Advice

[newtrader1982]

Hey guys,

I am looking to diversify into new investments. At the moment i have 80k in a managed fund with colonial and contribute $600 a month into it. I also have a couple of property's, I was looking for some thoughts of what you guys would think would be something else to invest in. I keep getting some mob called KOSEC keep ringing me to invest money with them but I really don't trust a mob that ring me up off a calling list.

 

[newtrader1982]

Sorry Guys I have put thie question in the wrong forum . Can someone please tell me how to delete a thread?

 

[pixel]

Sorry Guys I have put thie question in the wrong forum . Can someone please tell me how to delete a thread?

send an IM to Joe Blow. He owns this site and he'll fix it.
That aside, you should be aware that members of this Forum mustn't be asked for "advice" as we're not authorised to give any.

 

[burglar]

send an IM to Joe Blow. He owns this site and he'll fix it.
That aside, you should be aware that members of this Forum mustn't be asked for "advice" as we're not authorised to give any.

https://www.aussiestockforums.com/forums/showthread.php?t=23682&highlight=kosec

 

[newtrader1982]

Ok I might explain my situation in a little more detail, I am 31 years of age and owned a business for the past 11 years. I own the house I am currently living in and have purchased another property about 2 years ago with the intentions of moving in after 5 years. I purchased the property for $700,000 and have currently got it down to 500k, I also have 80k in a managed fund. I am just looking for people thoughts on if it is a good idea to just keep paying the house off and look at purchasing other property's or if it would be a good idea to diversify into something new or maybe put more into the managed fund. Please note I just want people's opinions so I can have a little food for thought.

 

[RADO]

Ok I might explain my situation in a little more detail, I am 31 years of age and owned a business for the past 11 years. I own the house I am currently living in and have purchased another property about 2 years ago with the intentions of moving in after 5 years. I purchased the property for $700,000 and have currently got it down to 500k, I also have 80k in a managed fund. I am just looking for people thoughts on if it is a good idea to just keep paying the house off and look at purchasing other property's or if it would be a good idea to diversify into something new or maybe put more into the managed fund. Please note I just want people's opinions so I can have a little food for thought.

No one will answer this question because its illegal to give Financial advice in this country unless you have AFSL (Australian Financial Service Licence)

 

[pixel]

No one will answer this question because its illegal to give Financial advice in this country unless you have AFSL (Australian Financial Service Licence)

It's probably the wrong header.
If newtrader had chosen "What would YOU do?", we could easily offer him some "food for thought" and let him make up his own mind. And taking the question that way, I'm happy to offer an opinion.

If I were 31 and had two houses and $80K in a managed fund, I would -
sit down and take serious stock about my aims in life:
Do I want to keep working? If so, for how long?
Do I want to take time off work and enjoy life? Maybe spend a little more on travel? Education?

Depending on the outcome of that "stocktaking", it would become much easier to answer questions like -
Do I want to pay others (fund managers) for managing my money? Whose interest do THEY put first?
Do I want to manage (my own) rental properties or commercial real estate? Or can I buy a share of a Property Manager and let them pay me dividend/ distribution?
What impact does tax legislation have on my decisions? I would prepare a list of very specific questions to either research myself, or present to a Tax Accountant for professional advice. (Ask business friends/ associates for personal recommendations which tax accountant to choose.)
Does my main job (as business owner) leave me sufficient spare time to upskill myself, learning which shares to buy when to sell, and how to use other instruments to my advantage?

IMHO and from experience, it will take about 10,000 man-hours of focused studying to become a successful trader, who can rely on more than sheer luck to consistently increase one's "net worth"; that term to be understood in purely financial terms.
A grounding in Maths, Statistics, Accounting,... will be a bonus and possibly reduce the required time a little.

All of the above is simply my opinion, what I would do if I were 31 again, but knew what I've learned in more than twice as many years. Not to be taken as advice.

 

[newtrader1982]

Thanks for your thoughts Pixel, I can clearly see naming the thread "Advice" was a bad choice of words. I just really wanted to throw it out there and see what peoples thoughts were. Hopefully my plans were to semi-retire by the time I am 40, and the house I am currently living in now I would like to move my parents into and try to give them as stress free life as possible. I was just thinking instead of pumping all my money into this new home loan would there b a smarter way to make my money work for me. It is always good to see how other people would react if they were in the same situation.....