Over the past couple of months we have been looking at starting up a Self Managed Super Fund (SMSF) for ourselves. Why would we look at doing this? Well there are several answers, but the most simple explanation is that we are just tired of having to pay fees to an ‘expert’ financial company to invest our super annuation into funds which do not offer a good return at all. In fact, looking at the returns that I have received over the past couple of years, I would have been better off if I had just invested all of the money into a term deposit at a bank.
So basically, we like to be in charge of our money, we like to be in control of our goals to reach our financial freedom. And looking into the amount of money we have in our current super accounts, it allows us have a significant amount of extra money to be able to play around with. So at this point in time, we have all these ideas of where we would like to invest, but just simply do not have the capital, and creating a SMSF will let us tap into this extra source of income to be able to perform some of these investments.
I am not going to go into the details of how to set up a SMSF or anything like that, I will cover those in later posts. This post is going to be the beginning of our next challenge of setting up a successful SMSF and hopefully every step of the way we will detail what we achieved in a post so that other can follow in our footsteps, and possibly learn from our mistakes, or even better streamline the process.
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