saving for...? (1 Viewer)

[LeftrightOut]

oh wow, where do you put all the split money? do you have lots of different bank accounts or something?

Yes I have several bank accounts with banks and only pick those that charge no account keeping fees, have decent interest rates and also no online transfer fees so it's easy to just put different amounts everywhere.

 

[LeftrightOut]

sounds lyk u've been touched up by rich dad.

I don't agree with a lot of crap he says, he's also been known to straight out lie about various things. Here's an interesting site that debunks a lot of what he says in his books. it's fairly lengthy but anyone who blindly follows any investment book should read it to see that one strategy will not work for everyone. http://www.johntreed.com/Kiyosaki.html

i am saving for travel and enough so i can take out a big loan from banks and run away with the money to the bahamas, then i'll start a internet casino which scams bank managers to give me more loan.

And then you'll get pulled in for defrauding them.
http://www.oas.org/Juridico/MLA/en/bhs/en_bhs-ext-law-1994.html
http://www.cfatf.org/

The great expat hideaways are slowly being eroded as the countries struggle to enter the world trading and financial arena with bad legislation. A lot of people still think it's the perfect getaway to put money into a swiss/jersey/cayman bank account but really they're mostly rank amateurs when it comes to high stakes money laundering and hiding.

Investing and Share trading are totally different things, one is putting the money in a stable environment for the long term, the other in and out strategy.

? What definition are you using? what do you consider a stable environment to be? and what is long term? Investing in shares can be a long term thing, ask anyone who bought Berkshire Hathaway shares when they first floated if they regreted not going in and out

Buying properties for me is a looonnng shot and probably for many other young australians 2, unless your parents fork out a few bank accounts you'll probably be around 28 before you even decide to take up a loan, after all in this day of age, saving is not the ideal behind enjoying life.

I would consider purchasing more shares on a loan than property but then again I favour liquidity and quick access to capital plus larger amounts of diversification. You can buy a lot of different shares for $100,000 you can't really buy a large number of houses for the same price Some like the security of houses though which is fine I guess, they just have to remember while they are servicing a loan they never actually own the place but pay upkeep for it.

We live in a consumer society and yes savings are not valued highly in such circumstances. So all you non-conformist rebels should be saving your money to show society how non-conforming you are.

 

[joujou_84]

ive tried heaps of times to save for a motorbike.......i neva get past a grand b4 spending it all.......... i have a feeling that if i give money to my parents to save it 4 me it may go straight into the mortgage and i may neva see it again.....

 

[babydoll_]

saving to go to japan

i think ill be going for exchange, which hecs partly covers, but i hear the prices are a bitch there

 

[Adrian.]

I currently have my money in an ING direct account (5.25%pa) with no fees. Would it be possible to buy a bunch of shares (eg. AMP) and make more than that from dividends? Where can I find out how much a company last paid in dividends per share. I've only got 3K so how how many companies would it be wise for me to invest in (1k per company?).

 

[Collin]

not always, investment property is declining for profit nowdays.

u know how much land tax u pay?

haha i know ppl with tons of houses and are losing, wanting to sell

It depends on which properties you invest in and which area those properties reside. My parents are making a healthy amount of money with property investment right now.

 

[LeftrightOut]

I currently have my money in an ING direct account (5.25%pa) with no fees. Would it be possible to buy a bunch of shares (eg. AMP) and make more than that from dividends? Where can I find out how much a company last paid in dividends per share. I've only got 3K so how how many companies would it be wise for me to invest in (1k per company?).

For info on certain stock when you haven't got a trading account go to http://www.asx.com.au

Generally to buy shares in any company you need to meet the minimum parcel of shares rule, which is generally understood to mean $500 worth of shares. You will then have to add brokerage fees on top of that (range from $19-$40 per trade) when you buy or sell anything so you need to take those into consideration when thinking about shares.

Your chances of making more than 5.25% depends on the way the company has performed in the year, there is no guarantee you will get a certain amount and your yield will depend on the price you bought at.

