Hi guys, I currently have 92 grand in savings but it's in a NAB account and only around the 1% interest mark. I'm thinking I should withdraw it and open some kind of separate savings account, like maybe a savings maximizer account with ING or something? Has anyone else here done the same? Im already an ING customer with a orange everyday account but I'm pretty clueless about this. Cheers.
Need advice on what I should do with my savings
jiminycrickets9000 on 02/02/2018 - 13:20
Comments
Coke
Straw80k high yield investment car that run on eneloops
Cheap Tesla?
that's getting old now
But still holding value!
Environmentalist Bikies with 80k high yield investment Harley-Davidson who broden all of Eneloops during dick smith's close down clearance
No. Give it to me
get pr0n stars - bragging rights
you can put it in some investment fund thing. or invest it in property?
Buy shares, the market been hammered last 2 days and its never been a good time to jump in.
The wisest rule in investment is: when others are selling, buy. When others are buying, sell. Usually, of course, we do the opposite. When everyone else is buying, we assume they know something we don't, so we buy. Then people start selling, panic sets in, and we sell too.
Jonathan Sacks
Read more at: https://www.brainyquote.com/quotes/jonathan_sacks_485241So I guess I should buy Bitcoin?
That's why I made $25K today. Easy money.
Not many here understand stocks, mostly just for bargain shopping.@blaccdong: alright :( i guess it was because you came off a bit pretentious but wouldve been cool..
Dogecoin
naybe not doge, but heaps of crypto bargain to be had at the moment!!!
If for some reason you value them at $1b each in 2019 otherwise it may not be unreasonable for something to go back to where they were this time last year?
Damn, $92,000 in $100 notes will make for a thin mattress.
I didnt say build a mattress out of it :)
I prefer to convert mine to Vietnamese Dong. Very soft and fluffy bed and you have the added benefit of saying you have a big dong.
As usual, "it depends".
When do you want to spend this money?
more than 5 years time? Buy VDHG
soon? ING/UBank/similar
Is there anything particularly special about VDHG, considering it was your first recommendation?
I've been researching indexed ETFs and was considering VAS.
I understand VDHG is more diversified and higher fees, but is that basically it?VAS is Australian shares only.
VDHG is brand spanking new and is the High Growth Fund in the form of an ETF (i.e. Australian shares, international, fixed interest etc etc), which automatically rebalances the asset allocation within the fund.
Go look at the vanguard website to see the full breakdown.
VDHG is a better all round diversified product compares to VAS. But the best ETF depends on what you want to achieve, your risk profile (i.e. are you scared of investing overseas? are you scared of not having any overseas investment?) and your circumstances.
Good luck
(Money Moustache forum is a good place for investing questions).
Is there anything particularly special about VDHG, considering it was your first recommendation?
It's a good one-stop recommendation.
I personally have VAS, VEU, VTS, and small amounts of some others.
I personally have VAS, VEU, VTS, and small amounts of some others.
Snap
Why not SPY, SSO, or STW? The S&P funds seem to perform better than most of the Vanguards, and (IIRC) have lower fees.
Annuities. This is long term though and it takes some years to mature. Mine matures in around 20 years (term length is 25 years).
https://www.challenger.com.au/annuities/index.htmOtherwise, go to HSBC and open a Flexi Saver account. AS long as you have a transaction account with them and are putting in $300 minimum you'll earn interest in Flexi Saver. The good thing about this is that you're not forced to make 5+ card purchases each month either which ING is going to enforce starting March.
better off at rams. $200/month, better earnings as well.
separate savings account, like maybe a savings maximizer account with ING or something? Has anyone else here done the same?
If you search the deal post for ING related deals, you'll find that many many people have done that.
92 grand in savings
JIMINY CRICKET!
Typical Sydney/Melbourne first home deposit these days :(
nah just stamp duty
Not even 1/2 the Sydney average deposit.
a high yield investment vehicle. they're probably going for $92k now.
Geez. At least 6 people have no sense of humour based on number of down votes you received
There is a lot of people on here with no sense of humour who will neg. However that joke has been done to death.
Phone is fine
going to send bikies to the next person who makes that stupid joke
I think this joke has passed it…
a high yield investment vehicle. they're probably going for $92k now.
