🎁🎁🎁 GRAB SOME FREEBIES! 🎁🎁🎁 💰Get $100 FREE if you sign up to ING with this link or use code: Jir462 & complete the 4 steps: bit.ly/3BuKGHd 💰 Ubank: Get $30 FREE if you sign up with my code & make 5 small purchases: bit.ly/3L0duZM or Use Code: MDPYUAG 💰 Get 10 FREE Stocks (worth up to $3,626) + Earn 6.8% Interest (up to $3,353) for up to 100K Uninvested Cash + Free Premium Research Features if you sign up to Moomoo & deposit $1 using this link: j.moomoo.com/00A1xQ
Just FYI Bryan, with the ING interest it would be $10,000 + the interest earned = new balance to be greater than. Good video as usual, make sure to park your money in a wise place.
Blegh! I think I'll stick with my NAB high interest account. True I only get 5%, but the hoops are nothing hard (deposit at least $1.00 each month and make no withdrawals), and no account limit. This means I can deposit way over $250K and still get the bonus interest. Much better than the two talked about here.
Fair enough. FYI, Ubank now offers 5.5% for the first 100K and 5% for the next 150K. Just have need to deposit $500 each month (can transfer it straight back out).
@@BryanInvest I can see the advantage for accounts under $250K, as long as the person has a strong will. When you can withdraw without penalty, it can be too easy to talk yourself into dipping into your savings. Since I am saving for a new home, best to let it compound. 😊
I’ve got most of my money parked in ETF’s with only a minimal emergency fund. I’ve decided this year to ease off on adding to the ETF’s and built a full emergency fund.
Thanks so much Bryan. So helpful. You make things very clear even though you speak quickly, there is so much content and you make it easy to understand. That’s an incredible skill. I’ve learnt so much from you and you’ve launched me on an amazing journey since I found you July last year.
Hey, thank you for such a lovely comment ☺️ it makes me very happy to hear that you enjoy my content. I try to pack as much information as I can in the limited time I have per video. So I appreciate your reassurance that it’s helping someone. Many more videos to come. Wishing you all the best on your journey! 💛
Park! Wow, thank you so much! This video was amazing, I am currently trying to save for college and graduate loan free, do you think it is possible to save around 40 thousand dollars in 3 years as a minor?
My wife and I used to have all of our own savings money in the one offset account. We used all of my wage to pay off the loan every week, and we paid bills, bought groceries and gave each of us our own spending money from her wage. I'm her second husband and she likes to have her own spending money and I don't know any different anyway. I used to get on the banks home loan calculators and watch our payment times shrink very quickly. The single best way to save money (as boring as it is) is an off set loan and paying off your loan as quickly as possible. You don't make any interest but you save a shit load of money in the end..Park
Just a heads up, we were paying 500 a year with Combank for their offset account but moved to Bendigo bank as they are charging 15 a month. So a fair amount cheaper
My offset account saves me 6.3% interest. Plus capital growth of investment property. Definitely better than parking cash into savings account without buying assets since inflation is always higher than savings interest.
If you have a mortgage then Option 3 should be the first, and possibly main option for parking money in 2024. You have a 6%+ return, tax free, which you need to use as a hurdle rate before thinking of putting it anywhere else. You are unlikely to get a better after tax return than that. You need to consider that after tax, most of those other options would return far less than 6% so it's unwise to ignore the debt you have and the ability to offset it as an investment, by looking at supposed higher return investments. Once interest rates drop back down to lower levels, then it makes sense to park money outside of your offset account.
@BryanInvest yes you did, and it's a very informative video. I guess my point is, the order of the suggestions you have changes depending on how your current debt is structured
Hi Bryan, thank you for all your videos, they’ve been so helpful! I am also interested in your thoughts on managing finance after buying a house. We recently bought our first home, however I am wondering what’s the best way to manage the money in terms of how much to put into offset account, shares/stocks, and bank savings account. Do you mind sharing? 😉
Hi, unfortunately all the high interest ones need to be Citizen/PR. If you are an international student, I found this one that will give you 5.2% for the first 5 months but reverts back to 1.1% after. www.westpac.com.au/personal-banking/bank-accounts/new-to-australia/savings-account/
Park! ... I'm so sad though. I checked again.. and there is no 180 days lock in for August onwards for their Cash Plus. It's probably only a month now. Hate to see it.. woke up bright n early for signing up before work. "Earn up to 6.8% p.a. introductory rate for 30 days" aussie dated 01/08/2024
Yes, unfortunately they have lowered the number of days in August :( it was a great deal while it lasted! However, there are other banks like Ubank and ING offering 5.5% for up to 100K which is still pretty good.
