Along with this raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.
As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.
This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.
What are the main investment mistakes millionaires make?
In a recent interview with millionaires in ‘Business Insider’ about investment mistakes they had made, there were some common themes I wanted to share with you.
It often took them a number of years before they realised that a successful investing isn’t something that results in immediate gains. Patience and discipline made them wealthy.
Many had become overconfident in their own investing ability, as they had been successful in other parts of their life, such as their careers. This often lead to investment losses as this overconfidence led them to invest more in speculative investments.
Many held on to bad investments for too long rather than sticking to a disciplined approach which led to larger losses further down the track.
The majority of them now focus on having a solid base of low cost index funds as the core of their investment funds and then working with investment and finance professionals to get the optimal result.
”When a management with a reputation for brilliance, tackles a business with a reputation for bad economics, it is usually the reputation of the business that remains intact.” - Warren Buffet.