Hi Mbini
I'm always inspired by your posts. I have learnt that it is possible to pay property within the record time. I currently have two properties that are paid up. I paid up my last property in just 12 months. The price was not so bad.
I am now strained from that transaction and paying up the property. As a result I am currently a tenant, renting with an intention to buy. After twelve months of saving I am hoping to have raised enough capital as part payment. I am in a position to save between R200,000 and R300,000 monthly for the next twelve months. Do you have advice on saving options?
I hope this makes sense and thanks for your time.
Ms S
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| saving and investing strategy |
Before we look at the saving and investing strategy for Ms S, I have to state how impressed I am with her discipline. She has done very well.
Twelve months is a short time for long term type investments like stocks or shares. Stocks are high return over a long term. One might even lose some of the money in the short term. I would personally work on preserving my capital by saving the in fixed deposit accounts monthly. Every month I would just start a new fixed deposit account. I would also look at the highest interest money market accounts including the notice accounts. The interest is not going to be as good as the returns in other investment vehicles, but given the time factor, this seems to be the best that one can do.
Where do I start with the search. I can even split this between savings and long term investments.If you are keeping some by investing in a long term product, I would consider the Exchange Traded Funds (ETFs). I am assuming that you are not very familiar with the stock investments. You might need to have a managed kind of investment process. I think you will find a nice ETF product with high returns.
For the short term like 12 months, check your bank's highest return on investment products. That will be on the bank's website. I wish you the very best. Please let me know how it goes.
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