022 12:47:22 GMT 12
Don't look and that way it can't get any worse  Probably best advice for now. I have a Super Fund in Australia and had a peek today, it is down about 8% from its all time high Jan this year. Compare that with my direct holding in National Australia Bank which was on a high $33 in Jan (should have listened to myself and sold out) down to $26.50 today, that's a 20% drop. We all knew the market has been overheated so just have to be patient and let it find a new level. In Australia the market is driven strongly by super fund managers receiving 00's of millions of $$'s every week which they have to find a home for. Super fund assets over there total $3.4Billion, so you can imagine how profitable it is for all the fund managers clipping the ticket. Something else to be mindful of thebfd.co.nz/2022/06/16/how-safe-are-your-funds-inside-the-bank/ |
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Post by Deleted on Jun 17, 2022 14:08:27 GMT 12
Q:. If the IRD records your Contributions into KS... ( As a taxable income)
Then surely you can't lose the money you and your employee put in? ... Or can you lose your capital?
If so, and I believe you can, this means Kiwisaver is a " Cullen Cluster fuck" and could result in it being a no growth debt ridden joke.
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Post by fish on Jun 17, 2022 15:30:19 GMT 12
Q:. If the IRD records your Contributions into KS... ( As a taxable income) Then surely you can't lose the money you and your employee put in? ... Or can you lose your capital? If so, and I believe you can, this means Kiwisaver is a " Cullen Cluster fuck" and could result in it being a no growth debt ridden joke. If your manager puts all of your KS into bitcoin, or some similar dodgy scam, then yes, you can loose all of your capital. BUT, the govt (I believe) has set criteria for the risk profiles of many of the mandatory KS schemes, i.e. the balanced, conservative etc. Kind of like houses, while the value of KS can drop and specific times, like now, over the long term life, the value increases by more than the money you put into it. If you are near retirement, it is far more of a ball ache. The main point there is you should be in very low risk schemes, which have piss all returns, but should not see dramatic reductions in your capital value. Way less than if you were in an aggressive scheme that was on the wrong end of future oil swaps or something... PS, some irony that all the woke schemes have gotten out of investing in arms and munitions companies, just as that sector goes absolutely doo-laly... Same as everyone that got out of hydrocarbons on supposed moral grounds (climate change), just before the value of hydrocarbons goes stratospheric. |
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Post by Deleted on Jun 17, 2022 17:17:57 GMT 12
Great points you make fish.
I guess what pisses me off is the " we actively manage" your Kiwisaver account spin they telll you.
Yeah right! Kept investing in Bonds when inflation and COL are killing bonds.
The level of mismanagement is crazy and the government does nothing to give kiwis an out! Or option.
I'm changing from ANZ to a non bank cash account KS... As I think the losses and poor management will continue for 2- 3 years. Yip I am consolidating a loss.
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Post by Deleted on Jun 17, 2022 17:28:27 GMT 12
Been in it since that start,sure goes up and down but there is no way I could of saved 120k,
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Post by Deleted on Jun 17, 2022 17:30:10 GMT 12
Don't look and that way it can't get any worse Probably best advice for now. I have a Super Fund in Australia and had a peek today, it is down about 8% from its all time high Jan this year. Compare that with my direct holding in National Australia Bank which was on a high $33 in Jan (should have listened to myself and sold out) down to $26.50 today, that's a 20% drop. We all knew the market has been overheated so just have to be patient and let it find a new level. In Australia the market is driven strongly by super fund managers receiving 00's of millions of $$'s every week which they have to find a home for. Super fund assets over there total $3.4Billion, so you can imagine how profitable it is for all the fund managers clipping the ticket. Something else to be mindful of thebfd.co.nz/2022/06/16/how-safe-are-your-funds-inside-the-bank/ that says it all!…. It confirms my belief that the housing market will crash to epic proportions, banks will. Fail in order to protect the Aussie owners banks, and Orr and Robertson failed to recognize or admit to it. Mortgage sales will dominate the headlines. The depression is on the way. |
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Post by Deleted on Jun 17, 2022 17:50:03 GMT 12
Probably best advice for now. I have a Super Fund in Australia and had a peek today, it is down about 8% from its all time high Jan this year. Compare that with my direct holding in National Australia Bank which was on a high $33 in Jan (should have listened to myself and sold out) down to $26.50 today, that's a 20% drop. We all knew the market has been overheated so just have to be patient and let it find a new level. In Australia the market is driven strongly by super fund managers receiving 00's of millions of $$'s every week which they have to find a home for. Super fund assets over there total $3.4Billion, so you can imagine how profitable it is for all the fund managers clipping the ticket. Something else to be mindful of thebfd.co.nz/2022/06/16/how-safe-are-your-funds-inside-the-bank/ that says it all!…. It confirms my belief that the housing market will crash to epic proportions, banks will. Fail in order to protect the Aussie owners banks, and Orr and Robertson failed to recognize or admit to it. Mortgage sales will dominate the headlines. The depression is on the way. Mortage sales not going to happen. Had it explained by a finance guy last weekend,they calculate repayments at current interest rate then work out how much they can afford. New mortages at say %3 it is worked out they still can repay even if rates hit %8 with a bit of belt tightening. |
