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Speaker 1: Good morning, and welcome back to another episode of Start Here,

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Speaker 1: the miniseries within Sugar Mamma's Fireplay, where we strip things

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Speaker 1: back to the foundations of financial apartment and walk through

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Speaker 1: the steps together calmly, clearly, and with compassion. In today's episode,

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Speaker 1: I'm responding to a heartfelt and vulnerable message from a

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Speaker 1: listener who's experienced a devastating loss. Her superannuation has been

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Speaker 1: almost entirely wiped out. She's a mother of two boys,

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Speaker 1: working hard in a modest job and doing absolutely everything

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Speaker 1: she can to secure her financial future. But naturally and understandably,

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Speaker 1: she's overwhelmed, scared, and unsure of what to do next.

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Speaker 1: So today's episode, we're going to gently walk through her situation,

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Speaker 1: not just with empathy, but with clarity and actionable steps

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Speaker 1: that anyone and everyone who's in a similar situation can

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Speaker 1: also take and apply in their own lives. So let's

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Speaker 1: get started, all right. First of all, I just want

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Speaker 1: to say thank you so much to this particular listener

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Speaker 1: for finding the courage to share this to this woman,

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Speaker 1: this mother. I want to say that you have been

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Speaker 1: incredibly brave, not only in writing to me, but in

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Speaker 1: facing this challenge head on despite feeling utterly overwhelmed and

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Speaker 1: from the sense I get in reading your email terrified.

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Speaker 1: I felt sick to my stomach when I read your email,

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Speaker 1: and I was holding back the tears. Also, being diagnosed

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Speaker 1: with ADHD and potentially ASD later in life brings a

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Speaker 1: lot of emotional weight and confusion. There's a real mix emotions.

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Speaker 1: Then you add in the financial pressure and a traumatic

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Speaker 1: event like losing your retirement savings out of the blue.

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Speaker 1: It's a lot for anyone to take on. So please

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Speaker 1: know this. Your instincts are good, Your instincts are strong,

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Speaker 1: Your instincts are wise. You are contributing to your superinnuation

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Speaker 1: by making extra contributions. You were being proactive, you were

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Speaker 1: trying to do the right thing. None of this is

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Speaker 1: your fault. But what we can do now is work

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Speaker 1: out what to do next. So let's get you started

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Speaker 1: and anyone else who is starting all over it again

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Speaker 1: after a serious financial loss. All right, I just want

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Speaker 1: to backtrack a bit, just to explain what's happened for

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Speaker 1: this poor woman. So this lady's super was with os Prak,

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Speaker 1: which is tied to was tied to First Guardian master Fund.

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Speaker 1: Now this is under investigation by Assek, and sadly, this

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Speaker 1: woman is not alone. I believe up to a billion

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Speaker 1: dollars was invested into these funds, and I can't remember

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Speaker 1: the exact number of investors there are, but it's in

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Speaker 1: the tens of thousands of Australians and they're waking up

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Speaker 1: to find emails and letters sharing this information with them.

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Speaker 1: It's simply devastating. So this particular listener, this mother of

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Speaker 1: this lady, she's had her accounts frozen, were pretty much

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Speaker 1: emptied due to an allegation, mismanagement or a complex breach

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Speaker 1: of trust. This is deeply unfair, extremely upsetting and downright cruel.

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Speaker 1: I'm going to really try and hold back my emotions

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Speaker 1: here because it is still under investigation, but my blood

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Speaker 1: is boiling and I'm horrified and disgusted. Anyway, let's focus

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Speaker 1: on the practical side, all right. When funds go into

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Speaker 1: administration or liquidation, ask may need to step in, and

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Speaker 1: they have here and they're obviously doing a detailed in investigation.

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Speaker 1: I believe they've even got travel restrictions on certain people

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Speaker 1: involved in this, so they can't leave the country and

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Speaker 1: there will most likely be a legal process to try

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Speaker 1: and recover as much of these funds as possible, but

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Speaker 1: the reality and history shows that this can take years

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Speaker 1: and there is absolutely no guarantee that these people will

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Speaker 1: get all of their money back, or even a fraction

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Speaker 1: of their money back. Now, if you were steered into

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Speaker 1: this estment through your superannuation by a salesperson, a phone call,

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Speaker 1: or even a financial planner, I can strongly recommend that

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Speaker 1: you and anyone else listening makes a complaint to AFCA,

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Speaker 1: which is the Australian Financial Complaints Authority and lodge the

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Speaker 1: formal paperwork required if you haven't done this already, because

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Speaker 1: there may be an area where you've been given poor

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Speaker 1: advice or advice that doesn't actually necessarily be deemed as compliant.

