Starting from the bottom…
What would you do with 7k and an additional 420 each month? (and 30 years of investing ahead)
I would put some of the money towards investing books, ie property investing and share investing, half of what is left I would put in a ING account and the other half I would put on shares.
RobAde has it in a nutshell. Good Advice. You are underfunded to make a property purchase at this time. Put some dough in an ING account and while BHP is down under $28, you could possibly put the other bit in the share market. If you do buy some shares with the other bit, try to get a share with a fully franked dividend. Mind out though when you are looking for a high dividend yield you dont chase the yield, without looking at the quality of the stock. The other option would be to pick a share fund and make monthly top ups with part of your $420.00. Be patient. As Renee Rivkin said its not a crime to invest and fail to make a profit; but it is a crime to lose your capital. Enjoy the next 30 years of earning and investing.
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I would put 4k in ING (towards wedding costs next year)
the other 3 would go towards my existing (consumer) debtWell, I was thinking of paying some of my HECS debt which is about 20k. I have no consumer debt despite using credit cards. I currently use my cc to pay for my bills, groceries etc and park the money I would be spending into my ING. At the moment it’s all in ING and another 1k in managed funds (Japan Platinum)…well…it was 1k but now its $930! I won’t be touching that for a while!
I was also considering putting some into my super to take advantage of the governments co-contribution but after checking my super fund statistics it wasn’t looking good… my total investment was 1k less than the sum of all my contributions over the past 5 yrs… crazy. It’s still an option to put some into super although I would def have to switch funds first and arrange all this before end of the financial year. I’ve read it’s not really beneficial to put extra money into super until you are getting closer to retirement (I’m 24).
Sorry this thread steering away from property investing.
Thanks for your inputs Rob and PJ! I will be leaving it in ING and continue to research!
And also.. hope all goes well with the wedding voigtstr!
Cheers,
Sarah
nice tip on the bhp shares. i checked them out and they were down to 27ish. Just checked then and they are up to 29.33. Unfortunately I don’t have a trading account (apart from hsbc which Ive been told have ridiculous fees).
Personally I wouldnt recommend investing in shares unless you know the sharemarket or know the company you are investing in. Would you put your money in a company you knew very little about and had no control whatsover over the strategy or future direction? I wouldn’t. Just like you wouldnt be advised to put this money into investing in a property if you knew nothing about property investment.
I would definitely hold the money for a little while and use some of it to educate yourself a little more about what investment strategy interests you. If property investment gets you going, use it to educate yourself more about property investment. If investing in shares takes your fancy, use some of it to attend a seminar on sharemarket investing. But just dont go investing it blindly and expect a return if you put it into a market that you are not comfortable in.
Just my two cents…
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[email protected]If I had any undeductible debt I would use the money to pay that off first.
With any left money over I would consider setting up a fund for emergency purposes; and then start a regular investment plan weighted toward growth assets.
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