@@BryanInvest hey Bryan I'll be thinking about going through tiger brokers for that Australian deal of 7% on uninvested cash up to 150 days . Starting from a balance of $5k.
@@Rap1dACE Yes they are decent. I'm about to do a review on them. You can also get $120 AUD of FREE Tesla Shares if you use this link: tigr.link/8fXtH4
No, that won’t work. You can open another High Interest Savings Account like Ubank or Macquarie. I have multiple accounts which I sometimes move my money around.
@@BryanInvest thank you. Also, when you need to take out the money for an expense, lets say you need the full 100,000$, can you only do it in increments? Thanks
NAB Reward Saver isn't too bad too. 5% return. Only conditions are 1) not to withdraw and 2) add at least dollar into the account every month to get the bonus interest. Mr Park
@@BryanInvest that is incorrect there is no limit. If you follow the link after the comment about 50k on their website, you can see the next price tiers all share the same interest rate. However I do agree with you, that the no withdraw thing is a bit annoying.
@@alexChook Ah yes, you are right Alex. My apologies. I'm not sure why they even mention up to 50K only to then say it's still the same rate for over 50K on the next page. Strange.
PARK.... Why are you not having 26M subscribers? Like the entirety of Australia should subscribe to you. lol.... Just kidding. thanks for this. as always, great content!
Yes you can. By savings I assume you mean the orange everyday account. Although, if you do it exactly as you describe, it only ticks off hoops 1 & 2. I would do it like this. 1. Transfer $1000 into savings maximiser account. (Hoop 1 ✅) 2. Transfer $5 from savings to orange everyday account and buy 5x $1 gift cards. (Hoop 2 ✅) 3. Transfer $996 out from savings to somewhere else which leaves a $1 balance increase for the month (Hoop 3 ✅) Bonus tip: set up automatic monthly bank transfers for the exact amounts so that the only thing you need to do is buy 5x $1 gift cards on the 1st of every month.
Thank you for the detailed explanation. I hope you don’t mind making sure I’m getting this right. So just to confirm, I can transfer $1005 to ing everyday account from my anz. From there 1-make 5x 1$ transactions, 2-transfer $1000 into savings maximiser (would leave in for 24 hours) 3-remove $995 from ing maximiser to a different bank, and leaving 5$ to increase in savings?. Hope I’ve got it right!
Yes, this would 100% work. Just make sure you don’t make any other withdrawals from the savings maximiser account including the interest that is paid out each month.
@@BryanInvest May I ask why step 3 is needed? i’m a little confused. 1. I’ve transferred $1000 into my savings from external bank 2. $5 transfer to my daily spending from external bank 3. Spend $1 five times. Would this not meet the criteria?
@@Oheyrae Yes, this will meet the criteria. My step 3 not required, it was just an example of how I do it since I don't want to leave the $1000 in there and add an extra step. In your case, do you plan to transfer the $1000 back out? If so, it creates an extra step. If not, then step 2 is not required.
Hi Bryan, for the Ubank and IGN, 5% high interest rate. Is this annual or quarterly? Thank you for this very informative video. I like the way you talk and deliver facts. I would like to hear from you more in the future.
Dont put your money in any bank listed on the ASX. Put your savings in a credit union, where you as the member is the shareholder. RACQ are offering 5.25% $100 per month. Get rid of your creditcards and mastercards, they are seperate companys. Use EFTpos or cash only. Your motto should be, If I cant pay cash for it. Dont buy it, go without untill you can. Its more rewarding. Offset only benefits the banks. When you go and get yourself a loan for a home make it 15yrs only. If you cant make P&I payments then you cant afford the loan.
Hi Bryan, what if i dont have a offset account but treat my mortgage account where i put all my extra cash in, iam still decreasing my mortgage value and i can still withdraw from it if i need, then iam not paying $400 for a offset account per year.
Park, so funny you say that re offset accounts. I have one and felt it was the best place to put money aside. Now I am thinking of putting some money aside for long term investing. I wonder whether there is a good way to measure the opportunity cost of that choice.
Offset is a great return right now due to the high interest rates. If the interest rates stay the same or go down then historically the stock market returns around 8-10% per year on average in the long term. However, this is not guaranteed to continue in the future. We invest in hope that it does.
