Investment Advice

[dbfem]

I have about €500 a month to spare and I would like to invest in a 3/5 year policy and was wondering can anyone give me advice on the best policy out there. Would I be better off putting the money into reducing my mortgage or paying off a credit card first of all before doing this?

 

[ClubMan]

You'd need to post some more details about your overall circumstances for people to comment meaningfully.

 

[PMU]

There is a hierarchy to go through on this. Before you invest in an investment product, do you: (a) pay off your credit card debt each month? If not use, your €500 pm to do this; (b) have a fixed term loan – if so, see if you can use the €500 pm to pay this off earlier; (c) have a mortgage – paying off €500 pm is the same as investing at your mortgage rate; (d) have a pension – pension rules give opportunities for tax relief. After you’ve answered these you should consider an investment policy.

 

[ClubMan]

Would I be better off putting the money into reducing my mortgage or paying off a credit card first of all before doing this?

Most likely the latter if you have an outstanding CC balance being charged a rate higher than your mortgage rate or that which you can earn on deposit or on investments elsewhere.