I’m a 30 year old single mum of two. I’d like to buy my own place in the next couple of years however I only have a deposit of about 15k
I was thinking of investing some of it in shares, can anyone suggest where to start? I think this would help more than just having it sit in an account. Something that I could easily access when needed
8 Replies
I have been using RAIZ, it's a micro investment account so there's no minimum to put into it. I have been putting money in every week and it is growing slowly. Really easy to use and can transfer money out whenever you like. It would take a long time to make any real money out of the stock market at the moment I think as most of the world is in a recession due to covid. But I think that's also a good time if you can wait as it will eventually go up.
Not the OP, but curious about RAIZ? I've just googled it and it does sound very interesting. How long have you been using it for? If more then 12 months could you put a % on the growth you have seen on your account, not just from your deposits. Totally understand it hasn't been a good first half of the year for the stock market.
I've only been using it for about 4 months so not enough to say really, at the moment it's 0.7% increase so it would be interesting to see what it looks like when things pick up. I put about $20 a week in so it's not much at all, but I'm thinking it should look good in about 10 years if I keep it up.
To get good returns in a short period of time, you need to invest in higher risk shares. At present, that would be a huge gamble. More guaranteed return occur with investing in more stable shares over many years. With a recession coming, now is a good time to invest if you understand that their value may initially continue to drop and don't panic knowing the market will bounce back over time. I'd only be doing it with money I didn't need though. Too unpredictable to put life savings into at the moment
The first home super saver scheme could also be worth something for you to consider. Personally I wouldn’t be putting money into shares unless it was a long term investment
Right now with all the uncertainty AND the fact that you may need it quickly I would not invest in shares. Shares are generally recommended for long-term investments. Find the highest interest account you can, stick it in there. Then it's capital stable, at call and safe. Or seek the advice of financial advisor.
15K is a great start. Do you have family (parents) that already own a house and can guarantor your home loan. This way you don't need the 20% deposit and won't have to pay lender's mortgage insurance. Use Cannes Canstar website to compare home loan types. Once you settled on a bank or credit union, check if you can get preapproval to see what amount they can lend you. Then start looking for your first home
A month ago I invested $5000 in a new company. Today when I checked it’s almost $10000. In saying that I am fully aware that I may loose my money, I have already seen it drop below what I purchased them for. I have good faith in what I’ve invested in and everything I’ve read has been positive. Originally I was looking at using any profits for a new car. But if it reaches even 1/2 of what is predicted I should have money for a house within 3 years. It’s exciting and nerve wracking at the same time. As a single mum who has a child with disabilities this could change our life. Or it we could just keep living the way we’re living which honestly is already better than a lot. So if you’ve got the money there and it won’t kill you if you lose it then I say go for it.