26 year old.
Have a full-time job that only pays me around $3,000 per month after tax.
I have 15k in my savings. I was advised by near and dear to book land for a house, but I am afraid that I can not afford a house at this stage. I have no debts or credit cards yet. Am I eligible to get a house loan for my income?
Could someone help me take a wise decision in spending my savings for future?
Bitcoin
Shïtcoin
A small spread into Cryptocurrencies wouldn't be half bad. Again, with some serious research and reading.
Wouldn't recommend more than a 1k spread into the space. With the recent hardforks - worthwhile to buy cheap and wait. Would say maintain a 6 month hold.
Would also recommend spread across a few ICOs, etc.
Lol, imagine if followed through. Would have made some decent gains
If you want to buy a house in the next 3-5 years , put it in a high interest savings account.
If not, buy some VAS or VGS shares.
Give it to me.
Yeah same lets halve it
Can't recommend these guys highly enough (no I don't work for them)They have several listed portfolios you can invest in through your broker (etrade, commsec, whatever).
http://wilsonassetmanagement.com.au/
They are also planning to launch a global fund next year so I've started saving for that.
WAM have done well but charge high fees.
Yeah I don't mind fees as they are performance based so if the fund doesn't do well neither do they (unless I'm getting my companies mixed up?). I've also got WMI and WLE, WMI is doing really well and WLE should start moving once the oppies are out of the way next month, it's trading behind NTA so I'd expect it to catch up at least. And all three pay divvies as well. :)
put inside super for 1st home deposit
1k slaps at the nearest pokie room
And then lose it all, great plan
Good on you for saving and staying debt free! These are some basic questions though, just go to any bank site or the site below and find a loan calculator to check roughly what you can borrow. Have you read any books on investing?
I would thoroughly suggest you spend some time to get clued up before jumping into anything. Would recommend reading 'barefoot investor'. It's an easy and quick read and will give you a solid framework to know how to manage & invest your money. Take advantage of you local library's ebook collection, you can probably find it there for free!
Also take a look around this site: https://www.moneysmart.gov.au/
Just curious, what industry do you work in OP?
Just started my career in IT
Ah nice one. All the best :)
Congrats on saving. Put it on a high interest saving account. It will be there for when you decide you need it.
Decide on what you want to do, not what the money can do for you. Don't get suckered into get rich quick schemes.
Good luck.
Black.
…or Red
To be honest with you $15k is not much. If you want a relatively safe investment, you are not going to make much return. You can expect from 2% to 3% interest in a bank account. At 3% this is only $450 a year, better than nothing but not mind blowing.
If you want a bigger reward you will need to take a bigger risk - buying shares, bitcoin, gambling etc.
I'm no accountant or financial planner but if it were me I would do the following:
As a Sydney-sider, I love it when the older generation says it's time to buy a "house" now that you have money rolling in. And then you show them the current prices for a modest house in Mt Druitt. Apparently Melbourne land prices are catching up (http://www.news.com.au/finance/real-estate/melbourne-vic/mel…).
Easiest place to go besides flipping a coin with another investor and calling heads is going to https://www.btcmarkets.net/home and putting whatever how much you like on bitcoins.. or ripple if you are like me and feel suicidal I mean self sabotaging.
I think you should work to improve your earnings, spending money on training or accreditation or whatever is required to earn more.
You current income is less than half the full time median, so improving it will give you a substantial, ongoing return.
Managed portfolios - speak to a financial planner. Best way to invest money ideally is to give your money to the professionals and let they managed it. They will help you with your goal timeline and what necessary actions you have to do to reach your goals. Fees depends on the reputation of financial planners you get. Otherwise, study hard about investing (a degree doesn't have much investment application) and good luck.
If he took advice on bitcoin at 7,800 on the high of 26th Oct, OP would be looking at >20% profits right now.
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