“I’m thinking about starting a self-managed super fund (SMSF). Talk me into it or out of it.”

Xers, if you’re thinking about starting your own SMSF, here are the boxes you need to tick.

One, you’ve been into investing for ages. Not just weeks or months, but years. Sometimes you bore dinner guests quoting Warren Buffett or Charlie Munger (if you said “who?” to the second one … fail!).

Two, you have at least $150,0000 in super already. But you’re itching to manage it up to $2 million.

Three, you want to take advantage of investment opportunities that standard super funds can’t offer (such as geared investing in residential property and shares).

Four, you are (as Bill and Ted said of their adventures) “excellent” with paperwork. You don’t just know how to file in alphacolormorised order, but you actually get tingly thinking about it.

Five, you’re okay with the threat of ATO-sanctioned castration for failing to follow painfully boring and strict super laws.

Those running SMSFs are both super fund members and trustees. It’s the trustee bit that brings all the responsibility.

Raising a SMSF is like bringing up a child. Many, many years of toil and sweat in the hope of some payoff at the end.

If you stuff up parenting, they’ll take all your kids away. If you stuff up being a trustee, they’ll take half your super away. Seriously.

SMSFs are about control. If you understand that controlling super is as serious, but half as dangerous, as raising rugrats, then you’re on the right track.

Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and a licensed financial adviser.