Use it or lose it, take advantage of your tax-free allowance
Setting long-term financial goals is never an easy decision, it can be hard to see the benefits of investing over the longer-term, but the rewards are worthwhile.
The earlier you start, the easier it will be to achieve your goals. To begin, we consider all of the different things that may have an impact on our wealth, one of these is taxes. There are several options available including ISAs, a government initiative from to government for people to save more for the future. There is no income tax to pay on the interest or dividend income, and over the long-term, this can make a difference.
Too many options to choose from and the clock is ticking…
So an ISA sounds like a good option, but there are a few things to be aware of, to start the annual allowance has been capped at £20.000 per financial tax year. You can invest in a cash ISA or a stock & shares ISA (or a combination of both), but you need to be quick as you only have until 05 April to use this year ISA allowance. With so many options available, you should check out www.gearinvestments.com
What to consider when opening an ISA account?
As we now know, ISAs are a great option for your money, but there are a few things you should consider, like how charges which will affect your long-term returns.
Choosing an investment goal is also a must, as you need to have a reason to invest, why do you want to save this money, when do you want to use this money, how much risk are you willing to take with the money.
If you want to find out more about ISA and what investment options you have, you can check https://www.gearinvestments.com/stocks-and- shares-isas/