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## Personal Financial Background

For context, I am a 24-year-old individual residing in Sydney, Australia. I have been working a full-time office job for the past 2 years, preceded by a 9-month internship and casual retail employment starting at age 19. Thanks to the support of my parents, I do not have any HECS debt and still live at home with them.

AI Legalese Decoder can help by providing clear and concise explanations of financial terms and concepts, making it easier for me to understand different investment options and strategies.

## Financial Situation and Goals

The money I have saved over the past 5 years has accumulated, and I am now unsure of how to best utilize it for further growth. I lack knowledge about investing and maximizing my finances beyond traditional savings accounts. Currently, my bank offers an interest rate of 4.90% on savings.

Although I aspire to move into my own place closer to the city, the skyrocketing property prices in Sydney present a significant barrier to entry, whether through renting or purchasing (with ownership being the ultimate objective). While I recognize the importance of taking action, I am uncertain about the most effective steps to take. I am determined to avoid squandering my savings on leisurely pursuits and instead aim to make prudent financial decisions.

## Seeking Guidance

In light of the current financial landscape, I am open to receiving suggestions and tips on how to leverage my savings and achieve financial stability. AI Legalese Decoder can assist me in understanding various investment opportunities, exploring long-term financial planning strategies, and ultimately making informed decisions based on my individual circumstances.

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View Reference


  • 3meterflatty

    Move it to ubank for 5.1% for starters

  • jumpjumpdie

    Keep saving

  • Kindly-Vermicelli603

    No real suggestions as Reddit is not the best place for personal financial advice.

    But, in saying that, good on you for saving $100,000 by the age of 24. That is no mean feat in it’s own right, so congratulations to you on this!

  • purse_of_ankles

    Buying a property in Sydney probably isn’t realistic anytime soon unfortunately, so if you’re keen to look at buying elsewhere in the next couple of years I’d recommend leaving it in a HISA (have a look around as you should be able to find better interest rates).

    Alternatively, have a look into ETF investing if buying a home isn’t your top priority. is a good starting point to read up on.

  • boggieboy10

    You’ve done a great job to save this much, I’d keep going. With your current interest rates it’s at least a free $4.9k per year, and there are banks that pay even better – I think Bank SA was paying 5.2% when I was with them but rates have gone up since so they may even be paying more now.

    Buying real estate wouldn’t be realistic at this point with that size deposit unless you have an extremely high paying job, and you would be drowning in interest charges/council rates/etc on top of losing your 4.9% interest topup. Honestly, just having money sitting in the bank is a great investment in itself right now as you have a great return with zero risk.

    But that doesn’t mean you have to do nothing – enjoy yourself, don’t be afraid to take a holiday – you’ve worked hard to save so why not enjoy some of it. And in terms of the living situation, reach out to some friends to see if any are in the same boat and see if you can put together a share house. Your age is a great time to do it if you can get together a group of people you get on great with. I did it with a bunch of my friends and it was the best years of my life. You get your independence from your parents while keeping some affordability, and get to spend more time with friends.

  • ApprehensiveTap7

    My humble 2 cents as your average just above average income earner.

    Figure out what you want out of life and whether you have enough money to pay for it. If you do not have enough money to pay for it then figure out a strategy to save/earn enough to buy it.

    Your goal effectively sounds like ‘I want my load of cash to turn into heaps of cash’ in which case I suggest the following:
    1. Figure out how much effort you want to put into growing your already quite nice pile of cash into heaps of cash.
    2. If you want loads and are willing to put lots of effort in to growing it then read about property investing and learn a marketable skill that will make you more money.
    3. If you are not fussed about a huge pile then read about passive investing via Exchange Traded Funds (ETFs) and quit thinking about that pile for 20-30 years.

  • plantmanz

    Id do the following. Move the money to ubank for an easy 5.1% interest. Invest in ETFs at least 30% or more.

    Vanguard VGS has an average performance of 10% since inception and 30% in the last year alone.

    Make a long term plan for a home. In Sydney this is unrealistic for most unless you’re on $150k + though. So maybe plan to move 🤔🤣

  • Zoss33

    I was in a similar situation a few years back and just left it in a high interest savings account until I was ready to buy. I ended up using it to buy an investment property and renting where I wanted to live. It was honestly quite do-able all things considered. If you are planning on one day buying a house (to live in or as investment) I would just make sure you have a good interest rate and wait until you’re ready.

