Hey all,
My situation is I work full time and rent. Thankfully I have slowly grown my savings to $85,000. I have always thought there are surely better things to do with it rather than let it sit in ING 2.8% saving account. What path do people recommend I take or should I just keep adding to it in the savings account?
Any advice would be much appreciated.
I heard, but already have a trusty car.
Buy a car space in the city?
Buy a city car in space.
looking at buying a house soon?
how old are you?
married/have kids?
what other assets do you have?
how secure is your employment.
you have saved slowly? how much are you saving per month/year.
these and many many more questions to be asked and aswered before anyone can give you 1/2 an accurate answer.
-Not really, I am well off being able to afford something decent in Sydney
-25
-Single/0 kids
-Just a car
-Very secure work in engineering, with plenty of work flow
-I have moved out of my parent's house last year, so savings in really not much maybe 300-400p/m.
I am really just curious what to do with this lump sum of money.
whats your salary range if you don't mind me asking?
78k including super
Just keep saving until you are ready to buy an apartment or townhouse.
etf's
What time of timeline would investing in EFT's be? Essentially I would want access to my money in 5 years ish.
I'm in a similar situation to yourself.
Recommend educating yourself about the basics. One of the most important concepts I learned about investing is portfolio allocation theory, where you concentrate more on deciding how to allocate investments between different asset classes (e.g. cash vs shares vs property) rather than trying to pick winners in each asset class. The other would be to assess yourself to determine your level of risk and the amount of effort you want to put into managing your investments.
For example I didn't want to spend all my time endlessly evaluating companies, and I didn't think I'd have much of a chance beating professional teams of equity analysts who are supported by quants etc., so I choose to invest in ETFs and use them to split my investments between asset classes (such as using REITs to replicate owning property). Also have a significant amount of cash in a high interest account, Ubank, in case the market crashes and there are bargains around.
And finally I'd say to always remember the quote, "Be Fearful When Others Are Greedy and Greedy When Others Are Fearful". By the time hype builds up in an investment to the point it reaches the masses, the time for buying has probably already passed…cough cough crypto currencies.
To finish off this very long post…I'd suggest reading some fundamental investing books such as "A Random Walk Down Wall Street" and "The Richest Man In Babylon".
This isnt bad advice - Beware of people 'telling you how to get rich' because there or more con men and women out there then legitimate ones from what i've seen.
It is better to educate yourself and decide on what works for you
Thanks for the advice, will give the books a go see where that takes me.
buy compuers parts GPU mobo rams builing rig for mining. computer money in 1 month and sell part. 20 percent + 2 month okay - electroic.
Is mining pretty much dead these days, without spending heaps on an amazing setup?
Didn't give anywhere near enough information to answer the question properly.
If you are in Sydney/Melbourne Property or Ultra Low Cost EFTs
Unfortunately you need to evaluate your situation and why you are investing, ok to make money is the ultimate answer but it isnt that simple!
But how? Depending on you income would depend on if you are aiming to reduce the amount of tax you pay or increase the amount of cash flow coming in?
If you need you more to be more liquid or happy to keep it hidden away for a number of years….
see where im getting at here.
Like the above person said go read some books if you have no idea i'd say start with the barefoot investor it is basic but you will retire a millionaire if you follow it and learn from there - Stay away from anyone marketing them selves too hard (ie Motley Fools) because people who know the secret to success usually dont want to share it (Buffet excluded)
bikies maybe?
Cryptocurrency. Open a Coinspot account and put all 85k on Antshares/Neo and come back in a year.
in hindsight, this was a great comment!! haha
Save another $15,000 and then create a new forum topic asking how to invest $100,000.
Will do. See you next year.
Oh look, another ozbrag post.
New member, has a ton of cash (although missing an extra zero this time), high paying job and somehow ended up on a bargain forum looking for advice on what to do with their fortune.
$85k in saving isn't really a bragging amount. It's a reasonable amount of cash for some in op's situation.
I agree. The OP lives in Sydney. You have to save to have a good deposit on a home. How do you think people buy homes? Work and save a deposit.
Give it to me. I'll turn it into an investment with high yield. PM me for my bank details. 100% guaranteed, no risk.
Forex trading can be very profitable too.
You could trade forex and make a small fortune, just by starting with a large one.
Great deposit for a property
I find the deposit is fine but my monthly income can't cover repayments.
BMW's are a great high yield investment.