Long time reader, first time poster - i apologise if this is in the wrong forum - im 25 & am trying to drag myself out of debt - i was told bankruptcy would be my best option but chose not to & am finally getting some control on my finances - I am thinking about using my Super as an investment account, similar to a managed fund + i get the governments contributions (with the plans of opening a SMSF up the track)
i currently have an "annual expenses" (vehicle rego, insurances etc.) high interest savings account & i planned to put 10% of my savings & the difference between private health insurance plans in there (i choose the lowest possible private health option apx $10 a week for tax purposes but put the difference between the highest option, say $30 a week into this account, should i need an op, i have cash & insurance) & will soon put an additional 6% into my super, upping it to a total of 15% of my income.
I get charged $35 for every withdrawl of voluntary contributions, so i would keep them to an absolute minimum - change all insurances to annual & take out vehicle reg, RACV etc. fees at the same time each year. I understand the risk of investment but i also believe to do nothing is riskier & my current super portfolio is performing at almost 15%. My voluntary inputs a week would total apx $150 & im young enough to rebound if things turns bad again.
Does it sounds feasible to the more experienced investors in here? Are there any negatives ive overlooked?
i currently have an "annual expenses" (vehicle rego, insurances etc.) high interest savings account & i planned to put 10% of my savings & the difference between private health insurance plans in there (i choose the lowest possible private health option apx $10 a week for tax purposes but put the difference between the highest option, say $30 a week into this account, should i need an op, i have cash & insurance) & will soon put an additional 6% into my super, upping it to a total of 15% of my income.
I get charged $35 for every withdrawl of voluntary contributions, so i would keep them to an absolute minimum - change all insurances to annual & take out vehicle reg, RACV etc. fees at the same time each year. I understand the risk of investment but i also believe to do nothing is riskier & my current super portfolio is performing at almost 15%. My voluntary inputs a week would total apx $150 & im young enough to rebound if things turns bad again.
Does it sounds feasible to the more experienced investors in here? Are there any negatives ive overlooked?