Question 1: I have recently left school and have commenced full-time employment. I am thinking of getting a credit card but there are so many different types and terms and conditions that I'm not sure which one would best suit my needs. My intention is to use the card to pay for the majority of my expenses (everything that can be paid for using credit) and then pay the card off in full at the end of the month. Can you recommend two cards that would suit my needs as well as provide any advice or traps to avoid?

 

Question 2: I am about to move out of home and need to purchase some furniture for an apartment I have rented with a friend. I am constantly seeing deals on the TV advertising 'nothing to pay' for anywhere between 12 and 48 months. Can you provide some informaiton on these types of deals, their pros and cons and the level of interest I would be expected to pay if I did not pay off the amount owing in the designated time period?

 

Question 3: Throughout years 11 and 12 I worked on a casual basis to save towards my goal of purchasing a car. I have saved half the money required to pruchase the car but will need to obtain a loan from the remainder (approx $10,000). What type of loan would be suitable and what level of monthly repayments would I be looking at if I wanted to repay the amount over 5 years. What is the current interest rate? How would I go about obtaining the finance, or in other words, what steps do I need to take to obtain the loan?

 

Question 4: I have recently inherited $250,000 from a relative. Could you please outline the investment options that are available to me and their associated levels of risk? I have also been told that I should consider diversifying my investments but I'm not sure if I quite understand what this means. Could you please explain in simplified terms? What investment recommendation would you make and why?

 

Question 5: I have been told there are a number of costs associated with finance and investment. Can you advise me of any such costs and any traps to be aware of?

 

Question 6: I have been told to start saving/investing early due to the effect of compound interest. Could you please explain this concept to me?

 

Question 7: I have just begun investing and I am very careful in the decisions i make. I am curious as to what the consequences are of poor financial management. Could you list out the consequences?

 

Question 8: I have just finished grade 12 and want to begin using my money wisely. What are some general hints/tips for young people like me?