This is savings for a rainy day. When building up a fund for those
emergency expenses you didn't plan for it is important to have immediate
access to you money. This means that you need to choose an investment
vehicle which will give you that access. Bank accounts tend to be the
best for this type of savings.
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This is generally savings for specific goals like going over seas,
children's education, or buying a car cash. Here you know the time by
when you need your money, so can shop around for the best, cost
effective product which will give you a good return over the period.
Normally investments of 5 years or more. There are many products
available on the market for these, from Endowments through to Fixed
deposit bank accounts or Call Accounts.
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Saving for Retirement is a good example of this type of investment.
Time is your most important factor in making long term investments. But
there are other things to consider.
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Once you have all you bases covered in terms of providing for your
children's education, and planning for retirement, then you can look
into other type of investments, which may be slightly higher in risk,
but also may offer better returns. This can be building up your own
property portfolio, or investing on the Stock exchange. Once this
is done, protection of these assets become important.
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