Investments & Deposits
What do you want to achieve with your money over the long term?
For most people, their goal will be to get a return greater than inflation and so grow their wealth over the long term.
To grow your money you need to consider investments appropriate to your risk/reward attitude. There is a wide range of investment funds open to the investor and these include investing in shares, property, gilts, commodities and alternative assets.
You can access investments with a once off lump sum or by commiting to a regular saver contract. Commiting to a regular saver contract where you are buying assets on a monthly basis is an excellent way of building wealth over time. Saving in an investment plan gives you the opportunity to take advantage of any falls in the equity market as you buy more units in such a scenario. Savings plans are a great way to build up a fund for children’s education fees, the dream holiday or if planning to start a business in the future.
When investing the important thing to remember is that a commitment is involved in investing. You invest the money and commit to leaving it to grow over time. If you believe you will need to withdraw your funds in the short term, then you should consider placing your money in deposit as opposed to investing.
There is a wide variety of deposit accounts availble in the market and these include variable deposit accounts where the interest rate can change, fixed term accounts where you get a guaranteed return and regular saver options where you commit to putting away a monthly amount for a competitive return.
Trying to check all the interest rates in the market is a big job – this information is available from www.nca.ie
If you have money on deposit at present, it is up to you to check that you are getting a competitive rate. There is lots of money in bank accounts earning interest rates as low as .01% – is any of it yours?