My experience with the stock market is little but I try to minimize fees. So I have a interactivebrokers account with the minimum balance of 10,000 USD made in AUD equivalent and started to make at least monthly investments in iShares S&P 500 Index (IVV.AX) about half a year ago.
So I would like to know what I can do with the remaining required cash balance on interactive brokers as in a better-than-savings-account yet less-risky-than stocks investment while I slowly convert them into ETF positions (~700-1300 AUD/transaction). I will transfer more cash into IB from savings account once it's used up.
My situation: I'm in my late 20s with no dependents and have a good, stable income with low expenses but am solely saving for my retirement personally. In the coming years I would like to buy land and build a house, but I won't do that at any cost. In other words it's not urgent for me.
In total the biggest chunk of my money is on saving accounts (partly gaining interest of 4.15%) and freely accessible to me. Only about ~10% I have in funds in another free depot or the ETF.
I'm happy to continue the monthly or bi-monthly buys of the S&P500 ETF but I don't want to put a big chunk of money into it at once as I would rather like to leave my gun powder for after the next market correction.
If you find anything wrong about my general approach I'm also happy to hear your advice. I read one should never have less than 60% in stocks... that's far from what I have yet stock prices are considered really high too.