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Sun 13th Dec, 2009
Posted in Savings at 9:07 am by Gnifrus Urquart
Australia’s retirement savings industry is second to none. It forces our employers to put money away for us each in each pay packet, and we get to spend that money once we retire.
One of the things I don’t like though is the way you lose control of you money in the Australian Superannuation Industry. It is getting better, but for me there is still a very big issue here. You generally do not have a big say in how your money is invested. This is why I set up my own DIY Super fund.
Without making this article too complex, all an SMSF is, is a structure which enables you to manage your own superannuation money. There are a number of responsibilities which come with running your own super fund, you can manage these yourself or outsource them as you see fit. Most of these responsibilities follow:
1. Your Trustee Responsibilities. Someone needs to legally own the assets of the fund. This is the trustee. The trustee is also responsible for the running of the fund, so if anything goes wrong, it is the trustee who is legally liable.
Secondly, there is the administration and accounting responsibilities. This is a time intensive role, keeping the books up to date and preparing the annual accounts, lodging tax returns and preparing reports for members.
3. Audit – The auditor looks over all the accounts prepared by the administrator to ensure they comply with the existing superannuation and tax law. A successful audit will mean you maintain your status as a complying superannuation fund, so you can continue to receive the superannuation tax benefits.
Finally, you need to invest the money in a way that responsibly improves the pool of funds for your retirement. The investment decisions have to be within the superannuation regulations as well as the investment strategy as outlined in the SMSF trust deed.
Personally, I was just interested in managing my investments. All the rest was outsourced. I just wanted to be able to ensure the investment decisions I made were mine so I could feel responsible for any losses or gains that I made. There is nothing worse than when your retirement investments decrease over a year and you have no control whatsoever in the decisions made. I wanted to avoid this. Also, getting control of this meant that I could make investment decisions giving my whole portfolio consideration and not treat my retirement investment as if it were an island, completely separate of other investments I have. It is all part of my estate after all.
Time is always an issue though, which is why I outsourced all the other duties. Getting rid of all those responsibilities left me with much more time to research and make appropriate investment decisions.
Gnifrus Urquart appreciates taking responsibility for his retirement savings, as well as the leisure time outsourcing his DIY Super Administration affords him.
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Tue 10th Nov, 2009
Posted in Savings at 8:30 am by Garry Knight
The majority of car lovers would surely relish the idea of owning the car of their choice at almost half the price. Police car impound auctions offer real deals for those who do not want to spend excessive amounts on their cars. Moreover, you will find a variety of types of cars lined up for bidding in these auctions. Some of these cars might be in good working condition while others may give you trouble on the way back home from the auction, but you certainly can also come across a car in proper working order.
If you have an interest in bidding in these kind of auctions, then the local police is the best source of information for you regarding the schedules of future auctions.You may also gain some information about auction times from the advertisements in newspapers and also from the posts in the department’s websites. To be on the safe side, you would rather be at the auction a bit early, for some inspections of the vehicles listed for bidding. The police storage area is usually intended for such auctions and you can go in the auctioning block some hours prior to the auction.
In most cases, the sales in these auctions are final, and the payment should be made by cash, though certified checks will also suffice. Your driver’s license should be valid and you should have an insurance proof as well, as when you win the bid, to drive the car home you need a temporary permit. You have to pay the registration fee in order to bid, and you get a number that you show to the auctioneer while making a bid. Make sure that the car is in working condition and if there was any maintenance done to the car, for if it was in custody for a year, there are chances of it not running properly.
In terms of driving away with any of the cars from these car impound auctions, it is important that you should eliminate the ‘used-car price guide’, which is something similar to the Kelley Blue Book (used and new trade price bible) price. From Carfax.com, you can locate the vehicle’s history provided you have a PDA with an internet connection. Finding such information is quite easy as you can use the vehicle identification number or the VIN, and with this information you can decide if it is proper to bid for a car. Before the process of bidding begins, make sure you know all the rules.
The basic language in the realm of auctioning play an important role; for example ‘absolute auction’ indicates cars will be sold to the highest bidder regardless of the price bid. You might also get a car without any ‘warranty or guaranty’; moreover, your car may not even run at all. But you may also get a fantastic vehicle that only needs a good run down, or maybe a new set of tires.
There are some super deals at car impound auctions. Make sure you view the full report here about car impound auctions so you can take advantage of the best deals.
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Sun 1st Nov, 2009
Posted in Savings at 8:07 am by Rebekah Smith
Economic slowdown is having a detrimental effect and many U.S. citizens currently are experiencing serious financial pain as large numbers people are losing their homes, employment and future. High costs of gasoline and basic commodities are also making it tougher for American households to survive without additional income. During these periods, individuals are thinking of ways on how to economize which is especially true for families that look after one, two or more kids. Between giving them food to eat and sending them all to school, these homes will surely have to scrimp in some places in order to live.
Nevertheless, it isn’t just the responsibility of adults to be careful because saving money during a slump, young people can also play a necessary part. As a matter of fact, they can utilize these tight times to instruct their youngsters about saving money for hard times. This will help them deal with tighter periods in the future should they go through this again when they have families of their own. Discussed below are a few of the methods that you can teach your children about saving up.
Oftentimes it is hard for parents to accept but our children can be understanding and when you explain the situation to them clearly, with examples that they can relate to, they will be able to understand. Many will even help you of their own volition without you telling them what they need to do, because instructing them as to the reasons why they should do something is more effective than telling them straight-out. The last mentioned will often antagonize them or will get them to rebel as they sense you are give them orders without any cause. Having money boxes may seem out-of-date in this digital age but it is nonetheless still impressive in teaching children how to save up.
Tell them that laying aside will permit them to have some funds should they have to buy something that they want. A share of their lunch money – for example a quarter or two, is a good way to begin. Naturally, do not deter them from buying food when they must eat but tell them that if they are not hungry, they can save the money so that they can use more for the next day.
Maintain healthy eating habits and this will help keep control of their urge to eat more then they need. Always ask them to clean their plates every time – that way they will only get the food that they will be able to eat. This will teach them about saving and buying only the things that they need. This is a great coaching for the future so they won’t become adults with ‘maxed out’ credit cards, purchasing products that they do not genuinely need. Let’s face it ,whatever your child does is only a reflection of what you yourself are doing at home, so if you want the children to begin saving up, make sure that you are also playing your role in saving in these periods of economic slowdown.
To get all the latest tips, tricks, and tactics about excellent Teaching Kids to Save During Recession, be sure to visit us at Teaching Kids to Save During Recession
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