Self Managed Super - The Low Down

I am quick apology. I know my backdrop looks like shit. I have been got some stuff moving in and I'm moving some things around. Didn't have time to finish it. So anyway, you got to deal with some packing boxes. You got to deal with a couch being tipped upside down, which I had to put back together again. Hopefully, the information what I'm going to share with you today is going to be worth having to deal with that type of backdrop in any case. So that's what we're dealing with today. And I'm sure you guys are going to be able to manage. Today's topic is all about superannuation. Now, into this, I have to do my obligatory— what should I say? My obligatory— what's the right word? Like my, you know, this is not to be considered financial advice and get your own advice. And everything I say is more about my personal opinion than anything else. And if you want to set up yourself in a super fund or look at a super, then you should get your own advice. Cool? We're all big boys and girls and we all take responsibility for our own decisions, but I needed to say those type of things, let you know this is not financial advice. Disclaimer is the word I was looking for. This is not financial advice. This is just my personal opinion around superannuation and around what my experience has been. Thousands and thousands of investors over the years. Of who have decided to set up a self-managed super fund. Now, those of you who may know me— yeah, disclaimer, thank you, I needed some help with that already, which is useful. Those of you who know me already and have seen me talk about it, you may know that superannuation is one of those things that I love to hate. And the reason is because I'm not overly impressed with the system. Pure and simple, I'm just not. Now, As I get into it, like, who's with me already? Like, who, who's kind of like they're not sure about the system or they don't like the system? And why not? Like, if you do, if you do like it, let me know you like it and let me know the reason why. If you don't like it, let me know you don't like it and let me know the reason why, right? I would love to hear from you guys what your general thoughts are, are around superannuation straight off the bat. Um, that will be, uh, super interesting to see what you guys are thinking straight off the bat. And, uh, Tony, thank Thank you for giving me the disclaimer thing. I can see your name there. That's very useful. So I completely forgot the word. Now, this is also one of those things where my investors and the people that know me very, very well love to bait me about. They know that if you kind of leave something open there for me to start talking about super, you're probably pretty well going to get some type of rant out of me is the reality of the matter. But I thought, you know what? I'm not going to wait for that. I'm just going to get into it and, um, tell you, give you a rant in any case. I'll give you some thoughts, but also, uh, talk to you around, you know, some of my concerns with it, talk to you about, um, where I think it's going, talk to you about some of the stuff that we're following, the break the government is leading towards with it. But then I'm going to talk to you about self-managed super funds and how, um, you know, a lot of my clients are utilizing those to grow their investments and and kind of unpack some of the— well, a bunch of the misinformation that there is around superannuation. So that's what I'm going to be talking about today. Uh, so Lizzie doesn't like it, poor returns. Yeah, who else? I'm super curious around what everyone else is kind of experiencing around it. Um, I'm going live on multiple different platforms at the moment, so I'm just going to load up another one at the point in time. Uh, Anne-Marie loves a good old rant. Fantastic. Okay, cool. Now let me start by this. Um, look, the superannuation system was set up to supposedly provide people a safe and secure retirement in, um, in safe and secure retirement before retirement, right? That's what it was designed to do. Unfortunately, it's failing people. Uh, there's no other way to put it. I can't sugarcoat it. It's literally failing people miserably. When you look at some of the statistics in and around superannuation, they're really, really poor, right? I'm looking at some of the stuff I posted the other day. The average superannuation balance for someone who's aged over 60 is— for aged between 60 to 64 was $361,000. That's what the average balance is. Now, what you've got to understand, well, how long— then you've got to ask yourself the question, how long is it going to last me in retirement? The reality of the matter is that 77% of the population rely upon some form of the pension retirement, 7%, right? And that's a really, really scary statistic. And I don't think it's getting any better and really anytime soon. And I think your ability to be able to control your super is going to get a lot worse. And here's some— I'm going to show you some of the reasons why in a moment. Now, what I'd love to know is who here actually knows what their average annual return is their superannuation fund over the last 10 years? Who actually knows what their returns that they're actually getting are? And on another side, who knows how much fees they're paying? Because my experience is that most people are not aware of their returns, they're not aware of their fees, and they're not even aware where their superannuation is invested. It's kind of like this set and forget supposed type of thing, and there's a whole lot of complacency involved