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Now that we've paid off most of our bad debts, we want to save for our first IP. We can save $700 / fortnight. What do people suggest for best/ quickest way to save (ie; savings account with high interest, stocks, etc)???
Just to clarify. Buying shares is NOT saving. It's investing. With all the inherent ups and downs. While in general you will make gains over the long term by buying shares, the investment horizon should be at least several years.
By comparison, saving is NOT a long term strategy.
If you say 'I want to save for my first deposit as soon as possible' and someone mentions shares, run away.
Alex
Kristy, property in most capitals is going up faster than you can save.
So I'd recommend if you have equity in a PPR, that you talk to a MB quickly about using that to buy a house before you try and save a deposit.
Buying an IP within 4 weeks rather then in 6mths time will be the better way to save.
Apart from that, I'd seriously consider putting your kids to work if old enough and getting second jobs.
Kristy
Don't take Winston's advice re:
get used to recreating at home
as it could cost more in the long term!!
I presume you are referring to procreation......which has a different etymological root.....creating with a pro.....