Everyone on ozbargain is rich right? Assuming you have savings, or are able to save, where are you keeping your money?
I just ask because I was surprised with this thread (https://www.ozbargain.com.au/node/588041) how many people actually keep their savings at the bank.
Long term this sounds like the worst strategy to grow your wealth.
- you don't get a great interest rate (especially right now)
- what they give you, you get taxed as if it was income
- the amount you get back is barely enough to keep up with inflation.
Basically, the Australian government really doesn't want people saving money and it shows in their taxation treatment.
Unless we're talking a grand or two for a rainy day fund or for something I'll need very soon, I can't really see any reason where I'd put the money in a savings account. There's lots of other options out there although there's obviously upsides and downsides to them.
So for you rich people with savings, where do you keep them?