Just wanting to see how others invest any of their savings?
I have an account in traditional savings which for the amount of $5000 I earned about $52 for the whole year in interest. The current interest rate is 3.5%.
I also have a non conventional investment account which i've had for a few months, i have about $3000 in there and have earned over $600 in a few months!! The interest is phenomenal! It's a betting syndicate, so all money is pooled and a percentage is bet on races, they have an extremely good return. I'm wondering whether to put all my money into this one venture, but am worried about putting all my eggs in the one basket?
What do others do with savings/investing money? We are desperately trying to save for disneyland next year so any extra money is welcome!
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07-11-2012 09:41 #1
07-11-2012 09:45 #2Senior Member
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- Oct 2012
We just put ours in a term deposit. We usually invest for a year but this time we've opted for a few months because the interest rate was much higher (6%) and we are hoping to be able to buy a house in a few months
I'd be a bit concerned about a betting syndicate only because I'm an overly cautious kind of person. I would probably only leave the amount you have in there because if something goes wrong you don't want to lose all your money
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07-11-2012 09:47 #3
Re: Investing money
Ours is in a term deposit. In the last year we have earned around $550 in interest
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07-11-2012 10:22 #4
Our investments are shares and properties.
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07-11-2012 10:39 #5
I wouldn't put all my money into a betting syndicate, if you're looking for something with a bit higher return (ie higher risk) perhaps look at a share syndicate? You don't necessarily need to know much about the stockmarket, and you don't have to actively trade shares yourself.
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08-11-2012 07:01 #6
That is a very high return, but with a high return comes high risk. I would leave the amount of money as is in the syndicate for the moment, but I would look at opening a high interest savings account. You can get much higher interest rates than 3.5% with a similar risk return.
16-12-2012 00:41 #7
Re: Investing money
We put our savings into a home loan offset account so our return is effectively the interest we would otherwise pay on our home loan.
I also invest money into managed funds and also direct shares.
I am guessing that your betting syndicate is very high risk with perhaps a risk of losing the money you have invested otherwise you would not generally have such a high return. As long as you are comfortable with that risk.
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16-12-2012 01:35 #8
Look at ING and transferring a set amount each week. You could divide the amount you need by weekly instalments to transfer each week.
You could also look into making extra repayments off your home loan if your institution offers free redraw on your loan.
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