There it is… I knew it'd be here somewhere…
So does the JIMB0 Foundation.
RealFancy Institute is the best of it's kind.
There has never been a better time to invest in peanuts and peanut related products.
9 bitcoins
Wait a couple of days and buy 11 or 12.
Or 26
i don;t think op can increase his savings by that much in a couple of days
The joke is that it's going down.
the market is dropping at the moment
I must be able to see into the future because the OP can buy 11 right now or 12 if they wait a few hours ;)
Go on a holiday
let your children play
If is permissible, build granny flat and rent it out.
Buy a house?!?!?
Exactly, if you don't have grand plans for the immediate future, buy the most cost effective 2-3 bedroom house in the west you can afford.
If you have to live closer to the city, you can do a 2 bedroom apartment, but I wouldn't really recommend this.The mortgage repayments will probably cost you the same as rent except they only go down from here, not up like rent.
The mortgage repayments will probably cost you the same as rent except they only go down from here, not up like rent.
Unfortunately if interest rates rise they most certainly can go up. That said this is reasonable advice if you can afford the repayments (including when rates go up 2-3%) then this is a no brainier.
What are you saving for?
I would spend it…on whatever it is that you want assuming all your needs are covered by your income.
A holiday?
A new car?
A house?
Anything.
I know right.
So, you're planning to stay in a cycle of 'earning money, spending it, then going back to work' for the rest of your life? I'd like to retire one day.
Yes…I have virtually retired about 10 years ago I stopped working full time.
I'm happy living on a low income. Money isn't everything.
Money isn't everything when you have it, but it's pretty important if you have none.
OP…..
The answer depends much on your personal circumstances.
How adverse are you to risk?
Where are you in your career?
What your financial goals are in the short / medium / long term?The INGdirect and term deposits approach to wealth creation is very secure (in Australia) but returns somewhere between 2.0 to 2.8% return. When you take away taxation especially in the top brackets, and inflation, it is conceivable that you are actually going backwards financially.
Generally if you are younger (thereby will be working for decades to come) you can be exposed to the ups and downs of investing. If you are closer to retirement, the prudent thing to do its to preserve your capital, as you are less able to recover from market dips.
There are many forms of investment one extreme is term deposits, the other extreme is crypto-currency. The middle ground would be blue chip shares, unit trusts and property (which may be harder with $92k).
If you are interested in wealth creation, it might be worth it to seek assistance from a financial planner who will draft up a plan for you costs from about $800.
I am now negging all comments which mention investment vehicles
Is that coz your not seeing a return on yours
So you're going to neg just about every suggestion in this thread? Shares, property, crypto coins, term deposit etc could all be considered investment vehicles.
Investment vehicle = investment car
I am upvoting all comments mentioning investment vehicles. Still getting a chuckle from them.
Soon you will run out of neg for the day :d
Envelopes?
Pay off any debts including HECS / HELP loans.
But they're cheap loans and you benefit more with interest from ING
Depends on your tax bracket.
Voluntary repayments aren't tax deductible.
@ShttngDckNppls:
I was more or less referring to the fact that if you don't have any other loans it is more effective to pay back HECS rather than pay tax on interest you are earning.@dasher86:
Again, that really depends on your tax bracket.
Lumping HECS/HELP in with all other debt isn't the best way to approach it."if you don't have any other loans it is more effective to pay back HECS rather than pay tax on interest you are earning." - uh, no. If I get 8% interest and even in the maximum 45% tax bracket, still get >4% interest net. Or hold shares for over 1 year and you get 50% discount on tax so you'll get close to 6%.
Still better to get these returns and pay 1.5% interest on HECS, rather than save 1.5% HECS and get nothing else.
If you can't gain more than 2% or so with the money, then paying the loans is worth it.
That said, almost any investment will yield much more than that, so it is best to just leave them, especially as they hardly impact your ability to borrow.
You can get 2.8% with ING, or 2.87% with UBank. There may be better offers out there. There's no need to be getting only 1%.
Or 3 percent with amp
3.00 with HSBC for 4 months or 3.05 with Rabodirect for 4 months too..
Amp Is forever
I have moved cash from ING to ME Bank recently. Do you think AMP will better product for saving?
casino.
prostitute.