I dont have $1m to invest and never will have. I sold my home and businessn and purchased a MotorHome. I dont need a lot of cash to live, I owe noone a dam penny! My money is in various BANK accounts earning low interest and I quallify for some CentreLink payment and health care card. My money may not be making heaps but it is safe in a GOV GAURENTEED BANK not some get rich smooth talkers grasp that could go bust at anytime! Make the most of what you have and dont go chassing the big bucks and at least keep what you do have! We all bitch about the big banks profits but at least you know your money aint going anywhere!

Scotty01 wrote:

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and I quallify for some CentreLink payment and health care card.

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 IMO part self funded retirees & maybe those living on a pension should keep a careful watch on the political scene in the run up to the next election.

Alarm bells ring when I hear certain pollies starting to talk about 'The Age Of Entitlement coming to an end .. whether we like it or not' and reports in the media about the percentage of Govt. expenditure that goes to so called welfare payments.

Scotty01 wrote:

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I dont have $1m to invest and never will have. I sold my home and businessn and purchased a MotorHome. I dont need a lot of cash to live, I owe noone a dam penny! My money is in various BANK accounts earning low interest and I quallify for some CentreLink payment and health care card. My money may not be making heaps but it is safe in a GOV GAURENTEED BANK not some get rich smooth talkers grasp that could go bust at anytime! Make the most of what you have and dont go chassing the big bucks and at least keep what you do have! We all bitch about the big banks profits but at least you know your money aint going anywhere!

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 you can also get a little bit more interest from a credit union and it is also guaranteed by the govt

Interesting segment on ABC 7:30 to night highlighting some of the hardship caused by the Banksia collapse.

There were 15,000 investors of which 50% are over 55 years of age. High interest was not the motivation, the motivation was more likely the feeling of supporting the community.

For those on Centrelink payments the frozen deposits are still counted as assets by Centrelink

Although it is not a good situation, there appears to be a reasonable assets and funds held by Banksia that will eventually be distributed back to investors.

What about Dorrigo, NSW

Wrong Forum, sorry

Retreat wrote:

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Interesting segment on ABC 7:30 to night highlighting some of the hardship caused by the Banksia collapse.

There were 15,000 investors of which 50% are over 55 years of age. High interest was not the motivation, the motivation was more likely the feeling of supporting the community.
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Saw the show ... puts the situation in a different light than I assumed.

Having said that, perhaps when we are setting up our superannuation emotional aspects should be excluded.

 

Looks like the failure of the US Democrats & Republicans to work together in the National interest may well place many of us in the same boat as the Banksia investors.  

I used to admire how the US political system seemed to work, where after fighting tooth & nail during elections, they were then able to sit down & negotiate outcomes in the national interest.  The emergence of groups like the Tea Party seems to have propelled them towards the sort of political situation that we have recently endured.

ps.. I refer to Bush tax reforms expiring at the end of the year with re-imposition of higher taxes & reduced Govt expenditure.  Likely catastrophic for their economy & that of the developed world.  Are we living through the demise of the free enterprise system that we know with its reliance on continual growth?