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If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again. Busted — the 7 biggest myths of Investing. Busted — the 7 biggest myths of Investing Published by Rob Hopkins at. Categories News. Tags facts financial advice investing money. Want create site? Find Free WordPress Themes and plugins. Did you find apk for android?
You can find new Free Android Games and apps. Rob Hopkins I have experienced over 17 years working in the financial services including my time spent at Barclays Financial Management. I strongly believe in taking the time to understand what a client needs so I am able to find solutions that meet their specific objectives. Related posts. Read more. Leave a Reply Cancel reply Your email address will not be published. The idea is that you eventually sell on your investments and make a profit.
But if you have a sizable nest egg, you could ringfence a chunk of money to invest. Savings give you freedom to do what you want, as well as financial security in case something unexpected happened. This should be in a savings account that you can access easily. You could still pay your mortgage or rent, buy food and so on. But not everybody should save. If you have bigger priorities to focus on first, namely paying off debts, you should tend to these before you start saving.
If you think this might be a struggle, you could use a budget planner to see where you can cut costs. So a good first step would be to use any surplus funds to focus on clearing any debt. Check if there are any restrictions on whether you can repay each debt early, as you could face early repayment charges and these can be high. Should you use your savings to pay off your debts? You might base your decision of whether to save or invest on whether your goals are short-term, medium-term or long-term.
Your short-term goals are things you plan to do in the next five years. This might involve a special holiday, or buying a car. Money for your short-term goals should go into a savings account. Your medium-term goals are things you plan to do in the next years. Investing is riskier, but you could make more money. Your long-term goals are things you want to do more than 10 years from now.
This is where investing your money might become more tempting. If you save into a bank account, the value of your savings might be affected by inflation over a long period. Investing your money tends to lead to greater returns over a longer time period. Doing this could save you hundreds or even thousands of pounds in interest. Some mortgages charge a penalty for you to overpay, so check your mortgage documents or ask your mortgage provider. You might be able to pay off a certain amount without paying a penalty.
Some mortgages charge you a penalty if you pay off too much in a single year. Should you overpay on your mortgage early? The main benefit of an ISA is that you earn interest on your savings, without paying tax on the earnings. Or, find out more about how stocks and shares ISAs work. Find one that offers the highest interest rate while giving you the access you need to your money.
Depending on your circumstances and existing financial plans for retirement, you could use your money to build a pension. Many consider this the best way to invest money, UK wide. Investing or saving into a pension has a number of tax benefits. Find out more about investing in a pension here. Knowing the best way to invest money, UK wide, can be tricky. Remember that investing means your money is likely to be exposed to some risk. The bigger your investment, the more money you stand to gain — but you also stand to lose more.
There are lots of different types of investments. These include:. Diversification is a way of splitting your money across a range of investments. If you want to find out how to invest money, UK wide, it might be a good idea to talk to a financial advisor. This investment option lets you set up your own portfolio of shares.
Share dealing lets you buy and sell shares in publicly listed companies using a stocks and shares account.
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