We can never escape the impact of poor timing.

That is just one of the givens, when it comes to personal finance.

And nothing illustrates that quite so clearly as a credit crisis.

The causes of the present crisis were quite simple.

US banks made loans to people who had no hope of repaying them.

That fact was sliced and diced into complex financial products, which were then traded on world markets.

But, if bad meat is used, sausages will still smell.

Older Australians have been hit, particularly hard, in the fall out.

Sixty five year olds, entering retirement, are finding that their superannuation pay-outs will be smaller than they had a right to expect.

And many 70 year olds, who tried to make their money work that little bit harder for them, by putting it into market related investment funds, are finding themselves facing desperate situations.

Putting cash in the bank doesn’t necessarily help, either.

Not with the $A falling as sharply as it has, over recent weeks.

So what are the lessons of the present crisis?

That, unfortunately, is not absolutely clear yet.

One thing, though, is certain.

That is that this is the time to do some hard thinking.

As the old song says, the fundamental things apply, as time goes by.

The first rule, perhaps, is to make sure that your investments fit your aims.

Australia’s superannuation funds, probably, will be less eager to invest in shares in future, than they have been in the past.

The Federal government has already moved to take advantage of that re-assessment.

It is truying to persuade superannuation funds to invest in government backed infrastructure developments, such as new ports and railways.

These are long term investments, it says.

Just like superannuation funds.