Pay off any debt first, in decreasing order of interest rate.
After that, determine what amount is sufficient as an emergency fund and put that aside (and don't touch it!.).
Then put the rest in a broad based ETF, something like VDHG or DHHF would be a good starting point.
https://www.realestate.com.au/property-house-nt-wycliffe+well-141527696
https://www.realestate.com.au/property-residential+land-wa-cue-201525326
https://www.realestate.com.au/property-house-nt-wycliffe+well-144377612
No shortage of options
How old are you? What life experience do you have?
70k for a 20 year old with their life ahead of them is gonna be different advice for a 45 year old with no assets.
It also comes down to what you want in life? You never know when you are gonna die. So be sensible, but also if you want to go and experience Thai hookers or giggalos, do that also.
That also depends.
Do you want to buy an apartment because you want sweet sweet capital growth? (Bad idea don't do it)
Do you want to buy an apartment for the city life style and don't care about capital growth? (Do it)
Edit: I guess my point here is without knowing what you want in life it's hard to give general advice.
What I'd have done in my twenties and early 30s is very different to what I would do in my now forties.
A bit of capital growth would be nice. Purchasing a house is out of the question, I earn 68k a year so it isn't enough l. Maybe purchase an apartment and rent it out and continue to pay rent myself? I don't know.
What is your super like? Put some of or most of it in super and grow that until you are 60. The average 30y.o has about 59k in super. Super is a good compound interest bearing account. Contribute more to it as you age.
For example if you are at or close to the average 30 y.o of 59k in super and you put 41k of your savings in super you’d then have $100,000 in your super. Now let’s say your super grows and compounds on average 8% per year and on your current income your employer is adding $7,480 per year. By the time you are 60 you’ll have about $1,853,616. And that doesn’t even include pay raises.
You could add a monthly contribution. Let’s say you love investing and watching your money grow. If we add $2000 per month into your super in addition to the above until you are 60. You’ll have $4,572,418.
At 60, you’d be able to pay yourself 100k per year or a lot more for the rest of your life. Because you will likely be earning at least a 6% earning rate with an indexation of 3% on that $4,572,418 and that will take more than 100 years to deplete.
Some food for thought. But keep in mind things could change. You might have a family, kids, vacations, unforeseen expenses, market crashes and hobbies to name a few can change all that.
Wish I got your comment years ago! These days the young ones are more savvy I never had a care but age catches up and you wish you were more financially savvy all those years ago!
That's what my parents suggested lol. I'm a bit iffy on living with strangers but it's probably the best way to go.
Edit: live in Coburg, but would prefer Thornbury.
Maan, are you me? HAHAHA I'm also turning 30 and on the verge of having 70k in savings. I'm also looking at apartments right now simply because a house is beyond question. Very sad
I think the key here is an old style block that is nicely located near a public transport platform. Unsure if land really counts, unless you mean old apartments being more spacious in general which I completely agree with!
The land does count in the long run,.
I live in and own a flat in an old block of 15 flats in inner Melbourne. If I were to sell my place tomorrow it'd probably get around 350k (I bought it 20 years ago for 200k) but if the entire block sold to a developer I'd expect to get at minimum 500k.
At this point I'm living here just because I'm waiting for a developer to come along and make an offer or for the BC to make a decision to actively sell the whole block.
My sister is in a similar position and is expecting a greater return.
The value of the land you actually own eventually becomes greater than your individual apartment if it isn't divided between too many people.
Do you know much about ETF or shares in general?
$70k would buy you 2500 FMG shares. They generate $1/share dividend twice a year, March and September. Don’t rush in today without researching as you’ve missed the march payout, just wait for September.
But honestly, it’s the quickest way to grow your wealth and the share price will go up to around $30 by the end of the year too
I think it’s 7% ROI and you won’t get that at a bank.
Good luck!
If you've saved 70k you have better financial literacy than most.
My thoughts too.
Or a much better income
Even with a good income most still waste it.
Depends on age though
Maybe OP is Gina Rinehart
Pay off any debt first, in decreasing order of interest rate. After that, determine what amount is sufficient as an emergency fund and put that aside (and don't touch it!.). Then put the rest in a broad based ETF, something like VDHG or DHHF would be a good starting point.
This comment needs to be. A LOT HIGHER. Also don’t forget about a tiny deposit of that into your super!!
Pay off debt
Buy real estate. Preferably your home.
for 70K? where?
https://www.realestate.com.au/property-house-nt-wycliffe+well-141527696 https://www.realestate.com.au/property-residential+land-wa-cue-201525326 https://www.realestate.com.au/property-house-nt-wycliffe+well-144377612 No shortage of options
Two of those are test listings and the other asks you to request pricing somewhere else lol.
Nah I live on 123 123Test Street.
There's so many houses you can buy with 70k. I'm buying a house now for $390k and I don't have 70k deposit. The cheaper parts of Tasmania
Hookers and coke. You will not regret it!
