Lifestyle and SMSF..!

  1. 2,209 Posts.
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    How many on this thread look after their own SMSF's?

    Does it impinge on your lifestyle?

    Anyone got this down pat?

    If so, do you do it solely on your own, in 'partnership' with a planner or broker?

    How do you handle the day to day administration? I.e. Written records?
    spreadsheets, paid administration service? Are your minutes kept on computer, printed out and signed/filed or recorded in book form?

    I ask and am interested as we are on the verge of signing up with a broker (planner!); however, on closer examination I am not feeling comfortable with this decision. His views on what one can do inside super are very different to mine (and as a Member of the Australian Investors Association over many years, have attended many educational seminars etc. so I do basically know the issues one has to be careful of). I am at loggerheads with him. He wants me to sell my gold shares (which by the way are having a tremendous day today - I hold a portion in my portfolio as a 'hedge' against a falling market and market shocks - I would normally be buying for short-term gains). His push is into hybrids (I'm not a fan - however; I do confess some ignorance in this area despite my cramming in the last few days). He tells me that if I want to buy and sell (not talking day trading here) I should do it outside super. The only thing is that tax will be incurred if I do this.

    So, at what cost (other than paying mega dollars for planning services) does running your own SMSF come at?

    I suspect there are a few of you who have no trouble at all. We are in pension mode and my other half is not interested - except to hear we made gains in something which hasn't been happening as often as it should. What gives me the most stress is the administration....I struggle with this and want to make it simpler. I guess it also depends how active one is.

    Just wondering as I feel there has to be a better way and I want to get it right.
    Is it possible to run own SMSF (actively) and enjoy life as well?

    cheers...
    Cazzex
 
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