Hello fellow OZbargainers, I usually go through OZB quite a few times a day but haven't had a good deal to post nor a useful question to ask until now. I've had some funds sitting in my bank account for a while and I've decided it's useless there so thought of going for an investment. I've done a bit of research and understand that investment is not about short term returns. I expect to hold on to the investment for around 5 years minimum and would expect a return of 6-10% if possible (of course, more the merrier). I can invest around 10k but can stretch it up to 20k if things are lucrative. If it helps, I can also add around 5000 every year to the investment.
What would be the best approach for me in investing? I've never invested in the share market/mutual funds etc so don't really have enough knowledge to pick a preference which is why I'm seeking advice. Before you say anything, I know I have to do my due diligence and I'm researching on the topic as well.
Any advice is much appreciated.
Thanks in advance!
what do you want to do after the 5yrs? liquidise your investment and use as cash for a house deposit? If you want guaranteed cash after 5yrs then you can go through ING or similar who provide some investment accounts which provide low interest rate, and you will pay income tax on it as well…. OR you could have some fun as it is only $10K and buy some appreciating piece of artwork or antique, or gold bullion.