HalcyonSky
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- Jan 4, 2008
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- HSC
- 2013
buy gold
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how should i invest my money??? (1 Viewer)
- Thread starter suzieee
- Start date
allyoop
Member
I say invest in shares and get yourself a well-diversified portfolio.
I currently hold a homesaver account. It's my second year having it and I'm going strong. I advise if you do open one that you deposit the max 5k and every year after that (so long as you can afford it).
The government will continue to contribute so long as you make regular annual payments of min 1k up to a max personal contribution of 75k. I think that would take you max 15 years of contributing cash into the account. Also, you don't HAVE to buy a place as soon as you get back from Europe. You can just rent, and continue to make those regular payments into your homesaver. That way you're saving what you could be paying on a mortgage AND receiving a heck of a lot of interest on top of it.
5000 x 17%= $850 a year. Please note the interest is not compounded, including in the banks contributions. Therefore, assuming a bank's interest rate of 4.5% as well, you will be getting 5000 x 4.5% = 225. 225+850 = 1075 in interest a year on your 5000 deposit, and every year after that. If you contribute more than 5k in one year, there's not really much point because the govt will only contribute on your 5k max.
Also, you must hold the account min 4 years and have made regular payments for those 4 years. Or you could contribute 5k every year for 3 years, skip a year then contribute on the 5th year. Then in that case you can withdraw your total amount in the 5th year (because it's your 4th payment). I'm just using an example btw, so you don't have to follow it.
By the way, contributing to your super is not really a bad idea. You are making 800 a week, I'm sure that you should have 1 extra k to spare. It's people like you that I may grow to hate because if you make some bad decisions in life you will have nothing to fall back on, and I would be paying your pension. (Please note I really really hate pensioners). 1k is not all that much since you have such a large income. It's completely different if you really can't afford it.
I currently hold a homesaver account. It's my second year having it and I'm going strong. I advise if you do open one that you deposit the max 5k and every year after that (so long as you can afford it).
The government will continue to contribute so long as you make regular annual payments of min 1k up to a max personal contribution of 75k. I think that would take you max 15 years of contributing cash into the account. Also, you don't HAVE to buy a place as soon as you get back from Europe. You can just rent, and continue to make those regular payments into your homesaver. That way you're saving what you could be paying on a mortgage AND receiving a heck of a lot of interest on top of it.
5000 x 17%= $850 a year. Please note the interest is not compounded, including in the banks contributions. Therefore, assuming a bank's interest rate of 4.5% as well, you will be getting 5000 x 4.5% = 225. 225+850 = 1075 in interest a year on your 5000 deposit, and every year after that. If you contribute more than 5k in one year, there's not really much point because the govt will only contribute on your 5k max.
Also, you must hold the account min 4 years and have made regular payments for those 4 years. Or you could contribute 5k every year for 3 years, skip a year then contribute on the 5th year. Then in that case you can withdraw your total amount in the 5th year (because it's your 4th payment). I'm just using an example btw, so you don't have to follow it.
By the way, contributing to your super is not really a bad idea. You are making 800 a week, I'm sure that you should have 1 extra k to spare. It's people like you that I may grow to hate because if you make some bad decisions in life you will have nothing to fall back on, and I would be paying your pension. (Please note I really really hate pensioners). 1k is not all that much since you have such a large income. It's completely different if you really can't afford it.
lol i already knew all this about the FHSA, my question still hasn't been answered: does anyone know when the changes will come into place??
and i know don't have to buy a house when get back from europe, i'd like to buy one then though!
and i'd rather have something to show for my money, i don't want to put it into super just yet... i won't be able to touch it for another 44 years and will have almost no control over it until then.
the 4 year period you have to hold the accuont. at the moment you MUST hold the account for 4 years before you buy a home, if you buy a home before the 4 years is up all the money rolls into super. The government has proposed changes that if you buy a house before the 4 years is up, you can keep the account until the end of the 4th year. then you can put the money onto your mortgage 
just want to find out when this change takes place!
just want to find out when this change takes place!