around superannuation. So for most people, they just go with the default superannuation company that their company provides them, and they get a statement maybe twice a year, and they file it in a drawer or throw it in the bin, and they don't ever look at it. They don't ever see what is returning. They don't ever see what it's doing, and they go, well, that's just the way it is, and I'll just think about that at a later time. And when people finally get a chance to start looking at it, or it starts to get a little bit later on in life, they start to go, oh shit, I just don't have enough in there, and then it becomes panic stations. Now, I'm like the returns in around super historically for most people have been quite poor. Some people for sure have gotten some good results, but for most people, their returns have been very, very poor, especially when compared to what they're invested in. Now, if you have a look at the average superannuation return over the last 10 years, it's been around 7.2%. For a balanced fund. If you're in a conservative amount, that's 4.4%. Now let me tell you right now, that's not even keeping up with inflation as of the current rates. However, over the period of 10 years, we're at 7.2%. Now what, for most people, what is the average superannuation invested in? What's the primary asset class superannuation is invested in? Let's have a chat about that for a moment. What's the primary asset class? Stocks. Superannuation is invested in now because if you go and look at the the ASX 200, just to share the answer to share market by the way. But if you go look at the ASX 200 and look at the ten-year return, if you just put some money in the ASX 200, the Australian Australian Stock Exchange averaged against the top 200 stocks and index associated to that. You would have got a 9.3%, 9.3%. So the average superannuation balance on a conservative level has been 4.4%, and for a balanced level has been 7.2%, and a high growth level has been at 8.3% on superannuation balances. If you just took your money, put it in the ASX 200, and then forgot about it, you would have made 9.3%. 3% on average. So this superannuation balance, which is supposed to be managed by experts with the idea of outperforming the marketplace, is not even getting there. Even the high-growth option is falling short by in and around— what is it, uh, 9.3 minus 8.3? So a full percentage is falling in arrears. And so you sit there and you ask yourself, what the hell am I paying any fees for to the so-called experts if they can't even track the marketplace, let alone beat it, right? This is one of my first big challenges when it comes to superannuation, and you're gonna see me, um, I'll have to start— make sure I don't start spitting with passion at the screen and things like that, because I get really worked up around this because I think it's a big lie. I think it is a massive farce. Yeah, my raise is killing them. I freaking love it. My raise is killing them. That was Adam. Oh, Adam, of course, of course you'd be on here, bro. Um, yeah, George, you've got us set. You set ours up, very happy we did. Yeah, absolutely. So like, for most people, it is failing miserably, miserably, right? And it's going to continue to fail because the people behind the scenes, they don't— they, they don't have any vested interest in making sure you receive a solid return, right? They don't have any vested interest. They charge their fees, and that's what they charge. And whether they do well or whether they do ill, you'll get paid, right? And they rely on people's complacency basically to keep it in there because they don't— people do not change. Okay, now, um, you want to be thinking about the last kind of 5 years, and you want to think about the 5-year return when it comes to superannuation. For example, the average return of superannuation over the last 5 years for a balanced fund has been 7%. Now I want you to think about what it's been for property, for example, right? 6.8% is the ASX 200 return over the last 5 years. But think about what it's been for property over the last 5 years with the massive jumps that we've just seen in the property market over the last 5-odd years, right? The performance of the superannuation funds are not keeping up. And they're literally nowhere near it. You compound those returns out over a period of time, it just gets absolutely exorbitant, the opportunity cost that you have. Now, again, not all superannuation funds are shit, like, but a lot of them are. I've got these top-performing super funds, and I'm just going to see the returns. I've got the list of the top 10 performing, and I've got the list of the top worst-performing super funds. So let's actually have a look at what the best are and what the worst are, just so we can begin to understand. And then I want to talk to you about some of my big concerns about the superannuation industry for the future, right? That's what I want to talk to you about. Okay, let's share my screen and I'm going to show you what I'm talking about. Okay, so hopefully you guys can see that. If you can, Please type in the word seen. Let me know that you've seen it. Okay, so these are the the funds. Now let's um actually go and change this. Uh, I'm going to put it in the performing. Yeah, Amanda, I have no idea of fees, but attract returns closely. Have some in both countries. One is high risk for higher returns. Yeah, cool. Okay, so here are the top 10 best performing superannuation funds. Now, how do they not even have 10-year returns on this? Last 1-year performance. Oh, that's just— this is just annoying. Okay, maybe it's not going to give me what I need for the last 10 years. We've got the Vanguard at 9.32%. We've got the Media Super at 7.79%. We've got the Vanguard at 9.01%. Now here's the last five years. We got Clearview at 7.82, then we got Clearview another one, IPS Index Strategic at 4.51%, right? Vanguard at 12.81, 13. So when we start to get to these 12 to 13 type of levels, this where we start to go. Okay, well that looks. Oh, here you go, Ray is 10.22%, right? 