Retirement Savings Accounts: SMSF = bank account

[Big A.D.]

Fair enough if they have bugger all and their grey matter has atrophied.

They're not stupid and they're not poor (most of them are actually quite intelligent and working in professional fields) but they just find the whole superannuation thing very boring and would rather not spend any time on it.

If I can't convince them to set up SMSFs, maybe I can at least get them out of their managed funds and just have one, simple bank account.

 

[nonrecourse]

Fair enough if they have bugger all and their grey matter has atrophied.

They're not stupid and they're not poor (most of them are actually quite intelligent and working in professional fields) but they just find the whole superannuation thing very boring and would rather not spend any time on it.If I can't convince them to set up SMSFs, maybe I can at least get them out of their managed funds and just have one, simple bank account.

I find the part I have bolded just incomprehensible. How can any rational thinking adult operate at that level That is why my term fiscal pygmy is on the mark with 90% of the population.

Kind Regards
non recourse

 

[nonrecourse]

Fair enough if they have bugger all and their grey matter has atrophied.

I believe that if you can manage a mortgage you can manage an SMSF, its not rocket science. The break even point for cost is you need $70,000 for a true SMSF and a lot less for esuper but again if your with esuper your filling the banksters pockets.

Kind Regards
non recourse

this esuper is all over my generations version of TV. (youtube)

Are there any other similar setups available? low cost i mean, doesnt necessarily have to be exclusively online.

and you mention a lot less in terms of SMSF, i am trying to see if my current balance is going to be viable for a low cost SMSF
how much is a lot less but still viable?

Pleased to hear

You need to pm me and come along to a group I belong to that teaches you how to run your smsf on the smell of an oily rag. Cost? $3 a meeting for the hire of the hall and if your quick it includes a coffee and bisket.

Kind Regards
non recourse

 

[REDBACK]

It kind of buggers me when the focus on setting up a SMSF centres around returns and the expense and perceived hassle of setting up and running the fund.
Hell i was extremely happy to just not lose money year after year and still have to pay those pri*k fund managers their fee's.
Agree with advice above Control is Nine tenths of the law and ten Tenths more profitable.
True story-After not receiving my controlled fund end of year statement and hassling my advisor for 3 months for the statement,he gives me this pearl of advice(As they had lost money once again)
"Chris the best thing to do with your statement this year is just put it in the top drawer of your desk and forget about it and focus on next year"...Absolute pearler!!
That got me motivated enough with an amount under 50 k to go my own way.

REDBACK

 

[Kawa]

Fair enough if they have bugger all and their grey matter has atrophied.

They're not stupid and they're not poor (most of them are actually quite intelligent and working in professional fields) but they just find the whole superannuation thing very boring and would rather not spend any time on it.If I can't convince them to set up SMSFs, maybe I can at least get them out of their managed funds and just have one, simple bank account.

I find the part I have bolded just incomprehensible. How can any rational thinking adult operate at that level That is why my term fiscal pygmy is on the mark with 90% of the population.

Kind Regards
non recourse

Sometimes you just gotta stop trying to convert people Dude.You come across with good info which is great though you tend to get all wound up about stuff that you cant control.

I hope your kids never get busted for drug possession as I never thought that could happen either.People will always fuck up and do what they want.Not everyone has the same life nor destiny.

There is nothing to be gained by your good self banging on all the time about how your shit does not stink and that everyone else has to get on your agenda.Its dull.

If you really want to test your Fiscal Pygmy passion on people.Try going into a youth homeless encalve and call them Fiscal Pygmie's

I have learnt to let stuff wash over me as those that think they can control and influence are just wasting their time.

Just saying.

 

[nonrecourse]

Sometimes you just gotta stop trying to convert people Dude.You come across with good info which is great though you tend to get all wound up about stuff that you cant control.

I hope your kids never get busted for drug possession as I never thought that could happen either.People will always turtle up and do what they want.Not everyone has the same life nor destiny.

There is nothing to be gained by your good self banging on all the time about how your shit does not stink and that everyone else has to get on your agenda.Its dull.

If you really want to test your Fiscal Pygmy passion on people.Try going into a youth homeless encalve and call them Fiscal Pygmie's

I have learnt to let stuff wash over me as those that think they can control and influence are just wasting their time.

