Hi all,
I’m pretty new around here and would really appreciate some advice. My wife and I have about $40k in the bank. We live in company provided accommodation in the NW of WA and have the capacity to save about $2500 per month. We plan on living up north for another 2.5 years before moving on. We don’t have a house or any financial commitments of sort….what should we do ?
Your comments are appreciated.
Yes you should definately invest. Do a bit more research, not just on property, and soon you’ll probably have a method or vehicle that is right for the both of you.
It sounds like you guys are in a ‘gold mine’ of a financial position at the moment, you could really amplify your situation into millions. I’m sure there would be many on this forum that would help, because others here have done it too.
Put that money to good use and I’m sure in 2.5 years you could have a nice existence carved out for yourselves- ie RICH.Happy Hunting, hope this helped [upsidedown] G7
Hi Wayupnorth,
As G7 indicated you are ideally placed to begin your investment journey but beofre you start you do need to work out which vehicle (property, shares etc) suits you and your risk tolerance, knowledge etc. If it happens to be property then you need to work out whether or not you are a growth or income focussed (or combination thereof) investor.
I would then suggest you spend time doing some learning, read a few books from various authors (there is a list of books and reviews in ‘heads up’) ask as many questions as you feel you need to ask as you move along the knoweldge gaining path. Then you need to start your investment journey – set a date to do this so that you do not end up procrastinating ad infinitum.
A key question you will need to resolve very early in your journey is what are you doing when you leave the north in 2.5 years time?
Obviously you are movig somewhere an dif this is likely to be a permanent move then you may want to buy a property in your preferred area now and then use taxation benefits & tenant to assist with the paymentof the loan up until you move in.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
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