I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

How to Cut through Super and Investment Choices and increase your Wealth

We are often caught off-guard when faced with a lot of decisions, but the experts say that there are some ways to simplify things.

According to financial planner Patrick Canion, our brains become jammed due to information overload. He talked about a famous study by a US psychologist who discovered that consumers were ten times more likely to buy something with just six varieties instead of something with 24 varieties on display.

Canion stated that it's the reason why a lot of super funds are only offering six to eight investment choices. He said that people often have pre-mixed funds or life stage choices because they don't have to think about them.

Canion also stated that super fund members must take the time to check go online, review their member statement and see how the money is invested. Don't hesitate to change because it would only involve a single form. He said you should not go for the easy option regarding superannuation since it deserves all the attention you can give it.

Listing down your life goals and financial goals can be helpful since putting them on paper will give you something to evaluate regarding your progress.

Canion also said that working hard into understanding investments will provide you with the best potential for better returns.

When you put on more effort towards investment, sweet equity will maximize your chances of acquiring better returns compared to when you're only picking something up with a dart board. Putting an effort doesn't necessarily mean that it is complicated. Don't be afraid to admit that there are some things you don't understand or feel confident with since there will always be other opportunities for a fantastic investment.

Wealth for Life Financial Planning Principal Rex Whitford said that having professional advice is crucial, and you must always read the product disclosure statement for a product. The regulator would require that you provide it.

A relatively new option in terms of investment involves exchanging traded funds since it distributes money throughout an entire stockmarket index and holds each stock parallel to it size over the index like the S & P 500 in the United States.

ETFs can be purchased over the sharemarket, and their fees will be much lower compared to traditional managed funds. Whiteford also mentioned that some ETFs are better compared to others, and it is very important to be cautious.

They must be properly researched along with other investments before you make a decision. The risk here is that a lot of investors will frequently be trading them like a share. This is an error in a majority of cases.

Marins adds that you can try to enforce a transition to retirement strategy by yourself although DIY can be risky regarding sophisticated tax planning.

Related news are posted on our knowledgebase atwww.australiansuperfinder.com.au

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