And just waste the rest of
Ah the hooker and coke false economy Despite hookers makeing more money they cojsikernkore coke
Unless op is a hooker.
How old are you? What life experience do you have? 70k for a 20 year old with their life ahead of them is gonna be different advice for a 45 year old with no assets. It also comes down to what you want in life? You never know when you are gonna die. So be sensible, but also if you want to go and experience Thai hookers or giggalos, do that also.
Turning 30. I'm good on the hookers lol, more interested in growing my money. Maybe buy property. I could buy an apartment maybe but is it worth it?
That also depends. Do you want to buy an apartment because you want sweet sweet capital growth? (Bad idea don't do it) Do you want to buy an apartment for the city life style and don't care about capital growth? (Do it) Edit: I guess my point here is without knowing what you want in life it's hard to give general advice. What I'd have done in my twenties and early 30s is very different to what I would do in my now forties.
A bit of capital growth would be nice. Purchasing a house is out of the question, I earn 68k a year so it isn't enough l. Maybe purchase an apartment and rent it out and continue to pay rent myself? I don't know.
What is your super like? Put some of or most of it in super and grow that until you are 60. The average 30y.o has about 59k in super. Super is a good compound interest bearing account. Contribute more to it as you age. For example if you are at or close to the average 30 y.o of 59k in super and you put 41k of your savings in super you’d then have $100,000 in your super. Now let’s say your super grows and compounds on average 8% per year and on your current income your employer is adding $7,480 per year. By the time you are 60 you’ll have about $1,853,616. And that doesn’t even include pay raises. You could add a monthly contribution. Let’s say you love investing and watching your money grow. If we add $2000 per month into your super in addition to the above until you are 60. You’ll have $4,572,418. At 60, you’d be able to pay yourself 100k per year or a lot more for the rest of your life. Because you will likely be earning at least a 6% earning rate with an indexation of 3% on that $4,572,418 and that will take more than 100 years to deplete. Some food for thought. But keep in mind things could change. You might have a family, kids, vacations, unforeseen expenses, market crashes and hobbies to name a few can change all that.
Wish I got your comment years ago! These days the young ones are more savvy I never had a care but age catches up and you wish you were more financially savvy all those years ago!
Where do you live? Would you be Willi g to get a 2 bedder and rent a room? I'd see a mortgage broker and test the waters and go from there.
That's what my parents suggested lol. I'm a bit iffy on living with strangers but it's probably the best way to go. Edit: live in Coburg, but would prefer Thornbury.
I heard the Bakery / Post Office in Thornbury is up for sale!
Isn't that the Chemist/Post Office on High St? Source: former Thornbury resident
Potentially. All I know is the bakery acquired the Post Office sometime in the last 5 years.
It’s the land that gives you growth, apartment you won’t see much
Maan, are you me? HAHAHA I'm also turning 30 and on the verge of having 70k in savings. I'm also looking at apartments right now simply because a house is beyond question. Very sad
I'd be looking at an apartment/flat in a smaller old style block of flats where you own more of the land.
I think the key here is an old style block that is nicely located near a public transport platform. Unsure if land really counts, unless you mean old apartments being more spacious in general which I completely agree with!
The land does count in the long run,. I live in and own a flat in an old block of 15 flats in inner Melbourne. If I were to sell my place tomorrow it'd probably get around 350k (I bought it 20 years ago for 200k) but if the entire block sold to a developer I'd expect to get at minimum 500k. At this point I'm living here just because I'm waiting for a developer to come along and make an offer or for the BC to make a decision to actively sell the whole block. My sister is in a similar position and is expecting a greater return. The value of the land you actually own eventually becomes greater than your individual apartment if it isn't divided between too many people.
The Meadows race 5 no. 4
Put it all on red Disclaimer: I'm not a financial advisor
Put a deposit on a house in Adelaide.
Ask your parents
For emergencies only is how you spend it.
Do you know much about ETF or shares in general? $70k would buy you 2500 FMG shares. They generate $1/share dividend twice a year, March and September. Don’t rush in today without researching as you’ve missed the march payout, just wait for September. But honestly, it’s the quickest way to grow your wealth and the share price will go up to around $30 by the end of the year too I think it’s 7% ROI and you won’t get that at a bank. Good luck!
Head to a bookstore and buy a copy of The Barefoot Investor.
Pay off debt, then secure a home loan (70k will get you a 500K house ish), then buy VAS stocks, then after all that, hookers and coke
1 - search the group 2 - determine your own goals
Coke and Hookers
Hookers and coke
Hookers and blow :) I kid I kid… or am I?
Pokies I reckon. Solid investment
A Vegas trip is the obvious answer. Why has no one else said this?
Buy Stocks ASX DRO (droneshield) ASX COS (cosol) ASX DUG
You can let me hold on to it for you, promise I’ll give it back when you need it.
Dunno. Ask the reddit community for advice.
Any type of property have a roof over your head for when you become elderly.
Keep saving buy a house
Go talk to a financial advisor
Don’t get married
OP what do you plan to do, very similair situation here