What to do with 10 grand?

[Umpa Lumpa]

Donate it to the Umpa Lumpa charity. It is a charity to help out the Umpa Lumpa's in need around the world. If interested contact me through private message and I will forward you the account details where the money is to be deposited.

Remember every second you think about using the 10 grand for something other than donating to this charity, a fairy god mother dies. And believe me you don't want to be the one who killed off all the fairy god mothers!!!

 

[Dan Moody]

Blonk it in gold or silver bullion...... Bank interest is a joke in this market...
You will go close to getting 10kg of silver for 10k.....
US has just announced its keeping rates at zero until 2114...Euro fears..... Id be quite shocked if you dont make at least 10% by xmas

See, this is why the states got themselves in the shit in the first place. Their coffers are empty for starters, their banks are ****ed, they can't give houses away and their going to have another change of government again.

 

[bballscout]

I just got a members equity first home savers.

Pays 17% interest up to 5.5k from goverment and bank interest on top. Good return and only need to put money in over 4 financial years (2 and a bit years if you get on it now).

I will put 22k in it over this period with it expected to be worth up to 30k after gov/bank interest.

Only catch is you can only use it to buy a house in Australia or throw it into a mortgage.

 

[ThePezDispenser]

That's a fairly big catch mate. If you're thinking about buying a house in the future, you really should have thought about the current house price situation. It's decreased by nearly 10% in the last year and most people are expecting further reductions.

My point is it could have been more beneficial for you to put it into account with more flexibility and liquidity and take advantage of the housing market if it does indeed get worse before it gets better.

You wanted something low risk, however you ended up putting your cash into something that forces you into the housing market?

 

[X_box_X]

Does anyone invest with RAMS?

Why should or shouldn't I transfer my saving from ING into a savings account with RAMS? At the moment I have less than $50,000 in my savings, so I am only earning 3.75% with ING. Form what I understand, RAMS has no risks involved (Government backed) and pays 5.75%.

 

[ThePezDispenser]

So many risk averse users on this board...

No real reasons why you shouldn't apart from the hassle of opening up a new account, daily limit withdrawals, Gov't backing has been reduced (still 250k) and is expected to be phased out completely?

Personally, I'd hold onto and try and get into the market when it's a close to rock bottom as possible.

 

[Munga]

Propery going no where, shares going backwards, bank hardly worth it but as good as any

 

[J_Moore]

That's a fairly big catch mate. If you're thinking about buying a house in the future, you really should have thought about the current house price situation. It's decreased by nearly 10% in the last year and most people are expecting further reductions.

My point is it could have been more beneficial for you to put it into account with more flexibility and liquidity and take advantage of the housing market if it does indeed get worse before it gets better.

You wanted something low risk, however you ended up putting your cash into something that forces you into the housing market?

You'd presume he'd want to get into the housing market at some point, though, even if not immediately.

Those things don't have a time limit on when you need to invest the money (other than the minimum 4 financial years before you can withdraw it). He can wait 5, 10, 15 years if he wants before entering the market.

Given the size of the government co-contribution, it's a no brainer.

 

[bballscout]

You'd presume he'd want to get into the housing market at some point, though, even if not immediately.

Those things don't have a time limit on when you need to invest the money (other than the minimum 4 financial years before you can withdraw it). He can wait 5, 10, 15 years if he wants before entering the market.

Given the size of the government co-contribution, it's a no brainer.

Yep this is it. I can buy in when ever I want and it is better than paying rent your whole life haha.

Property is still one of the better investments out there. Does anyone know when the first home owner grant gets phased out or is it sticking around long term?

 

[J_Moore]

That I wouldn't worry about. That's just an inflationary bit of nonsense, because it's available to all first home buyers.

The first home saver accounts are useful because not everyone is using them.

 

[SteveFoulds]

Consider:
Put a $1000 in a high interest account and just leave it for emergencies.
Invest $1000 in yourself (upgrade skills etc.)
Rest in shares. I'd look at following something like TheChartist where you're getting financial advice but its up to you to press the buy/sell butoon

 

[SteveFoulds]

Or even button

 

[sheahen]

Put it all on BC saturday

 

[ThePezDispenser]

Put it all on BC saturday

Would be hard pressed to get a 25% return in 1 minute anywhere else.

 

[sheahen]

Hahaha, exactly!

 

[yeah_nah]

Put it all on BC saturday

If OP listened, he may be up 3k but probably had a heart attack too.

 

[sheahen]

Hahaha !!
very well worth it