What's the best way to invest my money on. I've been doing research as well but I also want to ask for suggestions. So my background is, I'm an apprentice who still lives in my parents house, I earn about 2200 per month and don't really spend it that much except on gas most of the time so what should I Invest it on?
Best way to invest?
haniel008 on 10/10/2014 - 22:08
Comments
Negative returns is really not a good investment.
Eat well.
Unless your paying for the privilege, girlfriends will always end up costing you more
Not unless you get a sugar mummy. Jokes aside:
1) Invest in yourself. Learn new skills, get a better pay job etc.
2) Diversify. Buy some shares (if unsure, get an index fund and get into a regular investment plan.
3) Don't sell when it's in recession. Buy more instead.
4) Time is your friend when you do all this.
how about anything other than a girlfriend?
A wife…
Depends on your risk tolerance.
You can leave your money in a "high-interest" savings account. Google the best one out atm. This path will generally yield the lowest return, however it's the lowest risk as well.
Otherwise, if you're looking at investing in the stock market, just invest in an index fund or a mutual fund and let them do the work. There's no point of wasting your precious time stock picking, just let the professionals do it for you.There are a whole bunch of other asset classes you can invest in, like antiques, real estate, collectibles and such. These are generally very risk (yes real estate is risky, especially when you've borrowed money buying a house). AREIT's are not bad if you don't want to borrow to invest in real estate. That's my $0.02.
Time is money, remember that.
- vote for ' time is money'.
This works on all levels, what time frame do you have,
You can't make time, apart from eat wells suggestion.
The shorter the time frame, say 7 years or less do only consider consertive investments ie bank term deposit, internet accounts.
Longer than 7 years you may consider market linked investments, managed funds,shares,real estate.
Also it is prudent to place a little extra into super now and then when you have lifestyle changes reduce contributions. This will build the funds base now as you will never catch up to what you can may achieve from now.
Two rules apart from getting advice and not putting all eggs in one basket -1. If it feels wrong (gut feeling) or you think its wrong(head feeling ( there is always one with this comment?)
-2 .if you can't sleep with it, why would you go out with it.One last investment consideration, don't have car loan trap, buy car 20k, borrow 15k. One year latter, want/need new car. You trade car, changeover after cash 5k is 7k. Loan is 20k and car after driving out of yard is 19k
Cypher67 can post quicker than I. Good work there.Don't buy a car on a car loan.
Don't buy a car fresh from the dealer.
Don't switch cars every year (especially if new)
Of course all these don't matter if one is rich.
Plenty of questions you need to ask yourself. Such as, do you want to be able to access the money at short or even medium notice, is this a long term investment, what level of risk would you be willing to take. Depending on your answer you can look into term deposits, shares or real estate to name a few. Most investments that yield high returns usually come with an element of risk associated to it.
Now getting serious -
open an online/progressive saving account first, eg ING, which you actually can earn interest and have benefits (eg cashback, $50 give away for opening an account ….)
open a comsec online share trading account where you get another $50 bonus (see thread in ozbargain.
build a share portfolio consistently and with money you can afford to spare eg $500-$1000 per month.
only if you have time, go to talk to a financial planner for a free session, just to build your network and knowledge, no need to purchase.
once you build enough bucket of gold, roll it to deposit to acquire an asset.last but not least, give some money to your parents.
there are hundreds and thousands of site with information online, esp the trusted site like ASIC. Good Luck.
Eatwell Sorry for neg, tablet was knocked when I went to plus your button
You need + for parents comment
+ for getting advice, accounts.I'm not sure on share trading, but can be a lot of fun or not. Can make a squillon but the % of those who do has a decimal point in front of it. Yes I know some who have done well by luck, and another was lucky. The first now is a trader as his life for himself the latter go in on ground floor and sold on massive peak. His funds are gone.
Many says the key of share trading is "buy low sell high" but the fact is no one knows when it is peak or trough.
Not saying one must trade but one must learn the know how of share trading (especially when young) then you can decide trade it or not. High salary alone (especially if you want your future wife to have babies and do not go to work) and to work until the retirement age of 70 does not seem to help you and family to enjoy independent life in Australia.
i watched my parent traded shares and foreign currencies when i was a child. Some people leveraged their money with option/forex, traded on penny stock and traded daily. This is different from building a portfolio, which means you are investing for longer term, park your money on the side, does not matter it goes up or down this month, eg buying woolies or westfarm - something you use everyday, have assets and you know it is very difficult to go broke.
Lots of new words for me ill google the things you guys suggested.
Atm my parents told me try getting a lot in a developing area and atm there's an area in richmond rd blacktown that's selling land for 200k
And its the area where they are making the new Costco, Ikea and Bunning I think woolies too. Would this be a good decision?Check out if you have to pay land tax without building on the block. Brick and Mortar are good. You will need a deposit and check out with the bank how much you can borrow (if you need). Free chat, doesn't hurt.
Sorry eatwell, must not press on phone. You are so right about talking to BANK.
Loan brokers are when you shop around for deal unless you have a good banker relationship.Land loan, cost interest and fees, paid monthly, rates, insurance yes there is nothing on land but fences, public liability some fool will walk on land and break foot,cleaning costs now, no tax deductions and possible loss of first home buyers government benifs.
It could have great capital growth value, then you will need to look at strategies to avoid this.
Of course buy on outskirt of next development of shopping complexes.
invest in your self man.
self education will provide the biggest return out of everything (at this stage in your life).countless millionaires came from nothing, just investing in themselves and taking action.
good luck either way :)
A girlfriend?