7.64% on average. Okay, but if look, I got some um, I've got my team to put together a bunch of these. To see what the average return was. Let me just see if I've got the 12-monthly for some of these. Yeah, the average 1-year return is 7.7%. I was just reading something a moment ago, what the return is of the ASX 200 in the last 12 months. Let me just pull up my, um, where I had that data. Okay, in 2023— no, that's not keeping What I want. Where's 2023? So if we have a look at the um the ASX 200 returns, as I said, I would go through like over the last three years, it's basically been oh yeah one year total return 11.1%. So again, if you just went and put your sorry 2023 12.16%, that's what it is. Right, so if you just went and put your money in an index fund which leverages against the ASX 200, you would have gotten 12.16%. Instead, what we're left with at this point in time is at the best, we're looking at top-performing super funds. This is 21, that's great. Okay, that's fantastic. Nothing wrong with that. But we're at the best, we're looking at the 10.8, 10.22, 13.8. Like, and that's age 50, right? This is probably a little bit over. So that's what was the returns. Now if we go and have a look at the worst performing super funds, right? This is the worst performing super funds. Uh, it's going switch to a better super fund today. No, that's all just— no, it's not getting me one. AMG Super. Let's actually just have a quick look at this. Let's have a look. Okay, before— if my internet was hurry up. So these are the worst ones: AMG Super, Australian Catholic Superannuation, Energy Industry Superannuation, BT Super, and Westpac Group Plan, right? But I was looking at one of my clients', um, QSuper, the government superannuation, and over the last 7 years they've been returning about 5.9%. Am I going to make you go the way through it? I'm not going to go through that, make you guys go through it now. Um, but what I suggest you guys do is actually go and have a look at it. The reality is It's been massively underperforming, okay? Massively in a big, big way. Now, what you want to start thinking about is, okay, well, what where does this look for the future, right? That's the next thing I want you to start thinking about. How anyway look for the future and what are some of the things you should be concerned about now? And then I'm going to talk to you about what it looks like setting up a self-managed super fund. So in the future, when what I think superannuation is going, right? Right now. You can get your superannuation out in a lump sum, right? That's what you can get right now. You hit the retirement age 60, but preservation age 60, but you know, it's going up. They're going to turn into 65, it's going to be 70, it's going to be 75. You might be 100 years old before you can access your super in the future. Now, right now you can access that as a lump sum. I do not think that's going to be happening in the future. What I've been saying for over a decade now is that I think the government is going to grab your superannuation and I think they're going to ration it to you as a pension. That's what I think is going to be happening in the future. And by the way, they're making inroads to doing this, um, in something called a default pension. Now what that effectively means is government is going to take your superannuation, they're going to roll it into the age pension, and they're going to ration your superannuation to you on a monthly basis or a fortnightly basis as an income. So you're not going to get access to your own money. Where they're moving towards is what's called a default pension. Now, a few reasons why they're doing this. Number 1, factually, they cannot afford the aging population. That's just the reality of the matter, right? Cannot afford the aging population. Number 2, it's the government's biggest slush fund and they want their piece. Number 3, when you have something in a self-managed super fund, it's not as easy to control, but when it's in the general super, like the industry super or the retail super, the government is able to manipulate it just like they do stock markets, other marketplaces. Number 4, the government has a history of changing the goalposts in and around superannuation. All you have to do is look at more recently in the last 12 months, the government has come out and said that they're doubling the taxation rate on superannuation balances of $3 million and more. They've doubled it from 15% to 30-odd percent. Now you might sit there and go, well, so they should, they've got $3 million in there, they're fine. But you've got to understand that a lot of people may have sacrificed a lot inside of super with the idea to build up that superannuation balance for the purposes of, because it's a good vehicle for retirement is what they tell you. And so they've gone and done the right thing and the government comes along and goes, nope, sorry, we've now got a budget deficit because of our mishandling of COVID we're now going to tax our way back out of it and a good place to go is the superannuation industry, which is precisely what has exactly happened. Now, that's