Along with a raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.
As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.
This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.
10 factors that may help you to an earlier retirement than expected.
- Develop a saving ethic early in life. The power of compounding is enormous.
- Look to invest in tax effective structures such as superannuation.
- Don’t overspend. Save first, spend what is left.
- Don’t put too much faith in the financial press. They want to sell papers and attract viewers at the end of the day.
- Cash is not always king. Investing too much at close to zero interest rates for extended periods of time, will delay your early retirement plans.
- Don’t think you can market time. Time in the market is the key.
- You may need to take calculated risks with exposure to quality equities and property.
- Be a rational investor, it will make you money. Being an emotional investor will cost you money
- Don’t let volatility scare you. Diversification across quality assets is the key to moderating the volatility in your investment portfolio
- Patience and discipline with your savings strategy will make you wealthy.
“Money makes money, and the money that makes money makes money.” – Benjamin Franklin
