>nothing lasts forever and I have made no inroads towards financial independence
From left field, is there an opportunity to build/invest in a music-related business that could sustain you after your career ends? Open a studio? Teach?
I plan to work behind the scenes as a producer/mix engineer rather than as an artist in front of it all! I have already invested in my studio space etc
Perhaps chuck it in HISA. Macquarie does 4.75% for up to 1 million dollars. You could see what the rates are for other banks but keep in mind some have a 100k cap like ING.
Is there a reason people on this sub always recommend a HISA over a term deposit? Is it just because you can quickly access it from a HISA when needed?
OP says they do not want to tie up the money as they are thinking of purchasing a property this year. It is better to have it in a HISA.
I personally do not recommend it in all situations. I take a diversified approach myself.
Westpac 5% savings account for the mean time.
- Write financial goals.
- Write some life goals.
- Do some research on shares/ETFs.
- Listen to the audiobook Strong Money Australia.
- Be careful who you take advance from.
Firstly you are amazing for having no debt. Many many people get caught up in CC debt and you've avoided that.
I personally would find a shares based fund and park most of my spare cash there. It will go up and down, but in the long run it will give you excellent returns as opposed to a bank.
You can put a percentage of your cash into a high interest fund which penalises you for withdrawal, but not enough to worry about in an emergency.
Establish a 'working' fund which accepts your earnings, and when it gets to a certain amount, transfer the excess into your term deposit or stock market accounts.
Seeing you're earning a decent amount, consider talking to a financial advisor. There are all sorts of implications whatever path you choose, and they are qualified to guide you through.
Don't forget you may want to retire one day and setting up a superannuation account would provide for your retirement and reduce tax. You def need professional advice for this.
If you’re buying a house then a HIsA is the only options Consider some through super for FHSS if you qualify.
Hey, congrats. Pretty hard to make any money off music at all.
Thank you! I am extremely fortunate to have this as. career but nothing is more fickle than music industry ~ even more reason to make inroads to FI!
350k from music ? Not bad .... Some serious busking
>nothing lasts forever and I have made no inroads towards financial independence From left field, is there an opportunity to build/invest in a music-related business that could sustain you after your career ends? Open a studio? Teach?
I plan to work behind the scenes as a producer/mix engineer rather than as an artist in front of it all! I have already invested in my studio space etc
Perhaps chuck it in HISA. Macquarie does 4.75% for up to 1 million dollars. You could see what the rates are for other banks but keep in mind some have a 100k cap like ING.
Will investigate who is offering the best terms at! Thanks
Is there a reason people on this sub always recommend a HISA over a term deposit? Is it just because you can quickly access it from a HISA when needed?
OP says they do not want to tie up the money as they are thinking of purchasing a property this year. It is better to have it in a HISA. I personally do not recommend it in all situations. I take a diversified approach myself.
Westpac 5% savings account for the mean time. - Write financial goals. - Write some life goals. - Do some research on shares/ETFs. - Listen to the audiobook Strong Money Australia. - Be careful who you take advance from.
Firstly you are amazing for having no debt. Many many people get caught up in CC debt and you've avoided that. I personally would find a shares based fund and park most of my spare cash there. It will go up and down, but in the long run it will give you excellent returns as opposed to a bank. You can put a percentage of your cash into a high interest fund which penalises you for withdrawal, but not enough to worry about in an emergency. Establish a 'working' fund which accepts your earnings, and when it gets to a certain amount, transfer the excess into your term deposit or stock market accounts. Seeing you're earning a decent amount, consider talking to a financial advisor. There are all sorts of implications whatever path you choose, and they are qualified to guide you through. Don't forget you may want to retire one day and setting up a superannuation account would provide for your retirement and reduce tax. You def need professional advice for this.
350k in savings at 30…. Wtf