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Working part time I earn approximately 18 thousand dollars (just below the taxable income limit), my parents take out 3k yearly for 'board' (which I know is them just investing that money for me).
I am left with about 15k which I intend to invest myself.
I am left with the options of going with an Index Fund, ETF, or good old' interest via a bank account (5%), or some other option left unknown to me which I hope Reddit will answer.
For context I do no intend to withdraw this money until at the earliest for University payments.
I also intend for this money to be earnt at an ongoing rate, meaning through school and university, eventually replaced by a full-time job.
I also live in Australia, NSW for context.
I do possess jurisdiction over my money by a non-legally binding agreement between my parents and I. However I acknowledge they do possess the rights to withdraw my money legally.
What would be the best financial strategy for the long-term using this money?
What would be the best financial strategy for the medium-term using this money?
And how would you use this money if you were in my position?
submitted by /u/F-7Hawk
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I am left with about 15k which I intend to invest myself.
I am left with the options of going with an Index Fund, ETF, or good old' interest via a bank account (5%), or some other option left unknown to me which I hope Reddit will answer.
For context I do no intend to withdraw this money until at the earliest for University payments.
I also intend for this money to be earnt at an ongoing rate, meaning through school and university, eventually replaced by a full-time job.
I also live in Australia, NSW for context.
I do possess jurisdiction over my money by a non-legally binding agreement between my parents and I. However I acknowledge they do possess the rights to withdraw my money legally.
What would be the best financial strategy for the long-term using this money?
What would be the best financial strategy for the medium-term using this money?
And how would you use this money if you were in my position?
submitted by /u/F-7Hawk
[link] [comments]
Continue reading...
