What to do with money

[JaSi]

Hi all,

So we will have some leftover funds available after the move and settling in and I am unsure as to what the best way would be to grow it.

 

I am not too keen on merely having the money in a savings account. I also do not feel that investing in property or anything that is not very liquid is wise as we only just arrived. My initial thoughts were to move the money into an EFT as we can afford the risk and in general it should outperform most managed funds or savings accounts.

Any advice would be greatly appreciated!

Thanks,
Jaco

[ottg]

Keep it in a low-risk account until you understand the Aus markets/economy as you will need time to study the stock market & financial markets.

Currently, the stock market has run out of steam - too late to join FMG & MNF.

However, some stocks are nearing their low-end turning point (over the next 2-3 months) which means time to prepare for buy in.

 

If you want general public opinions then go here: 

https://forums.whirlpool.net.au/forum-replies.cfm?t=2557359

https://forums.whirlpool.net.au/forum-replies.cfm?t=2582803

 

Edited November 24, 2016 by ottg

[JaSi]

Thanks, much appreciated.

[Gerhardk]

Before we bought a house we used our money to make upfront payments (if at a discount). Typically house contents, car and health insurance at a discount when paying in lump sum. I think we did the same with rent, maybe check with your landlord.

 

Lots of noise now about buying gold though the price seems to go down after Trump. Also arguably the AUD may decrease in value to USD so may be good idea to buy USD.

 

Keep in mind if you earn interest, in Australia you are taxed on every $ earned, there is no individual tax-free threshold.