Manage Your Own Super in 8 Steps

In The Black magazine provided an 8-step guide to DIY super.  1: Ensure the fit is right, because Self Managed Super is not for everyone.  2:  Decide whether you are going to become a market expert yourself or use a good adviser.  3: Know the SMSF rules.  4: Make sure your finances are prepared.  An SMSF fund should start with at least $200,000 and you need to budget for set up and ongoing compliance costs.  5: Prepare a strategy. 6: Follow the rules that prevent you from linking personal and SMSF assets.  7: Know your obligations, in particular as this applies to how and when you access your funds.  8: Watch your exposure.  In The Black suggests that you hold at least 20 stocks and advises against holding more than 70% of assets in shares.

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Image courtesy of Renjith Krishnan, freedigitalphotos.net

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