Article advising Deposit "Saving" via Funds

Boyd

Registered User
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Just came across this article online: http://www.obn.ie/blog/2015/06/22/saving-for-a-house-how-to-get-your-deposit-together-faster/

Granted I'm six months behind on reading it, but surely this is the worst advice ever to be given to a prospective house buyer? I was shocked that any financial "adviser" would ever suggest investing in a fund to boost house deposit saving rate.

I quote:
"Using this method you could reach your target deposit six months to a year earlier than by using deposits. This assumes a gain of 6% p.a. on the investment fund chosen."

6% per annum AFTER a Life Company extracting its 2-3%, total pie in the sky.

It seems completely reckless to me. Any thoughts?!
 
Absolutely agree - that advice is reckless in the extreme.

Investing money that may be required in a short number of years in any equity-linked investment is extremely risky.

The conflict of interest of the broker offering the advice should also be glaringly obvious.