Unisuper members at risk of losing super

Why do you say that?

 

Absolutely not. The pilfering pirates are the government first, fund managers second. However if you have a much bigger slice of the pie there'll be more left over after the pilfering. That's my logic anyway Controlling your own fund at least gives you the chance to beat the 1% real returns offered by almost any cash super plan. But the prime reason is to acquire precious metals (this is a good thing about current Australian super law - I plan to take advantage before it is changed!)

Put another way, the biggest risk with super (market risks not withstanding) is sovereign risk. When the demographic sh*t hits the fan the government will be raising taxes, and when things get real bad they will start confiscating. In the meantime they'll be deflating away your paper wealth.

 

just recommend reading the terms thats all, can set up a fund for the same price without all the accounts being set up in the trustees names, e.g. anz, comsec etc

 

To a point. Don't make the mistake I did. Be ULTRA scrupulous with with your paperwork and conforming to all requirements. It's not for everybody and from memory you'd generally need a couple of hundred grand b4 it's worth it. The advantage is that no-one has your financial interests at heart as you do, and you can be more creative than most funds. My f#*k up may send me bankrupt; don't make the same mistake I did.Cheers, and all the best for the future.
ozboy

 

Good points Ozboy don't dispair, sounds like your investment education sinking fund is even bigger than mine just pick yourself up, remember the lessons learned and go again. In order to soar with eagles we all have to sometime end up being the turkeys breakfast. Many successful people are made bankrupt before they actually make it.

Kind Regards
non recourse

 

The most noteworthy characteristic of ''successful'' people in any endeavour (finance, work, education, hobby interests like music or photography etc) is PERSISTENCE - not talent, education, money or luck (and whatever I have forgotten). As NR suggested -file away what has been learnt and carry on.

 

If I have been playing skyrim for 18hrs every day for the last week is that perseverence?

 

What was the mistake you made?

 

Ozboy, it might help folks if you elaborate on your mistake a little.. What kind of mistake with a SMSF could cost you everything?
cheers