Home – New Forums Money matters What’s holding you back from managing your own super?

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  • #983056
    Sid@AbbyPractice
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    Evening all,

    Managing your own super is a hot topic right now and we have more clients than ever talking to us about this.

    For many people though, it all seems to hard. So, I’m wondering what’s stopping you from managing your own superannuation? Is it the cost? The know-how?

    Thanks,
    Sid

    #1140345
    The Copy Chick
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    Having worked for an accounting firm a few years back, it’s knowing how much red-tape there is and how often the legislation can change.

    That aside, my current super fund has been going great guns, so I’d be reluctant to change anything at this point in time.

    #1140346
    ScarlettR
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    Definitely the know how. I don’t even know where to start, but I have an awesome accountant who works me through things step by step. But it is definitely the expectation there would be just too much lingo I don’t get.

    #1140347
    alliedib
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    my 2 cents – there are a few things in life that should be left to the experts:
    – flying a plane;
    – conducting a legal defence;
    – anything to do with electricity; and
    – managing your retirement.

    I have had a fair exposure to investment markets and would not consider a SMSF unless I had the right financial advice.

    #1140348
    bridiej
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    What super? ;)

    #1140349
    Greg_M
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    bridiej, post: 160590 wrote:
    What super? ;)

    I’m not sure, but I think you need money to play.

    #1140350
    Andrew Newman
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    Sid@AbbyPractice, post: 160271 wrote:
    Evening all,

    Managing your own super is a hot topic right now and we have more clients than ever talking to us about this.

    For many people though, it all seems to hard. So, I’m wondering what’s stopping you from managing your own superannuation? Is it the cost? The know-how?

    Thanks,
    Sid

    Hi All

    The simple answer is ignorance – super fund members are unaware of what is possible.

    Anna, you mention that your current super fund has been going great guns – but compared to what? You need to compare apples with apples and this is a challenge for me even though I have access to loads of research.

    Kind Regards

    #1140351
    Andrew Newman
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    allied insurance brokers, post: 160581 wrote:
    my 2 cents – there are a few things in life that should be left to the experts:
    – flying a plane;
    – conducting a legal defence;
    – anything to do with electricity; and
    – managing your retirement.

    I have had a fair exposure to investment markets and would not consider a SMSF unless I had the right financial advice.

    I think you could also add surgery to your list!

    #1140352
    Divert To Mobile
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    For most people I would expect it to be critical mass. Without it the running costs are higher than the fees from an industry fund. Industry funds offer some flexibility enough for the aveage but nothing like an smsf if youre truely not investment minded. I could imagine If you have a group of friends who get together and create unit trusts and invest in property it would be great. Otherwise super is something many people set and forget.

    Steve

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