How to invest $100,000 when nothing feels certain

This interview was filmed Monday 4th May, 2026. 

We've covered investing $100,000 for growth and investing $100,000 for safety. This time, as we lurch from one news headline to the next, the more pressing question seems to be: what does investing $100,000 look like right now?

There's plenty to look at in markets at the moment. The SaaSpocalypse, ASX darlings sitting at ten-year lows, conflict in the Middle East, surging energy prices, sticky inflation. Yet markets keep hitting fresh highs, and we keep being told that Australians have never been wealthier.

I don't know about you, but it certainly doesn't feel that way. It feels like we are being told one thing but living another. 

So how does one invest in an environment like this, where the only certainty is uncertainty itself? 

My relatives would tell me that in times like these, bury your money in your yard. But having cash languishing in dirt does nothing for growing your wealth, or your lawn. Instead, I asked Andrew Wielandt of DP Wealth Advisory to map out the best pathways to invest a hypothetical $100,000 across three investor risk profiles - safe, balanced, and growth. 

In this interview, we also cover the concerns clients are grappling with most, how strategies have shifted from a year ago, and what risks to keep an eye on as we look to a future that feels murkier than ever. 

Watch the interview above, or read the summary below.

Interview Summary

The lay of the land

The SaaS sell-off that began late last year has continued to roll, and February 28, the onset on the US-Israel war in Iran, marked another turning point in the landscape Australian investors are navigating. 

"If we go back to November-December last year, that's really when the SaaS apocalypse started getting a roll and we still don't know where that's ending," Wielandt says. 

"At the moment all we've seen is a margin compression on concern that earnings are going to fall over. If earnings are going to fall over, that's a whole other wave of pain."

Against that backdrop, the temptation for many investors is to move to cash and wait. Wielandt's view is that this is the wrong call, even if it feels like it's the right thing to do. 

"You shouldn't do that, because over 90% of your return's going to come from the best 20 days. And with respect, if you and I knew what the best 20 days would be, we'd be on an island somewhere. We don't know. So you've got to remain fully invested."

The anxious investor

For someone who lies awake at night worrying about what could go wrong, Wielandt's starting point is that you shouldn't be invested at all, but rather take advantage of the government guarantee (up to $250,000) and keep your money in an online savings account, where you can currently get close to 5%.

A cash ETF is also an option, but with brokerage and management fees, it may not be as attractive an option, Wielandt says. For this investor, he says their bank's six-month term deposit rate of around 5% is likely the cleaner path.

The one caveat worth keeping in mind: term deposit rates are rising partly because inflation is rising. The real rate of return may not have moved as much as the headline rate suggests.

Portfolio:

• Cash / TD = 100%

The balanced investor

For the middle-of-the-road investor, Wielandt suggests running a 50/50 split between growth and defensive assets. He notes that 12 months ago, this profile may have warranted something closer to 70% growth.

"I think in this environment having more ammo, having more cash there ready to roll, because there will be opportunities."

On the equities side, he starts with Australian equities via State Street SPDR S&P/ASX 200 ETF (ASX: STW). Other comparable funds are IOZ, A200 or VAS, which are all low-cost and all tracking solid indices. 

For international exposure, he points to iShares S&P 500 (AUD Hedged) ETF (ASX: IHVV) or Betashares Nasdaq 100 Currency Hedged ETF (ASX: HNDQ) for the US, with a note of caution on the latter given concentration in tech and current valuation concerns. The Vanguard All-World ex-US Shares Index ETF (ASX: VEU) rounds out the global piece, giving exposure to developed markets ex-US.

He also includes an active manager, the Milford Australian Absolute Growth Complex ETF (ASX: MFOA), specifically as a risk management tool.

"In all the excitement of March, Milford was actually our best performer because it only captured half the loss because of their active risk management."

On the defensive side: VanEck Subordinated Debt ETF (ASX: SUBD), a floating rate, investment-grade security, Ardea Real Outcome Bond Complex ETF (ASX: XARO), an uncorrelated relative bond fund, and a meaningful allocation to the Betashares Australian High Interest Cash ETF (ASX: AAA).

Portfolio:

The growth investor

At 70% growth and 30% defensive, the growthier portfolio drops Milford, since it won't capture upside in a rally, and instead adds emerging markets exposure via Betashares MSCI Emerging Markets Complex ETF (ASX: BEMG). "Emerging markets has actually been one of the best performing asset classes over the last four months," says Wielandt.

BEMG carries around 26% China exposure. "We're not completely negative on China, nor are we euphoric about China," explains Wielandt. "We are concerned about the declining population, we're concerned about the property market being under pressure, but China's still got lots of good things going on."

Taiwan and South Korea are also included in the EM index, significant given their major roles in the global semiconductor supply chain. 

Portfolio:

On thematic ETFs

While thematic ETFS, and in particular ones that focus on AI, may be full of opportunities and narratives that are yet to come into play, Wielandt explains that in this current environment, that doesn't translate into a portfolio allocation right now. 

While there may be "blue sky aspiration" as to where a particular theme may be going, ultimately, he says, you need to protect your money. 

"If I'm not prepared to put more money into the US because I'm worried about valuations, but hey, I'll buy a thematic AI ETF...it's a bit disingenuous."

The risks ahead

Geopolitical tension and conflict continue to be a key risk, says Wielandt, with so much in motion simultaneously, be it war in the Middle East and Ukraine, the US pulling troops from Germany, and the longer-dated but significant risk around Taiwan, with President Xi Jinping having publicly stated his intention to reunify with China before leaving office. 

On top of this, there will be ongoing questions about which SaaS businesses survive the current earnings pressure and AI disruption. 

Wielandt's overarching philosophy in navigating all of it comes back to simplicity and intentionality. Each ETF in these portfolios is doing a specific job, he says, with minimal overlap.

"Having that passive solution in your toolbox, and have some active, subject to what's going on in the world....If your core starts with passive low cost and then you supplement it for the problems you're trying to solve - it doesn't solve the risk, but that's how you help deal with the risk.