Park. Hi Bryan, are you personally invested in any leveraged ETF's, like TQQQ or SOXL ? Conventional wisdom says not to hold it long-term but what if a small part of your portfolio is held in leveraged ETF's, is it worth it ?
Hey mate. No, I don't mess around with margins and leverage. I much prefer classic long term investing and a small percentage on growth/higher risk stocks.
Speaking of offset account maybe an idea to discuss clearing/focusing on mortgage vs investment especially in the current economic climate? Otherwise love your videos keep it up mate.
Heyyy just for clarification regarding ING savings account, I thought we have to deposit $1000 or more each month? So, for example, start of the month $1000 and next month we should end up with $2000 or more. Am I understanding correctly? thanks :)
Yes, you have to deposit $1000 but it doesn’t need to stay there. You just need to increase your balance. So theorically, you could deposit $1000 then withdraw $999 in the same month and that will increase your balance by $1. Please note, you need to keep the interest you earnt from the previous month in the account.
Thanks for the reply ☺️ I also deposited $1000 to savings account but it doesn’t show me that I satisfied the criteria on the ING app. I haven’t purchased anything yet just waiting for my card. Thanks ☺️
@@yerinjo29 Yeah, make sure you deposit $1000 into the Everyday Orange 'Spend' account as per step 2. You can transfer it back to your savings account once done. Once you make your 5 purchases, it should trigger the criteria. ING can be sometimes be a bit slow in transferring the bonus so you can ask them on the app about the progress.
@@BryanInvest Thanks for the kind reply! What's the reason that I need to keep the interest that I earned? Also, I signed up with Uband with ur code :)
@@yerinjo29 They pay interest on the last day of the month so it counts as your total balance. Say you earned $100 interest on Jan 31st. This means if you withdraw it in Feb, the $100 will be reduced from your Feb balance which goes against the growing your balance criteria every month.
Great question. Both good options. It depends on your priority. Paying off your home early gives you freedom to pursue other things in life. Paying off debt is also a guarenteed tax free return. Contributing to Super is also great for the tax savings and maximising your retirement egg. There’s no wrong choice here.
Can you please make a video on, whether Australian citizens invest in American stocks what paper they need to fill in and what are the tax obligations.
Hey bro, sorry I'm not really into micro/penny stocks these days so I can't really help there. Most of it is gambling and trying not to be the last one holding the bag so please be careful.
It’s definitely an easy way for a beginner to dip their toes in the stock market. However, I see that as an investing app on training wheels. Eventually you want to ride the bike on its own.
@BryanInvest Thanks mate for all your great info videos as always! If I wanted to invest in stocks and shares and I currently live in Australia, but I don't know yet if I'll be able to live here for good (visas matter)... what are the important aspects you may strongly suggest to keep in mind and in consideration, please? thank you in advance :)
Hi Fabio, thank you for the kind words. It would probably be risky to invest in stocks in your situation especially if you open an Australian brokerage account. If you have to leave then you may need to close your account and sell your stocks. What if the market is down during that time and you're forced to sell you stocks at a loss? Usually you want to give stocks 10-20+ years to grow and get through all the volatility of the market. This is probably not the answer you want to hear but I'm just looking out for you. You could consider investing from the country you're from but that would open up other complications like tax.
I went to a financial adviser and he told me that some smaller banks are affiliated and licensed with the larger ones. So you can only take out one of these special accounts per affiliate AND the $250k guarantee is only one per license? Have I described that properly? Which banks are connected? Aren’t ING and UBank owned by NAB so you can’t double dip there?
Hello! Yes, that is correct. Thank you for sharing. ING is not owned by anyone. NAB owns Ubank. So if you have accounts in both banks, best not to keep more than $250k between them (first world problems 😉).
Hello, it's not just for 6 months. Both ING and Ubank will keep paying the bonus rate indefinitely (until there is a new rate). Only Moomoo Cash Plus 6.8% is for 6 months.
Hey Bryan, I hope you are fine. Your RUclips video content is amazing, you just need to improve your RUclips thumbnails. I'm an expert thumbnail designer with 4 years of experience. If you need my assistance then let me know. I would like to improve your thumbnail designs.
Not really. ING has a $1,000 daily OSKO instant limit but you can change the withdrawal rate on the App to be $20K+. It just won't be an instant transfer. That's standard for most banks. Ubank on the other hand, can instant transfer up to 20K a day.
