SMSF for the last 20 years - trading shares via Rivkin - consistently solid, market beating returns, less than 0.2% fees and I get to choose which markets / portfolios I wish to trade in.
It really depends on what your super fund is locked into... The Australian share market has lagged the US market for much of the last year or two, so there's some relativity there. Also the commercial property markets in many regions are lagging the residential markets. Many super funds carry significant fees so that causes them to lag raw market performance also.Originally Posted by AHLUNGOR
Seems to be more advice than general here... Im with Rest
Ok general advice.
ESG is being shown as the bullshit that it is so I wouldn't bother with "ethical" investing or take it out & put it somewhere else in the next 12 months.
If ur looking for a super fund, avoid those run by the banks. They are the worst performers. Choose a proper fund manager. Plenty out there.
If ur into self managed super, you have to be very disciplined. I’ve seen many friends take too much risk and lose. Take risk using non super savings.
Diversifying your portfolio is key for a retirement fund. You don’t want to lose everything and be working at bunnings when ur 70. And you definitely want to have money to punt as an old timer lol.
Most importantly, find three good financial advisors. Never trust the advice of a single advisor. Get advice from a few. May cost more, but the benefits are priceless.
Every financial advisor in Sydney charge money for financial advice. It's not a free service like verifying your documents with a JP.
Critical thinking and effort is what our society lacks. We always trust that someone isn't out there to scam us or steal our money in broad daylight. If we really want to be financially savvy we need to have the necessary critical thinking skills in order to know what is good vs bad investment.
When I did the TAFE Diploma in Financial Planning (and dropped out before the final exam) I find that most of the information can be found online. What the diploma course is trying to instill in us is financial prudence towards clients - they're hoping that we don't go out as licenced financial planners and steal money right under their noses like FTX or Bernie Madoff did. The only problem is, anyone regardless of having a licence or not can be a crook.
People really need to be less lazy these days and be more educated on daily happenings.
Manage your own SMSF - much easier to invest in stuff yourself
Unisuper has been one of the most successful industry funds.Top of performance charts several times, and these days you do not have to be employed by that industry to join.
A question I'm curious about - WGs in the industry, do they bother setting up an SMSF for themselves just in case they want to stay indefinitely with a PR or do they stash all their cash in the bank (if they do their BAS report regularly) or find a safe deposit box to stash all that cash?
I find many people who work for cash in hand especially those in the construction business have very poor financial managing skills. They spend all their take home pay after paying rent & bills on gambling, brothels and the pub and never save anything. Some of them are citizens of this country receiving Centrelink and not planning on being financially independent until the day they die.
I do know that many WGs tend to store their cash by converting it to expensive luxury items that they may resell in the future. The problem is that not all second hand luxury are desirable unless the quality is almost brand new, and not every buyer will be duped into buying a second hand item priced at RRP - in that case, most luxury items get devalued and end up getting sold as emergency money in desperate times. If they don't report their 100% income through BAS it's going to be difficult for them to go through the right channel of putting down a deposit for home loan etc. At least if they report most of their income through BAS and put more than 12% into SMSF they can pay a much lower tax rate, have money for retirement and not worry about being questioned where their money came from.
Good thing this thread is general as I'm genuinely giggling at some of the nonsense being spouted.
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