Advice Please?

J

jdq

Guest
Hi, I've only posted once or twice before, I have €3,500 lying around that I'm looking to get working for me (not much I know, I want to use it as a single premium and contribute maybe €100/€150 a month after that) I' am looking to invest short term - 3 to 5 years, I'd appreciate any advice on how to get the most out of an investment of this type and what kind of products would suit me best and why...I considered Rabo before but now that the return has gone down to 4.3%, I'm not so sure...

Age: 26
Spouse’s/Partner's age: N/A

Annual gross income from employment or profession: €25,000
Annual gross income spouse:

Type of employment: Permanent - Financial Services

Expenditure pattern: Saving €100 pm in to credit union (could use this as cash part of asset mix and invest 100% in equities/property???)

Rough estimate of value of home: n/a
Mortgage on home
Mortgage provider:
Type of mortgage:

Other borrowings – overdraft - €500

Do you pay off your full credit card balance each month?
Don't have (or want) credit card!

Savings and investments: €600 - credit union

Do you have a pension scheme? Yes - DB

Do you own any investment or other property: No

Ages of children: na

Life insurance: na


What specific question do you have or what issues are of concern to you?

I'd appreciate any advice on how to get the most out of an investment of this type and what kind of products would suit me best and why as per above.


Thanks a mill
 
jdq said:
Other borrowings – overdraft - €500
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For a start clear your overdraft as the rate of interest charged is most likely high.
What specific question do you have or what issues are of concern to you?

I'd appreciate any advice on how to get the most out of an investment of this type and what kind of products would suit me best and why as per above.
Click to expand...
You mention deposit rates at the start so you should note (from the Financial Best Buys forum lists) that there are better than the 4.3% from Rabo on offer right now on demand or short term lump sum and regular saver deposit accounts. You should check these out if you think that deposits might be most suitable. However depending on your appetite for risk/volatility perhaps a low charges unit linked funds of some sort (maybe not weighted too much in equities?) over a c. 5+ year timeframe might also be an option? A strict timeframe of c. 3 years is arguably too short for equity investments.

You probably also need to clarify your short, medium and long term goals and then decided how these need to be financed before looking at specific products/product types. You should read the Savings & Investments forum key posts, the AAM/IFSRA guides to savings & investments, www.itsyourmoney.ie etc. to get some ideas of how to do this and to generally assess your financial situation and needs.
 
Thanks Clubman,

My attitude to risk is - I'm 26, I dont mind taking a bit of a gamble (i.e - equities) at this stage anyway, and you are right - 3 yrs is too short so I will probably invest for a longer term. When you talk about low charges/unit linked funds do you have any examples? Also am I wasting my time with the credit union?
 
Its just the savers account they have, not 100% sure what the dividend/return is, its not great I know that!
 
jdq said:
Its just the savers account they have, not 100% sure what the dividend/return is, its not great I know that!
Click to expand...
Probably not competitive with the deposit rates on offer elsewhere - see the Financial Best Buys forum lists/key posts.
 
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