i’m 19 and i know i want to invest… but i’m still at uni and only in a casual job earning next to nothing… i was just wondering if i should wat till i’ve finished uni and get a full time job to start investing? or should i try to start now?… and if i do start now will banks let me borrow nething?
also i’ve got a couple thousand saved and i was wondering if i should invest this in the asx? or keep it in the bank?
You can always borrow money when you have a job. Unfortunately, you may find what you earn is not enough. A permanent job would also serve you much better. $200 per week is not much and most lenders would not let you borrow anything at all because your income would be eaten up on living expenses.
How about the cost of uni?
I would start learning about investing now but wait until my income increased before committing myself to expensive finance. Things could get very ugly very quickly if you have difficulty finding a tenant or the share market drops and your income cannot cover your liabilities.
If you focus on studying investing now, by the time your income is sufficient, you should have some excellent knowledge to take the leap.
Talk to some professionals for more specific help. A lot of them will speak to you free of charge.
Robert Bou-Hamdan
Mortgage AdviserHi,
As above plus I’d recommend taking advantage of being at uni and take some elective courses in economics and or accounting and financial management. I learned lots of useful jargon and concepts while studying economics and AFM (plus contract law / business law has payed for itself a couple of times over)Also, while your situation is simple, do your own tax. Use e-tax if you can and read through all the help and doco. You’ll learn so many more ways to save money (and earn it too) than if you just hire an accountant to do all your work. I still do all my own tax and I recon I pick up more deductions and such than if I got a tax agent to do it for me (though an expensive specialist accountant could probably squeeze a little more for me, I at least save by not paying for them).
What is it that you really want??
To be realistic, you need over $100K to may significant income from the stock market.
Unless of course if you want to be a day-trader, but that’s an entirely different ball game.
Before you invest in property/shares/whatever, you need to invest in your INVESTING KNOWLEDGE.
If I were you I would finish my uni as a degree will help you get a job, to earn money (and pay the bills) and then save and learn and invest.
Make sure you have a plan that includes your goals, and structure your investing so that you reach your goals as fast as possible.
Learn, Love, Strive. Make a difference!
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