If you're choosing to go it alone when making investment decisions and not relying on an financial advisor, the devil really is in the detail.
Do your homework to ensure you can make an informed choice, advises certified financial planner Paul Roelofse.
Aside from a money market account which is handy for emergencies because it gives you instant access to your savings, what are the options?
Roelofse says RSA retail bonds are useful - although you can't tap into your funds this fixed investment has its own rewards.
They come in options of two, three and five years. It basically works on a fluctuating type of interest offering.— Paul Roelofse, Certified financial planner
You get a very healthy interest rate, slightly higher than the money market rate.— Paul Roelofse, Certified financial planner
If you are of pensionable age you can actually draw down the interest on a monthly basis and receive that as an income.— Paul Roelofse, Certified financial planner
When it comes to exchange-traded funds says Roelofse, things get a lot more technical, requiring additional research.
It's an investment in equities, shares, property - a whole bunch of options you can consider, but you're not buying the average of a specific index.— Paul Roelofse, Certified financial planner
When buying shares he cautions, be very aware of the risk factor.
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