Monday, May 16, 2011

There's Always a Moaner

They must have worked hard to find someone who would complain about only receiving a 150% return on her investment - paid for by someone else.

Student Sarah McNeill said the cuts had proved her correct in not wanting to join the scheme at first. "From the start I knew it wouldn't stay as it was," she said.

Others expressed frustration at now being locked into KiwiSaver, which is compulsory to remain in once members have signed on, though you can take a "contributions holiday".



I hope this particular student does not seek a career in finance or politics.

She might have some hope as a highly qualified but brainless TV news presenter.

One thing is sure as hell. She won't be voting for ACT.

19 comments:

Adolf Fiinkensein said...

Three years ago, when Adolf was providing clients with financial advice, he was advising not to go into Kiwisaver 'just for the hand outs' because in the medium term they were unsustainable.

Blind Freddie could see it coming.

Rich Prick said...

It is a bugger when the "free money" tap gets turned off, isn't it?

Anonymous said...

Why do the nats fuck up every scheme they get their bluehands on???i know they dont give a fuck as they are national,and they have their own pig trough to trough out in :-( dedicated to a previous drunken PM before Hone Key AKA PIGGY Muldoon

RightNow said...

I don't know about the quality of your advice Adolf. Logically the better advice would surely be 'get in quick before they cut the hand-outs'?
Or are you predicting that Kiwisaver funds will one day be co-opted by the state?

Anonymous said...

Or are you predicting that Kiwisaver funds will one day be co-opted by the state?

In an economically efficient world - that is absolutely what would happen. All KiwiStealer & CullenFund monies would be taken by the "state" and then repaid to those who had contributed most to the massive subsidies - the 5% or fewer productive Kiwis who actually pay for it all!

Adolf Fiinkensein said...

Rightnow, my advice was ten times better than your reading comprehension.

Anonymous said...

"free money"

There is no such thing and not seeing that is the guts of the economic problems today.

Anonymous said...

Locking my money up with f***wit fund managers and fee gougers until I am 65 (or more), yes all those companies who started Kiwisaver funds, means that unless I get a good subsidy, I doubt if I would still have even my own money left at the end of it.

They change the rules and reduce subsidies -- I want my money back with me - where the fees cannot get to it.

Psycho Milt said...

Student Sarah McNeill said the cuts had proved her correct in not wanting to join the scheme at first. "From the start I knew it wouldn't stay as it was," she said.

Yeah, so it would have been just completely fucking insane to take the grand a year while it was being offered, right? I mean, what kind of idiot just accepts $1000 a year because the govt wants to give it to them? Hah! They think we're so stupid...

Shane Ponting said...

I'd rather have lower taxes than a handout from the government. Let me take responsibility for my own savings or lack thereof (if I so choose to).

Mort said...

she's probably lining herself up for a job as Jonkey's press secretary, or maybe she's shooting for Double dipton's assistant

Simon said...

“he was advising not to go into Kiwisaver 'just for the hand outs'”

Yep KS was only about doubling $1000 pa. Easy thou otherwise forget it.

KS was set up by the investment lobbyist and now as KS is embedded they have green lighted the recent changes. People should be able to pull out of KS and pay back debt or spend it on a holiday.

pdm said...

Adolf I was giving the same advice as you.

I always saw KiwiSaver as a flawed concept for two reasons:
1. The government hand outs could not last.
2. With the IRD in the middle of it there were always going to be delays in funds getting to the Managers or funds going to the wrong Managers. I see a headline today that the IRD have frozen 900 KiwiSaver accounts without reason.

I rest my case.

RightNow said...

Good riposte there Adolf, I like the way you avoided putting forward a compelling argument.
Probably why I avoid financial advisors like the plague they are.

So you advised your clients not to enter into Kiwisaver, while at the time there was $1000 kick start and $20/week contributions from Govt, which by now would all be earning interest for your clients.
Conversely I now have a sizeable KS balance, and my two young children also have healthy KS accounts earning interest and which they'll be able to withdraw when they're ready to buy their first homes.

Adolf Fiinkensein said...

Rightnow, if you must be a fuckwit, go and be a fuckwit somewhere else.

RightNow said...

Adolf you could have rebutted my first comment with an explanation of why you thought your advice was good, but instead you chose an insult. Pretty much same with my second comment.
I'm happy never to visit No Minister again, I think it would be best for both of us. But I really think you should consider who is the fuckwit, when you haven't provided a single argument for why I might be wrong.
Anyway, bye.

Adolf Fiinkensein said...

Rightnow

The insult was well deserved. I've got better things to do than to engage with fools who don't bother to read properly that which I write.

Go see Simon @ 6.46

Anonymous said...

People should be able to pull out of KS and pay back debt or spend it on a holiday.


Fuck that. Little people in Kiwisaver - why bother?

Productive Kiwis have real investments with real value.

Frankly the best thing that could be done with KiwiStealer is just take all the money, add in the Cullen fund and then give it back to the people who paid for it in the first place

high value, high income, productive Kiwis!

This would also have the great effect of ensuring Kiwis never ever trusted state run super schemes ever again!

Mort said...

unfortunately anon1225 that ain't gonna happen. The govt are in a transition phase from guaranteed entitlement to a self funded retirement, they just haven;t had the balls to call it what it is, and alert the people as to why they are doing it
the govt recognises there is no way that they are going to be able to afford the massive blow out in boomers retirement expenses, let alone adding in the next generation, who actually out number them. But they are fast running out of time to get a credible alternative in place for gen X'ers to self fund if not fully fund most of their own, gen Y to and beyond to fully fund all of theirs.
A phased extension of time to qualification needs to be implemented and probably rather quickly. Ideally the last of the boomers, those born from 1960 onwards would be the first to have their age pushed from 65 to 68 and then increase the age by 2 years for every 2 years there after.
in all honesty though the govt will be bankrupt way before that, so the argument may ell be moot
also if the govt wanted to get real serious about this, they would allow people to self manage their funds, but Blenglish is too socialistic to allow that, people might not use the overpaid underperformers that are a dime a dozen in the funds industry