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Showing posts from December, 2002

Effective Ways to Choose Investments

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Here are basic and essential steps to follow in choosing the right investment for your specific needs and goals:

1. Assess your personal needs and goals

Take ample time to consider why you want to invest and what you want to get out of it. Since nobody knows you better than yourself, your goals and your needs, as well as your tolerance for risk, start by analyzing your daily expenses and determine where you can get the money to invest. Online apps can help you do this money fact-finding process.

2. Decide how long you want to invest

When do you need the money you will invest? Soon or much later? Depending on your goals (a home purchase will differ from a bike purchase) your time target will vary and also influence the degree and form of risks you can handle. Here are examples:

Saving for a deposit to buy a house in two or three years will not suit investing in shares or funds since their value fluctuates. Opt for a cash savings account, such as Cash ISA.

Let us say you want to set up a…