CommBank do have one. just 2 months ago 5.1% for 5 months. ZERO strings attached for the bonus interest Before that one could rely on MacQ Bank for 5.75%. Again no strings attached I believe their rate has dropped since then. Park it inside them if need be. Good luck
🎁🎁🎁 GRAB SOME FREEBIES! 🎁🎁🎁
💰Get $100 FREE if you sign up to ING with this link or use code: Jir462 & complete the 4 steps: bit.ly/3BuKGHd
💰 Ubank: Get $30 FREE if you sign up with my code & make 5 small purchases: bit.ly/3L0duZM or Use Code: MDPYUAG
💰 Get 10 FREE Stocks (worth up to $3,626) + Earn 6.8% Interest (up to $3,353) for up to 100K Uninvested Cash + Free Premium Research Features if you sign up to Moomoo & deposit $1 using this link: j.moomoo.com/00A1xQ
F❤
Great to see a local person giving local advise.
Majority of advice comes from America.
Local information is so welcoming and can be applied.
Cheers Cg. I agree, Australia needs more representation! There is not enough Aussie personal finance content out there. Glad I could help 🇦🇺
America'S oK!
I love how fast you talk , i have no patience for slow talkers! Your the best at delivering fast facts!
Haha thank you. I appreciate that you like my fast pace style! 🏃🏻♂💨
@@BryanInvest I have parked these ideas for next week
me too, I don't have time for long drawn out videos with lots of filler @@BryanInvest
Just FYI Bryan, with the ING interest it would be $10,000 + the interest earned = new balance to be greater than. Good video as usual, make sure to park your money in a wise place.
Thanks a lot man! That's a good point. I should have mentioned it in the video. The extra interest helps your money compound faster too 👍
Awesome video! These are great options to PARK my cash. I'm team offset since I bought a house last year.
That's so cool! Yeah, the offset is the way to go in this current environment ✊
Thank you for your pointers looking into it with your code have Subscribed to looking at retiring in 3 years every little bit helps thanks again
Blegh! I think I'll stick with my NAB high interest account. True I only get 5%, but the hoops are nothing hard (deposit at least $1.00 each month and make no withdrawals), and no account limit. This means I can deposit way over $250K and still get the bonus interest. Much better than the two talked about here.
Fair enough. FYI, Ubank now offers 5.5% for the first 100K and 5% for the next 150K. Just have need to deposit $500 each month (can transfer it straight back out).
@@BryanInvest I can see the advantage for accounts under $250K, as long as the person has a strong will. When you can withdraw without penalty, it can be too easy to talk yourself into dipping into your savings. Since I am saving for a new home, best to let it compound. 😊
I’ve got most of my money parked in ETF’s with only a minimal emergency fund. I’ve decided this year to ease off on adding to the ETF’s and built a full emergency fund.
Thanks so much Bryan. So helpful. You make things very clear even though you speak quickly, there is so much content and you make it easy to understand. That’s an incredible skill.
I’ve learnt so much from you and you’ve launched me on an amazing journey since I found you July last year.
Hey, thank you for such a lovely comment ☺️ it makes me very happy to hear that you enjoy my content. I try to pack as much information as I can in the limited time I have per video. So I appreciate your reassurance that it’s helping someone. Many more videos to come. Wishing you all the best on your journey! 💛
Park!
Wow, thank you so much! This video was amazing, I am currently trying to save for college and graduate loan free, do you think it is possible to save around 40 thousand dollars in 3 years as a minor?
With the internet at your disposal, anything is possible. Learn a high income skill like coding or video editing and offer your services online.
Freaking love this bloke
Love you too, Wayne 💙
@@BryanInvest
A bit gay 😂
My wife and I used to have all of our own savings money in the one offset account. We used all of my wage to pay off the loan every week, and we paid bills, bought groceries and gave each of us our own spending money from her wage. I'm her second husband and she likes to have her own spending money and I don't know any different anyway. I used to get on the banks home loan calculators and watch our payment times shrink very quickly. The single best way to save money (as boring as it is) is an off set loan and paying off your loan as quickly as possible. You don't make any interest but you save a shit load of money in the end..Park
Well said Bobby. Thank you for sharing. Offset is definitely the way to go if you have one.
Just a heads up, we were paying 500 a year with Combank for their offset account but moved to Bendigo bank as they are charging 15 a month.
So a fair amount cheaper
Thanks for sharing. It’s always good to shop around. The big 4 banks will likely charge a higher ‘wealth package’ fee to get the offset accounts.
