How to invest R60 000

[dynaramaurer]

Hi All,

Need some expert advice.

I will have roughly R60,000 this month end. This year I have invest about R3000 in my EE TFSA account. And I think I want to lock 33000 into TFSA for this year. So far I have bought R1500 of 10X Total world and R1500 of S&P500 Info Tech. What's do you recommend I buy with the remaining R33000?

Since I can only invest 36grand per year in TFSA, what do you suggest I pack the remaining 27grand which I want to invest in TFSA next March.

Background info: I'm 42 with 2 kids. No extra savings whatsoever. Working full time.

Thanks for your advice in advance.

 

[faith4l]

@dynaramaurer You should investment based on your goals (which you have not listed).

If you are saving for retirement, invest for that in either TFSA, RA, Taxable etc. Short term, investment for that or for emergency fund.

Just note that there is no point having a bunch of funds that often overlap - you are just complicating things for yourself. A simple 1-3 fund solution is 99.9% of the time all you need given investment goal.

Here is a high level summary I put together a few days ago that can perhaps assist in your question.

 

[dynaramaurer]

@faith4l Thanks for replying. I'm saving for retirement via TFSA

 

[ministerofthekingdomofgod]

@faith4l Don't invest in RA's unless you are getting matched by your employer. You might get a tax break now but you will be taxed again on the way out and 2/3 of your RA will have to go into a living annuity. New two pot system coming into place but that's crap because even if you withdraw you will be taxed on your marginal income rate.

Rather create your own "retirement fund" or speak to someone more knowledgeable who can guide you on what to invest in.