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Speaker 1: This is really important. Now once you have done this,

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Speaker 1: we need to get back on track and look at

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Speaker 1: rebuilding but also protecting you. So right now your number

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Speaker 1: one priority is getting your superannuation's future back on track.

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Speaker 1: So this is what I recommend you do. Step number

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Speaker 1: one is to find a new reputable super fund. I

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Speaker 1: would be looking for one that is APRA regulated, which

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Speaker 1: means it's supervised and it's held to the highest standards possible.

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Speaker 1: There is transparency around fees. There are a variety of

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Speaker 1: different investment options, not just your sort of generic growth, balanced,

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Speaker 1: high growth, etc. But you can access direct equities, you

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Speaker 1: can access ETFs, listed investment companies, bonds, fixed interest property,

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Speaker 1: you know, access to international markets. You want a wide

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Speaker 1: range of different investment options. The other thing you want

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Speaker 1: to take into consideration is fees. Now, I would be

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Speaker 1: very careful by not recommending go with the cheapest, because

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Speaker 1: sometimes the cheapest means you compromise on the quality. You

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Speaker 1: want to make sure that you pick a superannuation account

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Speaker 1: that is fair and reasonable, but provides you with the

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Speaker 1: services and products that you need. I have a couple

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Speaker 1: of different podcast episodes which I will go and link.

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Speaker 1: In the podcast notes about how to find the right

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Speaker 1: superannuation for you. I list a few examples for educational purposes,

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Speaker 1: not product device, and I explain what are the key

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Speaker 1: things to look for and identify. So I highly recommend

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Speaker 1: listening to those episodes if you haven't done so already,

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Speaker 1: because they're a really great guide. Also, things that I

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Speaker 1: would look for on the note of finding a good

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Speaker 1: superannuation account is something that offers ideally if possible and

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Speaker 1: in specie transfer service for when you go to retire,

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Speaker 1: because that might help save you a large amount of

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Speaker 1: capital gains tax, and of course having options like life

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Speaker 1: cover TPD and income protection so that if you need

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Speaker 1: this type of cover, it's available to you. Now when

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Speaker 1: it comes to looking at performance, you've got to be

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Speaker 1: very careful because past performance does not indicate future performance.

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Speaker 1: But what you do want to look for is consistency,

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Speaker 1: consistency in returns, and of course making sure that you

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Speaker 1: do a risk profile and invest in alignment to what

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Speaker 1: feels comfortable for you. Now you can find a risk profile.

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Speaker 1: There are thousands of them online. My number one favorite

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Speaker 1: one is the Vanguard one, which literally is about thirteen questions.

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Speaker 1: They're really clear and easy to understand. I actually recommend

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Speaker 1: you do it twice because you might discover that when

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Speaker 1: you come back to it a day or two later,

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Speaker 1: that you're a slightly different risk profile than you initially realized.

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Speaker 1: And the more you understand about investing, investing for the

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Speaker 1: long run and educated risks, the more likely you are

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Speaker 1: to be a growth investor instead of a balanced investor,

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Speaker 1: or a high growth investor instead of a growth investor.

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Speaker 1: So please make sure you go and do a risk profile.

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Speaker 1: But there are so many different superannuation accounts online now

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Speaker 1: I wish I could say, Okay, I recommend this superannuation account.

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Speaker 1: I can't, and if anyone does, run for the hills.

