Investment Tips For The New Year In SA

Investing your money wisely can mean a lot for your financial situation and future. Since it’s nearly a brand new year, we have put together some helpful investment tips on how you can invest money wisely in 2016.

Investment Tips For 2016

• Start saving early for retirement, as the earlier you start saving, the more time your investments will have to benefit from accumulating more capital.

• Ensure you save enough. It is recommended that you build up a savings account which will ensure that you can replace 70% of your salary at retirement.

• The value of a business is based on the income it can generate, so you should invest for income and let the capital take care of itself. This also holds true for investments.

• Stay invested when you change jobs: When you change jobs, you need to preserve your money. If not, you stand the risk of losing your pre-tax benefits and you may have to start saving again at a later stage.

• Try and stay focused on the business in which you are invested. There are many variables such as exchange rates and stock market which are out of your control, but try not to worry about these.

• Do your best to reduce your costs, as it is a crucial part of investing which is very often overlooked.

• You need to know exactly what you are investing in. For example, when investing in a unit trust, you should try to look through it and understand in which asset classes and in what businesses your money is actually being invested.

•  Investment fees reduce the income earned from investments, so you need to find out exactly how much your investments will cost you. This will all have an impact on the amount of income you can draw in your retirement.

To help you with your investment options, use LikeMoney’s comparative platform which will let you weigh up all the pros and cons.

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