Your Money

Ask Kochie: How to invest in your 20s, reduce interest on your home loan and start investing in stocks

- February 5, 2020 2 MIN READ
Facebook Live with David Koch

Did you miss this week’s Facebook Live session with David Koch? Watch the segment now as he gives a rundown on this week’s economic updates and answers questions from his audience on Facebook.

Questions answered this week:

1. Both my children have over 100k in a term deposit but both are not ready to purchase homes. Their ages are 21 and 23 – is the best place for their money a term deposit or would you suggest something else?
2. Could you recommend an online budgeting app or tool?
3. I’m thinking of moving my meagre amount of super from AMP to Australian superannuation. Thoughts or suggestions please. 
4. How do I choose a savings bank account based on return percentage?
5. As a person who cannot guarantee waking each day in or out of physical or emotional pain due to an accident at work 11 years ago, I put my TPD money into 4 hobbies that I have not been able to fully get off and running. I cannot return to any kind of employed work due to my injuries and ailments. Would it be a good idea to employ someone to run these hobbies for me?
6. I want to reduce the interest I pay on my home loan. I’ve been suggested to set up an offset account but I don’t really understand how that works. Is it a good option?
7. I have an ABN but have not launched my business/hobby yet. Am I supposed to do a tax return?
8. Can you suggest a good place to learn about investing in stocks? I would like to dip my toe but don’t know where to start.

Watch the segment:

Got a question you want him to answer? Drop in the comments section below and don’t forget to tune into next week’s Ask Kochie Facebook Live session on Tuesday, 1.30pm