Well done, mate! Create more of this 👌
My offset account saves me 6.3% interest. Plus capital growth of investment property. Definitely better than parking cash into savings account without buying assets since inflation is always higher than savings interest.
Absolutely 👍 plus that’s 6.3% is completely tax free! Good stuff mate.
Can we open these ING and ubank accounts if we are international students?
Park. Great info as always. Well presented and edited. Thanks
Thanks mate! Appreciate your support ☺
Does moo moo need to be declared to ATO. Will this affect me ATO in any way?
Yes it does. All income is taxable in Australia unless you have a special exemption.
If you have a mortgage then Option 3 should be the first, and possibly main option for parking money in 2024. You have a 6%+ return, tax free, which you need to use as a hurdle rate before thinking of putting it anywhere else. You are unlikely to get a better after tax return than that. You need to consider that after tax, most of those other options would return far less than 6% so it's unwise to ignore the debt you have and the ability to offset it as an investment, by looking at supposed higher return investments. Once interest rates drop back down to lower levels, then it makes sense to park money outside of your offset account.
Agreed. I did mention this in the video.
@BryanInvest yes you did, and it's a very informative video. I guess my point is, the order of the suggestions you have changes depending on how your current debt is structured
Love you tubes .. no nonsense, great thought provoking info and based on good financial common sense and experience… keep them coming
Thanks so much, Peter! I appreciate it 🤝
Park. Awesome video mate
FYI UBANK just changed their policy to $500 minimum per month to unlock bonus interest, but increased interest rates to 5.50%
Yep, that’s a win in my opinion! 😁
Hi Bryan, thank you for all your videos, they’ve been so helpful! I am also interested in your thoughts on managing finance after buying a house. We recently bought our first home, however I am wondering what’s the best way to manage the money in terms of how much to put into offset account, shares/stocks, and bank savings account. Do you mind sharing? 😉
Congrats on the new house! I’ll definitely cover these topics in a future video 😊
Its for Australian citizen/permanent resident just wondering if you have any suggestions for not citizen yet
Hi, unfortunately all the high interest ones need to be Citizen/PR. If you are an international student, I found this one that will give you 5.2% for the first 5 months but reverts back to 1.1% after.
www.westpac.com.au/personal-banking/bank-accounts/new-to-australia/savings-account/
Thanks for your video! ❤
No worries! Hope you enjoy 😊
Park! ... I'm so sad though. I checked again.. and there is no 180 days lock in for August onwards for their Cash Plus. It's probably only a month now. Hate to see it.. woke up bright n early for signing up before work.
"Earn up to 6.8% p.a. introductory rate for 30 days" aussie dated 01/08/2024
Yes, unfortunately they have lowered the number of days in August :( it was a great deal while it lasted! However, there are other banks like Ubank and ING offering 5.5% for up to 100K which is still pretty good.
@@BryanInvest hey Bryan I'll be thinking about going through tiger brokers for that Australian deal of 7% on uninvested cash up to 150 days . Starting from a balance of $5k.
@@Rap1dACE Yes they are decent. I'm about to do a review on them. You can also get $120 AUD of FREE Tesla Shares if you use this link: tigr.link/8fXtH4
Brynat, you are my favourite. It is just you are a fast speaker for me. I love reading your blog. if you have any.
Thanks Bryan you make my life a lot easier 🙌🏽🙌🏽🙌🏽
Awesome! That makes me very happy 😊
dose banks in Australia give term deposit interest on silver ( instead of dollars)?
Could you maybe do a video on investing with your super in Australia
Good idea. I'll put it on my idea list. Thanks! ✊
Can you still deposit 1000 into the ING and withdraw it immediately, just like with the 200 for UBank?
ubank has now 5.5% too!
Yes! On the first 100K. Wonderful news.
@@BryanInvest when i downloaded Ubank app to open saving account it says u must aus citizen or PR. I am on student visa. Can i open the account?
Hey mate, what happens when you reach the 100k max? Do you open a new ING account?
No, that won’t work. You can open another High Interest Savings Account like Ubank or Macquarie. I have multiple accounts which I sometimes move my money around.
@@BryanInvest thank you. Also, when you need to take out the money for an expense, lets say you need the full 100,000$, can you only do it in increments? Thanks
Park. Great video. Thanks Bryan 👍
Thanks Sandra. Appreciate it ☺️
NAB Reward Saver isn't too bad too. 5% return. Only conditions are 1) not to withdraw and 2) add at least dollar into the account every month to get the bonus interest. Mr Park
Cheers Alex. That’s not bad at all for a big 4 bank. It’s only up to 50k though. And that no withdraw hoop is a bit hard.
