Finding the right saving and investing plan
Whether you're looking to make a big purchase or are planning for your retirement, having the right savings and investments advice is essential. However, with so many savings and investment options on the market, it's easy to be overwhelmed. Making the wrong choices can be a costly mistake, even leaving you unable to access your money when you need it. A financial adviser can help you make sense of what is available and what is right for your personal situation.
Saving vs. investing
While we often think of savings and investments in the same way, the two are very different and useful in different ways. Saving is simply putting money aside. This is something we all do from the time we have our first piggy bank. It earmarks a portion of your income for later use.
Investing, on the other hand, is a way to grow your savings. It uses your saved money to purchase things like stocks or bonds in order to generate a higher return. While this can be a way to increase your money, it does come with higher risks than just saving money.
Both saving and investing will help your money grow. Saving is usually handled in a lower interest account, giving you some benefits such as easy access, but lower rates of growth. Investing offers higher growth but higher risk. Some investments might require a certain term before you are able to access your money.
Striking the right balance
Understanding this difference, and how to use the different tools available, is where a financial adviser can be an important help. A financial adviser can work with you to determine what you want to get out of your savings. They can help you find the right balance between low risk savings and higher returns investments.
They can also help you understand what each saving or investment account means in terms of your ability to access your money. Knowing what money you can access, and what money is unavailable until a certain date, will save you from problems such as additional fees and penalties down the line.
Understanding your needs and goals
While you might be able to just go into the nearest branch of your bank or use an online investment site, the benefits of speaking to a financial adviser are huge. With a full understanding of what types of savings and investments are available to you, they can help match you with accounts you might not have been able to find on your own. They will also match you based on your needs and goals, not just on what a financial provider is promoting this month.
Of course, choosing the right adviser is crucial to getting the right advice. A good financial adviser understands that there's no 'one size fits all' solution to savings and investments. They will work with you to understand your current financial situation, your goals for the future, and any additional needs you may have for your savings and investments. A great adviser is a life-long asset to your finances, so it is worth taking the time to find one that you can trust, with clear fees and the ability to work with your individual needs.
THE VALUE OF INVESTMENTS AND INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.
Whether you're looking to make a big purchase or are planning for your retirement, having the right savings and investments advice is essential. However, with so many savings and investment options on the market, it's easy to be overwhelmed. Making the wrong choices can be a costly mistake, even leaving you unable to access your money when you need it. A financial adviser can help you make sense of what is available and what is right for your personal situation.
Saving vs. investing
While we often think of savings and investments in the same way, the two are very different and useful in different ways. Saving is simply putting money aside. This is something we all do from the time we have our first piggy bank. It earmarks a portion of your income for later use.
Investing, on the other hand, is a way to grow your savings. It uses your saved money to purchase things like stocks or bonds in order to generate a higher return. While this can be a way to increase your money, it does come with higher risks than just saving money.
Both saving and investing will help your money grow. Saving is usually handled in a lower interest account, giving you some benefits such as easy access, but lower rates of growth. Investing offers higher growth but higher risk. Some investments might require a certain term before you are able to access your money.
Striking the right balance
Understanding this difference, and how to use the different tools available, is where a financial adviser can be an important help. A financial adviser can work with you to determine what you want to get out of your savings. They can help you find the right balance between low risk savings and higher returns investments.
They can also help you understand what each saving or investment account means in terms of your ability to access your money. Knowing what money you can access, and what money is unavailable until a certain date, will save you from problems such as additional fees and penalties down the line.
Understanding your needs and goals
While you might be able to just go into the nearest branch of your bank or use an online investment site, the benefits of speaking to a financial adviser are huge. With a full understanding of what types of savings and investments are available to you, they can help match you with accounts you might not have been able to find on your own. They will also match you based on your needs and goals, not just on what a financial provider is promoting this month.
Of course, choosing the right adviser is crucial to getting the right advice. A good financial adviser understands that there's no 'one size fits all' solution to savings and investments. They will work with you to understand your current financial situation, your goals for the future, and any additional needs you may have for your savings and investments. A great adviser is a life-long asset to your finances, so it is worth taking the time to find one that you can trust, with clear fees and the ability to work with your individual needs.
THE VALUE OF INVESTMENTS AND INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.