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Speaker 1: If I was to recommend a financial product, whether it

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Speaker 1: be a savings account, whether it be a superhneration account

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Speaker 1: or a share, that's product advice. That's something no one

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Speaker 1: is allowed to do. I am allowed to as a

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Speaker 1: financial planner, but only under a statement of advice, which

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Speaker 1: is a financial plan So I can't actually suggest or

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Speaker 1: recommend what superanneration to get because I don't know the

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Speaker 1: details of your situation. It must be done under a

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Speaker 1: formal practice, which is why I'm going to ultimately recommend

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Speaker 1: you see a financial planner. But these is and things

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Speaker 1: you can do in the meantime. Now, once you've got

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Speaker 1: your superannuation account and you've done all your research, and

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Speaker 1: you feel comfortable and confident as to who you're going through,

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Speaker 1: and you feel they're reputable, they've been around for a

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Speaker 1: long time, you can have an app to access everything

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Speaker 1: you know that it's safe and secure. You need to

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Speaker 1: obviously make sure you've opened up your account correctly and

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Speaker 1: make sure you provide them with all your up to

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Speaker 1: date details such as tax file numbers, contact details, your

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Speaker 1: identify your identity is verified, and so forth. It doesn't

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Speaker 1: take long and you can do most of this online. Now,

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Speaker 1: once you've got your new superation an account going, make

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Speaker 1: sure you provide those details to your employer and that

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Speaker 1: will then mean that your employer pays all new superannuation

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Speaker 1: contributions into this fund. This is really important. The last

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Speaker 1: thing you want is money going into a frozen account

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Speaker 1: where it's potentially stuck. Then I recommend you consider if

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Speaker 1: it's appropriate going back to your regular contribution plan. Now,

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Speaker 1: you mentioned in your email to me that you were

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Speaker 1: doing a one hundred dollars per fortnight contribution plan. Now

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Speaker 1: that's two thousand, six hundred dollars per year. That makes

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Speaker 1: a massive difference over time. So once your new account

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Speaker 1: is set up and you feel safe again, seriously consider

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Speaker 1: resuming to that habit because it's a powerful one, and

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Speaker 1: perhaps you can even look at increasing it. Because we've

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Speaker 1: got to try and rebuild your super. Now you might

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Speaker 1: be wondering, how can I rebuild on my income? Now,

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Speaker 1: you mentioned in your email you earn forty four thousand

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Speaker 1: dollar a year, which means every dollar has a job.

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Speaker 1: But rebuilding is also possible. So focus on what you

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Speaker 1: can do and what you can do consistently, because if

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Speaker 1: we do things consistently, they become easy because their habits.

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Speaker 1: We don't even think about it, we just do it.

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Speaker 1: So even twenty to fifty dollars per fortnite into super

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Speaker 1: really does add up. You can also take advantage of

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Speaker 1: the co contribution scheme if you're eligible and contribute up

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Speaker 1: to one thousand dollars and the government may match this

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Speaker 1: by five hundred dollars per year. Also there's salary Sacrificing

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Speaker 1: a small amount pre tax if possible may also help,

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Speaker 1: but it can also help reduce your taxable income, so

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Speaker 1: it can be a bit of a win win. Now.

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Speaker 1: I also want to remind you this is a marathon,

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Speaker 1: not a sprint, even though it feels like you need

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Speaker 1: to sprint now to try and catch up. Look, compounding

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Speaker 1: interest doesn't care if you start small. What it does

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Speaker 1: is it rewards people who show up consistently. So the

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Speaker 1: quicker you can start, the better, and the more regularly

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Speaker 1: you can contribute to your superannuation, the more powerful that

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Speaker 1: is going to be for you. Now, my next recommendation,

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Speaker 1: and this is a firm recommendation, is to get some

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Speaker 1: financial advice. This is so important, but I also understand

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Speaker 1: your fears, your concerns about where and how to find

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Speaker 1: someone that is trustworthy and affordable, particularly as you've gone

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Speaker 1: through this. Now you can go to the money smart

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Speaker 1: website and they have a financial advisor register. You can

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Speaker 1: see their credentials, their license holder, and you can also

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Speaker 1: see if they've ever had any complaints. You can also

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Speaker 1: ask about upfront fees. Most financial planners these days now

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Speaker 1: offer like a free fifteen minute introduction calls. Some will

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Speaker 1: even offer you a free hour, particularly you can explain

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Speaker 1: to them what's happened to you. And you can also

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Speaker 1: find fixed fee advice, especially when you look at some

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Speaker 1: of the superinneration account providers online, because they are offering

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Speaker 1: free and discounted general advice as well. So this could

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Speaker 1: be really valuable to you. And I would be asking

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Speaker 1: questions like do they offer a fever service versus a

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Speaker 1: commission model, are they independent or are they tied to

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Speaker 1: a particular bank or maybe a product, and whether they

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Speaker 1: can actually do a statement of advice that's just purely

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Speaker 1: focused on super if that's what you require right now,

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Speaker 1: and of course if this is still not an option,

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Speaker 1: you could look at exploring maybe free or low cost options. Now.

