QUESTION:
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I'm 24, single, working full time in a graduate job. I have $88,000 in savings, no debt and no HECS. Where should I park my capital? The stock market seems to be taking a slide and the prospect of taking on significant debt with home mortgage is daunting. Is the best investment a bank account?
ANSWER:
I certainly think cash is the best place for short term. Bear in mind if you invest in stocks, you should have a 10-year timeframe in mind. Just keep adding to your capital and continue exploring your options. You are doing better than most people your age.
