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Hi Tonia,
I’d second the advice in both the posts above.
As Johny said, there’s really no alternative to educating yourself, at the very least to the point where you understand what is being pitched to you by advisers. It’s a very big field, so don’t stress if that takes longer than you hoped. It’s a bit like saying you’d like to ‘see the world’ - there’s a heck of a lot of world out there and you’ll never see it all. So try and get a general over-view first.
I’d suggest that a reasonable short term goal might be to put your savings somewhere that the return at least matches inflation and, at this stage, not to be too tempted by schemes that promise rapid gains. Ubank looks OK, and you can start to work through the 'specials' that the banks offer on term deposits and see if anything appeals. The rates can vary a great deal from week to week, or over various time lengths. As you gain more knowledge and confidence you can look for better growth in other areas.
Another valuable goal would be to establish a pattern of keeping accurate weekly records of your income and spending. If possible, also try and set up a small amount of regular saving - even if it’s only a tiny and apparently insignificant figure. In your current situation you are unlikely to be able to save much but the important thing is to try and build some habits that will stand you in good stead throughout your life. Few people really know where all their money goes, or have budgets that help tell them when and how much to spend. Too many people now seem to rely on credit to bail them out. If you can practice good record keeping and budgeting it will be a great asset to you all through, whether you’re struggling or starting to cruise.
Land is indeed a wonderful asset but it costs money for rates and even maintenance, such as firebreaks. So, unless you can either live on it or lease it out for some purpose then it can be a bit of a hassle too.
Good luck with it all.
Chris
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