What types of investment should I choose?
You can grow your wealth through investment if you invest carefully. The types of investment you choose will depend on your purpose for investing, so start by drawing up your investment goals.
- What are my goals? What do I hope to get from the investments?
- What level of risk can I take?
- Do I need my money back within a short period of time?
- Do I know how the investment works to allow me to watch it effectively?
Before you invest in any product, find out the risks and returns of the investment. High returns mean high risks. If you are not prepared to take the risks, don't invest.
Be careful of investment products that promise very high returns, e.g. those that promise returns that are much higher than the market rate. This is to avoid being cheated in a bogus investment scheme
Reprinted with permission from BankingInfo (A Consumer Education Programme)
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