Investment-cash management

I want to place $60000 in some sort of investment/cash management for earning a consistent amount however there is a catch - I also need to be able to have a weekly direct debit of up to $300 coming out (rent). I understand that no investment will cover that deduction but any suggestions will be welcomed.

You are right, the income generated from this lump sum will certainly not cover the rent - if that was you're your aim. So firstly you need to work out your short, medium and long-term goals and then you can set about investing your funds in the most appropriate way. Secondly you need to work out what your disposable income is, because your rental expenses could be incorporated into your budget. If your net income can cover rental expenses then you can invest your lump sum for the medium or long term. You have an important decision to make…

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