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2 year 10k investment

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Comments

  • #32
    daheff
    Registered Users Posts: 5,833 ✭✭✭daheff


    Deleted User wrote: »
    Maybe so, but you were arguing with someone who defended prize bonds, can you set out why you think prize bonds are high risk in this instance? Seem to be a fair place to essentially deposit 10k for 2 years, not much return but not much risk of inflation devaluing 10k to any great extent atm either.

    And little risk of loss of capital. Being ultimately backed by the Govt of Ireland.


  • #33
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Hi Jim,
    Just wondering what advice you would give the OP.
    Jim2007 wrote: »
    Finance is not a game, people can loose serious money based on the comments made here.


    Poor advice and mistakes need to be challenged, because it can seriously impact people's lives.


  • #34
    dxhound2005
    Registered Users Posts: 20,447 ✭✭✭✭dxhound2005


    Trish56 wrote: »
    Hi Jim,
    Just wondering what advice you would give the OP.

    Jim got the wrong end of the stick based on a comment of mine that 100 billion is languishing in bank accounts being eroded by inflation. That was meant to illustrate that worrying about the effects of 2 year inflation on 10K is misguided.


  • #35
    FrankC21
    Registered Users Posts: 806 ✭✭✭FrankC21


    Hi,

    My wife and I are also thinking of investing 10k savings what would be your advice ,

    Financial goals -

    we want our 10k savings to grow in 5 years time, rather than setting in the bank.

    10 years time we can get a bigger house and rent out the current house we're living in -

    Financial Background

    *I have debt of €23,400 (Car loan & Home Improvement loan)
    *Monthly Mortgage of €850 for 35 years
    *Combined annual income of €80k
    *new born baby.

    Any advice?


  • #36
    dubrov
    Registered Users Posts: 3,541 ✭✭✭dubrov


    The market value of gold is it's fair value right now. It already prices in projected inflation, Covid recovery etc.

    The reason not to invest in gold is it's volatility.. in two years you could be up 60% or down 55%. Are you really willing to accept that risk? If so invest in something, if not buy prize bonds.


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  • #37
    dubrov
    Registered Users Posts: 3,541 ✭✭✭dubrov


    FrankC21 wrote:
    *I have debt of €23,400 (Car loan & Home Improvement loan) *Monthly Mortgage of €850 for 35 years *Combined annual income of €80k *new born baby.

    Pay off the car loan asap. You won't get a better risk/reward return anywhere else


  • #38
    FrankC21
    Registered Users Posts: 806 ✭✭✭FrankC21


    dubrov wrote: »
    Pay off the car loan asap. You won't get a better risk/reward return anywhere else

    Can I still put some money away monthly? Or put all extra money into debt.


  • #39
    cruizer101
    Registered Users Posts: 3,205 ✭✭✭cruizer101


    I agree pay off the loan is the best option, get that cleared as soon as you can, it costs more than any investment return you would make.
    I would however put a bit away for rainy day/emergency fund, few months income incase the worst happens.
    You could stick that in prize bonds, you might make a bit on it, but it is easily accessible if you need it.


  • #40
    dubrov
    Registered Users Posts: 3,541 ✭✭✭dubrov


    If it was me I'd pay off the high interest rate loans quickly and take the risk of having no savings for a short period. Depends on your own perspective.


  • #41
    Static M.e.
    Registered Users Posts: 3,087 ✭✭✭Static M.e.


    FrankC21 wrote: »
    Can I still put some money away monthly? Or put all extra money into debt.

    I would always pay off all debt first, including credit cards.

    Build up an emergency fund of €1000 - then increase to €10,000 and leave it in a credit union/bank account. Once you have that step completed. I would only then look at your mortgage, and depending on the interest rate, consider overpaying that mortgage before investing.


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