one of the ideas. Has anyone noticed that there's been a constant changing of goalposts inside of super over a number of different years? Have you noticed that? And how have you noticed that? Now, my mother got caught up in this a long time ago. She got some inheritance from her mother when, when my grandmother passed away. And so she was advised by a well-meaning accountant and a financial advisor to go put this into the superannuation system because it's the most tax-effective environment. Now, little did she know that was going to come and change the rules. And so as she put this money in there, she could not get it back out again where she was going to be able to before they changed the rules and changed the laws. Now, my mother works in aged care. Let me tell you that she does not do that for the money. She probably earned more. She's got like 2 degrees. She probably earned more just going into working at Maccas or something like that, right? She does it for the contribution. Now, she still works there in Blue Care, in supporting people in various different phases of— she's a speech pathologist, what she does. It helps people with dementia, helps people who have had strokes, all that type of stuff, helping them learn how to swallow and to speak again. She adds an incredibly valuable service to the community in an industry which is massively undersupplied, especially where she is in Toowoomba. Now, her money is tied up in super. because that's what she was told, and the government then came and changed the laws and changed the rules. Let me ask you a question. What is the suggested amount that the government says, or most accountants or financial planners say, that you should have inside your super before even considering setting up a self-managed super fund? What do you think the balance is, or what have you heard? Now, while you're answering that, the superannuation industry come out with a, um, with a plan to go and set you up with what's called a default pension. Okay, so, uh, that Australian Financial Review came out and reported in, in December of 2023, um, Yep, so there's a bunch of them. Appraiser— sorry, Appraiser only one default fund file. Okay, that's not what I'm looking at. Uh, so it says this: default pension could leave retirees, uh, worse off. Now this is after they reported that the big superannuation fund— fundings, uh, funds are going to actually go and set up— looking to push and set up what's called a default pension. Again, that's when you do not get, uh, full access to your super in one lump sum. That means the government and the industries hold it And they ration it to you as a pension. And that's what's coming in the future. I've been saying that for over 10 years, and they've report by a financial financial planner economist 10 years ago literally talking about this what they should be doing, and they're starting to implement that right now. So, so 250k is what someone has said. Now I can't see who wrote that. Let me just try and pull. Pull that up. Yep, cool. So yeah, $250K is what's quite typical that people say. Now I set up a self-managed super fund a long time ago and I set it up with about $25,000 in it, right? And then they changed the guidelines and it's really important to understand the guidelines to $100K, then they changed to $150K, then they changed it to $200K, then they changed it to $250K, and now they're looking to move it to $500,000 before they recommend, emphasis on recommend, that you set it up under $250,000. Now, while I'm going on with this, if you have any questions you'd love to ask me around superannuation, knowing that I'm not going to give you personal financial advice and this is just my opinion and this is just general ideas of my experience around superannuation after being in and around it for a long time, if you have any questions, feel free to put them in the comments section. I'm happy to. or anything that you've heard that you're not sure if it's true or not. And I'm going to do my best to kind of just give you, give you my experience on it. So now they're recommending that you go to $500,000 before you set up yourself in a super. They say it's going to be worthwhile. Now, the reason— yes. So Adam, Adam just says, so you can lower than $250K? The answer is absolutely you can. You don't have to have $250,000 in your super to even think about setting up a self-managed super fund, right? You can have a lot less than that. Now, when you go to a financial advisor or an accountant, and they might tell you that you have to have $250,000 or $500,000, or some even say $1 million, what that is actually saying is that that's their licensee. That's the direction that they are giving them to operate under their license that they're happy to allow them to set up a self-managed super fund. That is not necessarily the case. Yeah, Rodney's literally saying, I'm setting up right now with less than $150K. And so that's the reality of the matter. You don't have to have that amount in there. Okay, so, um, now how do I get those chats? There you go. Okay, so yeah, so that's what he said literally right now. Don't have to have it. It's the advisory given by the licensee to accountants and financial planners who are operating under their licenses. So one of the lessons I want to get to you is if someone says no, go ask someone else, right? There are so many different providers, so many different things out there, but there's so much misinformation Information around this stuff—it's not funny. Okay, so you can absolutely yourself in a super fund with less than $250,000. Now, a lot