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Speaker 1: You could look at some pro bono financial planners that

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Speaker 1: will do a financial plan for free. If you can

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Speaker 1: share your story, your background, what you've gone through, there

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Speaker 1: may be a financial planner who's willing to actually give

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Speaker 1: you a free statement of advice or at least help

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Speaker 1: you get on your path with a significant discount. There's

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Speaker 1: of course the National Help Deadline. There's a super Consumers

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Speaker 1: Australia that also can give you advice, and as I said,

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Speaker 1: your new super fund may have in house advice team.

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Speaker 1: They can give you general advice, which is quite often

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Speaker 1: for free. My point is you don't have to figure

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Speaker 1: this out alone. There are people out there who can

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Speaker 1: help you, can give you guidance and can help you

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Speaker 1: get back on track if you're willing to work with

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Speaker 1: them and let them help you. But you help yourself now.

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Speaker 1: The biggest thing here is apart from the money, is

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Speaker 1: I think rebuilding your confidence and mindset again. You know,

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Speaker 1: as you've mentioned in your email, you're forty seven. This

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Speaker 1: means you've got twenty to twenty five years until retirement.

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Speaker 1: That's still a long time. And within that timeframe, I

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Speaker 1: believe in you to be able to rebuild from here.

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Speaker 1: You've got to remember you can recover from this. It

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Speaker 1: will take time, but time is also your friend whenever

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Speaker 1: things go wrong. Quite often people say I just need

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Speaker 1: a bit more time. I need a bit more time.

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Speaker 1: You've got that time, so use it to your advice. Also,

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Speaker 1: every positive action right now counts that one phone call,

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Speaker 1: filling out that form with AFCA, making that extra ad

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Speaker 1: hoc contribution because you have a spare ten dollars left

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Speaker 1: at the end of the month, Reactivating your regular superannuation

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Speaker 1: plan one choice at a time has a profound impact.

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Speaker 1: It has a flow on effect, and you're going to

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Speaker 1: start to see your superannuation regrow again. And because you've

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Speaker 1: gone through this, you're going to rebuild it to be stronger,

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Speaker 1: more resilient and work better for you. You're actually already

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Speaker 1: doing so much better than you probably realize, even if

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Speaker 1: you don't feel it this at this point in time,

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Speaker 1: because you're already taking action. You've already sent me this

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Speaker 1: email and I can't imagine it'd be easy sending this

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Speaker 1: email to me, But please know this, You're not behind.

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Speaker 1: You are right on time, and this new life that

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Speaker 1: you're building for yourself means that something is actually better

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Speaker 1: for you behind this. But we just don't know what

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Speaker 1: that is yet. But I know that we're going to

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Speaker 1: discover it, and I know that I'm going to hear

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Speaker 1: from you again with positive exciting news. Now, if this

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Speaker 1: episode resonated with you, please can you do me and

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Speaker 1: that person a huge favor and share this episode with

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Speaker 1: that person. That person may be feeling scared, frightened, confused,

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Speaker 1: or lost about their superannuation too, and hopefully from listening

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Speaker 1: to these practical steps, this guidance, and this empowerment, see

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Speaker 1: that there is a solution in place and that they

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Speaker 1: can get started and help themselves. And to this listener

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Speaker 1: who wrote in thank you again, your vulnerability is going

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Speaker 1: to help so many other people today in similar situations

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Speaker 1: or in the same situation. So I want to take

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Speaker 1: a moment and say I'm so proud of you. Keep

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Speaker 1: your eye on the prize, rebuild that super You will

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Speaker 1: come out prouder, wiser, and far more resilient than ever before.

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Speaker 1: Until next time, on start here, take care and keep

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Speaker 1: that faith