Super that you cannot control is a con. You create a large balance, where one 30 something fund manager with an MBA and no real world experience can destroy the value with one bad decision or you get hit unexpected medical bills that the medical insurance company decides that the policy fine print doesn’t cover - and bingo no super.
Have a friend who, years before super was a thing, created a self managed fund. Every pay he put 10% into it and he used that to purchase income producing property. Now, in retirement, he has no debt, a bunch of capital assets, and generous income.
He also uses some advice he received from CommBank - o put any spare cash onto his credit card as credit card balance isn’t tracked like cash accounts.
Recommend to anyone that they get out of the corporate superannuation roundabout (even ignoring the fact that these funds deliver excessive profit by destroying small business)
Might not be a Beretta but 30 something fund managers are part of this country’s resident evil
I’ve already been there and done that mate, owning 4 houses by the age of 21, then buying further Acreage in the Hills as well.
But when I ended up in Hospital and getting through a couple of years of recovery, plus being forced to stop work and go on a disability pension, I had already Sold these assets to pay the Bills and lost 70% of everything to the ex-missus, just to make her go away basically!
I’ve been Rich, and I’ve been on the bones of my arse as well.
To tell you the truth, I’m much happier being on the bones of my arse and only wanting my Super to pay for my Fuel and Camping Fees as I live my “retirement” wandering around the country.
I’ve been broke with two young kids, barely scraping week to week. Spent the last 20 years busting my arse, getting to a point where I hopefully can help them get into their own house in the next couple of years, as they have buckley’s of getting into home ownership in the SEQ area on their own!
Sure I am VERY grateful for my work paying off, but my body and mind paid for it as much as my wallet!
I have a pretty serious permanent back injury that I manage to work around and ignore most of the time, a hernia that was repaired and is in the same category, and hand issues from a lifetime of hard labour that I am currently spending a fortune trying to resolve.
Joys of being 40 something! And yeah I know, there is plenty of further decline to look forward to!
My grandad’s words sum up best my current planning for the future:
“Had I known I was going to live this long I might have looked after myself better as a younger fella!”
Now I am not pushing 90, but that one line has had me change my thinking of going hard and getting it done to a more slow and steady wins the race mentality might be best! To self fund retirement I will need to play the long game, not the short destroy myself option!
Fortunately for my wallet I like to keep busy, but I also want to see what being bored it like once in a while!
Hang on we need a BBq. I got diagnosed with Arthuritis. Get that sorted out before xmas specialists all good. What do you mean homeless got plenty of scrub pitch the tent.
Welcome to the party pal. Add up 13 plus 13 worked all my life. Happier now doing my important work supporting civilians beeps are much better.
My goal is go freehold early next year. And I will to. I might need a Kawasaki while I’m at it
Speaking of phones mine boogered up last night rebooted everydamn thing. Wasn’t detecting the sim card which goes AUS wide. Got the ISO out popped it out and back in.
Imagine me trying to contact a service centre today. They are not even effn open
and I’m definitely not a flat earther. 