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.
What are the main investment mistakes Millionaires make ?
In a recent interview with Millionaires in ‘Business Insider’, they were asked about the main investment mistakes they had made.
These were the 3 most common themes:
- It often took them a number of year before they realised that successful investing isn’t something that results in immediate gains. Patience & discipline was in the main ultimately what made them wealthy.
- Many had become overconfident in their own investing ability, as they had been successful in other parts of their life eg career / high income earners. This often lead to investment losses as this overconfidence led them to invest in speculative investments,as opposed to investing in quality, profitable companies.
- Many held onto bad investments for too long. Over the course of time they developed more disciplined approaches which led to better results.
The majority of them now focus on having a core of low cost index funds as the core of their investment funds & working with investment / finance professionals to get the optimal result.
If we did all the things we are capable of, we would literally astound ourselves – Thomas Edison.