Hey everyone…
i’m 19 years old, female, from sydney [exhappy]
and i’m a full time uni student.
i’m open to new ideas and advice with what to do with my savings…
i’ve got $3 500 saved up sitting in my savings bank account earning interest around the $14 per month mark.
i’m currently unemployeed at the moment, with no income apart from my parents, so i’m looking for new ways of making money while still in uni.any investing strategies and ideas would be greatful
thanks guys
[exhappy]
Get a part-time job, save, save, save!!! Make sure your 3.500 earning the maximum interest possible, and keep up the good work. (And…study hard) LOL
Jo
Hi there EmZY. Depending on how stressful your studies are ( and what you are studying ), perhaps you could start a small business helping other students?
Tax deductions could also come into play there too – phone paperwork etc. You would need to speak to a pro about, perhaps someone here has already done it and could give you some tips?
Good luck
“Looking forward to the day when I can tell the boss where to go”
Hi EmZY,
Look, you can go forward, but it depends on how “motivated” you are. I purchased my first property only weeks before turning 18, and I was going to school full time, but working part time, 2-3 jobs!!!
With any luck you are (a) living at home, and (b) getting some sort of study/student benefit (Austudy) whatever.
Anyway, there are legitimate ways to get some kind of tax deductions because of your studies and/or low income.
You seem to be doing the right things, studying and saving. Keep it up, you get there…Cheers,
Jo
Hi EmZY,
Well done for even thinking about property at your age at Uni! When I was at Uni I wasted it by being taught how to work for money, rather than how to have money work for me! You’re already on the right path whether you know it or not. Look around at the students you see and do things differently (apart from studying hard!). Then look around at people 10-15 years older than you and if you don’t like what you see apply the same. Then look around at people who are 40+ years older and if you don’t like what you see, then again apply the same. If a lack of choice and quality of life is the predominant theme you see then never forget that and work backwards from there. Where you are now won’t be forever. Find a job you can juggle with your studies. If you can’t find a job go to somewhere like a factory and tell them you’re prepared to work through the entire Xmas break, semester breaks, etc. If no go then go to every pub/nightclub you can find and ask for bar work. If your told there is none ask if they wouldn’t mind if you could come in and just walk around and pick up glasses for free. That’s how you’ll get the ball rolling and start saving. Good luck with your studies and investing, however it sounds like your half way there!
Serenity now,
Gatsby.Hi Emzy,
this is a path i wished, i could have took, when i first started out, but because it never crossed my mind till later on… and now its a bit late for me, it could possibly work for you.
… first up i would go to the 3 main lenders who provide student loans. Westpac, NAB and CBA the reason being is with student loans that are available, you can apply i believe for a loan with each of these banks for $10k each maximal, best part is, that you just have to find some one will guarantor the loans for you and that also taking out the loans will not effect you in any way, what so ever.
how the loans work with the banks is, they will give you the amount you wish and once you complete your studies you have to pay back the loans and only then do the loans have interst hit on them, so for example, if you were to borrow $10k from NAB, and your studies were not be completed for another year or 2, you will not have to pay any interest during this time period…
so this is what i would do, i would apply for the maximal amount with each bank, giving you quick access to about $30k, with this you could either invest it into +ve or neutral geared property, but go partnerships with someone, who could supply the repayments as you are the capital depositor, other option is, if this doesnt interest you, i would just put the money into a manage fund or open an online share account and invest in some blue chip stocks…
… this way, there is still return on your money, but the risk is less exposed and can be mitigated….
… work as much as you can, but savings im not too sure about it, personally i like to invest savings straight away, and if possible apply for a student credit card straight away, as i think and can recall, that the most you will pay on a cash advance is $1.50 on a $500 limit maximal, but this is just what im trying to recall, that also the credit card will work differently to you, because you will be charged the cash advance interest after the 44 or 55 days on what amount is still owing, the cc’s are different for students…
… other thing is, on your electives at uni, try to pick up on accounting subjects were possible, but take it easy at uni, just get the marks to pass, but dont be aiming for too higher marks, as you will emphasis to much time on your studies and not allow yourself enough time in learning how to invest and ways to increase your cashflow and capital…
Cheers and hope this helps,
sisWell theres alot of things you could do…
~Vending Machines
~Web/Internet (ebay or proudct/service) business
~Network marketing/franchise (where you put time in, rather than puting a lot of $$$ in, but you might have to deal with smaller companies)
~reseller of property (for example find CF+ deals, get a buyers database and assign your option on the property to some else for a small fee).I would suggest you read lots and meet up with other succesful investors. If you learn one thing from them that can make you money, it’s worth it!
Also you could find a CF+ deal (hard in Syd) and you could use your savings and a student loan from the bank to put down a deposit. Make sure the rent pays for both loans and that you can at least service the debt for a short term (perhaps with your parents). Of course due diligence is very important here.
Heres a previous post on basiclly the same issue:
http://propertyinvesting.com/forum/topic.asp?TOPIC_ID=9786Rgds.
Lucifer_auAgree with Lucifer (only about his post not the other one [biggrin]).
Yet considering your age, current occupation and experience, I would narrow down the list offered to only a few.
My first suggestion is to read books on the subject: Rich Dad Poor Dad by R Kiyosaki, and “Think and grow rich” by Napoleon Hill
and below a link to a free e-book “as a man thinketh” by James Allen
http://www.amazon.com/exec/obidos/tg/detail/-/0446677450/102-2029705-4771315?v=glance
http://www.asamanthinketh.net/think.htmYour income never exceeds your personal development. Grow personally and see your income grow with it.
As for a practical way to get you started in your road to success, search for ways to build a business that gives you residual income as opposed to lineal income, (where you trade hours for dollars).
The only practical way I see for you is Network Marketing, unless you have a way with writing books or with producing good inventions.
http://www.kbmweb.com/kiyosaki.htmlYou will be faced with the daunting task of selecting a company out of the hundreds out there.
This book should help you choose the right one: “How to select a Network Marketing Company” by Daren Falter. Free on this link
http://www.internetwealthplanet.com/Falter%20Report/
I wish you all the best, and if you want to pursue this choice further let me know.May God bless you
and prosper you.
Marc
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