Hi, i'm 19 and live in Australia. At the moment i'm working full time and paying off a vehicle. I make about $500 a week mainly due to my age. I live at home and am trying to make the most of saving while I still can. $200 of my earnings are for my car and i'm usually left with $300 and try to put away $250 a week to my savings account.
At the moment I have $3000 saved and it is growing week by week now for the question. I'd like to know what are my options to try and invest and make it grow. My parents are pretty clueless but my plan is to save up 20% of a house deposit and try to pay it off as quick as possible. Should I be thinking about this now or wait to I have a little more (say $5000-$10000) Are shares a good option? or should I look for high interest bank accounts?
btw houses are around $150,000 to $200,000 in my area ($AU) Thanks for any help
2007-09-16 00:03:21 · 3 answers · asked by Anonymous in Business & Finance ➔ Investing
You need to visit an Australian bank. You need to know what percentage down you need for a mortgage there so you have a target. Different down payments create different interest rates, so your payment will vary by how much you save up front. Second, if your amount needed is much larger, you should visit a well respected broker in Australia. In the United States I would tell you to visit Edward Jones. In Australia, I would recommend interviewing them. They are going to be your employee so find out what you are getting for your money. Their job is to land your account so remember, just like any job prospect, they want you to hire them and look as good as possible.
Ask how long they have been a broker, what credentials they possess, if possible in Australia look up any complaints for conduct, ask financially better off older friends for recommendations.
2007-09-16 00:13:28 · answer #1 · answered by OPM 7 · 0⤊ 0⤋
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2015-01-25 03:52:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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2016-05-20 23:40:43 · answer #3 · answered by ? 3 · 0⤊ 0⤋
you are young first you save a little more .shares are a good idea but it require lot home work to select a good stock,u take the assistance of a near by finacial advisor but you accumulate a minimum of $10000/= FIRST
2007-09-16 00:20:25 · answer #4 · answered by venkataramanan t 2 · 0⤊ 0⤋