Making $10-15k work for me

[Troy]

Hello All,

First time poster here, I've started to put away from money weekly into just a cash savings account. Currently paying 7.4% PA calc daily, paid monthly you know the skore.

I project savings level will be around the 25k in another 7 months if everything stays on track.

I know 7.4% isn't much espically with inflation and income tax, but it's currently just a good place to store my money so I don't spend it on a nice shiney Digital SLR and lense :)

I'm looking at getting my money working for me. I've vagely looked into managed funds, shared and maginal leaning, I don't mind the tax benefits of these types of scheme's also.

It doesn't have to be direct advice on what to do or where to put it, general advice on what sort of products I should be considering and what to look out for.

Thanks for your time,

Troy

[Slade]

hey troy, good question.

I guess it depends on how risk adverse you are, and whether or not you you would be prepared to take risks in securing a bigger return?

What I would do is diversify, and make sure you dont put all your eggs in one basket. You should definatley keep some of tghe cash in a term deposit that can be sound, and generating income for you over time..

As for trying for bigger returns, Some things I have seen people do is buy a load of stock from china\india and sell it on ebay for a profit, or you could try some drop shippers from china who could manage it for you. This could potentially make you 30-40% gains on your investment.

Try and pick a niche market, I suggest things like small toy helicopters, fake handbags, or even ipod touch/iphones.. they are all big sellers.

Not sure how web savvy you are but you could try investing in some online services, maybe look at building/buying a website - have you got any good ideas that you could have developed? Or there is starting to be a huge market for Facebook Applications and running adverts on them to make money, this is very turnkey.. and the owner of this site has just launched another a site that helps this - Appbid : Buy and Sell Facebook and Opensocial Applicaitons (http://www.appbid.com)

anyway hope I have given you good advice.. just keep trawling these forums to see how other people are doing it.

good luck in your adventures

[Brendan]

Hey Troy..

cheers for joining the forum.. :)

Just a question.. what do you enjoy doing?

[twenty-eleven]

im not sure advising to sell fake handbags is "good advise"!!!!!

[Brendan]

im not sure advising to sell fake handbags is "good advise"!!!!!

Ahah.. how come?

My fiancee always buys that sort of junk off ebay, and so do all her friends.. I think its great advice :P

[twenty-eleven]

Ahah.. how come?

My fiancee always buys that sort of junk off ebay, and so do all her friends.. I think its great advice :P


.....umm its illegal !! :o

[wiiman]

It depends on the "fake" handbag. Sometimes they buy the licenses. Other times they don't.

[Carl Taylor]

Hi

There are some great Managed Funds available at the moment which are good starter investments, just avoid using a financial planner/broker to make the trade and use an online broker makes it cheaper as you don't end up paying a commission.

Also if your cash flow allows for the repayments use an interest only margin loan to leverage your investment. This can help you achieve an even greater return.

Just remember that shares which includes managed funds the best return is going to be over a 10 year period rather than a quick 1 year stint.

If your looking for a more short term high return you will need to look at the one investment that consistently delivers high returns and that is business.

[rosshill]

Haha I probably would have gone for the SLR :P The iPhone is coming out here soon..