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If you have more money coming in than going out or a lump sum, you may be thinking about how to make the most of it.
It is important to understand the difference between savings and investments. Savers usually want a safe place for their money where they can get at it easily. Investors tend to want their money to grow by at least the rate of inflation and accept that it may be ‘tied up’ for some time.
There are two basic principles when you invest your money:
Before you invest, think about whether you could get back less than you originally invested because of changes in the financial market.
Also be aware that if you give your money to someone else to manage and invest, there is a danger you could lose it because of mismanagement or fraud. It is vital to look carefully at the strength and reputation of any financial company you are considering investing with.
Never risk any sum of money you cannot afford to lose.
If you have money to save or invest we recommend that you seek professional advice from an independent financial adviser. Only ‘authorised’ financial advisers can advise on certain types of investment, including pensions, life assurance, shares, unit trusts and ‘lifetime mortgage’ equity release schemes.
The Financial Conduct Authority authorises such firms of advisers. To check if a firm is authorised, call the FCA Helpline on 0800 111 6768 or visit the FCA Website and follow the Firm Check Service link.
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