ANZ Plus 4.95% no requirement to deposit, no restriction on withdrawals. Rate goes to 250K
@@BryanInvest that is incorrect there is no limit. If you follow the link after the comment about 50k on their website, you can see the next price tiers all share the same interest rate. However I do agree with you, that the no withdraw thing is a bit annoying.
@@alexChook Ah yes, you are right Alex. My apologies. I'm not sure why they even mention up to 50K only to then say it's still the same rate for over 50K on the next page. Strange.
Is it better to park your money in a Offset account or a high savings account. ?
Offset as he said you don't pay tax
99% of the time the offset account is the better choice. Tax free and usually higher interest rate than a high interest savings account.
Great advice mate. Really enjoyed the video. Brent ex CG
fantastic advice, thank you Brian - PARK
Cheers mate! 💙
PARK.... Why are you not having 26M subscribers? Like the entirety of Australia should subscribe to you. lol.... Just kidding. thanks for this. as always, great content!
LOL! Good question. I do believe everyone in Australia should be subscribed to me.
once u send the $1000 too ing. can you transfer 5$ to savings, do the 5x 1$ amazon cards, and transfer the other $990 to another account?
Yes you can. By savings I assume you mean the orange everyday account.
Although, if you do it exactly as you describe, it only ticks off hoops 1 & 2.
I would do it like this.
1. Transfer $1000 into savings maximiser account. (Hoop 1 ✅)
2. Transfer $5 from savings to orange everyday account and buy 5x $1 gift cards. (Hoop 2 ✅)
3. Transfer $996 out from savings to somewhere else which leaves a $1 balance increase for the month (Hoop 3 ✅)
Bonus tip: set up automatic monthly bank transfers for the exact amounts so that the only thing you need to do is buy 5x $1 gift cards on the 1st of every month.
Thank you for the detailed explanation.
I hope you don’t mind making sure I’m getting this right.
So just to confirm, I can transfer $1005 to ing everyday account from my anz.
From there
1-make 5x 1$ transactions,
2-transfer $1000 into savings maximiser (would leave in for 24 hours)
3-remove $995 from ing maximiser to a different bank, and leaving 5$ to increase in savings?.
Hope I’ve got it right!
Yes, this would 100% work. Just make sure you don’t make any other withdrawals from the savings maximiser account including the interest that is paid out each month.
@@BryanInvest
May I ask why step 3 is needed? i’m a little confused.
1. I’ve transferred $1000 into my savings from external bank
2. $5 transfer to my daily spending from external bank
3. Spend $1 five times.
Would this not meet the criteria?
@@Oheyrae Yes, this will meet the criteria. My step 3 not required, it was just an example of how I do it since I don't want to leave the $1000 in there and add an extra step. In your case, do you plan to transfer the $1000 back out? If so, it creates an extra step. If not, then step 2 is not required.
Hi Bryan, for the Ubank and IGN, 5% high interest rate. Is this annual or quarterly? Thank you for this very informative video. I like the way you talk and deliver facts. I would like to hear from you more in the future.
Hi James, it’s an annual return. I wish it was quarterly haha. I appreciate your support. Thank you 🙏
Dont put your money in any bank listed on the ASX. Put your savings in a credit union, where you as the member is the shareholder. RACQ are offering 5.25% $100 per month. Get rid of your creditcards and mastercards, they are seperate companys. Use EFTpos or cash only. Your motto should be, If I cant pay cash for it. Dont buy it, go without untill you can. Its more rewarding. Offset only benefits the banks. When you go and get yourself a loan for a home make it 15yrs only. If you cant make P&I payments then you cant afford the loan.
Do you have a video that talk about an investment option for those who are in Australia with visa482(as like me)? Share me the link please
Awesome video 🎉
Thanks!
Hi Bryan, what if i dont have a offset account but treat my mortgage account where i put all my extra cash in, iam still decreasing my mortgage value and i can still withdraw from it if i need, then iam not paying $400 for a offset account per year.
Park, so funny you say that re offset accounts. I have one and felt it was the best place to put money aside. Now I am thinking of putting some money aside for long term investing. I wonder whether there is a good way to measure the opportunity cost of that choice.
