If low interest rates continue, it really matters where you invest your money. Investing for income means choosing assets that are able to provide you with a regular income. This is in contrast to investing for growth, which focuses on how much your assets could gain in value.
Investing through a tax-efficient wrapper, such as an Individual Savings Account (ISA), can give a significant boost to an overall investment portfolio, but it should be blended with an appropriate investment strategy to give the best outcome.
Maximise your wealth creation – don’t miss the deadline
Whatever you’re putting money aside for, there’s likely to be a role for Individual Saving Accounts, or ‘ISAs’. An ISA is a way of holding savings or investments without paying personal tax on interest received or on the growth of your investment.
Collective investment schemes – also known as ‘pooled investment funds’ – are a way of combining sums of money from many people into a large fund spread across many investments and managed by a professional fund manager.
Market index following the overall performance of a selection of investments
Tracker funds and exchange-traded funds (ETFs) are investments that aim to mirror the performance of a market index. A market index follows the overall performance of a selection of investments. The FTSE 100 is an example of a market index – it includes the 100 companies with the largest value on the London Stock Exchange.
Warning signs which you can use to avoid falling victim
Every year thousands of people lose millions of pounds due to investment scams. The internet and advances in digital communications mean these kinds of scams are becoming more common and harder to identify. Thankfully there are some warning signs you can use to avoid falling victim to scammers.
Whether it’s stopping smoking, losing weight, eating more healthily or getting fitter, most of us have probably made at least one New Year’s resolution, but how many of us will actually go on to achieve it? We all have different financial goals and aspirations in life, yet these goals can often seem out of reach. In today’s complex financial environment, achieving your financial goals may not be that straightforward.
If the worst were to happen, would your bills still get paid?
Everyone should consider protection, even those who don’t have a family or a mortgage! Unless they have substantial savings or inherited wealth, most people rely on their salary to pay for everything. Over the years, you may have taken out a number of different insurance policies to give you and your family financial security. Perhaps this may have been when you started a family, took out a mortgage or became self-employed.
Legitimate ways for higher earners to reduce a tax bill
Without a carefully developed tax planning strategy, higher-rate taxpayers run the risk of missing out on key tax benefits and paying more in taxes than necessary. A higher tax liability can diminish the value of your investment earnings over the long term.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.