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Is investing right for you?

Is investing right for you?


For many of the UK's most trusted professionals, including hospital doctors, GPs, dentists, teachers and lawyers, the Covid-19 pandemic means that they are working harder than ever in the face of ever-evolving challenges.

As you continue to work tirelessly to support our communities, it's important to consider how you can make your money work as hard as you do.

With interest rates currently lower than inflation, simply keeping cash in the bank means that the value of your savings effectively falls over time. With this in mind, you may have found yourself wondering if investing is right for you.

Investing can offer ways to grow your wealth by helping to beat low interest rates, outperform inflation and build new income streams - whether it's savings for a rainy day or money towards a new house, having the right investment strategy can make all the difference.

However, there are some important questions that must be considered before embarking on an investment journey.

Is investing right for you?

The most important thing to consider when embarking on an investment journey is whether or not your own financial position, and any other financial commitments, makes investing the right choice for you.
Investing is not a 'quick win', but rather a way to consistently grow the wealth you already have.

Generally speaking, investing takes place over a long period of time - this is often for at least five years, but typically much longer.

This means that before you put money aside for extended periods, it's vital to assess whether this is possible within the context of your finances as a whole.

If there is a chance that you'll need to access your savings in the short-term - to cover things such as any unexpected changes in circumstances - then investing may not be a sensible choice. This is because you'll undoubtedly encounter the normal ups and downs of the stock markets, which are best navigated over longer time horizons.

Why are you investing?

One of the first steps is to decide what the money will be used for in the long-term. This will vary depending on your specific circumstances but could include things such as saving for a house deposit, university costs, retirement planning and wanting to make your financial future more secure.

How much risk are you willing to take?

Your attitude to risk, combined with a considered understanding of how you want to use your money and how much you hope to generate, will help to inform what you invest in.

Assets that you or a fund can invest in include stocks (also known as 'equities' or 'shares'), property (commercial property is typically held within funds), corporate and government bonds, and cash.
Each asset comes with its own level of risk - which itself can change over time - and its own degree of reward.

It's important to take note of a potential investment opportunity's risk rating and assess how this may or may not suit you.

As an example, we rate the Wesleyan With Profits ISA as moderate risk, which means that it's suitable for investors who are looking for higher returns than cash or fixed interest based investments and accept investing in higher risk assets to achieve this, but in a way that limits exposure to frequent market rises and falls.

Even if you're comfortable with high levels of risk, it's still a good idea to diversify your investment portfolio by spreading investments across asset classes, as this offers a degree of protection against a single asset's poor performance.

That's why investing in a fund may be the right move for you. Investment funds usually comprise many different types of assets, which helps to spread the overall risk. This is the case with the Wesleyan With Profits Fund, which is a stocks and shares ISA linked to Wesleyan's profits as a business.

The fund aims to grow your money over a medium to long-term period (5 to 10 years), by investing in UK and international shares, government and corporate debt, property, cash and other financial investments. When the value of these fund assets goes up, so does the value of your ISA.

Every fund has a risk rating, so you can measure your own attitude to risk against each fund's rating before making any decisions.

Please remember that the value of investments can go down as well as up, and you may get back less than you invest.

An annual management charge applies to the Wesleyan With Profits ISA, and if you take advice from a Wesleyan Financial Services Consultant, advice charges will also apply.

Are you committed to the long game?

Similar to your commitment to staying on top of any changes and developments within your profession, it's important to have a constant eye on the performance and suitability of your investments.

To ensure that your investment strategy continues to support your goals, particularly as priorities shift and emerge, it's important that your investment portfolio is reviewed at regular intervals.

While this can be done by you, you may feel more comfortable with a professional advisor or fund manager doing this on your behalf, as they have the expertise needed to ensure that your investments are delivering for you.

With a decision as consequential as whether and where to invest, you may be looking for expert advice from professionals who have an in-depth understanding of your career and the opportunities that are available to you.

Wesleyan Financial Services Consultants understand your unique financial needs and are on hand to advise and support you throughout your investment journey.

If you would like to arrange a no-obligation financial review for a date and time that best suits you, please take a look here.

Note: There is no such thing as a totally risk-free investment, and it's important to remember that the value of your investments can go down as well as up, especially when invested in stock markets, which can be volatile. This means that you could get back less than you invest.

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'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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