Offset is a great return right now due to the high interest rates. If the interest rates stay the same or go down then historically the stock market returns around 8-10% per year on average in the long term. However, this is not guaranteed to continue in the future. We invest in hope that it does.
Park. Hi Bryan, are you personally invested in any leveraged ETF's, like TQQQ or SOXL ? Conventional wisdom says not to hold it long-term but what if a small part of your portfolio is held in leveraged ETF's, is it worth it ?
Hey mate. No, I don't mess around with margins and leverage. I much prefer classic long term investing and a small percentage on growth/higher risk stocks.
@@BryanInvest I see, fair enough. Thanks for answering.
Ubank Update: $500 minimum now, but still applied to all 1-10 savings accounts. Glad to see more finance videos for Aussies.
Yes, and they’ve increased the interest rate to 5.5% for the first 100k!
@@BryanInvest Wow, the man himself. Any gold investing videos in the future?
@@BeowolfNindoJournal Yes, it's on my list. Quite a few people have recommended this. Stay tuned.
Thanks for the video..
Speaking of offset account maybe an idea to discuss clearing/focusing on mortgage vs investment especially in the current economic climate? Otherwise love your videos keep it up mate.
That’s definitely a topic that I want to make a video on very soon! Stay tuned 😎
Hi Bryan,
Can you make a review about Blossom. Thank you 😊
Nice one 👍
Cheers Bernie
Heyyy just for clarification regarding ING savings account, I thought we have to deposit $1000 or more each month? So, for example, start of the month $1000 and next month we should end up with $2000 or more. Am I understanding correctly? thanks :)
Yes, you have to deposit $1000 but it doesn’t need to stay there. You just need to increase your balance. So theorically, you could deposit $1000 then withdraw $999 in the same month and that will increase your balance by $1. Please note, you need to keep the interest you earnt from the previous month in the account.
Thanks for the reply ☺️
I also deposited $1000 to savings account but it doesn’t show me that I satisfied the criteria on the ING app. I haven’t purchased anything yet just waiting for my card. Thanks ☺️
@@yerinjo29 Yeah, make sure you deposit $1000 into the Everyday Orange 'Spend' account as per step 2. You can transfer it back to your savings account once done. Once you make your 5 purchases, it should trigger the criteria. ING can be sometimes be a bit slow in transferring the bonus so you can ask them on the app about the progress.
@@BryanInvest Thanks for the kind reply!
What's the reason that I need to keep the interest that I earned?
Also, I signed up with Uband with ur code :)
@@yerinjo29 They pay interest on the last day of the month so it counts as your total balance. Say you earned $100 interest on Jan 31st. This means if you withdraw it in Feb, the $100 will be reduced from your Feb balance which goes against the growing your balance criteria every month.
What is the best way to go...? Pay extra lumps off your mortgage or put that same money into super?
Great question. Both good options. It depends on your priority. Paying off your home early gives you freedom to pursue other things in life. Paying off debt is also a guarenteed tax free return. Contributing to Super is also great for the tax savings and maximising your retirement egg. There’s no wrong choice here.
Can you please make a video on, whether Australian citizens invest in American stocks what paper they need to fill in and what are the tax obligations.
Can Bryan do you offer one on one tutor for trading?
Unfortunately, no. I don't provide any one on one services or mentorship. Everything I teach is free and online here on RUclips.
Hey bro bug fan i am short selling brainchip holdings i wanted to know if i did a good job as it is going really down at the moment
Hey bro, sorry I'm not really into micro/penny stocks these days so I can't really help there. Most of it is gambling and trying not to be the last one holding the bag so please be careful.
Hi Bryan do you know if we can trade options using the Australian Moomoo App?
Hi James, yes I believe you can.
What is the withdraw process for moomoo? Is it as quick and simple as a bank account?
Yes, it will be simple but may take 1-2 two days depend on your bank.
Is there a limit when you withdraw each day
Hey Bryan I have started investing in VAS and VGS every month. Do you think its a good ETF for long term.
Hey mate, I invested in these ETFs too. If the Aussie and US markets continue to do well then they should continue to perform well in the long term.
Do you think Raiz is a good way to keep money for long term?
It’s definitely an easy way for a beginner to dip their toes in the stock market. However, I see that as an investing app on training wheels. Eventually you want to ride the bike on its own.
You should make a podcast
Thanks mate. I’ve thought about it but have limited time on my hands right now. Maybe one day.
Macquarie has entered the chat
im watching this in the PARK
Hope it was enjoyable! 😂
😂
I don't hold an Australian Passport and i don't have a license, How do i sign up in Up Bank sir ?