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Post by fish on Jun 17, 2022 18:34:17 GMT 12
that says it all!…. It confirms my belief that the housing market will crash to epic proportions, banks will. Fail in order to protect the Aussie owners banks, and Orr and Robertson failed to recognize or admit to it. Mortgage sales will dominate the headlines. The depression is on the way. Mortage sales not going to happen. Had it explained by a finance guy last weekend,they calculate repayments at current interest rate then work out how much they can afford. New mortages at say %3 it is worked out they still can repay even if rates hit %8 with a bit of belt tightening. Unless you loose your job. If you can't get another one, it doesn't matter what they worked out and what the theory is. Your fucked. If you can't sell you house for what the mortgage is, you have negative equity. You have no house, no income, and a big debt. Happened to a mate in Ireland in 2010. Happens all over the place. My mate posted them the keys and said, you have it, "there is nothing else I can do". He then hoped on a plane and came here. Soon as he had a job and enough money, he flew his missus out, who had given birth to their first child back in Ireland... Its when economics gets real, and messes with lives. I dare you to say it can't or wont happen here. Adhern and Robinson will be happily at the UN snuffling in a different trough, and all we can do is get a bag of quick drying cement and harden up. Either that or get rid of as much debt as you can right now. |
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Post by Deleted on Jun 17, 2022 18:51:08 GMT 12
Mortage sales not going to happen. Had it explained by a finance guy last weekend,they calculate repayments at current interest rate then work out how much they can afford. New mortages at say %3 it is worked out they still can repay even if rates hit %8 with a bit of belt tightening. Unless you loose your job. If you can't get another one, it doesn't matter what they worked out and what the theory is. Your fucked. If you can't sell you house for what the mortgage is, you have negative equity. You have no house, no income, and a big debt. Happened to a mate in Ireland in 2010. Happens all over the place. My mate posted them the keys and said, you have it, "there is nothing else I can do". He then hoped on a plane and came here. Soon as he had a job and enough money, he flew his missus out, who had given birth to their first child back in Ireland... Its when economics gets real, and messes with lives. I dare you to say it can't or wont happen here. Adhern and Robinson will be happily at the UN snuffling in a different trough, and all we can do is get a bag of quick drying cement and harden up. Either that or get rid of as much debt as you can right now. Wheres Luxon??Head in the sand with Labour?? |
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Post by fish on Jun 17, 2022 19:54:30 GMT 12
Changing the captain now wont stop the ship sinking. We've already seen the iceburg, and the titanic turns to slowly.
In saying that, changing the captain to Luxon is likely to minimise the damage and limit the number of casualities.
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Post by Deleted on Jun 17, 2022 21:52:28 GMT 12
Mortage sales not going to happen. Had it explained by a finance guy last weekend,they calculate repayments at current interest rate then work out how much they can afford. New mortages at say %3 it is worked out they still can repay even if rates hit %8 with a bit of belt tightening. Unless you loose your job. If you can't get another one, it doesn't matter what they worked out and what the theory is. Your fucked. If you can't sell you house for what the mortgage is, you have negative equity. You have no house, no income, and a big debt. Happened to a mate in Ireland in 2010. Happens all over the place. My mate posted them the keys and said, you have it, "there is nothing else I can do". He then hoped on a plane and came here. Soon as he had a job and enough money, he flew his missus out, who had given birth to their first child back in Ireland... Its when economics gets real, and messes with lives. I dare you to say it can't or wont happen here. Adhern and Robinson will be happily at the UN snuffling in a different trough, and all we can do is get a bag of quick drying cement and harden up. Either that or get rid of as much debt as you can right now. exactly right.💯%spot on |
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Post by Deleted on Jun 17, 2022 21:55:56 GMT 12
Unless you loose your job. If you can't get another one, it doesn't matter what they worked out and what the theory is. Your fucked. If you can't sell you house for what the mortgage is, you have negative equity. You have no house, no income, and a big debt. Happened to a mate in Ireland in 2010. Happens all over the place. My mate posted them the keys and said, you have it, "there is nothing else I can do". He then hoped on a plane and came here. Soon as he had a job and enough money, he flew his missus out, who had given birth to their first child back in Ireland... Its when economics gets real, and messes with lives. I dare you to say it can't or wont happen here. Adhern and Robinson will be happily at the UN snuffling in a different trough, and all we can do is get a bag of quick drying cement and harden up. Either that or get rid of as much debt as you can right now. Wheres Luxon??Head in the sand with Labour?? I feel with luxon he can't say what he really feels because he will piss of the 50% "Stupids" that vote with thier benefit entitlement. To me Act are saying the real stuff I wanna here |
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Post by Deleted on Jun 17, 2022 21:57:34 GMT 12
Changing the captain now wont stop the ship sinking. We've already seen the iceburg, and the titanic turns to slowly. In saying that, changing the captain to Luxon is likely to minimise the damage and limit the number of casualities. change ship's!... It's all right if you under 40... But at 60 we are rooted! |
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