If superannuation is such an important investment then why is it one of the investments we pay the least attention to? Most of us give little thought to how much our fund is earning but when the market collapses like it did in 2008, we are forced to take notice.
A couple of months ago, I contacted my fund manager to find out my super balance. I decided it was better to manage the fund myself and was contacting different banks to to negotiate a good interest rate.
Now, in September I contacted my super fund again and found out they had lost $9,000 of my super since I spoke to them in June! To make things worse, they told me that my super had done very well over the year earning me 11.09%. What a joke! Not only had they lost my money and taken thier hefty fees out on top but also told me I should leave my money where it was so I could recoup the losses?
Now I know I am a slow learner but I did this in 2008 when they $60,000 of my money. I have well and truly learned my lesson now.
The moral of this story is – take your hard earned money which is being poorly babysat by your super fund and start managing it yourself before you find yourself in a situation where you are depended on the Government to help live the rest of your life.