How to make more money from $1000?

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Forums › Finance and wealth management › How to make more money from $1000?

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STI

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#123273 13-Apr-2008 20:27

tamatama14:
Im a poor uni student :( kind of stuck on study
Is there any knid of way i can invest my $1000 dollor, so i can receve return for the investment??
I know that saving rate is quite high 8 somthing percent, but $1000 is bit less for saving

Thanks for your comment :)

It really depends on when you want your money back. If you are prepared for long term saving (10 years +) with regular contributions then look into investing in shares.

If it is a one off $1000 then a savings account would be your best option.

OT: When I was in Uni I applied for an interest free overdraft for $2000 through ASB and put this in my Serious Saver account. Nice way to earn some money from the bank*.

*A monthly Overdraft Facility fee of $2.00 or 0.12% of the limit (whichever is greater) applies. Service charges apply; refer to the ASB Guide to Fees.

TinyTim

1058 posts

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#123360 14-Apr-2008 10:06

manhinli:
allstarnz: Raboplus usually offer good interest rates.

Also in the times of uncertainty, they have a better credit rating the the NZ government, so in theory there is zero risk in terms of them going bust

KiwiSaver... ahem...

Yes.. KiwiSaver... if you don't need the money back just yet, then the government's kickstart contribution of $1000 means you get an immediate 100% return before considering the interest you earn!

tchart

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#123379 14-Apr-2008 11:54

Dont do what I did and put money in a fixed term investment (eg 6 months). When I pulled it out early to buy a house the bank only paid out half of the interest.

Things change and your probably better off with something like ASB's fast saver account which is essentially free if you dont go into a branch and cancel the paper statements.

Trevor

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