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Finance

Mr Br234 · 2016-10-05 09:57:04

I am a 24 year old with about 10k to invest. Should I be looking at shares or what is my best way to maximise my return in the Irish market with little or no risk involved? Thanks in advance This is my first time using boards so all guidance appreciated.

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05-10-2016 10:57am

#1

Mr Br234

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Join Date: October 2016

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I am a 24 year old with about 10k to invest. Should I be looking at shares or what is my best way to maximise my return in the Irish market with little or no risk involved?
Thanks in advance
This is my first time using boards so all guidance appreciated.

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#2 05-10-2016 11:21am
Graham

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Have a read through some of the threads on the Investments & Markets board.

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#3 05-10-2016 12:25pm
mrawkward

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10K is a nice sum to have at 24. Buying shares, which are a medium to high risk/low return unless you happen to pick big winners. Buy/sell fees and broker account charges plus tax on dividends, you can end up with a tiny return, never mind potential capital lossses if prices goes down. With Brexit, stagnant world trade and the general uncertainty, cash is a dull but safe place to be.

Best financial advice ever is to retire any debt you may have. Debt now typically costs 10 times the nett return you can get on it in the market! Use your debt repayment money to create a new savings fund and put it away, you will be amazed how the top line grows.

You are 24 and at some time could be expected to wish to become a home owner. Establishing yourself as a regualr saver is a huge help when you need to get a mortgage.

If you are earning enough and are a member of a pension scheme, the tax savings on AVCs get you a 40% tax saving!! might be worth a look see! But the money is tied up!

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