$10,000 isn’t a huge sum of money to many people, but to others it represents a sizeable figure that could create numerous possibilities for them once they’ve grown it by investing wisely. If you have savings and you’re looking to get the best returns possible on them, the following tips will set you in good stead. Moreover, it must be said that while these tips work for many people, they may not be suitable for you because of your plans for the future, though please still read on as you’re sure to find them food for thought.
Consider Your Goals
This should always be the first step when looking for ways to invest your money wisely. Everyone’s goals are different, so what works for some may not be at all suitable for someone else. Only you can create your financial goals, so consider the following questions to develop sound financial goals:
- Am I saving short or long-term?
- What am I saving for?
- Am I saving alone or with a partner?
- What’s most important to me right now?
Once you’ve set your goals you can then start looking for ways to grow your money.
One of the best ways to watch your savings grow is with the best FD in Malaysia available from the leading banks in the country. Sure, interest rates aren’t all that competitive presently, however, you’ll still earn great interest, plus there are other benefits to term deposits, such as:
- Quick access – If you needed access to your savings you can simply withdraw it. You’ll lose the interest, but you can still access your savings quickly if need be.
- Security – Term deposits are a much more secure investment than stocks, bonds or shares. You’re not only guaranteed a set amount of interest, but you’re also covered by the Government if the bank was to go bust, which wouldn’t happen anyway.
Term deposits are great for many reasons, though you need to choose a suitable term deposit wisely as there are many terms with different interest rates to choose from. You need to consider the interest rate offered, the length of the term and your need for the savings during the term period.
It’s a wonderful thing to have savings to invest, but if you’re in debt then it’s a good idea to address those debts first because you’ll never get an interest rate applied to your savings that’s anywhere near as high as the rates applied to high-interest debts such as credit cards and personal loans.
A mortgage is different to other forms of debt, though if you have a sum of money that you’re thinking of putting in a term deposit or buying stocks, shares or bonds with, consider making a lump sum payment on your mortgage. It makes a big difference in the long-term.
Investing your savings wisely is important, so put that money to work and watch it grow! Use these tips to get better returns on your savings and more from your investments.