In this episode of SMSF Insider, host Troy, founder of Blue Chip SMSF Services, discusses critical mistakes to avoid when establishing a Self-Managed Super Fund (SMSF). He emphasizes the importance of getting involved in the market and not waiting for the perfect timing. Troy explains the significance of choosing the right trustee structure, highlighting the differences between a corporate trustee and individual trustees. He warns listeners about potential issues that can arise from having two individual trustees, such as relationship breakdowns or the death of a trustee. Tune in to learn how to navigate the complexities of SMSFs and take charge of your financial independence.

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Please note: The information provided in this recording is for coaching and educational purposes only. It should not be considered personal financial advice. Everyone’s situation is different, so before acting on any of the content discussed, please seek independent financial advice tailored to your specific circumstances

Timestamps:

00:00:00 - 00:00:00: Introduction

00:01:03 - Choosing the Right Trustee Structure

00:02:09 - Tailoring Your Investment Strategy

00:02:51 - Assets Must Be in SMSF Name

00:03:13 - Rolling Over Existing Super Funds

00:03:45 - Avoiding Cash During Market Downturns

00:04:28 - Monitoring Your Investments

00:04:59 - Getting Professional Help for Setup

00:05:20 - Updating Binding Death Nominations

00:05:53 - Prohibitions on Personal Expenses

00:06:25 - Avoiding Over-Diversification

00:06:45 - The Dangers of Procrastination