December is typically a time when bonuses are paid out. Instead of blowing it on gifts and holidays, Mellony Ramalho, African Bank\u2019s Group Executive, recommended investing it.<\/p>\n
\u201cInvesting for the first time can seem daunting and overwhelming but should be an exciting and empowering experience,\u201d she said.<\/p>
Ramalho added that there are a few considerations to ensure the experience of investing is a positive and fruitful one.<\/p>\n
\u201cRemember that while this is a first-time experience for you, there are many people out there who have been investing for years. Don\u2019t be afraid to draw on their knowledge and expertise before making a decision. Do your research, ask questions and compare various products.\u201d<\/p>
The key is finding the product that meets your objectives, how much you want to invest, what kind of returns you want to see and the time period of your investment.<\/p>\n
Firstly, the difference between savings and investment accounts. Savings are low risk funds that must be liquid when you need them<\/p>\n
An investment is an account held at a financial institution through which money is invested for the purpose of wealth building and should generally not be needed for many years.<\/p>\n
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Community cares for animals<\/a><\/p>\n Residents beautify their wheelie bins<\/a><\/p>\n <\/p>\n \u201cIn other words, it is an account which is used in order to grow your money. If you want to save for something in the long-term, you may choose to invest your money rather than put it into a general savings account.<\/p>\n \u201cInvestments involve greater risk, but yield much greater returns when left alone long enough to ride out the turbulence of the stock market.\u201c<\/p>\n Access to your funds is also a critical factor when investing. There are various options when it comes to accessing your funds.<\/p>\n \u201cA notice deposit account, is a short-term investment product where you can withdraw your investment giving a notice period of seven, 32 or 90 days. Then there\u2019s a fixed deposit account where the length of the investment is set at three, six, 12, 24 or 60 months. Other examples include access accumulator and tax-free investment accounts where partial or full notice can be placed during an access period.\u201d<\/p>\n Once you\u2019ve decided to invest it\u2019s important to do an overall assessment of your expenses to determine how much you can invest. Once you\u2019ve done this it should be clear how much can be set aside for investments.<\/p>\n \u201cIt\u2019s never too early to start investing. History has shown that the markets always recover and move upward. The sooner you create a good habit of regular investing the sooner you start participating in market growth. So don\u2019t be afraid. Make your hard-earned money work for you.\u201d<\/p>\n Have a story?<\/strong><\/p>\n Contact the newsroom by emailing: Melissa Hart (Editor)\u00a0<\/span>germistoncitynews@caxton.co.za<\/a><\/strong>or Leigh Hodgson (journalist)\u00a0<\/span>leighh@caxton.co.za.<\/a><\/strong>\u00a0<\/span><\/p>\n Remember to visit the Germiston City News on the following social media platforms:<\/p>\n Facebook<\/a><\/strong><\/p>\n Twitter<\/a><\/strong><\/p>\n Instagram<\/a><\/strong><\/p>\n YouTube\u00a0<\/a><\/strong><\/p>\n Or add the GCN on\u00a0<\/b><\/span>WhatsApp 079 406 1181<\/strong>\u00a0<\/span>or\u00a0BBM (BBM Pin: 7F102137)<\/strong>\u00a0<\/b><\/span>today, to get all the latest news.<\/p>\n Catch-up on more local news with our sister newspapers\u00a0<\/span>Bedfordview Edenvale News<\/a><\/strong>,\u00a0<\/span>Alberton Record<\/a><\/strong>\u00a0and\u00a0<\/span>Kempton Express<\/a><\/strong>.<\/p>\n