Invest your money!

Often you don’t realize how little money you have until you need it. Our meagre salaries go to paying bills, rent or mortgage payments and buying groceries.  Trying to build a nest egg is not always possible although a well planned budget will result in some success.

The main difficulty with sticking to a long term saving plan is the temptation to use the allocated funds for other situations which may arise. If you have a large family, those unexpected situations happen with frustrating frequency.

Solutions

I have discovered that investing your money is the only viable solution for those times when you need to put aside  funds over a long period of time. These long term saving instruments allow consumers to not only to save their money it also provides an opportunity for further growth.

There are a number of instruments that can be used in order to invest your funds. Some persons choose to invest in insurance plans that have a provision for savings. These funds are not easily accessible in the short term, so this ensures that it is available in the future when it will be needed the most.

Others choose partner plans which can be long or short term for specific goals. The credit unions, banks and building societies all have facilities which offer customers long term investment options for their funds.

Be Careful

There is something though that all consumers should be aware before they invest their money. The saying goes, “If it is too good to be true then it probably is.”

Therefore if an investment plan promises huge returns on your money in a short period of time, then it is a great possibility that there might be some dishonesty involved. Consumers must exercise due diligence in order to ensure that the investment scheme is legitimate.

Investing in stock options of companies which are traded publicly, is also an option for consumers. There is a risk associated with this venture as stocks can rise or fall depending on the market.  If this is the route you choose, ensure that the person who manages your portfolio knows how much you are willing to risk.

How do you invest your money? Let me hear from you!

Teri Ann Renee Paisley

Gleaner on-line writer

Tags: investment