Apparently that’s exactly what a lot of people did with their super withdrawal. Remember all of the experts who kept talking about buying during the March lows etc etc just like the 2008 crash etc etc remember a lot of the people who would have accessed their super are early 20s 30s who want to make a quick buck now and have access to the money - life changing wealth is the dream! There are also other people who apparently have just straight gambled the money. There will be people who did buy the latest phone as you put it... these people don’t tend to be great with money!!
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