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Results 31 to 45 of 63
Thread: self funded retirees
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26th May 2010, 03:19 PM #31Whatever note you blow youre never more than a semitone away from the correct one....(Miles Davis)
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26th May 2010, 03:36 PM #32
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26th May 2010, 03:46 PM #33
Possibly but couldnt give you an informed answer without looking at detailed studies of the sbsurface geology of the area. It appears to lie off the western margins of the GAB but it would lie within one of the other sedimentary basins of similar age (Triassic-Cretaceous roughly).Whatever note you blow youre never more than a semitone away from the correct one....(Miles Davis)
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26th May 2010, 04:00 PM #34
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Indeed. But I admit ignorance about the decision making process used in this instance. I would have assumed that once got a bucket of money from the Federal Government, it was up to the private school or the Education Department to go through a tender process or some other means to ensure that it was not being ripped off by the builders. We can give for granted that the builders would have milked the situation for all it was worth, but that's what a free market expects, doesn't it? When I was working as an internal auditor for the State, it was part of my job to do due diligence analyses to overcome these situations.
Anyway, we have veered away from the topic, if it was a genuine plea for the self funded retirees. I have a feeling that it was more of a political fishing expedition, though...
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26th May 2010, 04:17 PM #35
Schools had very little say in what they got. A school in bad need of a proper assembly hall but already with an adequate tuck shop would be told they were going to get a new tuck shop or nothing.
This from The Australian..."...the Education Department pressured public school principals not to manage projects under the BER, warning them they could personally face $55,000 fines if injuries occurred, and schools that managed projects themselves could be "liable for hundreds of thousands of dollars worth of extra building work. Instead, the department engaged seven managing contractors to handle the schools building scheme in NSW."
One school ended up with an 8 x 3m tuck shop that cost $650,000. Ive got a fully climate controlled 8 x 3m workshop and a fully lined double garage that only cost me $60,000 all up....it's big enough to serve as a tuck shop for a university. Something is seriously wrong here...Whatever note you blow youre never more than a semitone away from the correct one....(Miles Davis)
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26th May 2010, 04:28 PM #36
This thread seems to have run (or was pushed) off the original track somewhat, Maralinga, GAB and school tuck shops
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26th May 2010, 04:41 PM #37"We must never become callous. When we experience the conflicts ever more deeply we are living in truth. The quiet conscience is an invention of the devil." - Albert Schweizer
My blog. http://theupanddownblog.blogspot.com
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26th May 2010, 04:49 PM #38
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26th May 2010, 05:52 PM #39
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26th May 2010, 06:15 PM #40
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Meanwhile....back at the funds
I've just changed Super companies. Mine was showing 'super' returns......from their investments in their own investments or something... all secret. Over 15% a year for many years.... looked good...
Suddenly, someone realised that their valuations on their own 'investments' were slippery, to me it seemed to be fraudulent overstatement of returns to get noticed in the market, but of course I was just probably p'...ed off.
All super companies fell, but this one managed a 'super' fall.
I dropped a large percentage, and worse the fund value stayed low. Although the stock market recovered..... their 'investment' stayed low and worthless.
6 weeks after my initial instruction, I received a letter stating that they needed another letter from my company stating that the deposit to them on ..... March 2010 was the last deposit, and if they didn't hear from me.... that they would conclude I didn't want to change.
A few nasty emails and I have at last finalised the change
I would have been better stocking up on VB.
I'm sticking to timber futures...
Regards
Greg
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26th May 2010, 07:13 PM #41
I take it this was a super fund run by an investment company. If they were not providing you with regular reports detailing a. how your super was being invested and b. an accurate run down of returns on at least an annual basis then they're in breach of the law.
If you initiated the fund via a financial advisor then he/she will have been making a nice little income out of the trailing fees. If there is or was an FA involved then go and pay them a visit and start asking them questions. One question you should ask them is exactly what they are doing for you in return for the trailing fees theyre being paid.Whatever note you blow youre never more than a semitone away from the correct one....(Miles Davis)
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26th May 2010, 07:34 PM #42
Jim
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What tends to irritate me is the advice you get from media pundits. Ride out the ups and downs in the market they say. The problem is that you can't choose to retire when funds are on the up and up and certainly can't guarantee the markets will drop just as they lower you into the grave.
Remember Pyramid. A few mates of mine certainly do.
cheers,
Jim
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26th May 2010, 07:35 PM #43
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Not so super
Nope... It was a big industry fund.
But they had as part of their 'investment' a large part of the fund in a 'target' portfolio of some investments ???? which were never really divulged.
Perhaps they may have been somewhere in their annual report?
But not in the information mailed to me each 6 months.
Glossy, but not informative.
I'm happy to be out as a matter of principal.
Greg
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26th May 2010, 08:02 PM #44Whatever note you blow youre never more than a semitone away from the correct one....(Miles Davis)
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26th May 2010, 08:04 PM #45Whatever note you blow youre never more than a semitone away from the correct one....(Miles Davis)