New to the world of finance and investment..

Discussion in 'Investment Strategy' started by uz3r, 17th Sep, 2008.

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  1. uz3r

    uz3r Member

    Joined:
    1st Jul, 2015
    Posts:
    5
    Location:
    Adelaide
    Hi everyone,
    I’m a complete stranger to investing – I have little knowledge and near zero experience. However I am now at the point in my life where I wish to start looking at investing to secure my financial future and I am hoping that someone here can offer me some advice or direct me to resources where I can start to learn about my options and how they do or don’t benefit me.

    About me:
    - I’m 25 years old.
    - I earn 50k a year (IT for the SA Government).
    - I live at home with my father and pay a token amount of rent and have standard living expenses (car rego, petrol, insurance, mobile etc).
    - I have no assets other than a car and several thousand dollars of musical instruments/equipment.
    - I have a disposable income of around $1500 - $2000 per month.
    - Due to my lifestyle up until now, I have only $2,000 in savings.

    By choice, I am now in the position where I am ready to leave home in the next 12 months and tossing up between renting and buying. In addition to my housing dilemma I am also aware of investment options I have such as Superannuation and the share market etc however I have little knowledge in these areas and how they can benefit me.

    That’s me in two paragraphs; any help would be greatly appreciated!
     
    uz3r, 17th Sep, 2008
    #1
  2. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    12,415
    Location:
    Sydney
    If you want to buy property, you will need a deposit ... you should aim for 10 - 20% of the purchase price.

    My first suggestion is to find a good high interest savings account - here are some examples: http://www.invested.com.au/special-offers/#Savings Accounts ... and save as much as you can. Even if you decide not to buy, that cash will serve you well for other investment opportunities.

    My other suggestion is to read a lot. Education is the most valuable thing you need - and it doesn't have to cost a lot. Read the articles and posts here and borrow or buy some books on investing ("Richest Man in Babylon", "Rich Dad, Poor Dad" are good starting points ... see other threads for more suggestions).

    ... and ask lots of questions!
     
    Simon Hampel, 17th Sep, 2008
    #2
  3. Mark Laszczuk

    Mark Laszczuk Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    602
    Location:
    Brisbane
    Read Rich Dad, Poor Dad by Robert Kiyosaki (but avoid his other books as they are rubbish). Then, if property is your caper, read More Wealth Through Investment Property and Building Wealth Story By Story by Jan Somers and How To Grow A Multi Million Dollar Property Portfolio by Michael Yardney.

    All the while, read this forum and Somersoft. Pretty soon you'll get the gist of things.

    Mark
     
    Mark Laszczuk, 17th Sep, 2008
    #3