Adding Yoga to Your Financial Fitness
What’s the point of Yoga? As a form of exercise I simply just don’t get it. Running, Swimming, Cycling, Lifting Weights – the outcomes of these methods exercise are easy to understand – Weight Loss, Improved Aerobic Fitness, Bulk Gainz – I get it! Yoga though, I just can’t work out how simple stretching can help improve fitness in the same way that other exercise does. The benefits of Yoga have been well documented – improved balance, increased strength (how?!?), improved mental clarity, improved flexibility – the list goes on and on. Studies have actually proven that Yoga out performed aerobic fitness in many key areas of health and wellness. Flexibility – I understand that part! I can see how stretching on a regular basis can improve flexibility. Stretching to improve flexibility has always been an important part of physical wellbeing but when was the last time you stretched your financial limbs to improve flexibility?
In the same way that swimming will suit some people and quidditch will suit others, a Self Managed Superannuation Fund (SMSF) will suit some more than others. For investors that are looking for ultimate flexibility with their retirement savings a SMSF could very well be the answer.
In its simplest form, a SMSF is exactly what is sounds like – a Superannuation Fund that is Self Managed (Surprise Surprise!). Another way to think of SMSF is as a DIY Super Solution. The DIY concept can be a scary thought though, you become responsible for all the decision making for your retirement funds. That means there is only one person to blame for unlodged tax returns, incomplete annual audit and poor investment returns – yep that’s right it is all on your head! But fear not – you are allowed (and encouraged) to engage trusted advisors such as Accountants and Financial Advisors to help you make the correct decision and keep the fund on track.
SMSF have become increasingly popular with Australians in recent history. For most people, the desire for greater control over retirement savings is the main reason for starting a SMSF. Some common reasons for moving to a SMSF structure include:
Greater flexibility and control over investment strategy and wider scope in what you can invest in, including collectibles and direct property.
The want to flex financial muscles and outperform current superannuation fund managers and at a lower cost.
The flexibility to take advantage of tax concessions linked with super.
The flexibility to fund your retirement when and how you see fit.
The flexibility to purchase business property, such as an office or workshop, within the SMSF, and to use the property in your business.
The ability to add flexibility to your estate planning process.
A common misconception about SMSF’s is that they are only for business owners or the filthy rich but this couldn’t be further from the truth. SMSF is an option for every Australian and with the right advice it can be a path to a more comfortable retirement.
Flexibility in retirement is a key need for all Australians, however like with physical flexibility, if we let ourselves go it can get harder to touch your toes. When was the last time your retirement savings could touch its toes? Wouldn’t it be better if you could have these savings put through yoga classes to improve its flexibility. Imagine your retirement savings walking around the superannuation gym whipping its guns out.