I've decided to enter the ASX, and want to again thank everyone for their efforts on this forum. Its been a great learning resource so far and one of the better forums I have come across.
A little about me.
I left my run a little late sadly, so missed out on the big boom. I am mid thirties, with no assets to speak of. I currently have about 80k to my name, about 70 of which is in cash.
So its not the best place to be in, but given I can't change the past, I can only look to the future. My plan moving forward is this.
Lock up 65k in a term deposit, as it looks like IR are on the way down. I have read of the possibility of a credit crunch due to the Euro crisis, so not sure whether that would have the propensity to increase the demand for cash from the banks, but at any rate the TD would only be for 6 months, so I would have a chance to revisit if higher rates were on offer at that point.
I have abut 10k in a separate account which is growing about 1.5k a month from my savings, which is what I will earmark for shares. about $500 a month goes into a FHSA so that I can purchase a ppr in a few years time.
My plan re: shares is to wait for a significant market dip, given the volatility currently out there, and buy blue chip shares. The ones I am considering is NAB, Woolworths, wesfarmers, and coca cola to keep LT and Rio Tinto to keep for about 12 months then sell at a profit. I picked Rio Tinto as they are still fairly safe, but resources tend to be more volatile then most, so should offer reasonably safe options to buy low and sell higher.
I would like to make 5k a year in shares to begin with, but honestly don't know if this is a realistic goal or not given my amounts and the current state of the market.
I am very accepting of any advice that could be provided by those here with a wealth of experience if you have the time.
Thanks in advance