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Are you looking to invest $1,000 and not sure where to start? Luckily, there are plenty of options available for you to choose from – it all depends what your goals are and how much risk you're willing to take on.
This guide explains what these investment options are, how to distinguish between assets like shares, cash, options, futures and ETFs, and what sort of fees you need to pay.
Important: Share trading can be financially risky and the value of your investment can go down as well as up. “Standard brokerage” fee is the cost to trade $1,000 or less of ASX-listed shares and ETFs without any qualifications or special eligibility. If ASX shares aren’t available, the fee shown is for US shares. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.
*Past performance data is for the period ending June 2020.
Disclaimer: Performance, fees and insurance data is based on each fund's default MySuper product. Where the performance, fees and insurance data for the MySuper fund vary according to the member's age, results for individuals between 40-49 years of age have been shown. This article is general advice. You should consider your own personal circumstances before deciding if a superannuation product is right for you. Superannuation is a long term investment and past performance is not indicative of future performance.
The answer to this will depend on how long you can afford to have your money locked away for. Shares and ETFs can be a good investment over several years, but very risky and volatile over a short timeframe. Can you afford to wait for a year or more to get a good return on your investment and are you prepared for the possibility of losing your investment entirely?
If you’re wanting guaranteed returns without the risk, look at high interest savings accounts and term deposits. Both earn you interest as long as you have money in the account. Term deposits will require you to lock away funds for some time, but high interest savings accounts let you access your money as needed.
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Read more…You’ll lose money if share prices fall, and it's possible for them to go all the way down to zero. If the company you invest in goes bust, shareholders are often last in line to receive any money. Since share values can vary periodically, you cannot expect fixed dividends.
Borrowing to invest, also referred to as gearing, can be risky. While it can increase your returns in favourable market conditions, the reverse holds true as well. Ideally you'll only go this way if you know your after-tax returns will exceed the cost of borrowing.
Before you start investing make sure you have your debts under control. Paying off debts is always a sensible financial move while investing is a riskier. Keep money aside for emergencies, the equivalent of about three months of household expenses is a good amount, and consider making sure you have adequate insurance cover as well to reduce the risk of losing it all if something goes wrong. With these taken care of, you can start investing in diverse asset classes. Consider making some practice trades and trying out different markets until you've found one you can call home.
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