Self Managed Super Fund with only 8K. Possible?

[darkhorse70]

But I agree

 

[VSntchr]

+1

8K is fairly low ball, most of your cash end up in accountant fees and trading fees

look at this way if you do well, you get 10% -15% a year ...it would cost you $700 for accounting/audit and then maybe another 100 or 200 in cost of buy and sell ... you get close to zero return...

and if you don't do well, you add extra 10% to your loss, it wont takes you long before 8K disappear in fees.

This post pretty much should be enough to close the thread.

$8k is good enough for a personal portfolio to "dip your toes in" as you learn.
But for SMSF, your external fee's are going to be ~$1000 at the cheapest.
So your needing 10-15% just to break even. That means that to achieve a return which is above the historical long run average you will only be breaking even - your entire effort/time is being wasted.

Sorry to deflate your balloon, but you seem like your interested and motivated to succeed - so take the advice of those in this thread - they are smart guys ho have been in the game for a long time and know what they are talking about.
You mention that successful profitable trading requires you to tinker your strategy - apply this advice to your plan. Don't give up, just alter your plan of attack.

 

[darkhorse70]

Thanks value. Agreed. Ill try my best

 

[So_Cynical]

Thanks value. Agreed. Ill try my best

Its ok to be positive and all but why set yourself up to fail?

The facts are that you have 8K in super and an SMSF will cost you $700 http://esuperfund.com.au/ or you could go with Austsuper or ING and have around $250 per year in fees, the $450 difference between the 2 equals 5.6% of your capital...with an SMSF your 5.6% down right from the word go.

 

[Bill M]

ING do everything online.

http://www.ingdirect.com.au/superannuation/living-super.html

Ok thanks man

Hello darkhorse70, I am with that ING product. There are no catches, for cash and term deposits with them there are no fees. You can open the ASX shares trading account and that will cost you $15 per month plus brokerage for buys and sells. You can invest up to 80% of your portfolio in shares and up to 20% in any one stock. (please check pds to be sure)

As others have mentioned, even esuperfund charge $699 per year, plus there is an ATO fee which all SMSF's have to pay, that makes it close to $1,000 per year all up. ING Living Super might just suit you, cheers.

 

[darkhorse70]

Cynical no I meant I was going to abandon that avenue of going through a superfund option as you all said the fees dont make it worth hwhile pursuing. I only asked the initiall question as I wanted to figure out a way if there was a way to bypass most of the fees. Thanks Bill I will definitely check it out. On another positive note we might be moving to NZ to live on a farm and so we can access our super early. Anyhow thanks. Ill let you know how that ING fund goes.

 

[darkhorse70]

Just called ING. Sounds like the best option. Have to do some more digging but thanks for the help guys.