Investment Advice For Residents Of Northern Ireland That Need To Save That Nest Egg
When you take the time to plan your investments, then you have a hand in deciding where the future is going to take you..
Investing in Northern Ireland is like investing in any other country. As a US investor myself, I know quite a bit about what’s out there. What type of investments do you currently hold? What is your current age? Consider your employment situation, insurance situation, net worth including your debt and what you’re able to save. If you can look at all accounts and determine that you have a proper emergency fund set aside, then it’s time to max out investment opportunities with tax advantages.
If your employer offers a Pension plan, you need to take advantage of that opportunity. Your employer likely offers to match and that is free money. Your Pension plan is comprised of pretax contributions, which means your money is allowed to grow before it is taxed. That combined with compound interest and employer matching create quite a nest egg. If your employer does not offer Pension plans there are Personal Pension Plans.
All Pension plans offer tax advantages. Just remember, you always have options. You can also choose to buy individual stocks and securities. After you have maxed out an emergency fund and your tax-advantaged accounts, it is time to move to the next level. Essentially, this is the part where you start building wealth. You decide your path from there.
For most people at this point, they are itching to buy individual securities and make investment choices that mean something to them. Tax-advantaged savings plans are more like a robotic way of saving for retirement. Financially comfortable, you are able to pursue options that again mean something to you, that you’re passionate about. Perhaps you want to invest in real estate, or maybe you want to invest in companies that you believe have the means to help people. Or maybe after all those years of hard work at this stage in your life depending on your age, maybe you just want to move to fixed income investments.
At that point, the choice is really yours, how you want to invest your money. Just don’t do anything foolish. One of my mentors chooses to invest his money in business opportunities that plant seeds for people. It provides opportunities to them and in turn, helps him as well. Some ventures are more profitable than others, but by planting seeds, he succeeds. That’s how you really want to approach investing when you make it to that point. For now, work on getting that emergency fund set aside and get to the point where you can start working on your tax advantage accounts. And don’t forget to do it all debt free.