of people might go: Well, why would you set up a self-managed super fund? Um, so set up a self fund. The whole premise around a super fund is that it is self-managed by you. What that means is that you get to invest decisions. In most general superannuation funds industry— sorry, in most general superannuation funds industry in retail, your level of choice is, do I want a conservative option? Do I want a balanced option? And do I want a growth option? Okay, that's your general choice. And then that superannuation fund will have a matrix, a certain portfolio which they have decided. Now, by the way, when they decide these things, there are certain rules that they have to adhere to, which is given by superannuation and government guidelines, which means they have to diversify for diversity's sake. Now, any wealthy person will tell you, you never diversify for diversity's sake, right? You do it intentionally, you do it for certain reasons. But another reason is that a lot of these superannuation funds, because they have so much under balance, They have to diversify to keep a certain amount of liquidity. They can't invest in smaller companies, smaller things like that, because they could literally buy literally the entire business, and they can't sell back out of it very, very quickly if they need to. So a lot of these big superannuation funds have to diversify and have to abide by a certain set of rules, like having a certain amount in cash, having a certain amount in bonds, having a certain amount on certain types of shares, for example, where that may or may not be the highest and best use of capital to get the best returns. Anyone that's had a lot of money sitting in cash in the last kind of period of time while we've been going through this high inflationary period, you will know that your cash has literally been going backwards by the cost of inflation by 7% a year. There's so many funds sitting there with a whole truckload in cash just because that's their mandate, okay? So we have to be aware of how the superannuation funds are actually operating in between. Now, Because you get to self-manage, what that means is that you can actually make some different decisions than the superannuation funds would do, meaning you may decide to buy a property inside of super, meaning you may be able to, like, you know, some of you guys will know already that I get access to a lot of interesting opportunities out there that can earn cash flow returns of, you know, 8% to 20% or profit-based returns of 10% to 30% type of per annum or various different off-market type of property opportunities and things like that. So there's many different opportunities over and above just sitting in a superannuation fund, and you get to go and choose where you're going to put your money to get the best result in the marketplace for your situation. But there's more reasons why you may consider setting up a self-managed super fund. Return is one. Can you look at it and go, can you outperform the average superannuation fund, which is earning around about 7.5% on average? Now, I know that can be done standing on your head, right? It's so easy, it's not funny, right? Now, but the next question you got to ask yourself is, what are some other reasons, right? Second is self-determination. So you are in control of your decisions and you're taking— when you're looking at taking control of your financial life, you got to look at taking control of every single arena, including your superannuation. So if you're serious about creating financial freedom, complacency is not an option. Just allowing it to default because that's what your government said isn't what the company said is not an option. You've got to take control of that element in your life. Another so control is the third element, right? When your super is an industry super or retail super, it's not in your control; it's in someone else's control. You can choose balanced or conservative or growth or whatever it is, but that's about it, right? You don't have the opportunity to try and outperform the marketplace. You don't have the opportunity to be able to diversify into some different holdings which can give some better outcomes. Or to build out your own portfolio, which isn't just really based on bonds and the ASX 200, for example. You have the opportunity to strategically craft a portfolio that is going to serve the purpose that you need to create financial freedom for the future and have a safe, secure retirement. But the other thing I talk about control is that when you have self-managed super fund, what that means is that the government can't as readily put their hands on it, right? Understand that during COVID they passed some laws that superannuation was basically fair game in an economic crisis, economic emergency. COVID was classed as an economic emergency. And so what that means is that— and all it takes is the local premier to decide it's an emergency, or the government decides emergency, and that's what comes into place, which means the government can actually dip into your superannuation to be able to use that to bail themselves out, to fund certain things. When you have control over it, They lose that control, right? When you can go and invest it in property, for example, and you are in control of where the funds actually go and the rental returns received, no one else can touch it, right? They would have to jump through 1,000 more hoops for them to be able to get to it. So to me, can you outperform the average superannuation balance? And I know it's easy, right? Number 2, you can get far more control over