The issues to consider are:

• Do you want protection against inflation? Remember that equities stand a better chance of achieving growth in the long run but index linked products can be considered for fixed interest investing.

• Do you want income? Income producing equity investments can achieve growth as well but there is no point buying a product which must pay out income when you would rather it were left in.
• Can you afford to take risks?

Questions to ask about any investment

• Capital: does it remain unchanged or can it go up and down?
• Income: is it fixed or variable? Is it paid out, kept in or reinvested?
• Tax: is income tax free, taxable or taxed? are capital gains taxable?
• Guarantees of income or capital: are there any?
• Period of investment: is it fixed or variable?
• Risks to capital or income: what are they?
• Commission: is any payable and to whom?
• Management fees: how much, if any, initial and/or annual?
• Past performance: what is it, remembering that it may not be maintained?
• Future performance: what could affect it?

Warnings

• Beware of the hard sell.
• Beware of apparent bargains.
• Beware of fashions.
• Read the small print, especially if there are guarantees.
• Consider the implications of long term commitment, especially for regular contributions.

Monitoring Your Investments

It is essential to keep records of your investments date of purchase or sale, quantity, price and value. It is also a good idea to record successive prices of equity investments, where appropriate, so you can spot a trend. If you have a computer, there are a number of programs for keeping records and share prices can be downloaded and graphs drawn as an aid to investment decisions, including prospective purchases.

You can set a stop loss price for each share held, say 10 or 20% below the purchase price (computer programs are good at this). You do not have to sell when the price falls below it, especially if the whole market is down, but it is a signal to review. A good test is whether you would buy at the current price if you did not already have the shares.

Another vital record is a diary of future events, such as the date any National Savings certificates expire.

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