Hello good people,
I will be getting ~9k in a few weeks (Long service leave payout)
Looking for the best way to spend this possible in real estate/ other investment .
I currently have a mortgage, 1 car loan.
Any valuable input is appreciated.
What to Do with 9 Grand?
radwick on 20/03/2019 - 08:24
Comments
red
Half on black and half on red?
prolly roll 0 and u lose lolz
Green
Car loan.
pay out the car loan!
^this. pay out your car loan
Many car loans if you pay them out the penalty/fees will be about the same as the interest if you left it.
Put it an offset account.
I had a car loan with a 300 dollar early repayment penalty. I paid it down to .50 cents, and left it, turning off DD. They eventually just 'forgave' the loan and didn't charge the 300 dollars. So 300.50 + interest saved.
Yes pay out the car loan but only if there are no fees etc for doing so in excess of the cost of doing nothing and paying the interest. If there are, then mortgage (assuming offset/redraw is available).
Per some other comments, these are usually fixed rate loans with little to no benefit of paying out early. I know as I have one myself :(
Put it on loans in order of highest interest to lowest…
buy some sick mods for your car (spinners, neons, body kit, spoiler) and obtain a higher star rating
Hell don't wait.. put that shiz on credit right now.. the higher the spoiler the better
Repay the car loan if that interest is high. shares is a bit of a bear market atm but never too late to jump in.
Coke and hookers, gezz whats wrong with you people?
you shouldn't spend it all on coke and hookers you should waste some of it
pay the car loan or tax deductable contribution into superannuation.
Q: "What to Do with 9 Grand?"
A: Grant itwhat's your time horizon and how comfortable are you with risk?
Actually, pay off loans, returns are pretty slim at the moment and there's a fair bit of volatility.Congrats on hitting long service… you could also have some fun, i'm guessing you've worked at least 7 years so it might be good to treat yourself to some experience / travel / etc. Create memories etc.
Thank you. With 9 grand im not even paying my car loan half, actually thinking about a holiday :)
Yeah, long service is a milestone. Hopefully it’s been a good ride, otherwise it can feel like you’re wasting your life (been there)… Holiday makes sense to me, it’s a way to reward yourself and take stock/reflect. Paying off loans might be the rational thing to do, but when you’re on your death bed you want to be able to say that you’ve had good innings… obviously you want to make sensible choices too. I’m guessing you’ve got the sensibility though based on rough indicators of a mortgage and stable employment.
Pay off loans - you're not going to find an investment with better returns than the interest you save (if you do then you should consider a career in arbitrage).
spend some $$ on a nice holiday and then put the rest towards paying your loans.
Pay off highest interest rate debt. /thread
Pay anything you need to off?
Personally I’d book Europe for next June (or even this June) and go travelling. All well and good to pay stuff off, no point though if you don’t reward yourself. You’ve worked clearly worked hard. I would spend this on yourself/you and your partner.
Instead of that, pay off the car loan and get a lower interest rate loan for the holiday. Makes more financial sense if one must go for a big holiday.
Thanks
As many have said, most investments would not offset a high interest rate car loan. Pay the car loan off or as much of it as you can.
It's boring, but if you wanted to spend after that, consider the loan repayments you were paying as surplus and use that for spending?
trade in your current car for another high yield investment vehicle
Best advise!
Old joke.
RFG Shares
Lols!
$7 down to 16 cents
what happened ?
Another way to look at it is that you’re buying stocks at 16c when they were worth $7! It’s a bargain, ha… ‘Were’ being the operative word.
I’m guessing gross mis-management and the parliamentary enquiry has something to do with the share price, but i’m no analyst.
Imagine if you had shorted it… Imagine if you had a time machine.
have a holiday and enjoy the fact your heart is beating
if you smoke, buy 3 cartons of smokes, you should have enough left over for a pint
only the good stuff ;)
Definitely pay off the loans before anything.
thanks
Lol 9k might get you a garbage bin on George st in Sydney, maybe a beaten up caravan
Invest in Chinese Construction Company Stocks.
I forgot the exact name lol just look up stansbury.
You will get a 100% return in four years minimum.
HAHAHAHA
;) China numba wun!
Without doubt…car loan.
Bikies
High yield investment vehicle. I recommend a basic model Aventador as your daily.
https://www.ozbargain.com.au/node/273269 for expert discussion on this matter.
The thing about loans/debit/credit is that you as a consumer have (profanity) ALL LEVERAGE.
This means the return on investment for paying off a loan is going to be VASTLY better than what you would get from any investment besides things like education.
Pay off the car loan or put it on your mortgage.
Any advice for ~$11k,no debts?
Do petty much what I suggested below. Maybe another 1k in each of VGS and VAS.
Sign up to self wealth via an OzBargain link to get free trades.
Put 3 grand in each of these:
VGE
VAS
VGS
Enroll in the dividend reinvestment program when you get your letter from computershare.Now just forget about it for 10 years, don't sell what if you lose or gain, just hold.
VGE already includes the Chinese construction bank mentioned above.
Edit: just saw the debts. Pay off the car loan, then mortgage. Buy and read the "Barefoot Investor" book.
Me too, don’t suppose you work in IT as a contractor for the government?
I can't think of anything worse than not using my long service leave to take a long holiday. Live before you die!
Gold.
Buy a house… I mean garden shed
put it all on black
.