17705926
Description
Mind Map by Pamela Miburo, updated more than 1 year ago
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Created by Pamela Miburo
about 6 years ago
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Saving and Investing
- Saving : income that we choose not to spend
- Investing: putting money aside in order to get a
better return on it in the future
- Factors to consider when saving
or investing
- Risk : will your savings be safe and secure?
Money saved in a licensed financial
institution is far safer than money kept in a
drawer or even a safe at home
- Liquidity : Is it easy to withdraw or
access your savings should you need to?
That is, how quickly can it be turned
into cash
- Taxation : tax on your interest ex. DIRT:
- Reward: will the savings earn interest
- Convenience : is the account convenience for making regular lodgement
- Risk : will your savings be safe and secure?
Money saved in a licensed financial
institution is far safer than money kept in a
drawer or even a safe at home
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