it and choose where you're invested. Number 3 is a safety and security standpoint where no one else can touch it, or it's a lot harder for them to do it. But number 4, and it's a big one, this is you taking total responsibility around it. So I'm a massive believer in considering a self-managed super fund for your situation. Even if you think it's not possible, go and get educated on it a little bit so you can make an effective decision. You can start making some plans. that if it aligns with you, you can begin to focus on how you're going to build it so you can be able to set it up. Now, there are fees associated to it 100%. So you've got to go and factor in and consider the fees associated with setting up a self-managed super fund and look at the returns that you can potentially generate. But understand you're getting charged fees anyway. So you've got to understand what the difference is, understand the opportunity cost versus keeping it where it is versus setting one up for yourself. And then you can have some metrics that you can go measure against. Now, as I said, like I've got opportunities left, right, and center that can earn eight, ten, fifteen, twenty percent per annum and massively outperform this marketplace, right? So, but you know, I just have access to some cool opportunities. So, a few other questions come in. Amanda, how much does the time does it take to manage your own superannuation funds? And by the way, if you're just joining, if you've got any questions around superannuation that you would like my opinion on, uh, please feel free to ask the question and I will, um, do my best to be able to answer it for you. Now, Amanda, managing a self-managed super fund, uh, is no different, really no different than a tax return. So when you do, in terms of the, um, a lot of people have the feeling or, or the misconception that it takes a lot of time to manage a super fund. Here's the time it takes. To set it up, yes, there's some time involved in it, and let's talk about that because it's a pain in the ass, right? But once you've got it set up, your compliance side of things is that there's an audit done each year and there's a tax return done each year, and you just do this the same time as you do your normal tax return. An accountant should be doing that anyway, so there's no more extra time to you. You just got to kind of give them the, the, um, the, the documents that's required. But other than that, the only other time required is doing the due diligence to decide where you're going to invest it like you would with any other investment decision that you're going to be making. So rather than leaving it in the hands of the so-called experts who can't even outperform the marketplace or even match the marketplace, you're taking control of it, which means you make your own investment decision. So you craft your plan and then you go and execute on it, right? As long as it meets the superannuation type of guidelines. So in terms of the time it takes, it's very more than just having an industry retail super. It's very little more. Like I look at it literally probably, I mean, I manage my portfolio like I manage the rest of my portfolio, but in terms of compliance, it's just at the end of the financial year and that's literally all I do. Now, do super fund Companies fund traders. You know how traders get funded? Not that I'm aware of, right? It's an interesting question, but no, not that I'm aware of. I don't know if that's the case. They have their own individual people manage their fund managers in-house. I would have— I would find that very unlikely, right? Very unlikely. Um, they have their own in-house managers and things like that, so they wouldn't be funding other traders to be able to go and do it. They have their own in-house That's what they do now. So again, if you've got any questions, please make sure you put them in the chats. So when it comes to setting up a self-funded super fund, let's talk about the setup process. There's no way sugarcoat it; it's going to be a pain in the ass, right? And I prefer to just give you the the cold hard truth about it, and if it comes in better than that, happy days. Some of my clients have taken 6 months to set up a self-managed super fund. And the reason being is that because their existing super, we're making them jump through 1,000 different hoops to be able to get their own money out. They make it so complex and make it so hard just because it's too much of a pain in the ass to be able to do it. Then the banks, in terms of setting up the bank accounts, can go— they might take forever to be able to do it as well. So I've had people take 6 months to set up a self-managed super fund, 6 months. Now, so just expect it's going to be a pain in the ass, but then you go, is the benefit of having control over this money worth it, right? That's the question you ask. Now, how much does it potentially cost? Some accountants and financial planners may charge you $10,000 to set up a self-managed super fund, especially if you're buying property, because you have to set up the fund itself, But then you have to set up what's called a bare trust property in it because insider super has to have— what I'm trying to say— has to have— I've forgotten the word— where if you buy a property and there's a mortgage on it, the bank can't go back and then sue the superannuation fund. It has to be completely separate. There's a specific word for it. Non-recourse, right? Has to be non-recourse. So you set up another trust associated, that costs you a little bit more money. But if someone's charging you $10,000 