For the first time since I managed it myself, I made money from my Super Fund

Sorrento Living Superfund Planning

Sometimes you make a decision that should have been done 10 years earlier, but now my hindsight can help you!

Did you know that when you turn 55 years of age you can self manage your own super? Until last year I had my Superfund looked after by someone else and now I see that I lost the chance to be richer as I could have started to manage my superfund a long, long time ago.

I wrote a post last year that said the superannuation fund was a joke  and although I was being honest and outspoken with my opinion I got a lot of negative response from Brokers (which I appreciate their opinion) but did not agree with them.

Between myself and my husband we did not have a lot of money as all the money we put in to our Superfund throughout the year it “ate it” with bad investments and fees.

This year by self managing my Fund myself  and including the money we put in we increased our savings by 20%. If I had left my money in the Super I would probably had increased another $10000 for the year but what happens to the other $50000 I put in. And they are trying to tell me I made money?

So doesn’t it make sense to manage it myself? I am not a Finance Advisor ( God forbid) and none of those people agree with me but I just use my common sense and it looks like it is working.

If you are over 55 then you can self manage your Super too!

Good luck & Feel free to ask me any questions!

Comments

  1. Kyro said:

    Hi,
    Any tips to make the best use of my super fund.How can I self manage my super fund.I’m 32 yrs and looking for tips. Cheers

    • Kyro,
      I wish I had a better deal for you but unfortunately you have to go with any of the Companies who handles the Super as you are not over 55 years old ( Thank God for that)
      I think if you look for a finance advisor would be your best alternative as you are young. A finance advosor will advise you on what should you invest your Super,
      I, for one, never took chances investing with great risks. I prefer the safer way, but even the safer way the Super managed to lose my money.
      Just put on Super what is absolutely prescribe by law and try to save money and put on
      “bricks and mortar”, as long you buy in the right location and don’t think of selling for few years you always will be able to fare better than others.
      Even a cheap unit in Leederville or Victoria Park will do the trick. As a starter on a portfolio.
      I have just sold an unit for a young lady for $320,000 in Leederville with a rent per week of $365,000
      She still in the red per Month but as rentals will be increasing soon her mortgage will be paid by the tenant. If waits 5 to 7 years the capital growth will come in and that would be a great investment over the years. As long you have at least 20% to invest on a property you will not pay mortgage insurance and that is also safe.
      I have been doing this for many years. Using my common sense and not buying when market is going up “too fast”
      I know some finance advisors that are good at their job and very reliable.