Which investment is best for you?
There’s no single answer to this question - it all depends upon your individual needs and circumstances.
Whilst there is a broad range of investments available, (within the scope of products/platforms that our planners can recommend) selecting the best option can be difficult.
Your choice of investments should be consistent with:
your short, medium, and long term goals;
your current financial position; and
the level of investment risk you’re prepared to accept.
You’ll also need to consider:
security - how secure will your money be?;
liquidity - how readily accessible will your money be?;
estimated returns - what results can you expect?;
resistance to inflation - will your investment grow at a faster rate than inflation?;
impact of tax - what percentage will the “taxman” get?;
social security implications - how will it affect your eligibility?; and
investment horizon – for how many years are you planning to invest?
Your choice of investments should be guided by a strategic financial plan, not by instinct or rumours of “an outstanding investment opportunity”.
Investing without a strategy has been likened to building a house without an architect’s plans. At best, the end result will be unsatisfactory; at worst it will be worthless.
That’s why it’s important to seek professional advice. A financial planner can help you design an investment portfolio (a collection of investments) to suit your needs.
Sound Life & Superannuation Agencies Pty Ltd trading as Sound Life Financial Services is the Authorised Representatives of Synchron, AFS Licence No. 243313.
The information contained in this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
