Author Topic: Best way to save/invest in Norway?  (Read 4534 times)

Hanamizu

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Best way to save/invest in Norway?
« on: September 02, 2015, 06:34:01 AM »
Hey everyone :)

I'm new here - fell in love with the idea of FIRE after reading a few MMM articles, it really put into practical ideas how I've felt for a long time.

I'm just posting for some advice on the off chance that there are some Norwegians here who have a clue about the best way to save/invest money here. I'm completely new to this stuff, and don't understand things like stocks and fonds very well, so please "explain to me like I'm 5", lol.

I'm 26 years old and the *only* thing I have is a regular bank savings account (around 2% interest I think) with roughly 80,000 NOK that I have saved up through my life. And I'm guessing this money could be put to better use somehow rather than just sitting in a bank account?

I'm currently not employed, but also do not have any rent expenses as I'm staying with family, with very minimal food expenses.

Any suggestions?

Scandium

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Re: Best way to save/invest in Norway?
« Reply #1 on: September 02, 2015, 07:15:34 AM »
I'm norwegian, but don't live there so can't be much help unfortunately. There was somebody else here who started a thread about low-cost index funds in Norway, you can try searching for it. I'll see if I can find it too.

Seems like most norwegians don't invest much in stocks, but rather consider mortgage payments the primary "savings for old age".. Once you make it to 65 and get the state pension. I imagine the Jante law will make you a social outcast if you retire early from own savings (not that you shouldn't still do it. I say stick it to 'em!)

Hanamizu

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Re: Best way to save/invest in Norway?
« Reply #2 on: September 02, 2015, 08:10:26 AM »
What are low-cost index funds?

And yea, I'm actually born and raised in the US (to Norwegian parents - father runs his own business and is very FI), and moved back to Norway around age 13 with mom and sibling when they divorced.

I could never get into the Jante Law mindset here... :/

Scandium

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Re: Best way to save/invest in Norway?
« Reply #3 on: September 03, 2015, 08:18:21 AM »
What are low-cost index funds?
It's what you should invest in. Start by reading some here
https://www.bogleheads.org/wiki/Bogleheads%C2%AE_investing_start-up_kit
this is often recommended here, though I haven't read the whole thing myself
http://jlcollinsnh.com/stock-series

There is no vanguard in Norway, but there are a few global index funds. Here is the thread I mentioned:
http://forum.mrmoneymustache.com/investor-alley/low-beta-whats-the-downsideupside/msg532535/#msg532535

One good global fund seems to be KLP Aksjeverden. Can buy it through for example Skandiabanken for no load fees.

Or
DNB Global index
https://www.dnb.no/en/personal/savings-and-investments/funds/prices-intl-equity-funds.html#


Quote
I could never get into the Jante Law mindset here... :/
nope, it's pretty bad there. Any deviation from "the norm" causes much social angst.

Peacefulwarrior

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Re: Best way to save/invest in Norway?
« Reply #4 on: September 06, 2015, 02:04:57 AM »
You should have a look at the online broker Nordnet. It seems to be the best broker in Scandinavia, with some interesting offerings. For example you can buy their "Superfunds", which has 0% expenses. Free to buy and free to hold. It's index funds that covers Norway, Sweden, Denmark, and Finland. You will find other interesting offerings by browsing their website.

worms

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Re: Best way to save/invest in Norway?
« Reply #5 on: September 06, 2015, 02:43:26 AM »
You may need to think deeply about your likely needs and wants before jumping in to any long-term investment vehicle.  For someone of your age and employment status, I would think that your priorities would be to keep it safe and keep it readily available.  80,000kr is a nice sum to have in the bank, but wouldn't last long if, for example, you felt the urge to go elsewhere to look for a job.

ShoulderThingThatGoesUp

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Re: Best way to save/invest in Norway?
« Reply #6 on: September 06, 2015, 12:43:51 PM »
Start by getting a job.