Just saying.

Just saying there are two types of people in the world, doers and gunnas. The gunnas want what the doers have and blame doers for all the worlds problems. I wasn't born with a silver spoon in my mouth, I take what is mine and am happy to help others help themselves.

I'm also good at stepping back from individuals that won't help themselves and for that I'm told I am an uncaring bastard. Everyone deserves a second and a third chance in life. I'm not my brothers keeper. Life is there to be grabbed with both hands and I have no intention going to my grave thinking what if.

Reality is most people have no idea where they are going but want someone else to look after them when they fail because they can't be bothered. That my friend is the entitlement mentality of the fiscal pygmies and its not me that is the problem.

Kind Regards
non recourse

 

[nonrecourse]

It kind of buggers me when the focus on setting up a SMSF centres around returns and the expense and perceived hassle of setting up and running the fund.
Hell i was extremely happy to just not lose money year after year and still have to pay those pri*k fund managers their fee's.
Agree with advice above Control is Nine tenths of the law and ten Tenths more profitable.
True story-After not receiving my controlled fund end of year statement and hassling my advisor for 3 months for the statement,he gives me this pearl of advice(As they had lost money once again)
"Chris the best thing to do with your statement this year is just put it in the top drawer of your desk and forget about it and focus on next year"...Absolute pearler!!
That got me motivated enough with an amount under 50 k to go my own way.

REDBACK

And by taking back control you grow as an individual.Life is there for the taking and that terrifies most people.

Kind Regards
non recourse

 

[registered nutcase]

Thanks NR. I am one of the people who have listened to what you have said, and I have learn't a great deal.

I have to say your nature of speaking as you feel has the habit of upsetting people, but the world is not a nice place and it is the internet, GET ANGRY! FFS it is an anonymous forum (for the most part) I personally like your no bullshit or fake smile approach, but the end of the day only a few people will listen and learn.

 

[Kawa]

S

Sometimes you just gotta stop trying to convert people Dude.You come across with good info which is great though you tend to get all wound up about stuff that you cant control.

I hope your kids never get busted for drug possession as I never thought that could happen either.People will always turtle up and do what they want.Not everyone has the same life nor destiny.

There is nothing to be gained by your good self banging on all the time about how your shit does not stink and that everyone else has to get on your agenda.Its dull.

If you really want to test your Fiscal Pygmy passion on people.Try going into a youth homeless encalve and call them Fiscal Pygmie's

I have learnt to let stuff wash over me as those that think they can control and influence are just wasting their time.

Just saying.

Just saying there are two types of people in the world, doers and gunnas. The gunnas want what the doers have and blame doers for all the worlds problems. I wasn't born with a silver spoon in my mouth, I take what is mine and am happy to help others help themselves.

I'm also good at stepping back from individuals that won't help themselves and for that I'm told I am an uncaring bastard. Everyone deserves a second and a third chance in life. I'm not my brothers keeper. Life is there to be grabbed with both hands and I have no intention going to my grave thinking what if.

Reality is most people have no idea where they are going but want someone else to look after them when they fail because they can't be bothered. That my friend is the entitlement mentality of the fiscal pygmies and its not me that is the problem.

Kind Regards
non recourse

I hope your kids dont end up on the streets and no one helps them because others like you can step back from the indivual and let them fail.

You are so full of yourself sir and the post above I think confirms your are an "Empathy Pygmy"

 

[Big A.D.]

Er...I think things may have drifted off course somewhere...

Personally I enjoy looking into all sorts of investments, but that's just me. I know people who enjoy the challenge of investing well too, and I know people who genuinely enjoy what they do for a living and would be happy to just put aside part of their earnings for when they get old.

It looks like there is something out there that's very simple that would suit these people to a T and since super is compulsory, they may as well take advantage of it.

 

[goldpelican]

Sounds very reasonable for someone just entering the workforce or with very low superannuation balances to consider one of these products while building up enough capital to make a SMSF worthwhile... or if you are going to be heading overseas and already have a SMSF, and won't be able to maintain residency status for compliance. Either wind the SMSF up and move the capital to an RSA, or if you get advice that appointing an Australian resident with enduring power of attorney as an additional trustee will maintain the compliance of the fund, open an RSA and continue to contribute to the RSA while overseas (I don't believe you can contribute to a SMSF if working overseas). When you move back to Australia, roll the RSA balance over into the SMSF.

