What to do?

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deathstarkil

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Hi,
I'm 35 and single. I have just over 40 thousand in the Credit Union. I'm saving 100 per week and I have no loans, I'm renting. Any advice on where would be best to put my money? I know nothing really of investing. I read in a few places that Gold is a safe-ish bet. Or am I better off leaving it in the Credit Union? Or maybe leaving it there and putting the 100 per week somewhere else?
 
If you've 40,000 saved and you are still saving you are in a great position. Investing in something you know very little about is not wise. Gold fluctuates up and down and is certainly a risky investment.

If I were you I'd put the money in a deposit account and try to get at least 5% interest and keep saving.

In a couple of years you'll be in a good position to buy a house at an affordable price as an investment or as your home or omething else when the market settles down.
 
Thanks. Any suggestions on where you get 5% on deposit accounts? I was looking at the AIB site and their Regular Savings Account is 5.67% Gross or 5.75% AER (not sure what they mean). I think there's a limit of 300 per month so I probably can't put all my money there. Sorry, I really am a little clueless with banks. I've always only ever used the credit union.
 
When anyone talks of certainty in this world - alarm bells should ring:
doberden: "Gold fluctuates up and down and is certainly a risky investment."

Gold remains a finite currency and a safe haven asset, contrary to this wild assertion.

Currencies such as the Euro, dollar and pound fluctuate as wildly if not more and all are falling sharply versus gold in recent months.

The German Bundesbank recently clearly stated how they view gold as an essential monetary asset and safe haven asset:

"National gold reserves have a confidence and stability-building function for the single currency in a monetary union," the Bundesbank said. The wise sages in the Bundesbank said that financial and political uncertainty make their gold reserves even more important than before. The Bundesbank is the world's second-largest holder of gold after the US Federal Reserve, and has sold just 20 tonnes out of total reserves of over 3,000 tonnes in the past five years.

Right now it makes sense to stay defensive in cash in Rabodirect, Credit Union and the Post office (eggs in different baskets) . And with global competitive currency devaluations and David McWilliams and others warning of potential hyperinflation - owning a little bit of gold makes sense - 10% allocation is a good rule of thumb and in current climate could go a little higher.
 
george shaw...your post is a bit head wrecking...its reminds me of doing an eye test!..in reverse..

By the way do you by any chance sell gold??
 
Sell gold - are u mad? I am buying gold.
No fetish at all just think in the current climate it makes sense to own some gold and not be dependent on third parties - banks or governments to perform.

Can we deal in the facts and have a proper debate about being prudently diversified. Otherwise looks like a bad case of attacking the ball and not the man.
Quite bizarre that even now some Irish people don't get it.
 
Getting back to the facts and the truth and the question posed - what to do? and then the uninformed response "Gold fluctuates up and down and is certainly a risky investment."

Good article in Reuters on gold just today that shows how untrue that statement is
http://www.reuters.com/article/goldMktRpt/idUSL144962020090128

The German finance ministry said it had no plans to sell gold, after comments from government budget spokesman Steffan Kampeter on Tuesday that the Bundesbank could sell bullion reserves to finance the government's stimulus measures.
"Gold is considered the ultimate stable currency right now and I don't think any central bank is interested...in selling its gold holdings," Weinberg said.

 
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