Say for example you bought 1000 shares at $1 each, that's $1000 outlay, the company gives a dividend of 5c a share so your 1000 shares will give you an income of $50 or 5%. Now that is not taking into consideration the franking credits that could apply. If you bought the shares at $2 a piece your yield would have dropped to 2.5%. if they had a rough patch and you bought the shares at 50cents each your yield would have been 10%. There are many variables when playing with shares and if you are unsure I would suggest reading some books on it before jumping in. I don't like recommending literature so just duck down to your local library and grab whatever you can find.

Also if you are interested there are a few websites where you can keep a virtual portfolio and see how you go at keeping up with the share news, how well you trade and see if you have the focus needed so you don't just decide after a few weeks it's too much and sell all of your shares at what could be a loss.

Please don't consider this concrete financial advice, it is just there for information and you should do a large amount of research yourself before deciding on any strategy relating to your money. If you find you do not want to do the research then you might be able to find other strategies that are less research intensive that might give you a good return.

 

[Misturi]

At the moment l'm saving for a new, good quality phone. I will then be investing in shares etc.

 

[Adrian.]

For info on certain stock when you haven't got a trading account go to http://www.asx.com.au

Generally to buy shares in any company you need to meet the minimum parcel of shares rule, which is generally understood to mean $500 worth of shares. You will then have to add brokerage fees on top of that (range from $19-$40 per trade) when you buy or sell anything so you need to take those into consideration when thinking about shares.

Your chances of making more than 5.25% depends on the way the company has performed in the year, there is no guarantee you will get a certain amount and your yield will depend on the price you bought at.

Say for example you bought 1000 shares at $1 each, that's $1000 outlay, the company gives a dividend of 5c a share so your 1000 shares will give you an income of $50 or 5%. Now that is not taking into consideration the franking credits that could apply. If you bought the shares at $2 a piece your yield would have dropped to 2.5%. if they had a rough patch and you bought the shares at 50cents each your yield would have been 10%. There are many variables when playing with shares and if you are unsure I would suggest reading some books on it before jumping in. I don't like recommending literature so just duck down to your local library and grab whatever you can find.

Also if you are interested there are a few websites where you can keep a virtual portfolio and see how you go at keeping up with the share news, how well you trade and see if you have the focus needed so you don't just decide after a few weeks it's too much and sell all of your shares at what could be a loss.

Please don't consider this concrete financial advice, it is just there for information and you should do a large amount of research yourself before deciding on any strategy relating to your money. If you find you do not want to do the research then you might be able to find other strategies that are less research intensive that might give you a good return.

OK, I think I might just change to Banks West's 6%pa account instead, much safer.

 

[Lundy]

I'm saving to move out of this fucking country.

 

[soha]

saving for the sake of it
when something comes up i'll have money( hopefully)

 

[Collin]

saving for the sake of it
when something comes up i'll have money( hopefully)

Yep, good strategy. I used to do that, but I had poor self-control so I ended up spending it on crap.. :/

 

[Not-That-Bright]

3 words.

World Domination.

 

[Collin]

3 words.

World Domination.

That's two words..

 

[Not-That-Bright]

GW Bush dun know that and he's still managing fine isn't he?

 

[It]

if i ever end up working, il save for the sake of it and most likely end up buying a car.... after a car, keep saving for a house, but il prob end up spending it all on travel.

 

[Danoz The Great]

Saving for a car. Been saving for a year.
Amount saved = $00000

 

[bluesky100]

If and when I get a job, I'd save for

a) A new car, I've had my 89 magna exec. for 2 month and I'm not expecting it to last for anymore than 3yrs
b) Holiday to Ireland or USA

 

[Collin]

He's probably also saving for maths tutoring.

LOL

1234567

 

[Dave85]

i really hav no idea wat im saving 4... my parents are paying hecs so it wont be that. i guess to travel and maybe buy a car and some investments. atm im saving 100 a week (or aim 2) which shud leave me wit 12-14 grand when i leave uni. enough for some shares, some travel and an alright car