7 great tips to efficiently manage your super

Jun 10, 2008

1. Update your address – make sure that you notify all of your super funds when you change address or risk losing touch of your funds
2. Consolidate – don’t have a dozen super funds. They are too hard to manage and may be eaten up in fees.
3. DIY – you should have a minimum of $100,000 before you start your own self managed super fund otherwise the fees will eat up any benefits of doing it yourself.
4. Talk to a financial adviser – you wouldn’t let an amateur build your house so why do the same with your super?
5. Choose the right investment strategy – your strategy need to match your risk profile. A risky strategy, such as international shares, will only aggravate you if the market falls and you are naturally a conservative investor.
6. Allocate time to super – take the time to look after one of your biggest assets. It doesn’t need much.
7. Keep a track – check your annual statements for employer contributions, fees, insurance cover and analyse fund performance in general.

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