- April 6, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Dilemma: Investing vs. Saving for a Home
Hi everyone, I am facing a dilemma with my current financial situation. I currently have just over $70,000 sitting in a High-Interest Savings Account (HISA) that is earning 5.5% interest. My goal is to use this money as a future home deposit. However, I am only able to save about $1,300 a month, and this amount may decrease in the near future due to the potential separation from my partner.
Given the uncertainty in my personal life and the desire to maximize the growth of my savings, I am contemplating whether to invest all of the $70,000 into Exchange-Traded Funds (ETFs). I already have $10,000 invested in a 70:30 split between IVV and VAS ETFs.
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What would you do in my situation? Any advice or suggestions would be greatly appreciated.
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ETF minimum investment horizon is 7 years. Anything less than that should be in Term Deposits of various terms. 3-6 month emergency fund should be in a HISA.
Assuming you mean an ETF that invests in equities then the usual advice is to leave it in a HISA or other capital secure investments unless the house purchase is many years away.
If you want to get it out before 10 or so years – HSA. If you’re happy leaving it for longer – ETFs.