This does look like a feasible and safe option. Will investigate.
To add some more detail, you could consider this to be three pieces of advice, in increasing order of specificity:
First, if you want to invest your savings to make more money, you should strongly consider the stock market, since it tends to grow faster than other investments. But you should be aware that the stock market sometimes goes down, so you might lose money. So you should think this over and decide if it's what you want to do.
Second, if you invest in the stock market, you should go with index funds. Index funds try to match the market, rather th...
Hey everyone,
I'd like too see if I can utilize the rational powers of Less Wrong
Currently I work full time. Am well paid for my age. Have approximately $20,000 AU in savings.
My spouse is in uni. Will finish this year and begin working next year. But currently I am supporting our household.
I have recently concluded that $20k is too much to be sitting idle, and the rational thing to do would be to find a way of putting those savings to work in some fashion. But how?
What would be the best way of utilizing these finances in terms of self-development and/or monetary return?
A few things to consider:
a) My skillset at the moment is limited, but I am eager to learn anything.
b) I only desire money in that it enables me to carry out many plans that would be difficult otherwise.
c) Relationships are far more important to me than money, however money is still pretty high up there.
I come to Less Wrong because it is the only community whose advice I would trust. The rest of the internet as many scammers, most friends and family feel threatened by the idea of investment/new things etc. Also they just aren't as rational as Less Wrong.
I would be so appreciative of any advice given.
Also anyone in the same boat?