 

[Big A.D.]

Sounds very reasonable for someone just entering the workforce or with very low superannuation balances to consider one of these products while building up enough capital to make a SMSF worthwhile... or if you are going to be heading overseas and already have a SMSF, and won't be able to maintain residency status for compliance. Either wind the SMSF up and move the capital to an RSA, or if you get advice that appointing an Australian resident with enduring power of attorney as an additional trustee will maintain the compliance of the fund, open an RSA and continue to contribute to the RSA while overseas (I don't believe you can contribute to a SMSF if working overseas). When you move back to Australia, roll the RSA balance over into the SMSF.

That's along the lines I'm thinking - a place to park super until you have enough to make it worthwhile doing something with.

Having a small balance with a managed fund earning minus 5% a year is just a waste.

 

[Kawa]

The RSA was all new to me and would suit some.I think it would be good for young people just starting off ( say 17-22) or for really risk averse people.Getting into a SMSF too early with limited capital could be a problem with the running costs.

 

[goldpelican]

Or if you start your own business and no longer receive employer contributions :/ I don't fancy the idea of selling down gold each year to pay for an audit and administration.

 

[REDBACK]

Kawa you need to Chill and take on board what you can,it still amazes me that NR's advice is for free and is born of personal experience both positive and negative.
An empathy pygmy doesn't share his 'failures' so readily so that others can learn,thats one big pygmy 'Sir'

REDBACK

 

[Kawa]

Kawa you need to Chill and take on board what you can,it still amazes me that NR's advice is for free and is born of personal experience both positive and negative.
An empathy pygmy doesn't share his 'failures' so readily so that others can learn,thats one big pygmy 'Sir'

REDBACK

You and NR get a room then Sir.

I will pay for my advice.

 

[REDBACK]

In one way or another i'm sure you will.

Take care mate

REDBACK

 

[nonrecourse]

.
I hope your kids dont end up on the streets and no one helps them because others like you can step back from the indivual and let them fail.

You are so full of yourself sir and the post above I think confirms your are an "Empathy Pygmy"

You keep wishing misfortune on my children this is the second time you have mentioned them. My wife and I are one; in that unlike the vast majority of parents we have done the unpopular thing and refused to be their friend. As parents we have guided them with an iron fist in a velvet glove.

The end result? They both got into the number 1 University in Australia their chosen fields and love what they do. We know that our children were not smarter than the average, their advantage was from a very early age they both knew what they wanted to do and we made sure that they were always accountable.

You can evoke emotional blackmail bullshit on some but mate it doesn't cut with me. I am accountable for what I do and so are you. You wonder why the Europeans and Americans are in the shit and Australia headed down that same path?

My song sheet in life has been to learn to be self sufficient and be accountable and in real life thats what counts.

Kind Regards
non recourse

 

[Kawa]

.
I hope your kids dont end up on the streets and no one helps them because others like you can step back from the indivual and let them fail.

You are so full of yourself sir and the post above I think confirms your are an "Empathy Pygmy"

You keep wishing misfortune on my children this is the second time you have mentioned them. My wife and I are one; in that unlike the vast majority of parents we have done the unpopular thing and refused to be their friend. As parents we have guided them with an iron fist in a velvet glove.

The end result? They both got into the number 1 University in Australia their chosen fields and love what they do. We know that our children were not smarter than the average, their advantage was from a very early age they both knew what they wanted to do and we made sure that they were always accountable.

You can evoke emotional blackmail bullshit on some but mate it doesn't cut with me. I am accountable for what I do and so are you. You wonder why the Europeans and Americans are in the shit and Australia headed down that same path?

My song sheet in life has been to learn to be self sufficient and be accountable and in real life thats what counts.

Kind Regards
non recourse

With such a perfect life no wonder you are compelled to advise all others.
Thankyou for all you have done.
You are amazing.

 

[mmm....shiney!]

Reported