to set it up, they're taking you for a ride. I would say $5,000 to $6,000 is somewhat normal. Now, your superannuation fund will pay for that, by the way, but you can get it set up for a lot less than that as well. Some financial planners and accountants will do that for like $3,000. Okay, but you might even set up some online, like superannuation online without having an accountant involved or a financial planner involved, and it might just cost you like $1,500 to be able to do. Now, they have their own rules and things associated to it because they're effectively acting as the licensees, and so they may have some limitations what you can go and invest in, but it doesn't have to cost like $7,000 to be able to go and set it up. Okay, but a lot of furniture planners and accountants will tend to charge you that. But you do want to make sure you get it set up properly because going and changing it later on can be very, very expensive. Now, on the flip side, I just had a client have one set up literally in the space of about 3 weeks. She said, hey, I've just sent the paperwork in. I've just sent the paperwork in and I am Uh, and like, she just got the back, she sent it to the bank, and she's expected to be set up within the next week. So it doesn't have to take a long time, but I just say with everyone, when it comes to finance, when it comes to structures, when it comes to SMSF, just expect it's going to take forever. And then, uh, if it comes in any better than that, no dramas whatsoever. Um, now So when it comes to another question here was— sorry, I just had to write something. I've got another meeting I've got to jump to. I didn't— we're talking about some deals. I love talking about deals. Uh, after SMSF is set up, what spread of asset class is best to start with? Um, the reality of the matter is that's going to be up to you and your individual strategy. I can't give you advice on that right now. Uh, that's up to you and your individual strategy. But here's what I say when it comes to anything to do with strategy, uh, if you don't have a strategy, you don't have a plan, and you're just gambling, okay? And if you're just going to gamble, just leave it where it is and just accept mediocre results, right? If you are committed to getting a plan and getting a strategy, then you can absolutely do that, right? But how you diversify it is going to be depending on your strategy. I don't believe in diversity for diversity's sake. What I believe in is understanding that every single asset has a plan. Every single asset has a purpose. That's what I believe in, right? So what you've got to make sure that you do is that you make sure you have a strategy first and foremost. And once you have that plan and have that strategy in place, then you can execute on it accordingly, right? I think I just lost connection, but hopefully I'm back again. Okay, right back in. Uh, the reality of the matter is, is that— and I'm gonna wind this up here, team. Um, so you've got to get your plan, you've got to get your strategy right. And so once you have that plan, once you've got that strategy, that's when you need to start thinking about, well, how am I going to diversify? How am I going to execute on this too? So every single asset in my portfolio has a plan, has a purpose, right? And that's really important. Don't think about assets until you have a plan in place. Otherwise, you're just gambling. A lot of people get caught up in what am I going to invest in? And that's all they focus on. But they're missing the strategy. They're missing the education. They're missing the leverage. They're missing the liquidity. They're missing a whole lot of stuff underneath. What you buy is the tip of the iceberg. Everything else matters from what's going on underneath. So I'm going to wrap this up here, team. If you want to have any other questions, please put them in the chat and I will come back to them and answer these later on. I'm a massive believer in take control of your financial future, and when you're thinking about that, you're going to want to think about yourself, your superannuation side of things as well. After all, it is your money. You may as well maximize it, especially if you're thinking about relying upon it for future. Why the hell would you leave it in the hands of someone who doesn't really care if you get a good result or not and still gets rewarded anyway? So you may want to consider setting up yourself in a super fund so you take control over it, you make your own investment decisions, you become empowered, and you put yourself in the pathway to be able to outperform the rest of the marketplace in terms of retail super. And history shows all you have to do is put in the ASX 200 and you'll probably outperform it. Or go and buy a property, for example, and you'll probably do a lot better. But team, I hope that's been useful. Love to hear your thoughts. Love to hear your comments. If you've got any other questions, please put them in chat. Those who are listening in who are part of some of my masterminds and such, then I am going to be— I'm bringing an expert in on this to talk to you guys around superannuation in a lot more detail. We're going to spend a couple of hours on it. So that's going to be happening in the next few weeks. Anyone that's in my private masterminds and part of my Invest program and Scale, wait out for that. We're going to announce that very, very soon. Other than that, much love everyone. I've got a deal chatting about some deals over in the UK at the moment. So I've got to jump off. All right. Much love everyone. Chat soon. Bye.