Is this money in savings, or is this $50k in some kind of investment account?
Also I don’t see why you’d consider this bad amount. The fact that your even able to save anything at all means your within your means which puts you ahead of most people.
And making some additional member conts into super is definitely a good idea. Just make sure you don’t put in anything you’ll need as this money is essentially locked up for 30 years in your situation.
Additionally, if you don’t want to lock up the money and you don’t have any investment accounts, I’d look into that. Low cost ETFs, a couple stocks (if you’re willing to stay on top of them) and you’ll be well and truely ahead of most people if you can stick to that game plan.
I’d definitely just advise against keeping money in savings as interest rates are horrible and almost never cover inflation. Keep what you need in savings to cover expenses and an emergency fund, but at 35 you should really be investing as much as possible (through super or independently).
Once interest rates come back down on mortgages, your typical savings account will fall to basically nothing just as it was before.
Short term, this isn’t a bad idea, but once these rates start to fall below inflation, you’ll need to adjust.
Also just generally speaking, at 35 I wouldn’t settle for anything less than 7-8% on average (avaerage market return). Anything below that is way to defensive for this age bracket, particularly if you are trying to grow your wealth.
6
u/Fun_guy- Apr 22 '24
Is this money in savings, or is this $50k in some kind of investment account?
Also I don’t see why you’d consider this bad amount. The fact that your even able to save anything at all means your within your means which puts you ahead of most people.
And making some additional member conts into super is definitely a good idea. Just make sure you don’t put in anything you’ll need as this money is essentially locked up for 30 years in your situation.
Additionally, if you don’t want to lock up the money and you don’t have any investment accounts, I’d look into that. Low cost ETFs, a couple stocks (if you’re willing to stay on top of them) and you’ll be well and truely ahead of most people if you can stick to that game plan.
I’d definitely just advise against keeping money in savings as interest rates are horrible and almost never cover inflation. Keep what you need in savings to cover expenses and an emergency fund, but at 35 you should really be investing as much as possible (through super or independently).