@BryanInvest Thanks mate for all your great info videos as always! If I wanted to invest in stocks and shares and I currently live in Australia, but I don't know yet if I'll be able to live here for good (visas matter)... what are the important aspects you may strongly suggest to keep in mind and in consideration, please? thank you in advance :)
Hi Fabio, thank you for the kind words. It would probably be risky to invest in stocks in your situation especially if you open an Australian brokerage account. If you have to leave then you may need to close your account and sell your stocks. What if the market is down during that time and you're forced to sell you stocks at a loss? Usually you want to give stocks 10-20+ years to grow and get through all the volatility of the market. This is probably not the answer you want to hear but I'm just looking out for you. You could consider investing from the country you're from but that would open up other complications like tax.
AMP SAVER
Yeah, I still need to test this one but on paper it looks good!
Park, but I am still concern about the safety of moo moo as it’s not chess sponsored
I’ve been told by a reliable source that they will be introducing chess sponsorship next month 👀
Park ❤
Cheers Siong! 👊
I went to a financial adviser and he told me that some smaller banks are affiliated and licensed with the larger ones.
So you can only take out one of these special accounts per affiliate AND the $250k guarantee is only one per license?
Have I described that properly?
Which banks are connected?
Aren’t ING and UBank owned by NAB so you can’t double dip there?
Hello! Yes, that is correct. Thank you for sharing. ING is not owned by anyone. NAB owns Ubank. So if you have accounts in both banks, best not to keep more than $250k between them (first world problems 😉).
Mate it's better to have all savings in a mortgage offset account. This video is only applicable to those who don't have a mortgage and are renting.
Yes, I mentioned this in the video.
Put your money in Berkshire Hathaway stock. Safest investment in the world. Safer than Australian banks. You make a 9% return with the stock going up.
Park!
🚗
Park❤
Thanks!
Park 🎉
💙
Hi Bryan, U Bank rate of 5,1% only for 6 months. How about ING?
Hello, it's not just for 6 months. Both ING and Ubank will keep paying the bonus rate indefinitely (until there is a new rate). Only Moomoo Cash Plus 6.8% is for 6 months.
Patk
Park 🚘
Cheers Josh 👊
Park. :)
Thanks! 😉
I open up the ING account, help you get something for it, thank you
Awesome! Cheers Jake 👍
just buy bitcoin, AUD equal toilet paper .. buy GOLD , BITCOIN or USD dolar
Park? Odd
Haha! Appreciate it 😆
Park 🎉😅
Thanks Scorpion 😉
Putting your money into a Bank is the WORST Option
Park
💛
Park
💙
PARK those dollars!! 💵💵💵
🚗💰🚙
Hey Bryan, I hope you are fine.
Your RUclips video content is amazing, you just need to improve your RUclips thumbnails.
I'm an expert thumbnail designer with 4 years of experience. If you need my assistance then let me know.
I would like to improve your thumbnail designs.
Um hello, Bitcoin.....
Making new all time high and just about to explode after the halving.
There's no easier trade right now
You should mention when trying to withdraw your money from bank accounts that you can only take 1000 or similar a day. Its a trap
Not really. ING has a $1,000 daily OSKO instant limit but you can change the withdrawal rate on the App to be $20K+. It just won't be an instant transfer. That's standard for most banks. Ubank on the other hand, can instant transfer up to 20K a day.
I wish that Comsec would do a special offer like Moomoo ,, im with Comsec but the never have any special offers ....
Yeah, unfortunately when you are the top dog like Commsec, they expect people to come to them so no need to offer special bonuses in their eyes!
@@BryanInvest very true
CommBank do have one.
just 2 months ago 5.1% for 5 months. ZERO strings attached for the bonus interest
Before that one could rely on MacQ Bank for 5.75%. Again no strings attached
I believe their rate has dropped since then.
Park it inside them if need be.
Good luck
@@Jim-Greek thanks for sharing Jim :)
@@Jim-Greek Have you seen and special deals for CommSec ? they dont offer anything to there existing customers ,,
Gold and Silver bullion.
end of discussion
Park. Algorithm do your thing!
Haha thanks Scott!
🗣 Well PARK me! 💰 I’M RICH!!!! 💰
…thank you Sir Bryan 🫡
Haha love it. All the best to you 👊
Park
Park 🚗
Love it 🚙
Park
Cheers Grant ✊
Park
Park
Cheers!
Park