Asked on 25 Oct 2018
I don't want to borrow any money from the bank but I was thinking of perhaps buying property in Australia. Any other ways I could make some extra income/investment?
Property is a good investment but a very illiquid one. So, my suggestion would be look at other investment options such as ETFs, REITS etc. where you can earn a decent return as well as have the capital available at your disposal. You can explore robo-advisors, which charge a very low fee and provide optimal investment solutions based on your financial goals and risk appetite.
I work at Kristal.AI, and it's my passion to evaluate various upcoming investment opportunities.
Consider paying for an investment workshop on managing an options portfolio. You'll learn much faster and make less mistakes. Estimated returns you can get is 30% onwards a year.
Property is good as long as you have the money to pay the downpayment and the monthly instalments in an increasing interest rate environment. As long as you have the holding power in a property market downturn, you could consider buying property.
You'll have to make sure that you have at least 6 months of your salary saved as an emergency expense. Only invest anything above that.
I'd try and focus on getting side gigs or starting a small and nimble online business for extra income.
If not, you can set up a dividend paying portfolio or purchase some REITs or a share of a coupon paying bond.
Property is just too illiquid for my taste and rental income is not guaranteed.