Short Term Investing Large Amount

LHelpMeiCantSee on 02/12/2019 - 08:30

Ok, let’s say the Nigerian prince finally follows through and you wind up with a million bucks.

Where would you stash it to maximise return?

Short term 3-12 month options? Obviously term deposits exist but usually much longer terms. Minimal risk options preferred (ie. not really interested in stocks etc)

Is there anywhere paying interest well enough to be able to live off the interest?
Is it even worthwhile putting it anywhere that isn’t instantly liquid?

Many of the bonus/high interest savings accounts have caps at $100-200k.

And please no high yield investments in cars.

Financial Investment

Comments

  • Some Human on 02/12/2019 - 08:51
    +5

    And please no high yield investments in cars.

    Well duh, that’s a long term investment.

    • RockyRaccoon on 02/12/2019 - 10:14

      Not really, depends on what insurance you have 😀

      • Baysew on 02/12/2019 - 10:18
        +1

        Why would you insure your car when there is OzBargain forums?

        • RockyRaccoon on 02/12/2019 - 19:12

          Well he did say he wanted to make money, the forums are great for whinges, but no money in the end.😎

  • ihbh on 02/12/2019 - 08:53

    Do you want to turn the million dollars into a large fortune or a small fortune?

  • Destin on 02/12/2019 - 08:58
    +2

    Maybe look into bonds. I recommend checking out some of the Australian Finance forums on Reddit. Interest rates in a HISA (High Interest Savings Account) wouldn't even outpace inflation (you'd be losing money just having it sit there)

    • wiipantz on 02/12/2019 - 10:22

      TBH they are woeful at the moment with such low interest rates stuck around 1% for most big ones (ANZ ect). I'm really perplexed by not liking shares meaning potentially ETF's also. Crazy

  • TEER3X on 02/12/2019 - 09:02
    +6

    I can tell you but I charge $100 per word. As a token of goodwill, the first 5 words are free:

    "The best place to put…"

  • Elppa8 on 02/12/2019 - 09:03
    -1

    At current interest rates $1M is not enough alone to live on comfortably.

  • SmiTTy on 02/12/2019 - 09:09

    IMO the short time frame makes it difficult

    If u needed the money in the short term, maybe u just need to split the funds into 4 or 5 HISA accounts

    Little more riskier and more work, is if you had the skills, maybe a buy a property to reno and flip. Or land and build a duplex to sell. May take a little more than a year and ull need to be able to take out a loan as well

  • JIMB0 on 02/12/2019 - 09:44
    +2

    Put 1/3 on black, 1/3 on even and hedge your bets by putting a few chips on zero.

    • wiipantz on 02/12/2019 - 10:24

      wait… those are 2-1 you will make a small loss unless you hit zero? If you don't within 35 spins and keep hitting odd reds… man Crown gets another ivory back scratcher. Just stick it all on Banker and be bold!

  • dasher86 on 02/12/2019 - 10:58
    +2

    All on black.

  • onetwothreefour on 02/12/2019 - 11:22

    Obviously term deposits exist but usually much longer terms

    You can put money in a term deposit for 3 months, you're just not going to make much money in that time.

  • [Deactivated] on 02/12/2019 - 11:52
    +1

    Bitcoin

    • Heaps for Cheaps on 02/12/2019 - 11:56

      +1… And to add to this, myself and Pierrefranklin will come back in 3 months and report back if this was a good/bad idea. March 1, 2020

  • ColstonAUS on 02/12/2019 - 12:41
    +1

    Have no clue about using money smartly but buying a property outright and renting it out over a period of time seems like a decent investment, the house would most likely increase in value or at least stay the same (depending on the current market) and the rent is all extra money generated weekly/monthly. This is coming from a clueless 22y/o with next to no life experience though.

  • brendanm on 02/12/2019 - 14:38
    -1

    Buy house/car etc sold my bank, finance company, council etc. Kick out people living there if applicable. Tidy up and sell

  • HelpMeiCantSee on 04/12/2019 - 09:37

    Some good ideas.

    Buy/rent out property is a good ROI, but too long term and not liquid enough. Bonds are actually a reasonable idea. Etf’s I’ll need to look into.

    Long term, obviously property and subdivide/units is by far best roi, but also more expensive, contains a fair share of risk. Plus I abhor high density living. But we all do whatever is needed to make a buck.

    • wiipantz on 05/12/2019 - 12:45

      Bonds are horrible unless you plan to hold until CGT is removed around 10 years… worth doing some research there.

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