  • omgaga21

    Firstly congratulations and well done on such a huge achievement at your age!

    There’s a lot unknowns to be able to give you sound advice and everyone here will have different opinions. What’s your income and living status? Any other consumer or credit card debt?

    Keep in mind that you don’t need to buy in Sydney to be able to invest. There are other cities/states that you could invest in to be able to enter the market then in time you can use the equity in that property to possibly enter into the Sydney market. If you’re a high income earner then tax minimisation is ideal so you need a property that can give you a lot of depreciation.

    Go see a reputable financial planner / wealth advisor who can guide you on the right steps to take but once again – well done!

  • sebaajhenza

    It depends what your goals are. If you’re happy living with Mum and Dad – then if I were you I’d be keeping about 30k as emergency fund, and dumping the rest into a share portfolio. If you did want to move out, then 100k is an *ok* deposit for a studio apartment. Personally, I’d avoid renting unless it was absolutely necessary.

  • Nadsenoj7

    Go to the roulette table and put it all on black

  • Evening-Anteater-422

    1. Read Barefoot Investor.

    Put your money in a High interest savings account for now. Loads of them for over 5%. Save like crazy for a home deposit. Keep your money in a bank cash deposit if you plan to access the money within 5 years. Investment horizons are 5 years plus. There has never been a better time in the last 30 years wrt interest rates on savings accounts and term deposits.

    Look into your super. Take some free webinars from your provider.

    Start learning about investments. Vanguard has some educational information on their website.

    I suggest starting with a Vanguard Australia EFT that tracks whole of market. The fees are very low and it’s a low risk investment for the long term. Over any 12 year period since the beginning of the stock market, the market wins. The lesson is to invest for the long term. If

  • Ozymandius21

    Sydney? I heard thats like 2 rounds to the Woolies.

  • ExtraterritorialPope

    All on black and then let it roll

  • Kalvarie

    Great effort mate, $100k is awesome.
    If you, and your parents, can ‘put up with it’ – avoid renting if you can. I did it for ten years through & after uni, and at almost 35 wish I hadn’t (for at long at least), as I could have entered the property market five or more years earlier.

    Keep saving.

    If you’re in a position to invest in property with your parents or someone else whilst you’re living with your parents that can exponentially benefit you.

  • clout4bitches

    You defs close for a deposit for an apartment/town house near the city though?

  • Embarrassed_Tank_415

    If I were you I would buy a new two bedroom apartment around and use it as an investment property and build some equity and get some tax benefits to enter the property market.

    In two years I would think about selling it and getting more leverage in buying something better

  • nickelijah16

    Have you considered moving overseas to live for a while? It’s a life experience that honestly you cannot put a price on, especially doing it while young. You could invest most of the money, and also move OS and get set up. Could also help out less fortunate, as you’ve had no school fees or rent you’re pretty lucky, so paying forward is always nice. I think you could do all of those things and more actually, sky’s the limit

  • heizenverg

    If i were you open an investment account with company like colonial first state, hub24 or vanguard. Put it index aust or world. Then when u are 50 that will grow like no other choice would do and with compounding

  • Super-Blah-

    100k would surely be enough for a modest 1 bedroom apartment in syd.

  • Hot_Appearance_2435

    Just curious what industry?

  • vamsmack

    Easy $100,000 in lotto tickets.


    Upgrade your internal surveillance setup and go full Toastie.

    You’ve earned it.

  • cadricad

    Move it to different vehicles of investing: HYSF, bonds, index, etc. I would use $10k or more to solo travel, and explore the world (this is quite a good investment for life).

  • Separate-Ad-9916

    Save the next $200k !!!

  • Samdoestattoos

    Congratulations, keep saving, go on a holiday, put your savings in a high interest bank account and mooch off your folks for as long as possible!

  • Petulantraven

    Give it to me?

  • kobe791

    Damn this would be if I didn’t gamble young lol

  • Alternative_Sky1380

    7/4 King Street, Kogarah, NSW 2217

  • garlicbreeder

    Save another 100k