by Scott Pape - June 25th 2005
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5 comments
Does that mean we'd all be millionaires if we didn't have children?
I take it this is a Govt Bond? I need a bit of clarification if someone may. I have some money invested in a Managed Fund as a trust account for my daugter aged 2. I am paying annual fees of 2.10% and capital gains tax if I redeem, switch etc. I only opened this account because I was told I cannot add money to an initial investment with a govt bond as any money added would recommence the 10 year term. Did I get dodgy advice? I want to use the money for educational means and therefore Scotts advice above seems ideal for me. Am I better to switch now (I only invested back in Feb) or wait for a year or so to see how it performs and then maybe switch to a govt bond and not add to the deposit and just let it sit there for 10 yrs. The fund invested is a future growth fund with Sandhurst Trustees and the investment managers are Sandhurst Trustees, IOOF/Perennial, IML & MLC combined. I don't really understand managed funds so maybe shouldn't even have invested in it. Helpful advice welcome.
As in a recent e/mail I sent you. The best investment a single man can make,is in a vasectomy.Could save you thousands of dollars.
Does that mean we would all be millionaires if we didn't have children!
Hi there. I have been investigating an investment bond for my daughter too who is not yet 1 year old. This was also based off Scott's advice and I will be looking to invest with IOOF. They have a wealthbuilder investment bond which enables you to either nominate your child to receive the funds at the vesting age (10-25) which is called a Child's Advancement Policy or keep the bond in your name and nominate the child as a beneficiary in the event of your death. This bond allows an initial contribution of as little as $500 with a regular savings plan or $2000 with no savings plan. The management fee is 1.5% pa, no establishment, switching, withdrawl or termination fees and unless you have a Financial Advisor, there are no contribution fees. The PDS (Product Disclosure Statement) was really easy to understand too. Check out the IOOF website. This was a great option for me as I'm in a higher tax bracket (not rich by any means) and need to ensure funds are getting locked away now and out of reach (money tends to burn a hole in my pocket). Good luck…