best way to make your money grow (1 Viewer)

[Skeeta]

the benefit of term deposit over ANY of the others is that you start making gains straight away. With a franchise (gloria jeans) or a house that you rent out. You have to make your money back before you start making more money

If you buy a franchise for $250 000 you have to pay your workers, stock etc then you only get the leftovers kinda thing. It might take you 2-3 maybe even more years untill you get ur $250 000 back and even more until you make a decent profit.

Term deposit term deposit

 

[LeftrightOut]

the benefit of term deposit over ANY of the others is that you start making gains straight away. With a franchise (gloria jeans) or a house that you rent out. You have to make your money back before you start making more money

If you buy a franchise for $250 000 you have to pay your workers, stock etc then you only get the leftovers kinda thing. It might take you 2-3 maybe even more years untill you get ur $250 000 back and even more until you make a decent profit.

Term deposit term deposit

NO! A term deposit returning anything less than 6%pa is a bad idea, get an online savings account and you will get 5.4%pa EASILY, and with no hassles of early withdrawal plus monthly increases in your balance.

If you have never been in business then forget starting your own business without reading a lot of books and rules first. But don't waste your time on term deposits.

 

[JoyDivision]

Online savings accounts (Like the CMAA) are generally for people with amounts between $5,000-$20,000 sitting in a normal account. I wouldnt reccomend one to a person with a sum above $50,000; fees are compounded monthly, and if youre sensible theres no need to compromise a higher interest rate for monthly maturity and not being able to pull out at any time....

I dont think 11 months is such a long time to have that money sitting there, but you could always look at a six month Term Deposit. If you want a business loan, you can use it as secured lending, or for a mortgage. So technically, the money is still your asset, youre just not able to take it out and do with it what you want - like spend it. However, is $250,000 NOW going to be worth more to you than what its going to be worth to you 11 months down the track??

 

[LeftrightOut]

Online savings accounts (Like the CMAA) are generally for people with amounts between $5,000-$20,000 sitting in a normal account. I wouldnt reccomend one to a person with a sum above $50,000; fees are compounded monthly, and if youre sensible theres no need to compromise a higher interest rate for monthly maturity and not being able to pull out at any time....

What fees? Where are you looking that charge fees for an online account? I know citibank doesn't, HSBC doesn't, not sure of ingdirect, I don't think they do.

 

[aditya]

LOL UR A DICKHEAD!!!!

the person that said u can start of with 10 dolalrs and end up with heaps!!!
HAHAHAHHA get a fkn clue man.. that is the stupidest thing ive ever heard....

y u ask? the fkn transaction fee is 30 bucks :| thats fkn why... to buy its 30 bucks.. then to sell its 30 bucks again!!!

so thats 60 bucks... if u bought 10 bucks worth of shares in a company - lets just say some mad mining company...

say u bought it for 20 cents it ended up going to 2 dollars... u wouldve made like 30 bucks....

so ur a wanker...

 

[Ranger Stacie]

i know a guy who works in a mine and hes 20, he earns over $2000 per week

 

[Arkad]

Invest in education; become doctors, lawyers, accountants; and money will grow on you.

 

[= Jennifer =]

well i always thought the money tree was the best option unfortunately mine is still a seed i am waiting for it to grow

seriously, have no money therefore nothing can grow

 

[soha]

no idea
just as long as u dont put it in a bank and let the interest work its wonders
my friend inherited 5000 when her grandma died and isnt allowed to touch it till shes 21
after like..7 years its become 12 000
just from sitting in the freaking bank
thats easy money...but its bad money..IMO

 

[alien]

if you wanna be safe, i'd go long term deposit or invest in your education like Arkad said.
you have 250k? WOAH!

 

[gibbo67]

Plus the only tax haven in Australia is the 'home'. You pay tax on everything else.

the "primary property" is certainly a reasonable spot to invest, so long as it doesn't get poured into any technology that'll depreciate over the medium term.

intestment dwellings however are not as attractive any more since the NSW government introduced the new land tax - also gotta pay income tax on rental profits and capital gains tax at a really steep rate if you sell in a hurry

a high interest bank account is cheaper, safer and more liquid than the sharemarket for small amounts of money

 

[LeftrightOut]

sell ur investments put into a high value family home. Escape the land tax...

Something about all your eggs in one basket.

I hope you always buy appreciating property. I know in some places people bought $150k houses only to find it hard selling them for $70k 10 years later. You have no guarantees the area you buy in now will not turn into a ghetto. Also your investments should make you some money at least a few %pa, your PPOR will not be giving you a return anytime soon, at least not until you sell it, and then you get hit with taxes and charges again.

 

[jam3s]

Something about all your eggs in one basket.

I hope you always buy appreciating property. I know in some places people bought $150k houses only to find it hard selling them for $70k 10 years later. You have no guarantees the area you buy in now will not turn into a ghetto. Also your investments should make you some money at least a few %pa, your PPOR will not be giving you a return anytime soon, at least not until you sell it, and then you get hit with taxes and charges again.

Higher priced houses tend to make more money over time than average price ones, so i would be looking at above $1m houses, but i am poor so for a start i will just stick with a investment unit this year

 

[Not-That-Bright]

units aren't really the best idea

 

[sladehk]

Have you noticed that life is like a complex version of Monoply? Drive your car along the streets and then park it into a expensive Mayfair hotel and you're wallet's a lot lighter!

 

[Arkad]

if you wanna be safe, i'd go long term deposit or invest in your education like Arkad said.
you have 250k? WOAH!

Yes, if everyone invested in education we as a whole would be much better off economically. We need quality lawyers to sue others and loving doctors to care for us, without them worrying about growing money.

The job of growing money should be left to financial advisors, like me.

 

[PookieMonster]

sleep naked.....

 

[sladehk]

Grow a money tree!
Dig a hole and place all your life-savings into a hole in the local park. Tell the local newspaper about your fantastic deed and water it daily. Wait patiently for your moeny to grow.

 

[jam3s]

units aren't really the best idea

i know but i just don;t have the money to get a alright house

 

[t-i-m-m-y]

Come over to my place.. dig a hole in the ground and bury your money.. For a small fee, I'll water it three times a day, every day.. your money will GROW!!