Inotrend International No 3A, Dharmaraja Mawatha,
Alfred House Avenue,
Colombo 03, Sri Lanka.
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Bottom Line
Money tips
- Put 10 percent of every pay increase towards savings, particularly long-term savings such as a retirement plan. If you are employed and belong to a retirement fund, your contributions will increase automatically in proportion to your pay rises. This will help ensure that you stay well ahead of inflation.
- Use the “Can I sleep?” judgment when making investments. An investment is too risky if you are going to lie awake at night worrying about it.
- Be extremely cautious if the returns promised on an investment exceed what is generally available. If they sound too good to be true, they probably are. It usually means the investment is too ambitious in its claims, too risky, or simply a scam.
- Don’t be afraid to negotiate commissions/fees for financial advice. Most financial products allow you to do this. After all, it is your money.
- Avoid investing in unlisted companies. These companies are not properly regulated and are the favourite vehicle of scam artists. If you decide to invest in an unlisted company, make sure you do your homework first and understand all the risks.
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