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)
The first thing you need to do before you start investing is scrutinise your money-management and spending habits/patterns thus far. To be on the verge of bankruptcy as a 25 year old is an extremely bad sign (unless you made a business venture that went horribly wrong - can happen to all of us).
Thanks - i was under the impression voluntary contributions were accessible failry quickly, but im sure thats just how the Super Co's want us to think. I get the papers out & run over the small print...
The fact that you are even aware of the availability of being able to make (regular) withdrawals signals to me a deeper issue; the one that is (probably?) the root cause of your debt position and need to clear it.
Basically; spending.
The idea of super is to force the masses to make some commitment to savings so they are not entirely out on the street at retirement.
If you are able to access the contributions regularly, what do reckon most heavy spenders who are upside-down financially will do? They'll simply withdraw it and spend it.
Becoming financially free (excluding a lucky windfall, rich parents that snuff it or inventing Google and the like) involves a very simple process;
1. Spend less than you earn
2. Save 10% of what you earn
3. Invest the 10% into other assets that will provide an income return and/or capital growth..
95% of the planet fall over at steps 1. and 2., so have no hope of getting to step 3.
If all of what I've said here is on the money, my advice is to get rid of any credit cards you have immediately - cut them up and live off cash.
Next, spend 10% of your wages on minimising the debt on those cards - over and above the monthly repayments until they are cleared.
Then, start attacking the next biggest (smallest) debt - maybe a car loan? until it is gone. You allocate the same money you were plowing into the c/c repayments into the car loan - over and above it's repayments.
And so on.
Hard to do? Absolutely.
But being bankrupt is harder.