In the world we live in, we need to be practical to survive.
One million dollars won't last you a life time in Australia. Not with rising food prices, housing prices and TAX!! You would still have to work to survive. One million dollars will definitely make your life easier as you have the security blanket that most people don't have.
I'm the type of person who likes to save my money. I have a budget that I keep to each month. Sticking to the budget is hard at times but the feeling is great when you look at your bank balance.
So the million dollar question is: what would I do with $1,000,000?
Well I will put $500,000 into a term deposit. Term deposits usually have higher interest rates than savings accounts. You should browse around to try to get the best offer. You can get even better rates if you book meetings with those bank specialists who are looking for opportunities to gain more clients. (At the bottom of the blog are two links that are of term deposits rates. If you're interested, check it out.)
What would I do with the other $500,000? Well, I will give $300,000 to my parents. It's the Chinese culture for children to look after their parents when they're old. I want them to relax and not work anymore. I would give $100,000 to my brother as he has recently purchased a new apartment and is starting to pay off his mortgage. I want to help lessen the burden from his shoulders. The remaining $100,000 would be used on me. I would pay off my university fees and spoil myself a bit.
-Katie
Links on the term deposit rates:
https://www.commbank.com.au/personal/accounts/term-deposits/rates-fees.html
https://www.stgeorge.com.au/help/interest-rates/fixed-term-deposits
I'm the type of person who likes to save my money. I have a budget that I keep to each month. Sticking to the budget is hard at times but the feeling is great when you look at your bank balance.
So the million dollar question is: what would I do with $1,000,000?
Well I will put $500,000 into a term deposit. Term deposits usually have higher interest rates than savings accounts. You should browse around to try to get the best offer. You can get even better rates if you book meetings with those bank specialists who are looking for opportunities to gain more clients. (At the bottom of the blog are two links that are of term deposits rates. If you're interested, check it out.)
What would I do with the other $500,000? Well, I will give $300,000 to my parents. It's the Chinese culture for children to look after their parents when they're old. I want them to relax and not work anymore. I would give $100,000 to my brother as he has recently purchased a new apartment and is starting to pay off his mortgage. I want to help lessen the burden from his shoulders. The remaining $100,000 would be used on me. I would pay off my university fees and spoil myself a bit.
-Katie
Links on the term deposit rates:
https://www.commbank.com.au/personal/accounts/term-deposits/rates-fees.html
https://www.stgeorge.com.au/help/interest-rates/fixed-term-deposits
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